YES Bank makes its first institutional tie up for lending to start-ups, had joined hands with Gandhinagar-based Entrepreneurship Development Institute of India (EDII), a national resource Institute for entrepreneurship education, research, training & incubation. YES Bank provided Rs 50 lakh to EDII incubated startup – Green Ideology, maker of India’s first organic antimicrobial lingerie brand ‘Inner Sense’.
“Start-ups are critical to the growth of the economy. As an extension of our YES Head-Startup program, we have collaborate with EDII to help start-ups scale up and grow rapidly, thereby creating a multiplier effect on the Indian economy” said Rana Kapoor, Managing Director and CEO, YES Bank.
Founded by Abhishek Lodha and Neerja Lakhani in 2013, Green Ideology has introduced India’s first organic antimicrobial lingerie brand ‘Inner Sense’, claims EDII statement. Green Ideology had initially received a grant of Rs. 5 lakh from the Government of Gujarat acting through its nodal institute EDII, to commence its operations and launch its product range.
With the Rs 50 lakh debt funding from YES Bank, the start-up will now scale-up its operations. YES Bankis providing the loan under the CGTMSE program (Credit Guaratee Fund Trust for Micro and Small Enterprises) to the startups.
“EDII has been mentoring and supporting start-ups. But, our ability to lend to these start-ups was miniscule as we are an educational institute. Now, in association with YES Bank, EDII is in a position to provide debt to many of the start-ups whom we support in various ways” said Sunil Shukla, Director, EDII.
EDII’s recently set up technology business incubator, CrAdLE (Centre for Advancing & Launching Enterprises), headed by Infosys cofounder S Gopalakrishnan as its first chairman, is also nurturing start-ups in the fields of manufacturing, food & agri business, renewable energy and healthcare.
Startups are fast beginning to make a name for themselves across the country with all that they are achieving. It wasn’t long ago that a new startup, started by our student Rishabh Hundia which aims at meeting a production gap for busbars, took its first steps into the world.
The Inspiration behind the Idea
The idea that laid the foundation for the emergence of Bus bar Manufacturing arose when the Rishabh Hundia was attending a ‘Make in India’ conference. It was at that same moment that the student’s father advised him to look at the copper bus bar market and see if that line of business appealed to him.
Belonging to a family that has been in the metal industry for the last four decades, Rishabh Hundia has always been around metals and had grown up with the desire to work with them. This was what gave birth to a love and attraction towards metals, right from a young age. This was how the first seeds of a Bus bar manufacturing startup came to be planted in his young, innovative mind.
About Busbar Manufacturing
The way a bus bar works is that it conducts electricity within various heavy electrical appliances. It is also used for switchboards, substations or distribution boards. Copper busbars are very useful for power grids as they help bring down the power loss substantially. They are used to conduct a substantial current of electricity but the amount of current that can be carried in them depends on the composition of material used and the cross-sectional size of the busbar.
However, the current condition of the metal industry as a whole is not at a very good place, on both the national front as well as the international front. So given that the industry is in a difficult situation, right now this young entrepreneur is working on learning about the situation in the country so that he can come up with a good plan of revival. If all goes well, the future for copper busbars is likely to be bright.
The Future of This Startup
By trying to stick to the ‘Make in India’ policy, wherein the Government focuses on setting up manufacturing units in India, there is certainly a lot of potential for this company to grow. There will certainly be a lot of demand for the product by new manufacturing units that will require it for electrification purposes.
However, currently copper busbars are being imported in thousands of tons into the country and since 2010, the demand for them has been growing at 11 percent every year.
How Has EDII Aided the Growth of this Startup?
EDII has been a learning ground that provided mentors and the right faculty to bring Rishabh Hundia’s idea to fruition. Not only do they strive to turn students into entrepreneurs but they also provide entrepreneurial experiences in different sectors.
After EDII scrutinized the student’s DPR and once it had received the stamp of approval by various industry experts and learned faculty, it gave this young entrepreneur the confidence he needed to venture out and put his idea to the test.
Many students that have passed out of EDII has testified to say that the institution does provide the best faculty and mentors who help students turn their ideas into a reality and this was what was responsible for Busbar Manufacturing becoming a reality and one with a bright future awaiting it. What’s more, EDII also provide the much needed seed capital to its deserving students to help their start-up idea see the light of the day.[Top]
Even though most of us live in a world where owning a car is a necessity, some basic maintenance needs to be followed. The most important one being- getting your car washed from time to time. A regular washing job helps protect the exterior of the car and ensure that the dirt and grime does not eat into the paint.
However, washing the car without the right tools can be a tiring and time-consuming job. This is why car washes are increasingly sought out by car owners who don’t have spare time on their hands. This is where Enzo Daily Car Wash – a recent startup by our student Rahul Gonsalves – comes into the picture.
The Inspiration behind the Idea
When cars are washed on a daily basis, a practice that is rampant today. there is always a lot of water wasted. After two to three months, the surface of cars starts to look dull. This is because servicemen mostly use unclean practices and follow an unhygienic process of cleaning wherein the same water and cloth is used for over 10 cars. This results in scratching the surface of the cars and causing them to look dull. It was this observation that led to the idea of providing customers with a ‘waterless, one cloth per car’ service.
What Does Enzo Daily Car Wash Have to Offer?
Enzo Daily Car Wash has been designed to provide a quick, waterless solution to professional car care. The product used is a high lubricating mixture that removes the dirt from the surface of the car and leaves it with a shiny finish. This product that they have created is an in-house product that has proven to be effective but which is not up for sale so you are not likely to find it elsewhere.
Currently, the startup provides prompt home service to customers. All you have to do is give them a call and they will have their team at your doorstep to wash your cars every day. Daily customers will be provided the service at an average cost of Rs13/- per day while retail customers will have to pay Rs. 50/- for the job. These prices are the lowest in the industry as this startup aims to provide you professional car care at affordable rates.
The reason they are able to provide their services at such low rates is because they have created a unique value chain of self manufacturing where they manufacture all related products themselves and use it to provide the service, this refuces the swelling of costs due to supply chain intermediaries. Currently providing their car wash services in 11 residential complexes, they are still looking to expand and are expected to start their service in four more localities by June 1. The startup has already partnered with a leading oil company and has set up wash stations at 25 petrol pumps along with an exclusive full wash outlet.
How EDII helped Enzo Daily Car Wash?
EDII aided the young entrepreneur in perfecting a business model for the startup. The knowledge and input offered there helped create an exclusive system of manufacturing and customer acquisition where they can service 321 cars with an investment of just Rs 1,20,000. EDII has assured Rs 3,50,000 as startup capital against the money invested. With the rate at which the company is growing, it expects to save at least 3,00,000 liters of water by December 2016 due to the direction and assistance offered by EDII. Most of the funds will be utilized to help the startup reach out to new customers.[Top]
EDII in association with DIPP and CII conducted panel discussion on Start-up India
Start-up India campaign, launched by Honorable Prime Minister Shri Narendra Modi has created nationwide buzz. The youngsters are stimulated to come up with innovative business ideas and establish their own enterprises. With a view to analyse the scheme and spread awareness about it, the institute in association with the Department of Industrial Policy and Promotion (DIPP), Govt. of India and Confederation of Indian Industry (CII) organized a Panel Discussion and Live Streaming of the launch of Start-up India on 16th January.
The Members on the panel were Dr. Chandan Chatterjee, Director, Centre for Entrepreneurship Development, Gujarat; Mr. S. B. Dangayach, Chairman and Managing Director, Sintex Industries Ltd.; Mr. Manasvi Thapar, Founder, Candour Legal and Dr. Sunil Shukla, Director, EDII. The panelists gave insights into issues such as; understanding start-ups, taxation, FDI in key sectors, incubation centres for start-ups, single –window clearance system, benefits for rural India from the Policy and other critical aspects related to setting up and sustaining businesses.
Director of the Institute, Dr. Sunil Shukla expressed his views on Startup India by saying, “This new policy could act as a game changer. I am sure it will promote innovative ideas and add value to society. It is high time that the effort be made collective – the institutions, corporate and government must join hands to create an eco-system which is conducive for start-up germination.”
Eminent Panelist Mr. S.B Dangayach stressed on importance of incubators in cultivating start-up culture in India. He said, “Startup Incubators are important to create an environ where pre-ideas are incubated, technological solutions are applied, prototypes are created, markets and networks are established and products are successfully produced. Incubators will ensure support of domain experts, academic institutions, known entrepreneurs and professionals, thus making it simple for the entrepreneur.”
Government has launched similar initiatives in the past to facilitate first generation entrepreneurs but somehow they did not meet glorious success. Dr. Chandan Chatterjee, Director of Centre for Entrepreneurship Development, Government of Gujarat said, “I would urge all would-be entrepreneurs not to get discouraged by hassles by viewing things from the outside, but to take the plunge after a preliminary scanning and after chalking about a level wise target. Only when they face the first level, will they get ready for the second. I can see an amiable environment setting in, where one step will automatically lead to the other.”
Founder of Candour Legal Mr. Manasvi Thapar put emphasis on single window system with reduced complexities in licenses and taxes to trigger start-up culture. He further said that corporate must also adopt a start-up to increase its chances of success. The panelists were hopeful that Start-up India will bring a change in the mindset about entrepreneurship in India. With several changes in Government policies, it will also fasten growth of start-ups in the country.
The participants learned about techniques to crack job interviews. The one-month training prepared participants for employment. It focused on developing skills in English speaking and computer using capacity of the participants. The programme also aimed to develop self-confidence among participants. Contented with the outcome of the programme, the Programme Director Mr. V.S Sukumaran said, “All the participants were placed for internship in different government institutions after completion of classroom training. The results are indeed heartening.”[Top]
Empresario 2016 asserted that there is no looking back for start-ups now
Indian start-ups received funding of Rs. 50,000 crore last year and the number is growing with each passing day. After US and U.K, maximum numbers of start-ups are emerging from India. Even Chinese investors have invested 3 million to 7 million dollars in Indian startups during last few months. Govt. of India and the state government are introducing start-up friendly policies. The start-up wave is taking our nation by storm and Empresario, an inter-collegiate entrepreneurship fest held on 26th and 27th February at EDII campus asserted that there is no looking back now.
The institute in association with Gujarat CSR Authority and Gujarat Seeds Corporation Ltd. held Empresario-2016, a state wide start-up hunt in the month of February. In order to shortlist ideas for the final round, boot camps were held at 10 different locations of Gujarat including Ahmedabad, Gandhinagar, Rajkot, Surat, Baroda, Mehsana and Anand. The final round of Empresario-2016 was held at the institute on 26th and 27th February. From every nook and corner of the state, 135 start-up ideas were submitted out of which 30 ideas were selected for the final round. Out of these, 17 ideas were shortlisted for fund of Rs. 40,000 under the sponsorship of GCSRA for developing a prototype. Most of them belonged to Agribusiness, renewable energy, art, craft and digital initiative. The finale of Empresario was accompanied by a start-up fair at EDII campus in which 50 start-up ideas were displayed.
While inaugurating the start-up fair, the Chief Guest Shri Sanjay Prasad, IAS, Principal Secretary of Labour and Employment Department, Govt. of Gujarat said, “There is a start-up surge in the country. Entrepreneurs are becoming more ambitious and investors are getting bolder. Most importantly the consumers are more receptive than ever to these new local offerings. We are now seeing more acceptances from India’s market.”
As a nodal institute, Entrepreneurship Development Institute of India (EDII) will invite and motivate innovators for innovation and will allow innovators to utilize facilities available in the institute. The institute will also provide mentorship to potential start-ups.
The Director, Dr. Sunil Shukla also said that, “The culture of entrepreneurship was never this inspiring and motivating before inside and outside of EDII. I am glad that EDII is contributing to the state and country’s ‘Start-up Movement’ and has taken an initiative to organize such Start-up fair.”
Shri Sunil Shah, the Chairman of All Gujarat Innovation Society and Shri Sunil Parekh, Corporate Advisor of Zydus Group marked their eminent presence at the inauguration of the start-up fair.
According to a survey, the failure rate in start-ups is as high as 70 percent and 66 percent entrepreneurs go back to their salaried jobs. Shri Parekh said, “Start-ups fail because they develop products for which there is no market and thus cannot connect to the customers. Another reason for failure is they run out of fund and they are not good at money planning. Third one is they do not develop right team.” He asserted that innovative ways of delivering solutions are much needed.
Remarking one of the chief reasons of failure, Shri Sunil Shah, the Chairman of All Gujarat Innovation Society said that, “Start-ups begin with great idea but couple of months later they are confused and thus lose their way. Start-ups should always confine to their core ideas and it will work.” He suggested entrepreneurs to rethink every time, “What are we into?”
A survey conducted on 4000 startups suggests that the biggest concern start-ups are facing is existing tax laws and complicated system of regulatory compliance. Apart from that, access to fund for developing idea is difficult for start-ups in India. But the experts suggested that Government at both Central and State level is promoting start-ups and is coming up with entrepreneur friendly start-up policies which will increase ease of doing business.
EDII Ranked 45 across India and 3rd in Gujarat by NIRF
As per the National Institutional Ranking Framework (NIRF) evolved by the Ministry of Human Resource Development (MHRD), Government of India, Entrepreneurship Development Institute of India (EDII), Gandhinagar, ranked 45th (overall rank) among India’s top 50 National Management Institutions. In all 3500 plus ranking applications were received by NIRF, of which 609 were from the Management domain. EDII stood at 3rd position among Management Institutes in Gujarat. Moreover, EDII was ranked 30th for its Research and Professional Practices (RPC) and scored 73.95 for the same. All participating Institutes were ranked on basis of five broad parameters ‘Teaching, Learning and Resources’ (TLR), ‘Research and Professional Practices’ (RPC), ‘Graduation Outcomes’ (GO), ‘Outreach and Inclusivity’ (OI), and ‘Perception’ (P).
Expert Committee Constituted by AICTE for Preparing Start-up Policy
Dr. Sunil Shukla, Director, EDII has been appointed as a member on the special committee constituted by AICTE (All India Council for Technical Education) for preparing start-up policy for students of technical institutions. National Policy for Skill Development and Entrepreneurship 2015 has emphasized upon the need for entrepreneurship education in 3000 colleges. In line with it, AICTE has constituted a five-member committee of experts to prepare start-up policy for students of technical institutions in the country.[Top]
Co-founder – Nikita Maheshwari & Shikhar Maheshwari
In last 5 years, we all have grown up experiencing e-commerce and tech-enability making convenience a form of lifestyle. Everything is just a click (and these days rather a fingertap away).
Food, clothing and now housing (the quintessential Roti, Kapda aur Makkan) have all found their way to the 5-inch platform. Amongst all the others having your own Makaan is everyone’s lifelong dream. However, despite several platforms coming up on the ‘buy, sell and rent’ model there was a visible gap in the home décor, beauty and aesthetics segment in the construction industry. One can definitely buy, sell and rent houses but what about homes? Here is where me and my brother saw a window of opportunity.
We decided to venture into coverings and tiling. The idea was even more workable due the proximity of Morbi to Ahmedabad. This small town houses an industry size of USD10 Billion within the periphery of 50 Km. having almost 1500 manufacturing units for tiles, sanitary ware and other coverings. However, the biggest challenge was that the market having huge potential is highly unorganized making it inaccessible to the the right customer at the right time.
Thus, Tilebazzar was born. We wanted to bridge the gap between the manufacturing industry and the consumer and in turn helping the industry to organize itself on the virtual space. We wanted to provide every stakeholder a levelled platform to reach out to the masses across the country. We at Tilebazzar aim at providing a variety of choices at affordable price under one roof and also to provide end-to-end solutions within budget to beautify houses for customers and also provide greater exposure to the small and medium enterprises at Morbi to to come on board and showcase their products.
To make Tilebazzar a reality and covert the idea into right product, it was very important that the stakeholders understood the concept and tell us their problems. Thus, we created a beta website and conducted our market research for 6 long months formulating different services that would assist everyone- Manufacturer, Builders, Architects, Dealers, Developers and the Government as well. Our moto stands simple – Every Covering @ Every Price.
We are planning to launch Tilebazzar by the third week of May. We are proud to be first of its kind platform which shall not only provide you coverings but also provide creative solutions so that you get your dream house in just the way you imagined it to be.
Tilebazzar plans to do two things in future – Firstly, bring a behavioral change in the way our county perceives aesthetics in Building & Construction Industry. Secondly, we also want to make Morbi the epicenter of Ceramic/Vitrified Tiles, Sanitary and other coverings for the world in next 5-7 years. Myself and Shikhar want to make this town as Ceramic “Silicon” Valley because we understand our true success does not only lie in our personal achievements but also in the success of each and every stakeholder involved in the process right from the grass root level.
P.s. To every woman entrepreneur out there- if you are taking a chance to enter a male dominated industry, don’t back down, you will find your place give it time. But walk tall and stay strong.[Top]
The EDII or Entrepreneurship Development Institute of India is a not-for-profit institution and an autonomous body. Due to its excellence in the field of entrepreneurship and its contribution to the Start-up India programme, it has been declared as the nodal institute for start-ups by the Gujarat state government.
In its role as nodal institute for start-ups, the EDII will provide the required guidance and counselling sessions to entrepreneurs who are thinking of establishing their own companies. EDII’s pro entrepreneurship schemes vastly benefit those who want to innovate and experiment in the fields of biotechnology, manufacturing, plastics, agri-business, chemicals, and food processing.
EDII: A Class Apart
The Entrepreneurship Development Institute of India was established with a particular vision in mind which is to become a reputed national resource institution involved in research, training, institution building and entrepreneurship education.
The main aim of this institution is to send out smart, competent, logical and creative thinkers who will introduce fresh ideas into the entrepreneurial world along with young talent and deeply rooted ethics and morals. The EDII also has a duty towards overseeing the growth and development of small and medium enterprises (SMEs) and ensuring that they grow into the major corporations of tomorrow. The EDII provides institution building and research, management education and training.
Achievements of EDII
• A huge number of 1286 students who have graduated from PGPs.
• A large group of 12770 learners who are registered for Open Learning Programme.
• The institute has imbibed the entrepreneurial spirit in around 1090 youth and 1895 children.
• A large number of 12,900 students who are pursuing entrepreneurship.
• A total of 920 students from JGI, Bangalore who have pursued EDII’s course at graduate and post-graduate levels.
• EDII has around 4.5 lakh students who are interested in entrepreneurship and the institute has organised close to 6000 entrepreneurship awareness programmes.
Courses Offered at EDII
There are two post-graduate programmes available at the EDII. One of them is PGDM-BE and the other is PGDM-DS.
• PGDM-BE: The Post Graduate Diploma in Management- Business Entrepreneurship was specially designed to enable students to set up their own businesses and provide them with the necessary skills, knowledge and talent to expand and diversify their business enterprises. This course is also very helpful for those who are expected to take over their family business someday.
• PGDM-DS: The Post Graduate Diploma in Management- Development Studies is one of the flagship courses of the EDII and was specially created to provide students with proper analytical and conceptual skills needed for managers of tomorrow. Developing entrepreneurial solutions to poverty and low level of livelihood is also a part of the academic programme. This management programme also helps people to think of new initiatives for corporate social responsibility (CSR projects) and to help build up the economy through entrepreneurship.[Top]
A boom in startups has hit the business sector recently compelling people to acknowledge that startups are truly a force to reckon with. Thanks to a favorable market condition and access to technology that aids its progress, it is largely being accepted that these startups are not just a passing trend but a major boost to the economy. And, EDI – The Entrepreneurship Development Institute of India in Ahmedabad is proud to be the nurturing ground for aspiring entrepreneurs who wish to carve their own success story in the business world.
Why is there a Need for Startups?
It is due to the emergence of startups and other small, fast-growing companies that the level of unemployment remain under check. Startups also help keep large businesses on their toes by exerting a certain amount of pressure on them and by fueling a spirit of tough competition.
Startups are always keeping with technological demands and thus are able to produce goods or services much faster and more efficiently than a normal company would. This helps in streamlining businesses and encourages a certain amount of competition in the markets so that everyone keeps working to better their services thereby providing customers with cheaper and more efficient services.
How Can Startups Contribute to the Society and Country?
Startups usually take in individuals who are multi-taskers. Thus by taking on thousands of freelancers and trained graduates, startups are making a very favorable dent in the unemployment rates of the country. Since startups are locally born, they usually make use of local resources, products, hire local employees and also engage themselves in local activities and events thereby injecting a lot of capital into the local economy.
Due to the increased innovation and economic growth that startups facilitate for the society or the economy at large, as they begin to expand, the need for startups is evident. Thankfully, transition in the business world is encouraging investors to put their money into these smaller companies.
Statistics show that a majority of startups do not last for more than 3 years, but every time they fail, some valuable knowledge is acquired from the process. However, since the goal is always to succeed, you need to get familiar with the various aspects of establishing a startup before you just go out there and do it. This is where EDI’s program can help you out.
Post Graduate Diploma in Management – Business Entrepreneurship
At Entrepreneurship Development Institute of India (EDI), we have a course that is designed to provide students with practical insights into the market world. With a staff of experienced teachers, this two year residential program will teach you about the different strategies and techniques that can be adopted to understand the market better. By encouraging you to think and analyze more critically, we will help nurture your entrepreneurial ambitions so that you can go begin your own startup.
The syllabus that we work with is designed to give you a relevant and practical learning experience when it comes to the world of business. By covering every aspect that will help you when you decide to launch a startup, there is nothing that you will be unprepared for. Apart from our PGDM- BE program we also have a range of other courses that can help increase your entrepreneurial knowledge.
So come to EDI and enjoy the opportunity to learn all there is to know about launching your own startup. By facilitating interactions between students and business icons, EDI is the perfect launch pad for you to go ahead and make your startup a success.