Category: Uncategorized

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

 

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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Disruptive Innovation

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Disruptive Innovation – what is it & how start-ups can adopt it

The theory of disruptive innovation was introduced by Clayton Christensen, more than thirty years ago. This theory refers to innovation that creates a new market while disrupting or displacing an existing market. It is a process wherein a product or service begins at the bottom of the market and steadily moves up market, eventually displacing established market leaders, competitors and products.

The theory of disruptive innovation is a powerful tool for entrepreneurs and start-ups and needs to be incorporated as a part of their business strategies so as to secure competitive advantage and drive sustainable growth.

For a new entrant to successfully challenge an established company’s business, the needs of the market’s lower segment have to be surveyed and analysed. Most established companies concentrate on the higher tiers of the market, which have been profitable segments for them. These companies focus on improving their products and services by continuous innovation attempting to fulfil the demands of their most profitable customers and land up upgrading their products faster than their customer’s needs evolve. These sustaining innovations result in developing products that are too sophisticated, complicated and very expensive and remain accessible only to the elite customers or to the top, yet smaller segment of the market. While serving these demands, the company tends to ignore the needs of the others or the larger segment of the market.

This is the segment where the start-ups need to focus on. By successfully targeting these overlooked segments and delivering quality products that are suitably functional yet inexpensive, the new entrants are able to gain a strong foothold in the market. Once ready to deliver more, they can move upmarket and tend to the more demanding segment, while preserving their initial customers. Although it may take a little longer to become popular in the top segment, once the product clicks, it won’t take long for the start-up to flourish and eventually deliver higher profits. With persuasion, innovation and quality maintenance, success of the start-up is guaranteed. The transition of the mainstream customers from an established company to adopting the new entrant’s product and services is the result of a successful attempt of disruptive innovation.

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Entrepreneurship in Healthcare

With a population of over 1.342 billion and increasing by the second, a country such as India should be medically sound and financially stable but unfortunately it is just the opposite. With a heavily rising population, the rise in communicable diseases is apparent and with unstable financial conditions, rising ‘lifestyle’ diseases is common. With the country’s existing infrastructure, catering to the growing healthcare demands is difficult. A majority of the Indian population is living below the poverty line and depends on the under-financed and short-staffed public sector for its healthcare needs.
The private sector dominates the healthcare industry across India with a majority of healthcare professionals concentrated around urban areas with high paying consumers while the rural areas remain ignored and their healthcare needs unmet.

Challenges for India’s Healthcare Industry:
1. Population: Being the world’s second-largest populated country with an ever increasing migration – in-between neighbouring countries, across state borders and from rural settlements to urban areas.

2. Infrastructure: Citizens can avail of healthcare services, free treatment and medication at government hospitals but the facilities are not up to mark, are under-staffed and under-financed which forces patients to visit private hospitals and medical practitioners. India’s existing infrastructure is not enough to meet the healthcare needs of a growing country.

3. Insurance: According to the data from Insurance Regulatory and Development Authority, 76% of Indians do not have a health insurance. The Indian Government’s contribution towards insurance stands at 32% as opposed to 83.5% in the UK. Also, India’s healthcare expenditures are one of the lowest in the world.
For the eyes of an entrepreneur, these challenges shall come as opportunities, in fact the present Indian healthcare industry presents numerous openings and untapped opportunities. The lack of trained medical resource and insufficient infrastructure in the public health domain are enough reasons to stir an entrepreneur’s mind with innovative ideas relating to healthcare solutions which shall help eradicate major voids in services and healthcare delivery across the country.

Entrepreneurs who aspire to make a difference can survey the rural areas and evaluate the extent to which our countrymen are deprived of medical aid and aim to set up hospitals in smaller towns and villages which are designed to operate at minimalist costs.

Entrepreneurs who can invest may work towards developing low-cost solutions for healthcare such as, diagnostic kits for rural households, cheaper surgery options, low-cost dialysis technology, and low-cost pathological laboratory, etc. thereby accelerating the country’s social and economic growth by making quality healthcare facilities available to the below average income group. Entrepreneurs must ensure that the work towards developing low-cost solutions for healthcare does not compromise with the quality of healthcare service delivered.

Telemedicine and remote care is a boon in rural India since it provides access to doctors to a large population of under-served people. Developing a telemedicine centre for every district hospital will not only reduce the burden on one hospital but also reduce the patient’s number visits to the hospital. Telemedicine ensures that a large number of remotely placed people are cared for minor health issues without the need to visit the district hospital, which may be way too far to reach. While minor medical cases can be treated over the phone, the ones that are more serious can be called for personal examination and further treatment.

The digital boom and internet penetration is a huge opportunity for growth of healthcare services. Owing to new technology, innovative solutions aimed to provide quick, reliable and effective medical facilities in the rural areas can be developed enhancing communication between doctors and patients. The increase in internet and data usage makes way for innovative mobile applications and e-health portals such as blood bank services and online pharmacies.

Emergency medicine and healthcare is an excellent opportunity for innovation. Entrepreneurs may invest in developing very well equipped ambulance services ready for critical intervention. Employing doctors, nurses and paramedics trained in emergency response techniques is a progressive thought in a country where pre-hospital care is virtually non-existent in rural areas. By launching educational and training departments to prepare resources ready to tackle emergency & trauma and ambulances equipped with critical care units, an entrepreneur shall not only be making a difference by investing but shall be investing for the good of mankind and towards the nation.

Patient care does not end with the patient’s hospital discharge. Most out-patients need treatment once they are back home. Entrepreneurs can develop centres for Medicare and Medicaid which shall have a home healthcare system in place wherein skilled practitioners can provide care to patients in their homes under the direction of a physician. While assisting the patients to recuperate at home and avoiding hospitalisation, the healthcare services should aim at promoting patients’ optimal level of well-being and helping them in improving their functions so that they can live a life of greater independence and fulfilment. Post-treatment patient care is an important feature in healthcare services where patient safety and quality are important aspects and must be adhered to.

Post the Clinical Establishments Act of 2010, some Indian states have worked towards having a better access to affordable healthcare, it is way lower if compared with other developing countries and knowing that India has a long way to go, increases the plethora of opportunities and innovations. The healthcare sector is emerging as the new sunshine industry which make setting up an entrepreneurship in healthcare an excellent business opportunity.

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Giving Entrepreneurial Edge to African Countries – EDII Ahmedabad

Government of India and leading financial institutions like HDFC, LIC, UTI, SBI promote Infrastructure Leasing & Financial Services (IL&FS) to implement projects related to clusters and education in African countries. IL&FS Education and Technical Services (IETS), a wholly owned subsidiary of IL&FS approached EDII to organize in-country orientation programmes on Entrepreneurship Development.

IETS, the Programme Management Agency of GoI’s Department of Commerce assigned the task to EDII under the aegis of 2nd India Africa Forum Summit (IAFS II) to carry out orientation programmes in six African countries Benin, Burkina Faso, Chad, Nigeria, Uganda and Malawi to strengthen cotton sector. Associate Senior Trainer at EDII, Mr. S.B. Sareen conducted orientation programmes in two African Countries Benin, Cotonou (West Africa) and Abuja, Nigeria from 1st March to 5th March.

The programmes chiefly aimed at sharpening entrepreneurial skills and changing the mindset about entrepreneurship. The programme was well received by the participants. Officials of Government Institutions, Financial Organizations and potential as well as existing entrepreneurs participated in the programme.

Mr. S.B Sareen, the Course Director was contented with overwhelming response to the programme. He said, “The programme encouraged private sector, support system and Government to boost entrepreneurship in African countries.”

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Dr. APJ Abdul Kalam: A Salute to the Patriotic Son of Mother India

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‘People’s President’, a great visionary, an epitome of inspiration, simplicity, focus, discipline and perseverance, Dr. Kalam, was indeed a rare gem of India!

His achievements are awe inspiring and his life is one of the best examples of grit. His journey is remarkable. Despite all odds, Dr. Kalam found his way from an extremely  poor family to a scientist. His immense contribution to the nation’s civilian space program and military missile development made him popular as  the Missile Man. Eventually, he became the President of India and the Indian Youth Icon.

He had a Scientist’s mind but was humane at heart and had a childlike smile. His enthusiasm was infectious and the glint in his eyes inspiring.  He had qualities worth imbibing: overcoming failures, karma yoga, staying humble despite great achievements, detachment from materialistic life and putting ‘India’ above everything. Even at 83, his gait reflected enthusiasm and confidence. He ignited the youth of India to unleash their potential.

Dr. Kalam’s positive aura enthralled every individual he met from all walks of life: sports, politics, science & technology, entertainment, education, art, medicine and so on. This is evident from kind of tribute paid to him by varied leading personalities irrespective of their areas of work.

I recollect his inspirational address during his visit to EDI for inauguration of Aashray, a techno-social business incubator last month. When asked about the success mantra for his achievements Dr. Kalam responded: “I worked when others were sleeping.” He also urged the youth in the audience to ‘Dream Big’, ‘Work Hard’ and ‘Persist despite failures until you attain your Goal’.

He left a valuable message for every Indian. Live your life with a meaningful purpose.

His death is an irreparable loss, a huge void for India.

Let us pray that each one of us is able to do our bit and thereby, contribute towards realizing his Vision for India.

May His Soul rest in Divine care with eternal peace.

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Entrepreneurial Gurus

The word GURU is derived from two words GU & RU; In Sanskrit RU means darkness or ignorance and GU refers to the remover of that darkness. Even in contemporary world it is seen that people from varied set of domains have Guru/Mentor, under whose guidance they undertake their course of journey. Be it professional, social, political or spiritual everyone has their mentors, whom they refer as Guru and always look up for their blessings & guidance and entrepreneurship per se is no different to it. Several youngsters & businessmen who have made great strides in business world have mentors, who guided them for the future pathway.

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Today, we will touch upon few of such Entrepreneurs, to whom the world relates to as ‘Entrepreneurship Gurus’ and the viewpoint shared by them on entrepreneurship, business and about life.

  • Warren Buffet (Chairman and CEO Berkshire Hathway): He is an American business magnate, investor and philanthropist.

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  • Richard Branson (Founder Virgin Group): He is a UK based businessman and investor. He is best known as the founder ofVirgin Group, which comprises more than 400 companies.

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  • Steve Blank (Author and Entrepreneur): He is a Silicon Valley serial-entrepreneur & has 35+ years of experience in making startups fail less.

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  • Ratan Tata (Chairman Emeritus, Tata Sons & Chairman, Tata Trusts): He is an Indian businessman, investor & philanthropist.

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  • Narayn Murthy (Chairman Emeritus Infosys): He is an Indian IT industrialist and the co-founder of

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Let’s know your view about the article & share with us about your business guru & his take on entrepreneurship.

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Young Entrepreneurs- How these 20-somethings are making it BIG

Think big. Start young. Hire yourself.

How difficult is it to start early in life? With all the resources and support just a call away, starting young is the best thing you can do for your future.

We bring to you a little inspiration that can help you take the big step. Presenting superstars of the future.

1. Twice

bl1Twice founded by Calvin Young and Noah Ready Campbell.

Campbell says, ‘I remember I really liked Brooks Brothers shirts. I got one that had a $250 price tag on it for $10.’

Noah, a Chinese immigrant is from a small town and remembers that the only way he could afford to comply with his school dress codes was to shop at a seconds shop.

These early experiences, and their challenges with selling their used goods online, were the inspirations for Twice. “Noah and I were used to buying and selling things on eBay,” says Young. Their biggest pains were taking photos of items, answering a bunch of questions from the buyer, and shipping the goods. So, Young adds, Twice seeks to “abstract away all of that pain.”

The company allows sellers to ship a box full of laundered used clothes to Twice, which gives the seller a single, all-or-nothing offer for the items that were sent. If the offer is accepted (as it is in 97 percent of cases), Twice uses a proprietary software program called Vulcan, designed by Young, to take photos of the items, color correct the images, determine suitable prices, and upload the photos and descriptions to the Twice website. When Ready-Campbell and Young first got their idea, they wanted to determine if sellers would trust them enough to send their clothes with just the promise of possible payment. So they launched a rudimentary website, and when boxes of clothes started arriving, they knew they were onto something. They used investor funds to buy 1,000 pieces of clothing at Goodwill to prime the site, and the inventory sold down faster than they predicted. Today, the company buys items directly from sellers and the products are stored in the company’s warehouse and then shipped to buyers for just $4.95 per order, or free for orders over $49.

2. Enplug

bl2Enplug: An Operating System for Digital Billboards founded by Navdeep Reddy, Zach Spitulski, Nanxi Liu, and Alex Ross

Enplug was basically started with a motive to focus on digital signage – from jumbotrons in stadiums to TV displays in restaurants–because one unifying software platform didn’t exist for the medium. Smart billboards and jumbotrons, like the ones in Times Square, require expensive custom development work because there is no universal operating system that can host apps and commands. Think about how a smartphone would work without an operating system: You’d have to program every action yourself. Enplug’s operating system and app market help businesses get a display up and running, with whatever apps they want to use, faster and cheaper than before. “The technology for displays had not changed in decades, most were just running slideshows through PowerPoint,” says Liu. “It made no sense to us, especially looking at the evolution of personal computers to smartphones. We thought it was archaic.”

3. CoachUp

bl3Coachup founded by Gabe Durazo, Arian Radmand and Jordan Fliegel.

These young entrepreneurs have already provided coaches for 100,000 athletes.

Jordan Fliegel, founder and president of Coachup, wasn’t a great basketball player as a kid. Poor footwork. An average shot. He rode the bench for his high school freshman basketball team in Cambridge, Massachusetts, only faintly grasping the game’s fundamentals and nuances. It wasn’t until he met a coach at camp that summer that he began to understand what it took to succeed on the hardwood.

Three years after its launch, CoachUp connects over 13,000 trainers with more than 100,000 clients nationwide. The site vets each coach upon their signing up, then tracks reviews and response rates to ensure they remain up to par–providing athletes with an easy and safe way to improve their skill set. CoachUp offers specialties in 25 sports, from baseball and football to swimming and yoga. The company takes a small percentage of the coach’s fee for each session. In exchange it provides an instant payment tool, a session calendar, and $100,000 in liability insurance–not to mention a self-advertising platform that didn’t exist just a few years ago. The majority of CoachUp’s athletes range from grade school up through high school–a natural pyramid, as Fliegel points out, with the best athletes most likely to continue through high school graduation.

4. NatureBox

bl4NatureBox founded by Ken Chen and Gautam Gupta.

As a teenager, NatureBox co-founder Gautam Gupta was overweight, as roughly two-thirds of Americans are today. He ate poorly, and knew very little about dietary health.

Then, in his senior year of high school, he lost 70 pounds in six months: “I was fortunate enough to learn about nutrition,” he says.  It was a discovery that Gupta wouldn’t soon forget.

Years later, in 2012, after spending much of his career working for venture capital firm General Catalyst Partners, Gupta decided to quit his job and start a business with his best friend, Ken Chen. Gupta wanted to bring healthful, carefully sourced snack foods to consumers like his younger self. “Starting a company was an opportunity to combine a professional interest with that passion,” he says.

Consumers order from an online Snack Catalog, which includes nutritionist-approved items that cater to their dietary needs and preferences. Unlike some of his competitors, Gupta private-labels all products under the NatureBox brand, rather than sourcing them through third-party vendors. The ingredients come primarily from independent manufacturers and farms, although the company refused to disclose specific partners.

To date, NatureBox has raised $28.5 million over two funding rounds from investors Red Point, Canaan, and SoftBank, as well as from Gupta’s former employer, General Catalyst.  The company brought in nearly $50 million in revenue in 2014, more than double that of 2013.  NatureBox also boasts one million Facebook fans, and expects to ship as many as five million boxes in 2015. The company is projecting $100 million in revenue this year.

5. BucketFeet

bl5BucketFeet founded by Aaron Firestein and Raaja Nemani.

Unemployed and adventurous, Aaron Firestein moved to Argentina after graduating from college to study Spanish and volunteer with L.I.F.E. Argentina, a nonprofit that serves kids living in extreme poverty. That’s where he met Raaja Nemani, who had recently quit a job in finance to travel the world for a year. He and Firestein wound up at the same organization.

“We met playing soccer with street kids,” recalls Firestein, who had an artistic bent and had been drawing designs on canvas shoes since college. Nemani admired them and Firestein sold him a pair. And so the seeds for BucketFeet were planted. The partners didn’t go into business together immediately. Nemani wore the shoes on the remainder of his trip around the world, and found that his original footwear sparked conversation–and envy–wherever he went. “At the end of his trip, he approached me and said, ‘This is a cool idea, and we should turn it into a company,'” recalls Firestein, whose college nickname was “Bucket.”

The company now collaborates with more than 13,000 artists globally to produce canvas shoes with original designs. BucketFeet now collaborates with more than 13,000 artists globally to produce canvas shoes with original designs.

Have an idea that can strike the deal for you as an Entrepreneur? We say go for it! Give your leadership skills, innovation and dreams a chance. Passion and hardwork will always pay off. And remember, you are never too young to dream big.

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