Nurturing entrepreneurship

This is an account of event organized by TIE(The Indus Entrepreneurs) which I attended recently in Pune. I thought of sharing it here on the blog.

This event, conducted in MCCIA Tower(ICC Tower), was a graduating program of first batch of entrepreneurs participating in first ever Nurture program. TIE Nurture program started in Feb 2012. This is first of its kind started by Pune chapter for nurturing and mentoring entrepreneurs. For the first batch, it received about 50 applications from different companies, and they shortlisted 8 companies. As it was pointed out the selection criteria was such that only those companies who knew where they were and where they want to go in next 1-2 years, to be selected for mentoring.

During past six months, mentors from TIE and mentee companies had formal, informal interactions, on specific problems, revenue and operations problems, problems which might occur in future, etc. Also their presentation skills were also worked upon.

There were seven presentations from companies such as Bizproto, Crucible Labs, ePravesh, Mapyn, RushHrs, neural space, Intouchid etc. Most of them did talk about their offering, competition, growth plans etc. But very few talked about real revenues, projected revenues, what is in there for investors, entry and exist routes for investors etc.

This gave a window to kind of problems entrepreneurs are trying to solve through entrepreneurship. ePravesh is trying to simplifying school/colleges admission process, crucible labs is trying to exploit the power of social media marketing and create value for media industry by providing valuable insights into viewer’s preferences, which media companies can use along side TRP. Company like Intouchid has created “Dropbox” like solution for contact management problem. Company like Bizproto were trying to create another Alibaba(online traders exchange, B2B) solution.

The event was sponsored by British govt trade and industries dept who has offices in India to facilitate business in and out of UK. Their deputy director was present for the event. During his speech he appealed Indian entrepreneurs to setup businesses in UK. It was really amazing and different feeling to hear such a thing from British, who rules India for more than 150 years. It was one more testimonial of the fact that world order has changed. He also sighted examples of companies who have setup companies in UK such as Tata, also UK companies setup in India such as JCB. He also gave comparison of various countries from the investor friendly aspects, where he mentioned Singapore is the first on the list, with distinction of being the most investor friendly nation.

The star attraction of the event was speech of Ashok Rao, current chairman of TIE Global. He provided valuable insights on entrepreneurship and innovation and his own one liner tid-bits called “Ashokism’. His thoughts on venture capital were also interesting.

Function concluded after his speech ended and everyone proceeded towards party room on the top floor with their favorite “Ashokism”. Here is my favorite which I picked up: Don’t delegate success.

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