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Report on visit to Scintillations E-Summit of IIEST Shibpur

About Scintillations: Scintillations, E-Summit is an attempt to inspire and educate students who are inclined towards entrepreneurship to facilitate the development of a healthy ecosystem that can boost imagination, innovation, and invention. They had influential people from different fields hosting various workshops and discussion sessions for the participants to share and learn about the new age challenges of innovation and entrepreneurship.

Day 1, 15th February 2020

Workshop Attended:

Intellectual Property Rights (IPR) Workshop by Ritoja Sen and Deepsikha Sen.

Overview:

The workshop started with a brief but enriching introductory speech by Prof. Parthasarathi Chakrabarty, Director of IIEST Shibpur who spoke about the urgent need for awareness of intellectual property and the related rights among innovators and the general public. The first speaker Ms. Joshita Davar Khemani, Managing Partner and Attorney at Law (Intellectual Property Rights) at L S Davar & Co. and HV Williams & Co gave us a general view of the importance and historical relevance of intellectual property and related laws proceeded by Dr. Sushil Kumar Mitra. Dr. Mitra, an ex-Deputy Controller of Patents and Designs at the Patent Office, Government of India has previously worked in scientific research at the Central Drug Laboratory, Government of India. He spoke of the specifics, criteria and technical aspects of getting a patent.

Reflection:

We really enjoyed the session where the guest speakers shared their knowledge and experiences with us. The speakers gave us brief information about the main purpose of intellectual property law which is to encourage the creation of a wide variety of intellectual goods.

To achieve a proper ecosystem for innovation and social progress, the Law gives people and businesses exclusive property rights to the information and intellectual goods they patent, usually for a limited period of time. This provides an economic incentive for innovation because it allows people to profit from their own knowledge, information and intellectual goods they create. The strategic, economic and social incentives are expected to stimulate innovation and contribute to the technological progress of countries, which depends on the extent of protection granted to innovators.

Innovation is not intellectual property until it is protected by statutes. Similarly, a patent is not a declaration of the uniqueness of an invention; it is merely a set of legal papers that grant exclusive marketing rights to the person who filed the request for it. Students filing for patents are often aided by their institute, but the profits get shared between the institute and the innovator.

The event was concluded with a few questions to Dr. Mitra about the intricacies of patent law and a group photograph that everyone happily posed for.

The whole event was completed smoothly, without any hitches except for some timing problems. It is also worthwhile to note that we received quite a bit of help from the organizers, the E-cell members of IIEST Shibpur. They were always around to guide us and assisted us wherever we found necessary. The students at the registration desk, Ayanabh Roy, second-year student, and E cell member, and Sachin Paul should be specially mentioned, as they were instrumental in ensuring our visit was productive and comfortable.

Day 2, 16th February 2020:

A group of four students consisting of Abhishek Baral, Animesh Bhakat, Sayan Kundu and myself, Mayukh Sen had gone to IIEST Shibpiur on the final day 16th February.
We had reported at the lush green campus consisting of posters, hoardings of all the guest speakers at about 11:00 AM and entered the main arena.

THE CAR SHOW

As soon as we entered, we were followed by a convoy of supercars. First entered a yellow Porsche Cayman, Lamborghini Aventador followed by a Rolls Royce which snatched all the attention of the entire population at their arrival. All the members of the organizing team and us started taking pictures and swooning over the cars. But the fact that left us stunned was that there was no one to tell us where we need to register as no one had the slightest idea of the events that were taking place.

POOR MANAGEMENT

We went to the representatives of the Entrepreneurship Development Cell(EDC). The members were not a bit aware of the competitions, workshops, and events going on. They had no idea about the fees and the registration process. Everyone along with E-Cell members was busy viewing the display of those fancy cars such as Rolls Royce, Lamborghini, and Porsche. It seemed that we were in a motorsport event rather than an E-Summit. We have to find the registration desk on our own and the rude behavior and body language really made us disappointed. We were given welcome kits but even there they committed mistakes. My friend Sayan was given the wrong kit containing all spare articles of which some were even intoxicated. After finishing the registration, we started exploring the campus. The E-Cell members were also not sure about the venue of the workshop. The management reached its lowest state when we tried to bring their attention to a poster of Elon Musk which had fallen down. But members were busy with their own and no one cared.

THE WORKSHOP

We reached the venue at 1.45 pm as the workshop was about to start. After waiting for half an hour when we were about to leave a member told us to wait for 15 minutes more. At last, the workshop started at 3.00 pm.
The workshop on content and digital marketing were presented by nine grapes. Our instructors were Mr. Aman Shah, the CEO and Mr. Abhishek Tiwari, the creative director of Nine grapes. It was an interactive workshop and the instructors were pretty well. We were introduced to the concept of a copy. We were also made to write our own copies for selling Havells Wire. The workshop went for around 45 minutes and it finally came to an unexpected end as more events were scheduled in that hall. This shows that EDC (Entrepreneurship Development Cell) gave zero efforts to the event management. They forced us to stay there to fill the hall as a guest speaker was about to come there. After the speaker session, we managed to come out of the hall.

OUR GENERAL OPINION AND WHAT WE LEARNT
We were all really excited about the event, but this will always go down as a bad experience. We never expected a thing like this to happen. IIEST Shibpur ranks 19 in NIRF 2019(Engineering). And the things we experienced were completely unexpected but real and hard true. We ourselves can pledge never to commit such mistakes and it will help us in event management for the future. What matters to us is what we learned and what we feel about it at the end of the day. We did learn the mistakes which one should not commit while managing an event. I would like to end with the quote of Steve Jobs.
“Being the richest man in the cemetery doesn’t matter to me. Going to bed at night saying we’ve done something wonderful… that’s what matters to me.”
Steve Jobs

Written by Mayukh Sen, Ritoja Sen

Edited by Suvro Mukherjee

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Trailblazers #6 : An evening with Dr. P. K. Dan

An entrepreneur is one who can opt-out of all types of ambiguity and can face instantaneous challenges easily. Initially choosing this path may seem to be completely irreverent especially when it comes to fundraising.

“The best way to predict a future is to create it”

-Peter DruckerA promising entrepreneur has to keep faith apart from thinking about the dogmas imposed by the surroundings. Often frustration and anxiety will emerge but in spite of freaking out, an entrepreneur has to accelerate towards the way of success.

“Your time is limited so don’t waste it living someone else’s life. Don’t be trapped by dogma- which is living with the results of someone else’s thinking. Don’t let the noise of other opinions drown out your inner voice. And most important, have the courage to follow your heart intuition. They somehow already know what you truly want to become. Everything else is secondary.”

-Steve JobsHowever one of the issues that will always come up when you are starting up a new venture is time. There are not enough hours in a day to keep up with everything. If you are not committing to your job full time, you have to work on your project after work. Some days you might be tired and the other days you might just want to hang out with your friends and chill out. That’s all fine and great but before you realize it you will be in the same routine as the day before for a long period of time.
The Entrepreneurship Cell of Kalyani Government Engineering College arranged an interactive session with Dr. P.K. Dan, Chairman of E Cell IIT Kharagpur who enlightened the entrepreneurial minds of KGEC. The interview proceeded as follows.

Q.What is the key principle that you follow in your institution?

Rajendra Mishra School of Engineering Entrepreneurship is an institution where we create entrepreneurs who’d change the traditional concept of business. We have 3 entities to guide the budding entrepreneurs here such as- The RMS( Rajendra Mishra School) way of education, The E-cell and STEP( Science and Technology part). STEP is not directly under IIT Kharagpur but they are guided by the IIT. Besides there are Innovation and Incubation Centers too. Even if the PhD scholars want to commercialize their research, they can seek help from any of the three organizations. The E-cell provides encouragement and spreads awareness on entrepreneurship.

Q.Why do you think engineers can turn out to be good entrepreneurs?

There are two major reasons that I’d like to point out—Firstly, entrepreneurship needs an innovative component, otherwise the product would be called just a commodity. This component is technology that helps in creating an unique product.Secondly, engineers won’t require any external technical heads for their startup. They can work for themselves. One thing here I’d like to emphasize that if you have a strong product, then that product itself will speak for your venture. For making such product, technology plays a significant role. I think engineers are best suited for that.

Q.How is your institution different from other B schools?

We provide students with the knowledge of product development which isn’t available in normal business schools. They talk about the managerial or other business aspects only. We here, have both the verticals of product creation and management which includes sections like finance, marketing etc.

Q.How would you encourage young minds to take up entrepreneurship as a career choice?

Before encouragement, I think primarily we should focus on spreading awareness on entrepreneurship as many of the students mass aren’t familiar with it much. They have a vague idea about finance. The general perception is considering money as constraint where the major constraints are idea and technology. If the idea is strong enough, investors would themselves be eager to join hands.

Q.Where does Kolkata lag in cultivation of great start-up culture unlike Bangalore, Delhi or Mumbai?

Bangalore has been the hub of entrepreneurial activities since quite a long time. Even Pune also has developed infrastructures for startups to grow. Here, in Kolkata there are many issues like lack of market, shortage of equipment etc that prevent the ventures to flourish. People are getting more options at those places which make them choose other metropolitan cities than Kolkata.

Q.Have you ever thought of creating your own start-up?

At some point in time I thought of having a company of my own. But I’ve always been an academician, so quitting academics was never my forte. I’m involved in teaching, examining, guiding research scholars. In that way, I wouldn’t be able to devote much time in business.
Why do you think most startups fall within few years of foundation?
The first and foremost reason of failing a startup in it’s initial stage is, lack of good product. A product or a service must solve a problem. The limited research on market field can be another major cause. It’s not necessary that a product or service would perform the similar way in a vast market how it worked in small scale. Besides these internal conflicts between founders, deficiency of expert advice are also the reasons why the companies fail to sustain in the long run.

Q. Any advice for improvement of KGEC E-cell?

You should definitely start some sort of awareness campaign among the students irrespective of year and disciplines. Try to make the post graduate and even the research scholars part of the cell and also help them in commercializing their ideas if any. Build profiles, organize more workshops.The most successful entrepreneurs have developed a certain set of skills that help them to achieve their goals. It is easy to give up but successful entrepreneurs persist due to their ambitious nature, thriving on the small stepping stones which lead them towards their final glory. Often they face devastating failures but through perseverance and optimism, they reach their goals. In order to harness the power of creativity, you must have the courage to act on your great ideas and plans. While you need to research your ideas thoroughly, you must also have the courage to take an unknown step and try things that are unfamiliar to you. In the words of Jhon Burroughs, “Leap and the net will appear”

The session with Dr. P.K. Dan imparted upon us some valuable ideas and motivation to go on. KGEC E-CELL has always been a proud and integral part of Kalyani Government Engineering College and will continue to do so.

Interview taken & written by : Kaushikee Banerjee, Subhangi Dey , Suvro Mukherjee

Edited by: Subhadeep Bose

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Report On Global Entrepreneurship Summit 2020, IIT Kharagpur

Like every year since 2007, this year as well IIT Kharagpur Entrepreneurship Cell organized its three day flagship event Global Entrepreneurship Summit from 31st Jan – 2nd Feb, 2020 with tag-ling “Epitome of Innovation”. Here is an overview of the events in GES 2020.

31st Jan Events

The Opening Ceremony – The opening ceremony started at 6pm on 31st Jan. Prof. Pranab
Kumar Dan, the Chairperson of the Entrepreneurship cell, IIT Kharagpur, inaugurated the event,along with Dr. Partha Pratim Das (Professor of Computer Science and Engineering Dept, IIT Kharagpur and head of Rajendra Mishra School of Engineering Entrepreneurship, IIT Kharagpur), Dr. Virendra Kumar Tewari (Professor, Agricultural and Food Engineering, IIT Kharagpur), Mr. Amod Malviya and Mr. Rajesh Jain. Mr. Amod Malviya, Co-founder of Udaan and Mr. Rajesh Jain, MD & CEO of Lacoste India were invited as guest speakers at this event.

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Mr. Amod Malviya, also an alumnus of IIT KGP, pointed out two very important aspects of anygood entrepreneurship endeavour while sharing his experience as an entrepreneur – first and foremost, identifying a problem area from our environment that we are trying to solve and and indulging ourselves to get a deep understanding of the problem. It is not sufficient to just decide on the technology, like “I am doing something in AI”. Secondly, to be multifaceted – because more often innovative solutions lie in the intersection of multiple disciplines and engineers can use their knowledge, skills and training to solve them.
Professors’ Meet – A networking session for professors to exchange ideas in the education domain. This was a closed door event exclusively for professors.
GreenHack – A technology-based climate hackathon to tackle climate change was organised by IBM for IIT students that started 10 pm onwards.
1st Feb Events
Webinar– On 1st Feb morning, a webinar was arranged where we met Mr. Sam Pitroda, the Chairman of Pitroda Group. Mr. Sam Pitroda shared his journey, ups and downs, the learnings and answered questions from the present faculties and students. To Mr. Pitroda, Entrepreneurship is all about adding value. He stressed on being financially independent before taking up any entrepreneurial task. Passion, strong self-esteem, honesty, strong ethics and ability to perceive ideas objectively are his mantra to remain unfaltered whatever the situation be.
Entrepreneurship talk– This event featured talks from three successful entrepreneurs – Prasad Velagareddi (Director of Products-Paypal), Sagar Daryani (CEO, Wow! Momo) and Vikram Hosangady (Head of Advisory, KPMG India).
Mr. Prasad Velagareddi highlighted the importance of knowledge of customers – their demands, customer feedback and product personalization. He pointed out how this is still a challenge to hear from customers – “Most brands hear from less than 1% of their customers”, as well as the possible solution. As he acknowledged the importance of customer data collection, he listed out the common pitfalls in this process.

 


Mr. Sagar Daryani shared the success story of Wow! Momo with a very engaging and lively story-telling. He narrated how starting with an initial capital of Rs. 31,000 only Wow! Momo was able to spread across 13 cities in India, opening 250+ outlets earning a revenue of Rs 135 crore in FY17-18. Success of this startup solely based on the principle of prioritising smart cost cutting, employee satisfaction and inventing indianized tastes of momo. According to him, for making a successful business, there is no need to earn a degree from a prime college, rather the passion and dedication to work play a more important role.
Mr. Vikram Hosangady stressed on the importance of knowledge of economy, finance and tax systems for a budding entrepreneur. He also discussed his research on the common causes of failure of Indian Startups.

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Marketing Workshop: This workshop was conducted by Mr. Kulwant Nagi(CEO at AffloSpark LLC) and Mr. Deepak Kanakraju (CEO & Co-founder @ PixelTrack Digital).The aim of the workshop is to teach us how to use blogging to market your product. Social media is the biggest tool in today’s world to reach out to customers and blogs are an essential part of it.
Designing thinking and innovation Workshop
The Founder and CEO of the Startupreneur Mr. Aakarsh Naidu held the workshop on Design Thinking skill that is required for innovating new products and services in a business.

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Book Expo – In this event, the author of the book, “One Step Short to the Moon”, Mr. Pratik Shelke introduced his work to us and gave the book to a few lucky students. In his speech, he addressed the issue of social media addiction which is common amongst the younger generation today.
AI workshop – The AI workshop was conducted by Mr. Sandeep Dutta(Chief Practice Officer, Fracktal). The role of AI in the business is ever-growing. So, basic knowledge about the magic of AI and how it can transform problems into solutions in real life is priceless. The AI workshop was conducted to give us insights into the world of AI and its possibilities.
Industry 4.0 Conclave – The fourth industrial revolution is really taking the market by storm. Industry 4.0 Conclave was conducted by iB Hubs, Abhinav Pandey explaining to us the effect of advanced digital technology in marketing.
Innovation Conclave – The innovation conclave event was focused on explaining the concept of innovation – what is innovation, what are different levels of innovation, different hypotheses involved in it and illustrative examples from real life experiences. The invited speakers were Ms. Chaitra Chidanand (co-founder, simpl), Mr. Pankaj Jhunja(Head of Mobility Innovation, TATA Motors) and Mr. Nishant Kyal (CTO Freecharge) as speakers.
2nd Feb Events
FireSide Chat – Fireside Chat hosted an interview of Mr. Tejas Vyas, Director of Products, Big Basket by Financial blogger/vlogger Hansi Mehrotra followed by an interactive session with the students.
Mr. Vyas shared his valuable experiences in various domains – starting from his entrepreneurial journey, covering topics like challenges that Big Basket faced and how it overcame, his roles and responsibilities as director of products in Big Basket and many more.

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Intern Carnival An event where startup owners from different parts of India came to hire recruits. In phase 1 of the event, they pitch their startups in front of the audience and in the phase they were hiring interns.
Design Thinking Game – Mr. Avijit Dutta, founder of Nonlinear, held an interesting session for introducing the idea design thinking through interactive conversation, a short presentation and through a specially designed design thinking card game followed by discussion of the participants’ observation.

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Connect the Dots– It’s an initiative taken by the Entrepreneurship cell of IIT Kharagpur to link all the similar entrepreneurial bodies from different colleges. It began with the presentation session where members from E-Cell of many colleges came up to let the audience know about the purpose, mission, objectives of their E-Cell and the annual events conducted by them. Following this, was the networking session where members of different entrepreneurial bodies got a chance to interact directly with each other.

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Acquisition of Uber Eats

It’s been more than a week since the Indian startup ecosystem has witnessed one of the biggest acquisitions, as Zomato acquired Uber Eats’ India business. The Gurugram based food tech giant Zomato on 21st January, 2020 announced that it has acquired Uber’s food delivery business : Uber Eats in India in an all-stock transaction.With this, Uber Eats discontinues operations in India. It directs restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform. However, according to Uber global CEO Dara Khosrowshahi, the company will continue to invest and grow its India ridesharing and mobility business.

Uber has bought a 9.99 percent ownership in Zomato by selling its recent success in India. The all-stock deal, according to the Economic Times is worth $350 million, which values Zomato at $3.5 billion.

But why did Uber do this?

Simply because they were no more interested in burning cash in a business where the customers are loyal only to discounts. By selling Uber eats, the company could save around $750 million annually. Also Uber expects to recover the projected operating loss of 2197 crore in Uber Eats for the last five months.

Now, how is Zomato benefitted by this?

Zomato’s CEO and cofounder Deepinder Goyal said in an interview that the deal was a strategic investment to grow in cities, where Zomato is yet to conquer a great market. “Giving 10% stake for 20% more business is worth it” he says.

Besides, this consolidated acquisition has given Zomato enough leverage over its archrival Swiggy. It’s an example of Duopoly-when two firms dominantly control the market. The newest addion to this is the Zomato vs swiggy saga starting from the very moment of Cab aggregator Uber India’s sale of its food delivery business to Zomato. Till the date, Swiggy was ahead of Zomato in the business. This acquisition might give Zomato an extra edge in winning India’s hunger games.

Written by –

Kaushikee Banerjee

#ThinkBig, Entrepreneurship, Ideas, India, Uncategorized

5 Indian Startups This Decade That We Use Daily

Indian startups are closing the decade on a high and the nation will enter the next decade as the world’s third largest startup ecosystem. The startup culture has flourished extensively in the country over the last ten years with many companies becoming an essential part of our everyday lives.

startup

In 2019 alone, eight startups joined the unicorn club taking the total number of unicorns in the country to over 30 and 50 are expected as soon-to-be unicorns.

This decade, the nation did not sit back and let the world run ahead, college students, aspiring entreprenuers and lovers of challenges actually dared and risked to take their chances in the startup ecosystem and it has paid dividends.

We take a look at the startups that have influenced our lives the most this decade.

 

  • Swiggy-

swiggy

  • Craving a dish but do not want to go out to have food? Swiggy, founded by Nandan Reddy, SriharshaMajety, Rahul Jamini in 2014 addresses this issue. Ever since its inception, Swiggy hasn’t looked back. Starting from its first external investment in 2015 when Accel and SAIF Partners, along with Norwest Venture Partners invested over $2 million to the string of investments in 2017 that took its valuation beyond a billion dollars, rendering it as a unicorn, Swiggy has provided hassle-free service in the market despite competition from other food delivery companies. Operating out of 100 cities, Swiggy is currently India’s largest and most valuable online food ordering and delivery platform.

 

  • Ola –

ola

  • Founded by Bhavish Aggarwal and Ankit Bhati at the beginning of the decade in December 2010, Ola has grown to be India’s biggest peer-to-peer ridesharing and ride service hailing company. Want to go somewhere? Book an Ola Cab. Developed by ANI Technologies Private Limited, Ola has also expanded into taxi and food delivery services. They acquired Foodpanda in 2017 to take advantage of the growing food delivery business segment in the country. Ola has expanded into overseas market extensively since January 2017 by first tapping into the markets of Australia and New Zealand and then, in the United Kingdom. As of October 2019, the company is valued at $10 billion and provides services across 250 cities in the country.

 

  • Paytm –

paytm

  • In just 9 short years, Paytm has become the biggest e-commerce and financial technology company based out of India. Paytm was founded by Vijay Shekhar Sharma in August 2010 with an initial investment of $2 million borne by Sharma and began as a prepaid mobile and DTH recharge platform. Data cards, postpaid mobile and landline bill payments were added to the services in 2013. With Paytm, you can recharge your mobile, make utility bill payments, book train, flight and bus tickets, tickets to shows, movies and events, make payment transfers and pay in shops using QR codes. The company is valued at around $1 billion, with Alibaba Group owning the majority stakes of 42%. They have 350 million users and are planning to go public by launching its IPO in 2022.

 

  • Oyo –

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  • Ritesh Agarwal, who founded Oyo in 2013 when he was just 20 years old had become the poster boy for the Indian entrepreneurial scene. Ritesh had come up with the idea for budget hotels and accommodation called Oravel Stays and after staying in many hotels, guest houses, bed and breakfast houses, he pivoted the company to Oyo Rooms after receiving a $100,000 grant from the Peter Thiel Fellowship. Over six years, Oyo has expanded aggressively to include thousands of hotels, vacation homes and guest houses in hundreds of cities in India, Malaysia, UAE, Nepal, China, Brazil, UK, Philippines, Japan, Saudi Arabia, United States and other countries. It is the world’s third largest and fastest growing hospitality chain of leased and franchised hotels. They are currently valued at $10 billion.

 

  • Byju’s –

byju

  • Founded by Byju  Raveendran in Bangalore in 2011, Byju’s has become the world’s most valued education technology company, after being valued at $5.4 billion. The company was developed by Think and Learn Pvt Ltd established by Raveendran and in 2015, after 4 years of development, they launched the Byju’s mobile app which was downloaded by 2 million students in the first three months of release. Since then, the trajectory for Byju’s has been a forward climb. Shah Rukh Khan currently endorses the brand and Byju’s are also the shirt sponsors for the Indian national cricket team.

 

#BeYourOwnBoss, #ThinkBig, BeYourOwnBoss, Entrepreneurship, Uncategorized

Trailblazers #5: An Interview With Mr. Sashwata Roy

KGEC E-CELL has recently been successful in reaching another milestone as IIT Bombay set foot on KGEC for the very first time ever in the form of an entrepreneurial workshop named “SYMPOSIUM-DE-ILLUMINATE”.

KGEC E-CELL was glad to host Mr Sashwata Roy, the representative of IIT Bombay E-CELL and the main speaker of the event. Mr Sashwata Roy, who has over 23 years of hard-core experience in the Telecom/ISP domain working with major Telecom/ISP companies across various geographies spearheading their Enterprise Business function has been an experienced business leader with 24+ years of diversified experience in business operations and has been an integral position holder in corporates like Aircel, Reliance Communications, Dishnet DSL Ltd., Global Electronic Commerce Services Ltd., Elnet Technologies Ltd(ENT), ICNET Limited. Presently, he has been associated with his own start-up, “SHUSABIITH IT SERVICES LLP”, a Customer-Centric organization, being the authorized Business Partner for multiple Companies and primarily focussed on the B2B Segment, focusing on providing quality solutions and services to the Enterprise Customers.

Kalyani Government Engineering College Entrepreneurship Cell is proud to have an interactive session with him and here are some of the excerpts:-

KGEC E Cell: What is the inspiration behind you choosing Entrepreneurship?

Sashwata Roy: In my opinion, definitely there have been 2 main reasons behind me starting over something of my own.

Firstly, I have been holding integral positions in various Corporates, where there is fame, scope and money, but I was in hesitation whether I am fit to reach the CXO level in that company because if a person in his early 40’s has not been able to reach that position, then maybe he is not the right person for that CXO position. There, it was the moment, which gave me the boost to start something of my own and become an entrepreneur.

Secondly, If anyone is doing Corporate Jobs with so much experience, It always strikes at the back of the mind to embrace into starting something of oneself, where one will be the job creator and there came my will into play which inspired me to start over my start-up in October 2017.

KEC: How have you been associated with IIT BOMBAY E-CELL?

SR: I have not been directly associated with IIT BOMBAY E-CELL.I have been a part of the Prowisdom Growth Private Limited Group, wherein professionals, subject experts & industry leaders across the world, step into the network and connect online as well as offline, to share their knowledge, best practices, Industry & functional awareness, merits & demerits of a role, industry trends, an industry expected skills, & their professional wisdom with the youth (15 – 35 yrs.), to help them identify their strengths, build capabilities, learn new skills to help them in progressing towards achieving their personal & professional goals.
I have been listed as a mentor on their platform and they have collaborations with IIT BOMBAY E-CELL and thus I have this opportunity to be a part of their NEC 2K19 workshop session as a Speaker.

KEC: What is your opinion on the difference of opportunities and facilities provided between an IIT and a Govt. College like KGEC?

SR: In my personal point of view, I believe that there is no basic difference in terms of entrepreneurship genre getting into the roots of the youths in any place, be it an IIT or KGEC, as everyone in their prospect is doing their best to enhance start-up culture. Yeah there may be hindrances in Govt Colleges like the will to organize this session, convincing the HOD’s, etc, but it is just benefitting you all as “Entrepreneurship is all about overcoming hardships and obstacles and emerging victorious” and thus these hindrances are preparing you all in this long run of entrepreneurship journey. It’s just the determination and will to make things possible.

KEC: How different is it for you to be a part of the professional mentorship and part of student grooming?

SR: Well, I have been associated in conducting training programmes in specific professional domains(initiatives like “TRAIN THE TEACHER”)and also sessions for budding students. What I feel is that students are more receptive to learn and moreover other places, these workshops have a strength of around 60-70, but I am really excited and honoured to be a part of this workshop in KGEC as the strength is great(nearly 90)and there is a very healthy response from the students.

KEC: What are your views on privatization being an entrepreneur?

SR: Well, I won’t comment much but privatization has been beneficial all over the world and thus I believe it will have positive implications in India too, because facilities will enhance and the process of privatization is based on the pulse of the nation and it is not possible for an organization like Railways to manage the behemoth of workload. There may be questions arising on the future stake of jobs, etc but overall it will be beneficial for the nation.

KEC: Well last but not the least, what will be your words of motivation for young students who in this I should be Job Creators rather than Job Seekers?

SR: Well, it was great to be part of this whole programme and my words of advice to young budding student entrepreneurs will be to keep thinking, read a lot, analyse the local common problems and be knowledgeable. Everyone has ideas but A true entrepreneur is someone who converts those ideas into reality for the larger benefit of the society. Moreover, there is no hard and fast rule for the chapter of entrepreneurship, but it totally depends on the will and determination of either an individual or a team of individuals aligned to the same common objective. By putting forward those ideas, we can analyse how much adaptable it is, how much scalable it is and how to earn profits from the business. Failures may come but it’s not the end, never stop thinking and trying; you will succeed one day with this power of self -belief and determination.

Interview Taken and Written By : Sayan Seth & Sarthak Mazumdar

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Finding more about ‘Funding A Startup’

In the world of start-ups, it’s survival of the fittest. According to the Small Business Administration Office of Advocacy, only 50% of them survive after one year and only one-third can make it up to the 10-year mark.

Start-up funding is a series of investments that raise capital for a business. As a start-up expands each funding round serves as a stepping stone towards the growth.

The different types of funding rounds are explained according to the order.

Self Funding or Bootstrapping:

The term Self Funding means to use your own assets to invest in the company. It is basically the first stage of investment in which a founder invests his or her money to begin the start-up. Bootstrapping is when you completely self-fund your path forward. You don’t take out any loans or provide investors with a stake in your company. Most entrepreneurs use the money in their savings, charge personal credit cards, or budget strategically in order to finance their business. A bootstrap business gives the owner complete control of the company.

Friends and Family:

Often the family and close friends of an owner invest a part of their savings in the business. It helps beginners to start their entrepreneurial journey. It plays a vital role in the entrepreneurial journey.

Seed:

The seed stage of investing in the first phase of raising outside capital. Seed money sometimes known as seed funding is a form of securities in which an investor invests capital in a start-up company in exchange for an equity stake in the company. Seed funding is the first official equity funding stage. It typically represents the first official money that a business venture or enterprise. As the business becomes increasingly mature, it tends to advance through the funding rounds; it’s common for a company to begin with a seed round and continue with A, B, and then C funding rounds.

Growth/Early Stage:

The first round of investments in venture capital. Usually, this begins and ends with series A. The start-up should expect to have a much more formal board and leadership team becomes more “professionalized”. The earliest stage of funding a new company comes so early in the process that it is not generally included among rounds of funding at all. Known as “pre-seed” funding, this stage typically refers to the period in which a company’s founders are first getting their operations off the ground.

Angel Investors:

Angel investors are the one who invests in the initial stage of a start-up usually in exchange for convertible debt or equity. They usually provide capital at times when other investors are not ready to support the business. Angel investors are often retired entrepreneurs or executives for reasons that go beyond pure monetary form. A small but increasing number of angel investors invest online through equity crowdfunding or organize themselves into angel groups or angel networks to share investment capital, as well as to provide advice to their portfolio companies.

Expansion:

Very few companies can hit up to this stage. The main feature is that the start-up grows month over month and made at least $5 revenue in the last year. It deeply increases the enthusiasm of the owner as the company has started flourishing in this stage.

Mezzanine:

Mezzanine funding is a hybrid of debt and equity financing that gives the lender the right to convert to an equity interest in the company in case of a default, generally after the venture capital companies and other senior lenders are paid. In finance, mezzanine capital is any subordinated debt or preferred equity instrument that represents a claim on a company’s assets which is senior only to that of the common shares. Mezzanine financing may result in lenders gaining equity in a business or warrants for purchasing equity at a later date. This round is the final raise before going public. In Mezzanine round companies are valued over several hundred million if not over a billion.

Initial Public Offering (IPO):

IPO or stock market launch is a type of public opening in which shares of a company are sold to institutional investors and retail investors as well. It is usually underwritten by one or more investment bank who also arrange for the shares to be listed on one or more stock. Need for IPO is still a robust demand for the market, a public company has the right to issue more stock. The opening price is set by supply and demand. Few investors can buy an IPO at the offering price, because most shares go to the underwriter’s institutional clients and some are reserved for the company’s friends and family. One can bid for IPO’s through the offline method or online method. In the offline method, a physical form has to be filled up and submitted to the IPO banker or broker. In case of an online application, one can directly login the application directly through the trading interface provided by the broker.

Venture Capitalists:

A venture capitalist (VC) is a private equity investor that provides capital to companies exhibiting high growth potential in exchange for an equity stake.Often Venture Capitalists take the risk of financing startups with the hope that some of the firms may become successful.Typical Venture Capital investment occurs through an initial round called ‘seed funding round’ and then it continues through various seed rounds.Venture capitalists provide capital with an expectation of generating a refund through some exit events like selling the shares of the company to public for the first time called Initial Public Offering.(IPO)

Done by: Suvro Mukherjee & Ayndrila Ghosh