Entrepreneurship – Dutch Uncles

Stepping Stones To Thrive In The New Era Of Innovation And Entrepreneurship

Abhilash Bapanasha — Sun, 22 Aug 2021 05:35:12 +0000

Innovation is the key factor impacting the business world and is increasingly catalysed by the omni-presence of the internet. The concept of entrepreneurship is steadily adapting and changing to meet the demands of the new technological dawn and the economic cycle. It is a lemon and lemonade theory today, which focuses on adapting a new age skillset with entrepreneurial skills for resilience. In order to elucidate the relevance of new age skills in this new era of entrepreneurship, Dr. Nancy Juneja was the speaker for MentorED, our weekly live 45-minute workshop where industry veterans share their knowledge and experience and discuss topics that are apt and relevant to the start-up and small business fraternity.

Dr. Nancy Juneja is an Educationist, highly acclaimed Success Coach and Leadership Mentor with more than fifteen years of experience. Sought out by numerous Educational Institutes, Corporates & Industries, she has been mentoring entrepreneurs, youths, corporate employees, coaching start-ups and providing quality skill education to the individuals and communities. Her initiative, MENTORx School of learning is all focused to inspire youth to lead a purpose driven life.

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Entrepreneurship has always been about versatility. Talking about the challenges, it is seeing the opportunity before anyone else.

In brief, the session had the following takeaways:

Scaling the stages of economic cycle
How to have an entrepreneurial mind
How digital economy has opened worldwide opportunities to succeed
New age skillset for ushering the new era
The entrepreneur mindset

The Entrepreneurial Mindset

Change being the only constant, for an entrepreneur too it is indispensable to evolve with circumstances. Be it economic adversity or one owing to the pandemic, there are new age skills that define the sustenance to thrive in this era of entrepreneurship. According to Dr. Nancy Juneja, “An entrepreneur identifies opportunity in every situation. He is the person with a vision, an audacious tech leader successful in bringing brilliant ideas to the market, an initiator who creates something new every moment and converts it into a business idea and the whole process as we gloriously call as entrepreneurship.” While it is important to survive, but more importantly it is necessary to thrive.

The digital transformation has been happening in a very rapid form for several years now but the COVID era reinstated it as the new norm. It is vital for each entrepreneur to believe in the notion that opportunity lies in the middle of difficulty. Innovation emerges as the norm and needs to be aligned according to the stages of the economic cycle. Thereafter, she listed the stages as – Boom (or the period of expansion with the rate of growth rising at a faster rate), Early Recession or Slowdown, Full Recession, Depression and Recovery.

The mentor touched upon the issues of the Indian economy and focussed on the skill sets that can make any entrepreneur bounce back and move ahead. “Entrepreneurship has always been about versatility. Talking about the challenges, it is seeing the opportunity before anyone else. It is much more in today’s world apart from critical thinking, effective communication, analysing your mindset, your patience and persistence. Being a digital entrepreneur, the empathy and the motive of value creation along with the social responsibility – there is much more which is needed in the long run.”

The indispensable skillsets that define an entrepreneur

From her own experience in being in the entrepreneurship arena for more than eighteen years, she urged on evolving and being a learning person throughout. It is the learning curve that defines the skill set. “It is moving ahead, continuously learning and unlearning to learn which is a powerful reminder given to each and everyone. Be it any number of years you are into the business – you need to be learning, testing, sharing, collaborating and in this mode, you need to think upon something to apply and discard.”

Decision making in the entrepreneurship journey is a paramount skill because a present approach determines the course of action in the future. Again, it is also important to stay calm in crisis and lead the team through the challenges. Dr. Juneja listed four means to achieve it –

Having an outsider approach to a problem
Remembering past obstacles that have been successfully overcome
Focusing on what can be done to get started
Keeping oneself motivated and entertained

Also, as exemplary as it stands, it is vital to prioritise team work by coordinating among different departments.

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The thumb rule is to innovate or evaporate. That is how it goes in today's world. It was the scenario earlier too but now we need to be ready. If option A is not working, we need to be ready with option B and so on and so forth.

Critical thinking – the route to sail through any adversity

The mentor then talked about critical thinking that allows one to develop intellectually and to make hard decisions as per the need of the hour. “Even if you feel that the circumstances are not in favour, you can manipulate the present and you can focus upon the future, it is all binding up your team and encouraging them. Being an entrepreneur is taking everyone along and focusing upon your goal. The thumb rule is to innovate or evaporate. That is how it goes in today’s world. It was the scenario earlier too but now we need to be ready. If option A is not working, we need to be ready with the option B and so on and so forth.”

Added to this is the introspection to ask oneself some questions like – Should I have a more agile supply chain? Can we make manufacturing more competitive in higher cost environments? How can supply chains pivot fast yet still be robust and resilient to the next disruption? Can I shift my supply chain to a new geography without huge cost or risk? Well, for all of these questions, digital transformation comes as the single loudest means to proceed.

An interactive session

During the Q&A session, viewers from YouTube, Facebook, LinkedIn and Twitter took the opportunity to seek advice on various concepts and business challenges. Dr. Juneja addressed questions with her experiential insights. Topics varied from steps to revive business in the pandemic, techniques to make businesses processes more efficient, action points to solve challenges in rural, semi urban areas while pursuing digital avenues and upskilling with the new age entrepreneurial skills. Dr. Juneja’s guidance reflected her firsthand experience of working closely with entrepreneurs and giving a glimpse of her role as Vice President of the National Child and Women Development Council.

Thus, as the mentor elucidated through her informative presentation, the only option for an entrepreneur is to either innovate or evaporate. In a nutshell, it is all about developing the entrepreneurial mindset with a renewed perspective of creating your idea from the current problem and nourishing it gradually.

Watch the complete video on YouTube to know more of all the skillsets shared by the mentor in her presentation.

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Home Grown Brands In The Pre-Independence Era

Shalmoli Sarkar — Sat, 14 Aug 2021 05:30:09 +0000

Much before India rode on the start-up bandwagon, the seeds of entrepreneurship began mushrooming during the reign of the British Raj. It was the Swadeshi movement back then when Mahatma Gandhi urged Indians to wear khadi fabric and make salt as it could weaken the British hold on India. Buying and selling British goods would only mean giving more monetary control and power to the Englishmen. In defiance of British rule, freedom fighters burnt heaps of British goods at the crossroads. Burdened under high taxes, and high prices of consumer products, Indian brands such as Amul, Mysore Sandal Soap, Boroline, Asian Paints, Keventers, Parle G and S Chand group emerged during the pre-independence era that rose to become timeless and iconic. There are many more such Indian brands. The Indian brands sought to bring economic freedom by reviving domestic products and manufacturing processes.

As India celebrates its 75th Independence Day, let us have a look at how such Indian brands have become a household name.

Swadeshi brands

The majority of the brands that took birth during the pre-independence era, were competing with British goods as a part of the Swadeshi movement. The brands latching on the patriotic sentiment developed consumer products that focussed on affordability and revived the old Indian remedies that were on the verge of extinction. One such brand is Dabur. Dr. S.K. Burman, founder of the Dabur brand, infused Ayurveda in its products. Allopathic medicines the British made were expensive. He developed small tablets that helped in digestion and began selling chyawanprash to boost the immunity of children. Those small tablets of digestion are today’s Hajmola.

Brands that are every generation’s favourite

In today’s era of Starbucks and Café Coffee Day, yet at a roadside tea stall, we would ask for a pack of ParleG biscuits. Biscuit – a sweet British snack people had mostly with tea was expensive for the Indian masses. In 1939, the Chauhan Brothers, deeply rooted in Swadeshi, felt it was their responsibility to sell affordable glucose biscuits to Indians after leaving their textile business since it included transactions with Europe. Today as well, in local train stations or crowded bus stops you will find people munching on a Rs 5 pack of ParleG happily. ParleG became the first Indian FMCG brand to cross the Rs 5000 crore mark.

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Indian brands such as Amul, Mysore Sandal Soap, Boroline, Asian Paints, Keventers, Parle G and S Chand group emerged during the pre-independence era that rose to become timeless and iconic.

Timeless brands that withstood the test of time as well

Be it chapped lips, shaving blade cuts, dry skin, rashes, or any skin problems, we have our saviour Boroline. It is rare to find any dressing table of a Bengali household without that green tube. Started in 1929, by Gour Mohan Dutta the antiseptic dark green tube of boric acid, zinc oxide, paraffin, perfume, and essential oils was a tight slap to the British. The multiple uses of this antiseptic cream garnered immense popularity among Bengali women that also portrayed a strong protest against the British’s economic exploitation. Boroline has witnessed turbulent times and has exited through various phases. Amid the cut-throat competition of fancy cosmetic brands, the brand Boroline still stands relevant.

Iconic Indian brands

It is rare for any school student to say that he has never studied from an S Chand book. To reduce the penetration of foreign books in the market, in 1939 Shyam Lal Gupta began a publishing house to publish books written by Indian authors that are affordable. Similarly, brands like Mysore Sandal soap and Asian Paints began their expansion in India as exports were hampered due to World War II. The unique fragrance of Mysore Sandal Soap still is a favourite among Indians. Asian Paints, over time, has risen to become one of the paint giants of Asia.

Why have they been able to survive?

The Indian brands’ birth during the pre-independence times were associated with India’s freedom struggle. The brands instilled a sense of patriotism amongst the Indian masses that continued for generations to date. The pricing of these products has not undergone a steep rise. The product quality was maintained which bolstered the trust among Indians and earned its loyal customer base.

Learnings from the Pre-Independence Indian brands

For a decade, ParleG biscuits did not change the prices of biscuits even though prices of wheat, milk, and sugar increased. It adhered to its promise of selling affordable biscuits to the masses.
Indian brands from the pre-independence era exemplify not just nostalgia, but also longevity and consistency.
From the marketing side, the brands used two appeals, patriotism and family-oriented products. At a time when the purchasing capacity of Indians was low, Indian families preferred products that could be used by the entire family.

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Freedom Start-up Policies, No More Beeline To Bengaluru

Anju Nambiar — Sat, 14 Aug 2021 03:35:09 +0000

As we celebrate our 75^th Indian Independence Day, we need to revisit the freedom we have achieved in the business world. Venturing into any business is much more flexible in modern India. A few years ago, entrepreneurs would give up on their business even before they shared their start-up idea. But now, entrepreneurs are springing up from the remotest parts of India and coming up with the most unconventional, disruptive, and innovative business models.

Freedom start-up policies

States and Union Territories in India have crafted their own policies which have given start-ups in India much more leg room to diversify and innovate in business. Each state’s policy is equipping start-ups with funding, mentorship, and market access support to enable their contribution towards the state and national economy as well as to help them create jobs. As of today, a total of 30 states and Union Territories have formulated their very own Start-up policy.

Here’s a brief insight into the policies of three key states from different corners of the country and how they are promoting entrepreneurial freedom.

Gujarat

Gujarat is nurturing a very free start-up ecosystem with a diverse portfolio of start-ups across categories and industries. Innovators at various stages along their growth receive fiscal and non-fiscal incentives in the form of sustenance and marketing allowances, infrastructure and marketing assistance.

Karnataka

Karnataka’s start-up policy gives start-ups across multiple sectors their freedom in the form of fiscal benefits including patent and tax incentives, and marketing assistance.

Manipur

The state of Manipur has reserved special funding support for the following start-up categories:

- Student start-ups
- Women led start-ups
- Idea and Revenue stage start-ups

They will receive fiscal benefits in the form of funding and mentorship. Besides, Manipur’s start-up policy provides special incentives at three key stages namely,

- Ideation
- Product development
- Promotion

Start-ups in these stages receive fiscal incentives in the form of funding and reimbursements.

Uplift your state

So far, the idea of starting a business entailed moving to a crowded metro city like Bengaluru or Mumbai. It was perceived that certain industries like Technology or Media could only thrive in these states or cities. As a result, aspiring entrepreneurs from Tier II and III cities who did not have the means of relocation had no option but to give up on their entrepreneurial goals. Due to lack of support or opportunities in their home state, most struggled with their business or accrued losses leading to eventual shut down. Another problem involved with mass flocking of entrepreneurs to Tier I cities is that it creates a false inflation problem in the country. By headquartering your start-up in your respective home state, you are not only uplifting your state but mitigating the problems of overcrowding and cutthroat competition in Tier I cities.

Metro and Rural India engulfed under entrepreneurship ecosystem

The central and state governments have rolled out a lot of policies, schemes, and benefits for rural entrepreneurs among tribal communities, farming communities, and marginalised sections of society to take up business. An example for this is ASPIRE – a government scheme for promotion of rural entrepreneurship. States like Uttarakhand have rolled out economic stimulus packages for small businesses in the religious tourism sector. The recent PMFME scheme (Prime Minister’s Formalisation of Micro Food Enterprises) promotes entrepreneurship among impoverished rural farmers. States like Tamil Nadu and Telangana are fighting to foster entrepreneurship through their respective policies by coming up with programmes like the StartupTN Mission and the Telangana Innovation policy. These state policies are freeing micro entrepreneurs from the clutches of traditional and regressive business practices and enveloping both Metro and Rural India under the country’s entrepreneurship ecosystem.

Spirit of Entrepreneurship

Freedom start-up policies by state governments are fostering the spirit of entrepreneurship by giving entrepreneurs the freedom to innovate, improvise, and tap into unconventional, niche markets without having to worry about validation. Business incubators like iCreate, T-Hub (Technology hub) and KSUM (Kerala Start-up Mission) are actively encouraging innovation among start-ups in the most advanced technologies and giving entrepreneurs across all categories the freedom to spread their wings and come up with the most unique ideas in business.

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Each state’s policy is equipping start-ups with funding, mentorship, and market access support to enable their contribution towards the state and national economy as well as to help them create jobs.

What’s in it for me? You, Your District, Your State, and India Grows

We are currently at our 21^st unicorn start-up for 2021. India also got its first female-led unicorn IPO in Nykaa. There is no doubt that the Start-up world is the answer to GenZ and Millennials who are struggling from job losses and pay cuts. Entrepreneurship and small business are the way forward for financial freedom and growth in the country. State-wise start-up policies are giving wings to entrepreneurship development as it creates a tumble down or domino effect.

If each individual discovers their entrepreneurial prowess in their own home states and districts, they will pave the way for fellow entrepreneurs in their vicinity. This will lead to the eventual growth of the district, state, and the country at large. No matter what remote corner of the country you are from, technology penetration and Government support are strong currently in India. It’s a saving grace for our economy which has been disrupted due to the pandemic and a runway for the financial and professional lives of our countrymen to revive and take flight.

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The Role of A Mentor, Like As In Sports As In Entrepreneurship

Shalmoli Sarkar — Wed, 11 Aug 2021 06:30:30 +0000

The sight of Vitezslav Vesely’s last javelin throw landing at 85.54 m, made the nation of 1.3 billion jump in elation. It sealed the gold medal win of 23-year-old debutant Neeraj Chopra and India’s first medal in track and field event in the Olympics. His magnificent throw of 87.58 m fulfilled the wishes of Late Milkha Singh and India’s only female sprinter P.T. Usha, who missed out on a medal by a whisker.

A lot goes into the making of a successful athlete. Behind Neeraj’s golden throw we cannot deny the contribution of his Coach Uwe Hohn and former Coach Klaus Bartonietz. In a recent media appearance of Neerja Chopra, on asking how much he owed this journey and success to his coaches, he replied that a coach plays a pivotal role in the making of an athlete and one cannot do it alone. A coach during the entire training period dedicates his time to creating the best training schedules, diet planning, body fitness and endurance plans and most important the technique.

Neeraj’s childhood coach recalls that he made Neeraj train with the long-distance runners to gain adequate strength for the run-up while throwing javelin that determines the distance. Coming to developing a business, there are parallels between sports and entrepreneurship. What a coach is to an athlete is a mentor to an entrepreneur. A coach helps an entrepreneur discover its positives and abilities and helps him navigate challenges.

How can one find the right mentor?

While selecting a mentor an individual must create a checklist of skills and attributes that he/she would seek in a mentor. An entrepreneur should keep in mind that the needs of the mentee also change over time. The same was for Neeraj Chopra, there was no doubt in Klaus’s coaching, but Neeraj believed that he needed a change in his training for breaking into the international events. It was Hohn for Neeraj who helped him win gold at the 2018 Asian Games and Commonwealth Games and set a new national record. Different mentors will bring in a unique set of skills and different approaches to a problem, so here the onus lies on the mentee.

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A coach plays a pivotal role in the making of an athlete and one cannot do it alone.

Five reasons why a mentor is necessary for an entrepreneur

Many individuals perceive that only passion can drive them to become successful entrepreneurs, which is true but not sufficient. An aspiring entrepreneur is unaware of the problems ahead and does not know how to dodge them effectively, which is why we need mentors.

Helps you accomplish your goals

The mentor can help an aspiring entrepreneur stay focussed on the goals and makes one accountable for the vision of your business. A mentor guides an entrepreneur in making new strategies in achieving new targets and helps in developing a business or marketing plan. Neeraj under former coach Klaus- a bio-mechanic expert trained him to maintain the right body form and technique. Be it shot put, discus, or hammer throw, knowing bio-mechanics is crucial, without which an athlete might injure oneself.

Gain experience from mentor’s challenges

A mentor who has made mistakes or countered challenges, but was not able to avoid or overcome them due to lack of skills adds to the experience and learning. Now, that the person is a mentor, can provide guidance to the individual for devising out strategies and plans to avoid such mistakes in the first place itself and if faced, the individual will now be well-equipped and moulded to tackle it. This is something that cannot be taught from books.

Networking opportunities

Start-ups and small businesses for early-stage funding become easier when they are recommended by their mentor as they gain the trust of investors. A good mentor has unlimited network contacts of investors and venture capitalists. Since mentors are already investing their time and energy in training you, they can help your business make in-roads in the investor’s community. This is an opportunity one cannot tap into if one does not have a mentor.

Fuels positivity and encouragement

Failure is part and parcel of both sports and business. Lack of proper encouragement and a positive mindset tend to impede productivity. A mentor who has experienced the same highs and lows in running a business can fuel positivity and soothe your mind with words of motivation. In Mahabharata, when Arjuna was required to battle with his teacher, grandfather, and cousins, Krishna became his mentor to guide him about fulfilling his duties.

Helps to build a stronger emotional quotient

In sports, coaches guide their players to regulate their emotions during critical stages of the game by employing strategies to remain in control. Similarly, a mentor for an aspiring entrepreneur helps build high emotional intelligence leveraging which they develop qualities of empathy, problem-solving, and social skills to come up with solutions, create strong relationships, and win people over.

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Olympian Neeraj Chopra: Learnings From Sport For Entrepreneurs

Aakash Sharma — Wed, 11 Aug 2021 04:50:09 +0000

As Indian athlete and Olympian Neeraj Chopra got the country its first-ever gold medal in the Tokyo games’ track and field event, it is the only thing that everyone is talking about these days, and rightly so. Heralding a new era for Indian sports, Neeraj Chopra has made the country proud and inspired millions of up-and-coming players who can now dream of bagging a medal at the highest stage in the world.

But aspiring players and athletes are not the only ones whom Chopra’s Olympic Gold in Javelin throw has inspired. The journey that an athlete has to undergo is quite similar to what an aspiring entrepreneur goes through.

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There is a vast array of sports terminology, like 'Knocked it out of the park', 'The ball is in their court', 'Game of inches', among others, that is used to describe the happenings of business and in the workplace.

So, let’s see how learning from sports can help entrepreneurs succeed in business.

Starting is lonely and often discouraging

It is a fact that every beginner goes through the blues of starting something new. While the adrenaline seems amiss in delving into the new paradigm, be it a new sport or setting up a small business, the beginning seems more challenging due to that fear of new and unknown. But as the saying goes, “Rome was not built in a day”, the same is true for an athlete and a business. Starting is lonely, but it is temporary. As the journey proceeds, the struggle becomes a thing of the past. It is often replaced by a new set of challenges that can be overcome by the skills acquired in this process.

Set realistic goals – Know exactly what you’re trying to achieve

Just like some players, entrepreneurs sometimes set grand and lofty goals right from the outset. But it is a proven strategy for athletes to start small and take things one day at a time to reach the end-line successfully. Entrepreneurs, too, must follow this practice of setting realistic goals and working for them consistently, increasing their chances of success.

Consistency and perseverance

Along with clearly set and achievable goals, athletes work towards them consistently and perseveringly. It is the inherent nature of sports and practice that makes sportspersons competitive and, thus, successful. And this holds vital importance in the journey of aspiring business people as well. Entrepreneurs should imbibe these values of athletes right from the beginning of their entrepreneurial path to make a successful leap in their careers.

Discipline and dedication

If discipline were a book, it would be an athlete’s Bible. Even if they are not medal bearers or absolute champions, all athletes are strictly tuned to the daily schedules that they have to follow with discipline. The above two points of realistic goals and consistency are primarily driven by discipline. If one is to start a new business or learn about the business world, they must surely follow an athlete’s discipline and dedication.

Focus – Attention to detail

Every well-trained and serious player has one thing in common — an obsession with details. Players know every aspect of their sport as they all are crucial for a good performance. They maintain a rigorous training schedule and pay close attention to details as little details can make or break their performances. Entrepreneurs must also imbibe these values to capitalise on opportunities for advancement and other avenues of success and should be focused and detail-oriented.

Failure – Learn from losing

The fact of sports (and life in general) is that there are always winners and failures. All athletes know that they are not going to win all the matches and events in their life. It is what they take away from the experience of losing that finally propels them to win. Athletes turn inward and analyse their own performance, scrutinise their lapses and see their failures and missteps as possibilities for improvement.

The same is true for entrepreneurs. Losing is a temporary condition. Every day is a unique opportunity to take in new aspects, grow and succeed. True accomplishment comes when one learns from errors and grows past them.

Have grit

Indeed, the best athletes are the ones who have unique skills and talents and are the most flexible and adaptable – however, other things too separate good athletes from the great ones. The skill of grit makes a lot of difference. Grit is self-discipline accompanied by an emotional commitment to a task and a strong desire to accomplish it. To be successful, entrepreneurs must also cultivate grit, just like athletes do. They must have the ability to withstand adversity and have the grit and determination to achieve their goals.

Realising success and celebrating accomplishments

We can witness the apt comparison between business and sports in an expressive celebration of one’s success. When an athlete brings home gold, s/he is celebrated for the mega achievement, and the entire nation goes into celebration, just like Neeraj Chopra’s recent win for India. In business, too, entrepreneurs must recognise their and their employee’s success. They should find ways to cheer one another on when, say, a co-worker makes new record sales or wins a big client. Not only does this promote unity, but it also gives an incentive for others to accomplish their goals.

Parallels between an entrepreneur and Olympian Neeraj Chopra

The connections between sports and business are omnipresent. Entrepreneurs and aspiring businesspersons have been learning new teachings from sports for a long time. Whether referring to workgroups as “teams” or managers as “coaches”, sports analogies in the business world are applied everywhere.

Olympian Neeraj Chopra has been through a journey that was nothing short of a roller coaster ride. His quest began with the aim of shedding some weight as a kid; today, it has reached its summit with a historic Olympic gold in the javelin throw event. This is not to say that his journey has peaked forever. This is just the beginning. And so is every new day for entrepreneurs. They can do anything, anytime, any day – all they have to do is follow the rulebook of success and adopt an athlete’s skills to thrive and succeed in their world.

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Rural Entrepreneurship Incubation Programme

Vaishali Das — Tue, 27 Jul 2021 10:35:09 +0000

Every dream, passion or an innovative idea to start a business initially needs a little support and faith. Incubation programmes are designed to support early stage startups and business ideas. It provides startups, which are in their nascent stage, with mentoring and management. Along with this, these programmes also provide entrepreneurs an access to market resources, giving them networking opportunities and work on their business skill training.

What is Rural Entrepreneurship Incubation Programme?

Nadathur S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), the innovation and entrepreneurship hub of the Indian Institute of Management (IIM) Bangalore in collaboration with Buddha Fellowship Program (BFP) launched an incubation programme, Rural entrepreneurship Incubation Programme. The idea behind this incubation programme is to enhance the entrepreneurship and startup ecosystem of rural India.

The programme aims to engage, enrich and foster young emerging entrepreneurial minds to help in the upliftment of rural India and real time gaps in supply chain management of corporates using an enterprise approach. This will help create a sustainable livelihood and will also create self-employment opportunities.

Who Does It Benefit?

The programme is for young graduates from leading universities who have a passion to work for the country’s upliftment. It is also for those who are wishing to work in the development sector, even if they’re from corporate backgrounds, or early stage entrepreneurs, all are welcome for this programme. The programme will be focusing on three sectors

Rural Livelihoods (Farm, non-farm, off-farm)
Health and Nutrition
Education

With the mission to back entrepreneurs to build ‘Atmanirbhar Bharat’, the programme will benefit the rural and home-grown entrepreneurs. It will transform the development sector by providing knowledge and awareness on scaling, branding, marketing and will support rural professionals to pursue their aspirations to become development entrepreneurs.

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The programme aims to engage, enrich and foster young emerging entrepreneurial minds to help in the upliftment of rural India.

Programme Highlights

Some of the major highlights of the Rural Entrepreneurship Incubation Programme are:

It will be having top-notch mentors from industry, government, academics and development sector to extend help to the young talents.
It will provide a wide rich ecosystem and networks of NSRCEL and BFP for strategic business technology based partnerships with leading universities like IITs and IIMs. Even the Ministry of Rural Development (MoRD), Rapid Rural Community Response to COVID-19 (RCRC), Tribal Co-operative Marketing Development Federation of India (TRIFED), and Principal Scientific Advisory will also be a part of the extended help.
It will also provide an opportunity to pitch for incubation. This includes 1 month of rural immersion followed by a 9-month incubation period, handholding support aided by quarterly entrepreneurship clinics and one-on-one mentoring.
It will also help in funding and 6 months post incubation support.

What Does it Aim to Achieve?

It aims to back rural entrepreneurs who aspire to build a successful business and in turn build a futuristic India which is inclusive for its less privileged and marginalised communities. The programme also wants to strengthen the business model. The outcomes of this programme will be:

Learning marketing for B2B, B2C, sourcing, grading and packaging
Stabilised and sustainable business with strong team and financial systems.
It will teach entrepreneurs how to pitch to investors and work with the government to avail subsidy.
It will also work on networking and communication skills.

Suggested Plan of Action For Aspiring Entrepreneurs

Startups or entrepreneurs who have a registered enterprise should apply for the programme. This is the best opportunity for those entrepreneurs working in solving the rural problems like agriculture, nutrition, livelihood enhancement, healthcare, education, etc. and who are operational for a minimum of 1 year. Entrepreneurs who have a clear understanding of micro and macro level business should submit their forms.

Applicants with a viable solution to the current problems and potential social or financial impact on rural communities will be shortlisted for the incubation programme.

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Marketing Mis-steps that Entrepreneurs Should Watch Out For

Saurabh Bajaj — Sun, 25 Jul 2021 10:35:12 +0000

The term unicorn was coined in 2013, by Aileen Lee, founder of Cowboy Ventures, to refer to technology start-ups with valuations over US $1 billion. At that time there were 39 unicorns in the US and none in India. India today has a total of 50 plus unicorns, the third largest number in the world after the US and China. However, firms like Ola, Flipkart, Lenskart, Nykaa, UrbanClap, Paytm and Zomoto make the journey look easy. There are a number of firms that have struggled to scale-up the founder’s visions or the market’s expectations.

Let’s study the journey of some of these companies, each of which have done many things right, but have taken a few marketing missteps that they have then had to pivot to recover. As we investigate these stories, perhaps there are learnings for other entrepreneurs to learn as they navigate their own passion projects.

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The legend goes that the inspiration for Paper Boat came from the flask of Aam Panna, Suhas Misra's mother would pack for him every day.

Hector Beverages

Paper boat is one of the companies that have caught the imagination of consumers and investors alike. They have had years that have been extremely successful and a few in which the market questioned if the growth story has come to an end.

Hector Beverages was founded in 2009 by Neeraj Kakkar, Suhas Misra, Neeraj Biyani and James Nuttall. Today Neeraj Kakkar and Neeraj Biyani run the show after Suhas and James decide to exit the company.

The company started operations with Frissia (protein water) and later Tzinga (energy drinks) but later smartly pivoted to their third venture Paper Boat. The legend goes that the inspiration for Paper Boat came from the flask of Aam Panna, Suhas Misra’s mother would pack for him every day.

The company started its operations through the Manesar Plant and subsequently roped in its first investors in 2011 including Catamaran and Foot print. The next reached out to Elephant Design that helped them both with the naming as well as pack design leading to the launch of ‘Paper Boat’ in 2013.

The Brand saw strong initial success and they quickly expanded to a second factory in 2014, which was their Mysore plant with a speed of 380 bottles/minute versus 80 bottles/minute in the Manesar Plant, along with the capabilities for coconut water and sugar cane juice.

From 15-16 to 17-18 the Brand kept its focus on three key levers of growth:

Brand Building: They launched Paper Boat with a novel purpose of trying to preserve traditional recipes that go back thousands of years, and were handed down from one generation to another, in a modern form. On this Brand core they invested aggressively in digital engagement and also launched a TVC on main line television.
Innovation: They launched a slew of products including more than 11 types of ethnic drinks and juices: Jal jeera, aam panna, aam ras, alphonso aam, jamun kala khatta, chilli guava, nimbu pani, kokum, neer more, kanji, sugarcane juice, lychee ras, apple and orange.
Distribution Expansion: They also partnered with the Japanese food giant Indo Nissan Foods to strengthen its distribution and brand presence in tier II cities and rural markets.

However, while all three strategies are based on sound business fundamentals, their premium pricing of Rs 30 for 200 ml proved to be an impediment to scale growth and their turnover appeared to stagnate at under 100 Cr.

As a result, the analysis, started to question if the product and packaging novelty has worn off and has the impact of competition in the form of Daburs Hajmola Yoodley, B Naturals Zero Concentrate Promise and the entry of Coke and Pepsi into healthier beverages started to make its impact on the major.

The company pivoted smartly again and has launched a mega push in the last couple of years into several mainstream categories:

Paper Boat Swing at much affordable prices of Rs 10 for 150 ml
Juices in Tetra Pack at Rs 130 for 1 Ltr
Dairy Beverages like Lassi, Thandai etc

Their largest gamble to date is the entry into traditional Indian snack-based products like Peanut Chikki, Banana chips, Aam papad, Bakarwadi, Namak para, Gur para and Shakar para.

The key challenge that the expansion of such a wide portfolio would be Brand stretch. However, what appears to be helping the majority is the fact that the Brand has been based on an emotional promise of ‘nostalgia’, rather than a functional promise and that appears to be assisting them, despite sharp reduction in advertising investments every subsequent year. And the second is distribution expansion where the partnership with Indo Nissan foods only took them to 100,000 outlets. They have now started investing in their own field force to expand to 250,000 outlets and are now targeting 350,000 outlets.

The key thing on the mind of the founders now appears to be an IPO to continue to fund their expansion as they make steady steps towards profitability.

‘‘

Mounting losses, restless investors and the pandemic eventually led to the firm being acquired by Wingreens Farms. Raw Pressery business has picked up substantially post the acquisition by Wingreens Farms.

Raw Pressery

Raw Pressery and Wingreens Farms are two Sequoia Capital backed food start-ups which have boasted of innovative food products capturing the imagination of the growing millennial audience. Interestingly the learnings that we take from the challenges these firms have faced very closely mirror what Paper Boat taught us. Let’s now investigate their journey.

Raw Pressery was founded by Anuj Rakyan in 2013-14, with the dream of preparing cold pressed juices at a shared kitchen in Mumbai. He wanted to deliver these juices directly to the customer daily, by utilizing spare time of Mumbai’s daddawalas.

The original insight for the Brand emerged when Anuj Rakyan suffered a back injury playing football. He wanted to heal himself naturally without surgery through rest and nutrition. He made juices at home, but realised that something equally good was not available on shelves. He realised that there was an opportunity for a clean label product with only goodness inside and nothing else.

It was indeed an inspiring vision, and enabled him to take the brand across 15 cities in the country.

This allowed the brand to scale-up to a business of 65 Cr 2020 however they retained very high operational expenses and hence a loss of almost 60 Cr. In chasing their vision, the company made several logical pivots. The first was the realisation that while a few core consumers may take subscriptions, a large part of the business is going to remain offline. So, despite a very premium product, the online share of the business in 19-20 was only 10%, however the bulk of their business came from airports (30-35%) and organized modern trade stores like Food Hall and Reliance (50%).

Next, the group believed that the product should do the talking for them and they kept their advertising expenses persistently low at 30% in the initial years and under 10-15% by 2020. Their biggest challenge with the low shelf life of the products and the very expensive cost of refrigerated logistics. Though investments in technology were able to expand their shelf life quite substantially, logistics remained a persistent challenge. The softer challenge that the organization was not able to solve was the high cost of employees which accounted for as much as 40% of their top line. The equivalent numbers in scale firms are between 4-5%. These challenges could only be solved by expanding their range into products with a more affordable entry price and a range which holds its core promise of goodness but can move into the non-refrigerated aisle. And hence in Oct’18 the company expanded into Almond Milk at a pricing of Rs 80 – Rs 200. By Nov’19 they launched Coconut water with a pricing of Rs 50- Rs 60 and by Dec’20 into High Protein Smoothie.

By 2020, the contribution of these businesses was 40% for Cold Pressed Juice, 10% for Dairy, 35% for Coconut Water & 15% for Almond Milk. However, these initiatives only increased the dependence of the company towards offline channels and as the pandemic hit the company could only increase their business contribution from D2C to 15% and modern retail then accounted for 80% of their business. The lucrative Airport channel which was the backbone of their business could only account for 5% of their business. Mounting losses, restless investors and the pandemic eventually led to the firm being acquired by Wingreens Farms. Raw Pressery business has picked up substantially post the acquisition by Wingreens Farms. Let’s understand Wingreens business model a bit more to understand the synergies that have kicked in for both the companies.

Wingreen Farms

Wingreens Farms was incorporated in 2011 by Anju Srivastava and Arjun Srivastava. The products of the firm include dips, spreads, sauces and bakery products. The couple was working in the US for several years advertising and marketing and decided to return to India. They were taken aback by the condition of farmers in the country and the company was originally christened as WIN (Women Initiative Network) in Gurugram in 2008 with a capital of Rs 10 Lakh.

The initial idea was to work with farmers who had land but no money. The business model was to rent out land and pay the farmers the same both for renting the land and also as salaries for the women working in the company. In 2008, Anju started growing potted herbs in a half acre of farmland that she rented from the farmers in Tauru village, Haryana. She grew varieties of basil, thyme, oregano, peppermint, and other herbs for sale. However, she struggled in the initial years due to the extreme weather conditions in northern India.

She finally tasted some success in 2011, when Anju made pesto out of the basil she grew, and approached Spencer’s in MGF Megacity Mall, in Gurugram. The plan was to allow customers to taste the pesto, however they didn’t have any pasta and hence used chips. To their surprise customers showed good acceptance for the product as a dip. Following the successful launch of pesto as a dip, WIN was rebranded as Wingreens Farms, and the company then went on to launch 150 variants in 50 SKUs including, chipotle sauce, fiery desert mustard dip, dill tzatziki, peri peri hummus, rosemary hummus, peppermint with green tea leaves dip, etc.

Within a span of 8 years, the brand has built a presence in 1300 Modern trade stores and 9,000 general trade stores across 140 cities across India. The company has plans to expand its distribution network to over 200 cities, over 2000 modern trade stores and over 1 lakh general trade stores over the next year. They also plan to extend their portfolio to 220 products across the range of dips, spreads, sauces and bakery products.

Despite accessing good funding from the market Wingreens has managed to deliver a far more sustainable business model. The pandemic has been an issue and an opportunity for the company. At one end the cost of business escalated, on the other the consumer was actually drawn to better cooking because of the rise of in-home dining.

However, all in all the acquisition of Raw Pressery has been a big opportunity towards the sustainability of both companies due to the following reasons:

Raw Pressery and Wingreens Farms have a complimentary set of products with little overlaps giving the combined entity the right to build a Holistic Food and Beverage company that is structured as a House of Brands.
Both company portfolios have a presence in the refrigerated isle and the sampling and activation infrastructure of both companies can be synergized.
Further promoters believe that combining both portfolios should help them reduce their logistics and transportation costs by half.
Also, with the enviable portfolios of both companies there is an opportunity to negotiate better with retailers when it comes to shelf space and commissions.
And finally, most importantly, a strong portfolio combined with significant distribution heft is the magic formula for success in the Indian landscape.

There is a lot to learn from the three Brands that we have investigated, Paper Boat, Raw Pressery and Wingreens Farms. However, the key learnings can be gleaned in the form of the following steps and missteps that entrepreneurs should factor in their plans.

First, as entrepreneurs seek to launch innovative offerings in the Indian market, there remains a large role for storytelling and Brand building. This is something Paper Boat did very well. A large part of the allure of their 3rd product after Frissia (protein water) and Tzinga (energy drinks) was Paper Boat. And the platform of Drinks and Memories allowed them an opportunity to charge a premium and hence build a product that can be fuelled with advertising to command a premium. Perhaps this is where Raw Pressery missed a trick. While a clean label positioning is strong. It would have taken a while to catch up with the consumer.

Secondly, entrepreneurship is not for the faint hearted and business pivots are a part and parcel of the game. Hector beverages showed their resilience in reinventing themselves time and time again. This was perhaps something Raw Pressery took a little longer to do.

Thirdly, distribution expansion alone doesn’t ensure top line growth as Hector Beverages learnt the hard way in the period between 15-16 and 17-18. It has to be complimented with an accessible portfolio and the right branding strategy.

Fourthly, it’s critical to marry your business opportunity with consumer expectations, as Wingreens Farms learnt to their delight, almost by accident when they uncovered the opportunity for a dips market.

Fifth, as one discovers a significant business opportunity, it’s critical to make infrastructure investments to improve technology and set up factories; however it’s critical to keep a keen eye on cash burn and operational profitability. Solving for the right supply and logistics costs, employment costs and marketing spends is critical to build confidence with investors as Raw Pressery learnt to their peril.

Lastly, it’s important to start one’s business through a pilot mode across limited markets or channels, however the final path towards profitability in a market such as India, depends on building a robust distribution infrastructure for expansion.

The post Marketing Mis-steps that Entrepreneurs Should Watch Out For appeared first on Dutch Uncles.

Start-up, A Dream of the Young and Progressive India

Abhilash Bapanasha — Fri, 23 Jul 2021 06:52:16 +0000

Indian youth is oozing out with ideas for businesses and new market concepts. More of them are shifting towards entrepreneurship with the hope to achieve freedom and fulfil their worldly pleasures. The very same reason why India has many start-ups but only a smattering survives. But that doesn’t mean the aspiring start-ups give up, most manage to nurture themselves. 83% of the Indian youth are willing to step into entrepreneurship, the global average being 53%. The number of youths willing to start their business fall between 25 to 34 years of age, followed by the age group 35 to 44.

Dr. Hari Shankar Shyam, a leading educationist and business consultant was the speaker for MentorED, a weekly live 30-minute workshop where industry veterans share their knowledge and experience and discuss topics that are apt and relevant to the start-up and small business fraternity. Dr. Shyam, Educationist and Business Consultant, has counselled more than 10000+ students across the world in his role as start-up mentor. With a Ph.D. in Marketing, an MBA and a Masters in Population Studies, he is currently an Associate Professor of Marketing at Sharda University.

‘‘

Now the question is, why should we not have a dream if the OYO promoter Mr. Agarwal can start at such an early age? It changed the entire hotel and tourism industry of India.

Dr. Hari Shankar Shyam touched on the following points during his thirty-minute workshop which was followed by questions and answers from the live audience:

Why start-ups can be a good career
How one can exploit India’s strong IT infrastructure
How to become agile using digital innovation
How to get support from government, VC and other sources

Addressing the audience comprising mainly youth entrepreneurs and aspiring business minds, Dr. Shyam shared, “We have realised from the last 15-20 years the word startup was coming. And from the last 10 years, it was THE word in a country like India and today for many youngsters we need not tell, they are already aware, but yes, there are a lot of challenges.” Even during the pandemic, many young entrepreneurs have come forward with solutions to problems with the usage of technology as an intervention. He expressed how the pan-Indian mentality of career orientation has changed from getting a good education in medical or engineering followed by getting a good job to envisioning the idea of a startup during graduation and actualising a startup idea into reality.

In his illustrative presentation, Dr. Shyam talked about the success stories of Indian startups established between 2014 and 2019. Unicorns like OYO Rooms, Snapdeal, Ola Cabs, BYJU’s, Delhivery among others are role models for a young population. “In 2015, there was a Fintech boom. One of the Fintech companies, One97 Communications, came with a brand called PayTM and what wonders it did! Today even if you go anywhere, even a vegetable vendor, you see across even the smallest vendor, they are using PayTM. After the pandemic, it is a revolution.”

“Now the question is, why should we not have a dream if the OYO promoter Mr. Agarwal can start at such an early age? It changed the entire hotel and tourism industry of India.” In a country like India, young minds are inculcating high ambitions and are at a lower risk as compared to one generation prior. With a high motivation, passion and a little craziness to stand out of the crowd, an aspiring startup founder can do wonders. Dr. Shyam also underlined the catalytic role of a mentor as for pursuing a startup dream. A mentor can also be someone from the peer group who has failed in his/her venture, but it is equally important to learn from such an individual so as to not repeat the past mistakes.

“Yesterday was the man of finance, today is the man of marketing and tomorrow is the man of HRD.” Many years ago, only those who had money could think about a business venture but in the present scenario, investors come forward to fund. The years ahead, as Dr. Shyam envisions, are that of technology. India has a strong IT infrastructure and has to be exploited to the fullest. Dr. Shyam stressed on how different cities like Bengaluru, Gurgaon, Noida, Pune, Hyderabad, Kochi have emerged as convenient ecosystems for boosting startups and support opportunities have to be utilised in these cities. Apart from that, there is an easy availability of manpower and technical support aided by a supportive supply chain and digital marketing avenues.

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Yesterday was the man of finance, today is the man of marketing and tomorrow is the man of HRD.

Audience Asks

How feasible is it to launch a startup in a hi-tech city and start to run it from a small town?

Many of the big cities are having this ecosystem but the smaller ones are not having it. The best part is even though that ecosystem is not there, there is internet connection. There are also many digital tools and platforms, you have to join them. There are also many angel funding communities in Chennai, Mumbai – associate with them and become a member. At the same time, take a mentor and you can really start from a small town. For a big town which is already established, the advantages are much more undoubtedly.

What do you suggest: start a business in a new (untouched) industry or in a tried and tested (already booming) industry?

One thing you need to understand is that we are not competing only with an Indian counterpart. You have to see where the scope is. Startup itself is that your idea is unique and innovative. While deciding which area you have to do, I will not say untried or untested areas. First, you have to find an area, an untested and untried area might be a problem for a newcomer, you need to analyse the situation very well. To begin with, you can enter into an area where some work has already been done. Later on, when a focus will be there, you may take a change in your path.

Dr. Shyam concluded by sharing his experience of being to the best Universities of the world and he has felt that Indian students, with a little awareness and guidance, can rub shoulders with students from across the globe. Though young and talented, Indian youth languish due to low dexterity, indiscipline, sense of responsibility and lack of strategic planning. Despite the failure and shut down rates of start-ups, being an entrepreneur is undoubtedly the current dream and aspiration of the millennials.

The post Start-up, A Dream of the Young and Progressive India appeared first on Dutch Uncles.

All you Need to Know About CREST

Shalmoli Sarkar — Wed, 30 Jun 2021 08:35:04 +0000

Amid a sliding economy and a negative consumer sentiment, several Indian startups rose to the occasion to join the unicorn bandwagon in the pandemic. 2020 has witnessed the 12 startups gaining unicorn status. Right at the beginning, 2021 saw 6 startups clinching the unicorn status within 4 days in the month of April raising funds worth $1.55 billion.

Although India has emerged to be a breeding ground of startups, a report from IBM titled ‘Entrepreneurial India’ states that 77 percent of the venture capitalists feel that Indian startups lack innovation in developing new technologies or unique business models. Indian startups are devoid of originality and replicate western business models. The ventures built on the foundation of global startup ideas shall increase the market value but lower the entry barrier increasing competition.

Lack of innovation in business models signals that the research and development arm of startups in India requires support from industry veterans, past case studies and other experienced professionals- This led IIT Madras to launch CREST (Centre for Research on Start-Ups and Risk Financing).

Why was CREST formed?

Besides business models lacking innovation, a startup struggling to sustain can be attributed to executives not receiving adequate mentoring from experienced leaders of established companies, incubators, and investors. Although numerous startup accelerators have been formed in India as part of public-private partnerships, mentoring typically remains informal.

The mission to hone the research skills of startup founders led IIT Madras to form CREST to provide academic and thought leadership in innovation, entrepreneurship and risk capital.

Benefits of CREST

CREST aspires to become a globally recognised centre providing scholarly research in the areas of creation, development and financing of innovation, start-ups and entrepreneurship.

It aims to offer cross-country collaborative research, resulting in the use of unique data sets on start-ups and venture capital that will help in breakthrough findings.

Its entrepreneurship-specific language models will facilitate a better understanding of the entities in the ecosystem while facilitating the use of the latest research in artificial intelligence and machine learning to generate new insights.

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A report from IBM titled ‘Entrepreneurial India’ states that 77 percent of the venture capitalists feel that Indian startups lack innovation in developing new technologies or unique business models.

What Will CREST Do?

Through this initiative, IIT Madras is planning to develop a world-class data repository on Indian startups and ventures to be made accessible to researchers and policymakers that can result in top-tier publications and aid in research and development.

How can startups benefit from CREST?

India’s journey to becoming a $5 Trillion economy by 2025 is drawing policymakers on three main pillars i.e. Innovation, venturing and entrepreneurship for the startup ecosystem to nurture.

The establishment of STPI’s Centre of Excellence to provide incubation facilities has been a fillip to startup activity in India.

CREST’s evidence synthesis based on the repository of unique data sets of Indian startups and ventures will help generate new business insights for the incubators, investor networks, startups and government missions therefore, creating an infrastructure conducive for high-quality research.

Entrepreneurs for usual trust-building cannot solely depend on the law, regulatory oversight and government projects but require a change in mindset that focuses not just on creating startup ideas but also on the condition to create.

The post All you Need to Know About CREST appeared first on Dutch Uncles.

Why Investors Invest in a Loss-making Company?

Sapna Bhardwaj — Mon, 21 Jun 2021 10:51:44 +0000

Agenda

Speakers

Takeaways

Discussion

The post Why Investors Invest in a Loss-making Company? appeared first on Dutch Uncles.