EDII Student Startup – Velvety food: Delivering healthy food for healthy you!

If you are someone, who is in desperate need of healthy food to ensure a healthy you in this fast-paced life then your search ends here. Yes, you are in the right place. We present before you, EDII student Shantanu Chandak’s Startup ‘Velvety food’. It offers several food options such as nutritional fruits, nutritious meal with protein and fiber as well as salads to ensure healthy life to people across Ahmedabad.

The inspiration behind the idea:

In today’s fast-paced world, when people are more concerned about their health given the hectic and stressed lives, it truly becomes vital to ensure healthy lives with some unique nutritional food options. It was this observation that led to the idea of serving fresh food to people.

What does Velvety food have to offer? Any expansion plans?

Initiated in 2016 as a food service provider, Velvety food caters to the needs of healthy food with options ranging from fresh chopped fruits, salads, and fruit boxes, exotic tropical & seasonal fruits, sprout bowl to their customers. It offers services through applications like zomato, swiggy, khayejao and all you have to do is to make a single call to get it delivered right to your doorstep. Velvety food will soon unveil their stores in South Bopal, Ahmedabad and Indore by the end of this year.

How EDII helped velvety food?

Speaking about EDII, Shantanu Chandak, Founder, Velvety food says that “ EDII helped him to learn everything from basics to ethics. They trained us in such a way that wherever we go, we are going to make it to the top. They have inculcated the self-learning skills in me while teaching me to accept failure and to rise from failure. EDII has trained me to face all the obstacles that come in my way to become a successful entrepreneur.”

Message for juniors

“This is the time you have for yourself. Your knowledge is not enough. You networking is as much or even more important. You must take breaks and must enjoy what you are doing. Follow your passion and your passion will make you do miracles.”

 

‘Startup mortality rate is 45-50%’

EDII-ASSOCHAM Study Identifies Emerging Areas

After the dot-com boom in the 1990s and early 2000s, the startup has been a new buzzword. However this boom has also started settling down – as many as 45% to 50% of the startups stumble right at the inception level, says ‘Entrepreneurs India: Gains & Misses,’ a background paper prepared by Entrepreneurship Development Institute of India (EDII) and the Associated Chambers of Commerce And Industry of India (ASSOCHAM). The paper was released to mark the World Entrepreneurs Day recently in Delhi.

According to the paper, the inception to seed stage sees the exit of about half of the ventures that have the average funding of $200,000-250,000. The number goes down as ventures mature. At the growth and expansion stage, the mortality rate is about 10% where the venture funding is about $25 million.

Sunil Shukla, the director of EDII, said that a number of factors are responsible for the trend, including lack of funds and scalability issues. “On the brighter side, a number of government and private initiatives are supporting new ideas and we see better-equipped ventures now,” he said. “Hand-holding is needed the most at the initial stage on multiple issues.”

Talking about Gujarat, Shukla said that the state has seen an emergence of startups in the manufacturing sector.

“We also have huge potential in terms of inter-institutional collaborations,” he said. “Why can’t a student entrepreneur get design feedback from NID and marketing/operational tips from IIM-A?”

The paper says that healthcare, education, and financial inclusion along with technology in sectors such as sanitation, agriculture, and energy are future areas for Indian Startups. In 2017, the highest funding was attracted by startups in hyperlocal/consumer services sector, enterprise tech, and e-commerce.

Comparing startup policies of different states, the paper advocates the amalgamation of good practices and also cited examples from countries such as the US, Canada, and Singapore – the countries with a high number of successful ventures.

Women, Student Entrepreneurs on rise:

The paper says that India at the moment ranks third in the world in terms of startup incubators/accelerators with 192 centers ahead of countries such as Israel, Of the total, 92 are with academic institutions, 65 with private entities, 20 with corporate and 15 with government organizations. Student entrepreneurs thus are getting an early platform, Kavita Saxena, a faculty member at EDII and a co-author of the paper, said that it’s a misnomer that women entrepreneurs are associated with specific areas. “About 21% of tech startups have women as partners. The number is 17% in education and 4% in healthcare,” she said, adding that women are also venturing out of family businesses.

India’s Startup Ecosystem

Bengaluru, Mumbai, Delhi NCR account for 68% of total startups.

Investment in startups – Approximately $13.7 bn in over 820 deals.

Major Areas of growth – Health tech 28%, Finance tech 31%, E-commerce – 13%

Number of active incubator/accelerator units – 192

Addition of new startups in 2017 – 1,000+

 

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Biotechnopreneur Programme by EDII-Ahmedabad and Gujarat State Biotechnology Mission

Dream’t of having your own enterprise in life sciences, food and beverages, agro-biotech and any other domains of biotechnology?

Then here is your chance, EDII’s Biotechnopreneur Programme provides you with real insights and realistic skills for your entrepreneurial career in the biotechnology sector. EDII’s “BIOTECHNOPRENEUR PROGRAMME 2018-19” is the perfect platform where your business idea gets the refined shape and is translated into a detailed business plan.

Biotechnopreneur Programme is initiated by Department of Science and Technology, Govt. of Gujarat., implemented by Entrepreneurship Development Institute of India (EDII), Ahmedabad, supported by Gujarat State Biotechnology Mission (GSBTM), Govt. of Gujarat.

The programme covers every important aspect and skill set required for starting-up your own viable venture in Life Sciences & Biotech Sector.

From the viewpoint of innovation, the Biotechnology, pharmaceuticals and medical device industry face various challenges that are attributed to lack of enabling conditions for the promotion of start-ups, insufficient idea pool, limited knowledge of IPR system, weak linkages with support funds, conventional management techniques, limited access to infrastructure, lack of interaction with users and understanding their viewpoints, lack of interaction with matured innovation systems, etc. In lieu of the above shortcomings, GSBTM along with other local organizations are carrying out various interventions to strengthen the ecosystem that promotes innovation in Biotechnology, pharmaceuticals, medical devices clusters of Gujarat.

Biotechnopreneur is a person who works with innovative product and/or technologies and uses them for his/her business promotion. In addition to the other efforts, here, GSBTM plans to promote a training programme for Biotechnopreneur, to answer the complex issues associated with bringing innovation and discovery from the laboratory to the market.

The Biotechnopreneur Programme 2018-19

The Biotechnopreneur Programme is conceptualized with an aim to equip wanting to be entrepreneurs, in the field of biotechnology, with all the skill sets needed for the technopreneurial venture.

Biotechnopreneur programme is a 10-month multi-disciplinary life science and business course offered over weekends. It aims to equip the incubatees in business opportunity identification, technology evaluation, etc. along with management, legal, ethical and regulatory issues associated with commercializing their Biotech startup.

Through interactive sessions with experts, entrepreneurs, industrial visits, hands-on sessions and project, the programme, aims at developing vision, confidence, and expertise to strategically build the participants biotech ventures.

Apply Online https://goo.gl/forms/lLU5D5DTr24izdUU2  before 30 Sept 2018.Get details www.biotechnopreneur.in
Get updates www.facebook.com/BeABioentrepreneur

 

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India ranks third on family-owned business list 

Source: TOI, 15 Sept 2018

India ranks third globally in terms of the number of family-owned-businesses with 111 companies having a total market capitalization of $893 billion. India closely follows China with 159 firms and the US with 121 firms, says a report.

According to the ‘Credit Suisse Family 1000 in 2018’ study, published by the Credit Suisse Research Institute(CSRI), in terms of a number of family-owned businesses within the non-japan Asian region, the list is dominated by China, India and Hong Kong. These three jurisdictions together account for around 65% of the non-Japan Asian section of CSRI’s database and have a combined market capitalization of $2.8 trillion (or 71%) of the market share.

Korea came in fourth place, with 43 companies($434-billion market capitalisation), followed by Indonesia, Malaysia, the Phillippines and Thailand, each with 26 companies, There port covered 11 markets in the non-Japan Asian region, which continue to dominate and represent a 53% share of the universe, with a total market capitalisation of over $4 trillion.

The report further noted that in 2017 alone, non-Japan-Asia- Based family-owned companies generated 25.6% greater cash flow return on investment (CFROI) than their non-family-owned counterparts, and delivered a 4.2% outperformance in annual average share price return since 2006.

Credit Suisse head analyst (thematic investments) and the report’s lead author Euge-ne Klerk said, “ This year, we find family-owned businesses are continuing to outperform their peers in every region, every sector, whatever their size. We believe this is down to the longer-term outlook of family-owned businesses relying less on external funding and investing  more in research and development.”

Indian family-owned companies generated a 13.9% annual average share price return since 2006, compared to 6% recorded by their non-family-owned peers, the report said. Further, out of the top 50 most profitable companies globally, 24 were from Asia, with a total market capitalization of $748 billion. The list included 12 Indian family-owned companies with a total market capitalization of $192 billion.

Additionally, in non-Japan Asia, more than 50% of the top 30 best-performing companies are from India, followed by one-third from China. Malaysia occupies third place with three companies, while Korea and Indonesia each have one, the report added.

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EDII Ahmedabad launches entrepreneurship development programs for SC-ST Community under the National SC/ST Hub

India, a land of diversity is currently keeping up the pace with growth and prosperity. India as a nation has been witnessing the development in almost all areas. Nevertheless, all the sections of the society need to partake in this prosperity. The marginalized sections of the society also need to envision, create and scale-up ventures to be a major participant in this growth story.

With an aim to enable the socio-economic empowerment of the SC/ST communities, the Government of India has launched the National SC/ST Hub. It is an initiative for developing a supportive ecosystem towards SC/ST entrepreneurs.

In this regard, the Ministry of MSME is promoting a capacity-building program for Skill development of SC ST MSEs with a collaboration of training institutes. These training programs are offered free of cost to SC/ST candidates by the Ministry of MSME under this scheme.

Following the same objective, EDII Ahmedabad has launched six Entrepreneurship Development Programmes for SC-ST Community. Out of total six programmes, two programmes are residential at EDII, campus, and other four programmes are non-residential at a suitable location of Ahmedabad city. Presently EDII Ahmedabad is inviting applications from all over Gujarat. These programmes are specifically aimed for existing as well as aspiring entrepreneurs.

Programme Date: 22 October 2018 and 24 December 2018

Who can apply: Existing as well as aspiring entrepreneurs from SC-ST Community.

Age limit: 18 to 40 years.

Place: EDII Ahmedabad campus

For registration queries: Reach to 079-23969161/163 (Prakash Solanki)

You may reach via a Mail on psolanki@ediindia.org

Download the application form here: http://www.ediindia.org/Docs/14Sep2018012754AM.pdf

 

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Importance of rural entrepreneurship in the Indian economy

Economic development of any country largely depends upon the rural entrepreneurship. The growth and development of rural industries facilitate self-employment. It also helps in the maximum utilization of locally available raw materials and labor. Following are some of the roles that rural entrepreneurship plays to ensure the betterment of the society and the country in general at a larger level.

Employment generation: Rural industries play a significant role in employment generation in India with providing large-scale opportunities to laborers of rural areas. Unemployment in rural India can be tackled through rural industrialization.

Foreign exchange influx: We can attract more foreign exchange with the help of rural industrialization. Products that get produced in industries can be exported to other countries at a larger level thereby ensuring the better influx of foreign exchange in the country.

Entrepreneurial development: Entrepreneurial activities can largely take place in rural areas by young and promising entrepreneurs with an aim of the betterment of the society, improvement in livelihoods, creating resources of earning for rural people. It facilitates the development of rural areas.

Proper utilization of local resources: Rural industries help in the proper utilization of local resources like raw materials and labor for productive purposes and thus increases productivity. They can also mobilize rural savings which help in increase of rural funds.

Betterment of society: Rural industrialization can result in more employment generation thereby providing livelihoods resources to the plethora of people. It’s directly proportional to the betterment of society. It creates jobs while securing earnings. Development of an individual in rural areas could impact to the growth of the economy at the same time.

Migration: Migration issue can be sorted out largely by providing employment and earning opportunities to the people of rural India. Issues occurred by migration of masses would be nullified once the rural industrialization takes place in rural areas of India. In recent times, rapid migration has caused the imbalance in the society at a notable scale. This way it can be helpful to check the migration and help the economic development at a significant level.

This way rural entrepreneurship could boost the Indian economy and help it sustain in years to come in an effective manner. It can surely bolster the Indian market to rank among few other developed countries in the top level.

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Startups Trends to look out for in future

Amid the tough competition in the market to stand out differently from competitors, startups are in the race to update themselves with latest trends that can lay the foundation of their success and make them stand out in the market. While 2017 has witnessed 57 startups becoming unicorns, the year 2018 is full of AI, IOT, and blockchain technology. It can impact largely on the market.

Since the year 2018 has been keeping its pace with current trends; here are some of the trends in the startup world that can revolutionize the entire market scenario.

Internet of things: Internet of things is something to look out for in years to come. Interestingly, 20 billion devices are currently connected to the internet. Hence, IoT will become the backbone of the customer value and the IoT infrastructure will shift to an edge to provide cloud intelligence.

Workplace: The physical workspace as we know it today is going to significantly change next year as businesses start to get smart about how they use space to drive productivity and adapt to new employee behaviors and tech tools.

Economical change: Digitization and the sharing economy will disrupt more industries. Already, retail (Amazon), automotive (Uber), and the server market (Google, Amazon) have been disrupted – and we have had two years without another major industry being disrupted.

Marketing: Marketing would be the next big thing in the market with the rapid expansion of technology. An ever-growing demand for a new update in the technology, marketing would play a vital role in deciding the future of the company.

Virtual reality: Virtual reality has dominated the digital marketplace, raising expectations among consumers and investors. With virtual reality’s growth across industries, the developing technology’s impact continues to take shape. For the world’s brightest tech start-ups, leveraging the latest advancements in VR offers massive opportunity for cross-industry growth.

So these are the some of the trends start-ups should look out for ensuring massive success in their business while standing out from their competitors in the cut-throat competition.

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Challenges faced by entrepreneurs in the competitive business world

It takes sweat, dedication, and commitment to be an entrepreneur; you have to be competent enough to sail through all the hardships starting from having an idea, implementing it, seeking advice, hiring, money management, business strategy etc. In short, entrepreneurs face many challenges in today’s ultra-competitive business world. Though it could be stressful to tackle all the challenges in an efficient manner, they already have more resources to sail through all the challenges amid the widespread competition. Here we have listed out some of the challenges that entrepreneurs have to go through to operate an efficient and successful business.

Time management: For every new entrant in the market of start-ups, time management can be the biggest problems ever faced. They always have to tackle all sorts of tasks in a timely manner to accomplish the objectives. It could be stressful to implement time management in an effective manner.

Cash flow: From paying everything from your employees or contractors to your mortgage to your grocery bill, cash flow is essential to small business survival, yet many entrepreneurs struggle to pay the bills while they are waiting for checks to arrive. Hence, it becomes crucial to managing cash flow timely to run a successful business.

Team Building: It’s the most challenging task if you’ve never run or managed a team before. It seems daunting to select a right people to fit in the role. Not only you’ve to find the candidates who’ll handle the role but also have to consider the other factors like their cost to the business, their culture fit and how they’d work as a team.

Recruitment: The hiring process can take several days of your time: reviewing resumes, sitting through interviews, sifting through so many unqualified candidates to find the diamonds in the rough. Then, you only hope you can offer an attractive package to get the best people on board and retain them long-term.

The vision for future: In a competitive world, one has to be visionary as a founder of startup to come up a with a response plan at any time given the rise of competitors in the market. When your startup is hit by an obstacle, it becomes inevitable to find out an alternative plan to move forward.

Marketing strategy: Marketing strategy could be as vital as effective to maximize your return on invested amount. You have to select from multiple sources like print, online, advertising, mobile etc. However, it takes a lot of time to choose the right marketing medium to stand out among other competitors in the market.

Stress: Starting out as an entrepreneur is a stressful endeavor. As a responsible entrepreneur, you are bound to keep multiple things on track while setting out the goals for the company. There is no larger company structure to provide a cushion for when things go sour. So you’ve to be on your toe every time to run a successful startup.

Amid soaring competition, entrepreneurs face many challenges. However, you can get through it while keeping perseverance and intelligence as your allies. To ensure the success, try to hustle hard to fetch all the possible resources and step up effectively to a ladder of successful business.

 

 

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Amazon pay acquires Tapzo to boost its digital payment service

In a bid to build on and widen the scope of its payment offering, Amazon India’s payments unit, Amazon pay has acquired all in one services platform, Tapzo in a deal valuing the startup at about $40 million. It will ramp up its digital payments business in the country.

Tapzo CEO Ankur Singla did not respond to queries. While Amazon declined to comment on the acquisition, the company underlined its intent to enable digital payment offerings with maximum outreach.

Tapzo co-founders Ankur Singla and Vishal Pal Chaudhary are set to get some cash and shares of the Seattle-based online retail giant, one person said, adding that the deal was completed last week. They will join the Amazon Pay team in India and help build up the platform.

Interestingly, Amazon India announced the launch of bill payments under Amazon Pay on Tuesday, enabling recharges and payments for electricity, landline, broadband, gas and mobile phone bills. This new service offering comes on the back of the Tapzo acquisition, said one of the people.

Tapzo has been actively aggregating a number of app-based services – such as Uber, Ola, food delivery services Swiggy and Zomato, Book My Show, bill payment service BillDesk and more — into a single app.

The services offered by Tapzo will connect with the Amazon Pay’s strategy and will be subsumed into the Amazon Pay app.

Tapzo platform and its technology, along with the founders, will be a significant needle mover for Amazon Pay, which is locked in a battle with PhonePe and Paytm for a sizeable share of the market and is looking at services to boost transaction frequency.

 

 

 

 

 

 

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Importance of ‘Business Plan’ for an Entrepreneur

A carefully crafted Business Plan is one of the most valuable tools in helping entrepreneurs reach their business goals by giving direction and defining objectives. A business plan is helpful in assessing the efficiency of strategies and helps the start-up to benefit from oncoming opportunities. Entrepreneurs can refer to the business plan as a guide that helps prevent and manage problems that may arise on the way to success.

Developing a business plan is a time-consuming process and it may be tempting for an entrepreneur to neglect planning altogether but the time spent in drafting the plan gives you an excellent opportunity to learn more about the industry and competitors. Although the time spent cannot be monetized upon, the benefits of a well devised business plan far outweigh any temporary financial losses.

Plenty of start-ups begin without a business plan relying on their optimism and confidence while others get so involved in operational tasks that they neglect the idea of planning itself. What these businessmen fail to understand is the fact that operating without a business plan is much more time consuming and less efficient than working as per a set plan of action.

One great thing about a business plan is, you may refer to it as a map which provides a reference point that you may need to return to just in case you go astray. The plan shall show you how far you have managed to come and even get you back on track if you drift away. Used as a management tool, the plan can ensure that the business is on track with set operational milestones, sales targets and meeting goals.

A business plan gives you a clear image of your company as of now and what it ideally should be over a set period of time. It describes your company, products or services offered and the factors affecting future growth in both directions. The business plan marks your starting point, evaluates where you stand now and helps you with a vision of tomorrow. Following a business plan makes it easier to adapt with market changes, trends and innovations and helps you reach your goals efficiently.

A self-descriptive business plan that clearly mentions statistics, facts and figures with detailed description of potential growth and profits, persuades investors and financial institutions to provide the necessary capital for an entrepreneurship.

A business plan is essential to attract executive level employees, business partners and helps in securing bonds with dealers, suppliers and retailers. It also designates titles and roles to each individual and by allocating a set of duties for each one to perform, simplifying the entire process.

For an entrepreneur, writing down ideas and concepts on paper is the first step to a successful entrepreneurship. By surveying the market, researching your competitor’s data and mentioning costs incurred and profits expected, you shall not only be compiling invaluable reference material but making yourself your very own ‘Business Bible.’

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