The transformation of a start up into a successful company is a lengthy process and requires several entrepreneur skills. In a panel discussion held by BW Businessworld in 'Power Breakfast with BwDisrupt 40 Under 40 Achievers' event at Nasscom, Noida on 6th October, eminent people from the start up ecosystem came together and gave valuation suggestion to the young breed of entrepreneurs.
Murugavel Janakiraman, the founder and CEO of Matrimony.com said that it is very important to have the same level of commitment and passion you had when you started your venture thorough out your entrepreneur life.
“The kind of commitment and passion I had seventeen years back when I started my journey hasn’t changed,” Janakiraman said. He added that it is equally important to have competence. He said, “You greatest strength can become your weakness if you hadn’t evolved and upgraded your skills.”
Janakiraman whose firm is one of the few internet based company which has hit an IPO, further stretched that need to have a smooth cash flow and strong consumer focus.
Raising fund has always been a target for many startup founders and after a dip in funding in 2016, there is a lot of anxiety in the market. Rajat Tandon, President, Indian Private Equity and Venture Capital (IVCA) said that there is ample amount of money coming today but what is needed is the right approach.
“You need to have the correct attitude. You should not build to sell but built to scale. When you are passionate about your business and you create profitability, people will come automatically. You stand out when you do something,” Tandon said.
The amount of money coming in start up up ecosystem was $16.2 billion in 2015 and then last year there was a dip. Courtesy to the 4-5 big deals in 2017, this year the ecosystem may see funding of $22 billion.
However Tandon raised his concern that HNIs of the country is not yet convinced to put their money. To founders, he said that they should talk to more people as there are almost 80-90 active investors in the country.
Uday Dodla, director of product marketing for Qualcomm India said that you need to see the big picture and see things at global level. He said, “Lot of entrepreneurs are filling local gaps and miss needs in other country. you should experiment and expand your reach. “
He also focused on the importance of filing intellectual property right. Vinesh Menon – Vibgyor Group of Schools said that there are many things he has learnt from his association with startups. “First, a start up entrepreneur can’t get into a situation where he want to be in the comfort zone and second do your homework before jumping into anything . He also said it is very important to never get emotional with your business,” Menon said.
The panel was moderated by Sangeeta Gupta, Senior Vice President, Nasscom.