I’ll be out on a much needed vacation next week so there’ll be very little or no blogging this next week.
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Actually , every business plan competition , or presentation , like power of ideas , the eureka , the intaglio , the IIPC , everywhere you go , one thing is common dont expect to be funded , if you are an innovative company , then there is a very few , or 0% chances of getting funded , because the Indian Investors , the Venture Capitalists , the Angel Investors are not the ones those who exist in Silicon Valley and those who have funded companies like Microsoft , Google etc.
The good thing about this contest is they are trying to create a similar kind of ecosystem which exists in US , Europe , but until and unless as VC firms come forward to address the real issues of Indian Entrepreneurs , nothing is possible here ….
I had attended a numerous business plan contests in India , for hellodoctor , one thing I got from that is some certificates , some feel good discussions, some networking but its of no use to me presently , no serious investors , investors talking about millions of dollar investment but buddy we are a start up we dont need this , the real issues what an Indian Entrepreneur is facing is not addressed , the same way you have to fignt , you have to get self funded , take calculated risk , like that
One thing I will like to say that these Bplan Competition can sharpen your brains , make your business plan papers more effective , but for startup forget anything from these competitions , you have to depend on your own resources , own will , you have to fight the monsters inside your brain , and outside too … If you want to be an entrepreneur take the first calculated risk first , you are not a millionaire , you are there to make millions … If you dont have confidence on your own plan , and you are thinking If you are putting your own hard earned money then forget to get any investors ..
Dr.Smrutiranjan Patanaik
COO – hellodoctor24×7
Very interesting!!! good ideas for upcoming entrepreneur.
Nicely said! Indian VCs should not be mistaken with VCs in US. They are far more matured. After all, how would Indian VCs beat their mentality!:-) It is deeply ingrained! So, rightly pointed, believe in yourself and follow 3 mantras for Success:
Vision + Karma + Faith (Taken clues right fom B’Gita)
Any battle could be easily won! All formulaes come out of these…
Ya very true!
. Best of lk to all!!!
We have also participated in various contests this year. Though they don’t provide any direct serious funding, one thing they do is boost up your confidence and also network you to the right people.
We got our mentor the same way from I2I competition (IIM, Calcutta). Offcourse one is required to have a proof of concept in terms of a demo product or so. But still, first step has to be taken by the individual, entrepreneurship is more about guts (specially in India) and more about pitching (in the West).
So keep focussed and find a godfather (one person who is influential and supports your idea). Keep moving. That’s what we are also doing
hmm…
I’m still wondering why these comments are on this seemingly unrelated post.
Prolly, the first commenter – Dr. Smruti, commented mistakenly on this post. May be she wanted to comment on some other posts.
Btw what the doc has said is very true. Today, I have quit from being an “entrepreneur” – because I don’t want to put in a lot of efforts and then fail as a “company”. I took up entrepreneurship to make money. Not that I wasn’t passionate about what I was doing – infact I was very innovative, sincere, hard-working and my software had winning edge over the competitors, but in the end, it wasn’t bringing in cash. So I have finally quit that and jumped into the stocks. And yes, there is lot of money there of you how to play it(and m making it).
Passion, sincerity, love-for-work, etc. is all good, only if it converts into cash. Else, there is no point in doing business. The aim of business is profit first, and then other objectives. Most of the people who talk about “social responsibility” are rich people who have already made cash, or getting somebody else’s cash to spend on social activities.
btw, even I am a medico:p