TiE Bangalore organized an event on Scaling Startup. The Panelists analyzed the lifecycle of the start-up and the challenges faced by the start-up entity. The speakers shared, among other things, the importance of vision; the need for companies to think big but focus on execution; by doing it right; the importance of the entrepreneur (s) focusing on building the right management team from the beginning; the need for start-up companies to proactively ‘think all’ and ‘act on’ the important aspects of funding such a build up of scale.
Following keys where presented by Shalini of Footprint Ventures (a VC Fund) on the requirements for a company to be funded by Venture Capitalists:
1. Team – the team has to have good knowledge and be passionate about the product/service/idea they are looking for funding. Also they should have very good understanding among themselves and also have a good rapport with the VC. Without this they will definitely not get funded.
2. Idea – the team should fully believe in their idea and not come up with a half baked idea just for the sake getting VC funding.
3. Investment requirement – the team should know exactly how much they require and not come up with some figure like say 4 million dollars because somebody thought it is a good figure.
4. Scale – the idea should be scalable.
Rajiv C. Mody is the founder, Chairman and CEO of Sasken Communication Technologies Limited. Under his able leadership, Sasken has grown into a major technology and solution provider to worldwide customers in the area of Telecom Access Market, making Sasken a pioneer in telecom R&D outsourcing. Main takeaways from his talk :
|The entrepreneur has to realize that excellence and executionis the underlying foundation for any start-up.|
1. One should have the vision to see where you will be one year down the line, after 2 years, after 3 years, etc. and morph yourself accordingly. One should be able to articulate your vision clearly. One should be prepared for technological challenges. Sasken had developed a software modem which they could not launch because of the cost of the patents involved.
The management team should have the right values. Sasken used to give a lot of different allowances like book allowance, furniture allowance etc. so that the employees could avoid tax but they felt they were not doing the right thing so did away with all the allowances and now pay only a gross salary and pay the full taxes to the government.
-One should select the right person for the right job, while one is scaling up.
-One should always aim high
What i will tell every entrepreneur is – do your homework. In a mature market quick and dirty will not work whereas if it is a new idea – proof of concept can be tried first to see if it will work. Read More