The Entrepreneurship Development Cell (EDC), IIT Roorkee is organising a Startup Fair’09, in association with CSI, NSIT Delhi, to facilitate Startups to recruit.
Date: Saturday, 25th April’09 Venue: Netaji Subhas Institute of Technology (NSIT), Delhi
The Startup Fair will be a platform for established startups, looking to expand their team, to hire interested talent from IIT Roorkee and NSIT Delhi as fresh recruits (final yr students) and internees (pre-final yr students).
An excellent opportunity for Startups to reach out to the active student community. 15 startups and 150 student candidates are expected to participate in the event.
Spread the word!
Entrepreneurship Development Cell,
I am looking forward to participate in IIT Roorkee E-Summit @ 18-19 April 2009. I am not taking my laptop, it will be a good break from my regular schedule, campuses are always good places to spend time at, students are so full of energy.
I am doing quite a few things as part of the event:
Giving a talk on “Accelerating your Startup“,
Participating in a panel discussion “What investors want?“
Mentoring startups in the “Mentoring Clinic“
And judging finals of the B-plan competition – ARTH
If you are planning to attend the summit, lets catch up this weekend @ IIT R.
Here are my notes for the talk on Accelerating your Startup, would love to get your inputs as well.
Get out of planning and discussion phase
Commit to deadlines
Execute, execute , execute
Translating dreams to idea
The art of zooming in: entrepreneurs always start with a grand vision, the art is to zoom into a small part of the vision and start by doing it well.
Cost management, Time management (use tools like : spread sheets , desksway , white boards)
Force yourself to release / launch fast
Go get real users ->improve their life
Start efforts to monetize the users
Its possible to apply agile techniques to all parts of your business ( 2 week release cycles)
Ensure Quality, quality comes with care. Build products that are dream come true for your customers.
While building your products, go around with your laptop, show it people in in cafe – get feedback, talk about it
Measure, Measure, Measure – what can be measured can be managed
The winning formula: 10L and 12 months
Upfront capital expense : 2 L
One year running expense @ 50 k / month = 6 L
Buffer: 2 L
Ensure revenues of company are higher than 50 k / month before the end of 12 months
You are cash flow positive, no dependencies on investors
You have got people to pay for your service / product – you are in good company (All of the long lasting tech companies figured the monetization very early : apple , google, ebay, paypal, MS, amazon , skype)
You have survied 1 year – you are on your way to success
Think of VCs and startups like animals in a jungle who are looking for the right partner to mate. Just because two lions of opposite sex are roaming in the same area and come across each other, it does not lead to mating. The process of attraction only starts if they give each other the right mating signals.
Similarly investors respond to certain signals and for the process of attraction to start startups need to give those signals out.
Team: experience , domain expertise , passion, staying power, etc.
Market: potential size should be very large , your products/service / business model should clearly indicate what problem you are solving and why will you get a significant share of the market.
Return on investment (only thing that matters in the end to an investor): An investor needs to see strong possibility of a 10x plus exit. Which is a function of:
A large market
Capability of the team with its products / services to take the business to a scale , within 5-7 years. So that the investor can sell his shares @ 10 times the investment price
Apart from the signals investors are looking for, everything else is pretty much NOISE at this stage and should be minimized.
Once the investor sees the right signals, the process of attraction starts. He will come closer to you and your business. That’s when he will look for further details about products , domain, detailed financials etc. He will also spend efforts to learn more about the domain and may involve some domain experts.
Whats are the odds of getting 5-10 X Return on Investment in 5-7 years
Once he is reasonably convinced about the RoI. Next stage for him is to look for all reasons to say NO. He looks for things about the team / market / product / competition / legal issues – which may put the odds of RoI at a big risk.
And if he finds anything which can seriously risk the RoI – he will back out
Well – we did a media interaction yesterday in Chandigarh in collaboration with TiE to spread the world on entrepreneurship in the region and guess what? All three major newspaper have carried the article today 🙂
The IndianExpress: What an Idea! (Link will be updated later. After looking for fifteen minutes I realized Indian express has not uploaded the today’s news paper on its website – now that’s an Idea which does not make sense to me)
The MVP team will be conducting a full day event on entrepreneurship @ Lovely Professional University , on 2 April 2009, in collaboration with LPU & TIE. Details below. I am very excited about the event and look forward to interacting with the students.
LPU has built a state of the art campus near Jalandhar with around 30k students already attending various courses.Aadhaar Invite