Documentos de Académico
Documentos de Profesional
Documentos de Cultura
www.entrepreneurindia.in
also inside
EDITORS NOTE
www.entrepreneurindia.in
David vs Goliath
IT IS ONE OF THOSE FABLES that we have all read or
heard about one time or the other. The one where the young
Israelite David faces up to the giant Philistine Goliath and
fells him with a sling and a stone. While there are no indications that this fable has any real roots, the lessons from it
have long been imbibed across society in everything from
sports to war to business. Malcom Gladwell is one of those
who has recognized these lessons in the spectrum of business and written extensively about them, explaining how
big companies often fail to recognize the advantages an
underdog has when faced with a rival who has strength,
size, and a bank account to match. And this is why these
upstarts can best Goliaths.
Merrill J Fernando is one of these Davids, who took
on the biggest of companies in building Dilmah, the Sri
Lankan tea brand that is now a household name in countries as distinct as Egypt, Poland and New Zealand.
Fernando built his company out of the colonial domination of the global tea trade, growing it in the face of multinationals, who saw his brand as one that could disturb their
hegemonic control of the tea trade. His story is the perfect
example of how a South Asian brand, and a family run at
that, can be grown into a global business using the best
traditions and practices of the regions cultures. We are
therefore proud to have had the chance to talk to 83-year
old Fernando and feature him in Entrepreneurs April issue.
This feature is rich in advice, as along with Fernandos
story, we have a brilliant interaction with Harvard
academic Noam Wasserman, who has written extensively
about those early decisions that young entrepreneurs have
to get right in the search for long term success. In combination with that, do read our short piece on how to split equity
in a startupit is one of those early decisions Wasserman
talks about.
I must also recommend on two very relevant and timely
pieces that we have for you this month. The first is on
Ankush Chibber
Executive Editor
ankush.chibber@network18publishing.com
Intelligent Entrepreneur April 2014 3
Views and opinions expressed in this magazine are not necessarily those of Network18 Media & Investments Ltd (Network18)*, its publisher and/or editors. We at Network18 do our best to
verify the information published but do not take any responsibility for the absolute accuracy of the information. Network18 does not accept the responsibility for any investment or other decision
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part of this magazine can be reproduced without the prior written permission of the publisher. Network18 reserves the right to use the information published herein in any manner whatsoever.
Copyright2009 Entrepreneur
*Ownership of this magazine stands transferred from Infomedia18 Limited (Infomedia18) to Network18 Media & Investments Limited (Network18) in pursuance of
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CONTENTS
INSIGHTS
www.entrepreneurindia.in
COVER STORY
SOCIAL ENTREPRENEUR
16 The Ever-Expanding
State
19 Building Businesses
Based on Data
By Ashna Ambre
34 Breaking Through
IN FOCUS
IN CONVERSATION
By Avanish Tiwary
44 Take Five
22 Life Cycle of an
Enterprise
By Shruti Chakraborty
50 The Un-Office
WOMAN ENTREPRENEUR
SPECIAL FEATURE
Harshada Sawant
draws parallels between
yoga and entrepreneurship
Upasna Kamineni is doing her bit with Apollo Life to get the
Indian workforce fit
By Shonali Advani
52 Value Lessons
What can good leadership really mean for a company?
By Rob Reuteman
CONTENTS
TECH
DEPARTMENT
www.entrepreneurindia.in
MONEY
87 Q&A
By Joe Robinson
We take a look at whether success or failure breeds stronger, more resilient entrepreneurs
By Jason Ankeny
By Sam Hogg
STRATEGY
STARTUPS
68 Do Me a Solid
The Esquire guy has some advice on doing favors
By Ross McCammon
83 Double Agent
INNOVATORS INC.
92 Light it Up!
Bengaluru-based xSi Semiconductors is innovating to provide cost-effective solutions to the LED lighting market
HOW TO
102 Sell on Facebook
By Shruti Chakraborty
By Ann Handley
By Ashna Ambre
By Ashna Ambre
If you have more things at home than you can store, Store
More may be able to help
GETTING THERE
By Avanish Tiwary
72 Mapping
Success
98 Ghar Ka Khaana
RankJunction helps you to get real time training and practice and give exams online
SPECIAL REPORT
By Michelle Goodman
96 Storage Mall
SPEND IT
112 Taste of
Karaikudi
By Mikal E. Belicove
COVER CREDITS
74 The New Paradigm
A demanding new customer is driving change in Indias
growing healthcare market
By Team Sequoia Capital
COVER DESIGN
Arko Provo Mukherjee
PHOTOGRAPH
Source: Dilmah
By Sulekha Nair
REGULARS
10 FEEDBACK
11 RESOURCES
12 ASK ENTREPRENEUR
84 WORK LITE
114 BACKSTAGE
FEEDBACK
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Woman Power
I think having a dedicated
section for women entrepreneurs is an inspiration
for many women who either
want to startup or quit their
ventures after starting up.
I have started reading the
magazine only recently and I
Fashionista
I am a complete fashion buff
and a fashion design student.
My dream is to open my own
business and really grow it to
the level that Anita Dongre
has done. From being just a
boutique designer, she has
grown it to a fashion business
that is distinct from many
other fashion brands in India.
My mother is a big fan of her
designs as well. The story on
the apparel industry in the
March issue is something
Starting Anew
I am a first year BBM student.
During the classes, our
professors would recommend
Entrepreneur magazine. I
like the startup section as it
has featured some ventures
that give me good ideas. I
like the businesses that use
technology for the betterment of society. My plan is to
get together with my friend
and start a business like that.
I liked the story on Karma
Recycling a lot. But I have
one request from you all:
I am spending 100 rupees
from my pocket money to
buy this magazine but I get to
read only about four or five
startups. I read many stories
online. Wish I could do the
same here.
- Rutu Desai, via web
RESOURCES
www.entrepreneurindia.in
Great Design
needs to be applauded
Categories
Best InnovatIve
space savIng DesIgn
Design is an attitude.
Its no longer about
having a life its
all about leading a lifestyle
(India-centric traditional
design in a modern form)
Best restoratIon
(Environment-conscious design)
outstanDIng aMBIence
(Stunning interiors of private residences)
coming soon
ASK ENTREPRENEUR
Q. We are a private limited company and authorized distributors for multinational companies and others dealing in
engineering consumables. Its a 20 year-old business with
a turnover of `95 million per annum. Since we are in trading business, our gross margins are around 10 percent to 13
percent and net profit after tax falls between two to three
percent. How do I raise extra capital to increase my business?
Cash credit limits are not being increased by banks since they
relate it with paid stock in hand and expect a healthy bottom
line. In spite of a good product line and customer base, I am
not able to increase my business to the target goal of `200`250 million. Are there any mentors who can help entrepreneurs with our kind of business? Please guide me.
- Deepak M Naik
12 Intelligent Entrepreneur April 2014
www.entrepreneurindia.in
A. In our opinion, since you are carrying out a trading activity, a food licence is not required. However, you must ensure
that you have obtained at least the following:
1. VAT registration
2. PAN and TAN (if TDS is to be deducted)
3. Professional tax registration
4. Local Shops and Establishments licence
Answer by: Sachin Mulgaonkar, Co-Founder, Elraa
Business Solutions
Q. We are into reclamation and regeneration of used lubricating oil and transformer oil of various companies. Our
basic work is to lift used lubricating/transformer oil (that is
derived from various machines of various companies), bring
it to our factory, re-refine it and make it equivalent to new
oil without adding any extra new properties to the oil. This
is called job work. We take the used lubricating/transformer
oil, re-process that through the heat treatment method and
return the re-refined oil to the customer. For this, we charge
a fee which is nominal. Will this kind of work attract service
tax? If yes, please provide government notification for it.
- Adarsh Bhatter
INSIGHTS
www.entrepreneurindia.in
BRANSON SPEAK
RICHARD BRANSON
Founder of the Virgin Group
Leaders who
are great
listeners are
often terrific
at uncovering
and putting in
place strategies and plans
that have a big
impact.
INSIGHTS
NEW THINK
R JAGANNATHAN
The global
financial
crisis demonstrated the
dangers when
the states
regulations
are weak
or policing
indifferent.
www.entrepreneurindia.in
TAXING OTHERS
In contrast, a private good is
something where consumption by one will mean denial to
another. If I give you free food
because you are poor, someone
else cannot consume the same
item. Moreover, the tax resources
spent on providing free or subsidized food to you will have come
from taxing someone else.
If we accept this principle, it
would mean the first job of the
state should be to provide the most
important public goodswhich is
the basic reason for its existence.
Private goodsincluding subsidies for food or fuel or fertilizer
come much, much later.
However, the meaning of
public good can change as a country gets richer, and has more tax
resources to play around with.
Currently private goods like good
education or good healthcare
can become public goods given
to everyone.
Put another way, public goods
The Indian
reality is that
the state has
been extending its ambit
to private
goods (free
food, cheap
fuel, free
what-haveyous) and
reduced its
capability to
provide public
goods (law
and order,
good defence,
and an efficient legal
system).
INSIGHTS
LOOKING BACK
MANISH SABHARWAL
Chairman, Teamlease Services
One of the
most helpful ways to
think about
the future
is a better
understanding of the past
because societies are path
dependent.
www.entrepreneurindia.in
VC CONNECT
SANDEEP SINGHAL
Co-Founder and Managing Director, Nexus Venture Partners
Building Businesses
Based on Data
Having a good
idea of the
target business problem
will allow you
to be more
efficient in
defining the
data sources
that you need.
INSIGHTS
Disaster Management
for Entrepreneurs
The consumer
is always
right. Nobody,
including God,
comes before
the consumer.
www.entrepreneurindia.in
When you
become very
successful, all
the graves you
have previously filled get
dug out and
examined. So
be prepared
for intense
public scrutiny.
Entindia
Entrepreneur4in
INSIGHTS
BANKANOMICS
BHARAT BANKA
www.entrepreneurindia.in
GROWTH MANTRA
RAVI KIRAN
How Delighted
are Your Customers?
customers live. Customers, meanwhile, are getting tired of traditional marketing tricks. Result:
large, arrogant companies are
shouting even louder and wasting
more money.
IF YOU ARE A MID-SIZED
COMPANY IN YOUR GROWTH
STAGE, WHAT DO YOU DO?
Fortunately, there is hope. Avoid
doing the one thing big companies dothrow truckloads of
money at every problem. Also,
avoid using the excuse many small
companies useWe will do
marketing when we become big,
for now, lets just sell.
Now think, if marketing starts
and ends with your customer,
how delighted is your customer
with you? Big companies do one
thing that you shouldmeasure
customer delight.
MEASURE THE RIGHT THING
One
advicedont
mistake
loyalty for delight. Loyalty is a
very complex issue and arguably,
delighted customers can become
loyal under some conditions but
today we are not talking about
loyalty. Delight is very difficult
to achieve.
Thinking of hiring a couple
of seats in a call center, dumping
your customer database on young,
untrained, rented executives so
that they can handle customer
issues? Be careful. Chances are
your customers will be very
unhappy soon and your database will land up with another
Customers,
meanwhile,
are getting
tired of
traditional
marketing
tricks. They
are avoiding company
and brand
messages
wherever
they can and
are turning
a deaf ear to
it where they
cant.
INSIGHTS
INFECTIOUSLY ENTREPRENEURIAL
ANURAG BATRA
Nothing
works like
self-motivation and
a sense of
empowerment.
EMPOWERING PEOPLE
What is a blank cheque? Why a
blank cheque? Who will give it
to whom? How do you fill in the
value in a blank cheque?
A blank cheque is a metaphor
for turning managers into entrepreneurs. In organizations, you
tell a manager that he or she has a
blank cheque and should fill it in,
take as much money as they want,
and deploy it in activities and
initiatives of their choice.
Of course, the organization needs to have money in the
bank and there will be checks
and balances. However, what
you are doing here is giving real
power and authority along with
responsibility and accountability to your manager. The hope
is that he will be free to deploy
www.entrepreneurindia.in
WOMEN IN CONTROL
NANDINI VAIDYANATHAN
It is not
necessary
to be a big
branded
company to
attract a good
board.
IN CONVERSATION
NOAM WASSERMAN
Associate Professor of Business Administration, Harvard Business School
www.entrepreneurindia.in
IN CONVERSATION
JOSHUA NAVALKAR
WOMAN ENTREPRENEUR
Fit and
Working
Upasna Kamineni is doing her bit to get the Indian
workforce fitter
SHONALI ADVANI
HIGH
Source: NSS
MODERATE
LOW
www.entrepreneurindia.in
HARSHA VADLAMANI
Retail play
SOCIAL ENTREPRENEUR
38.14%
58.50%
0.75%
2.62%
Rural
Wireless
Rural
Wireline
Urban
Wireless
Urban
Wireline
Source: TRAI
JOSHUA NAVALKAR
www.entrepreneurindia.in
Mumbai calling
Explaining the model further, Hazari says
that their service is free to the users, who
have to register with m.Paani. After that,
every time they purchase certain products from certain partner kirana store or
recharge their phones, they receive loyalty
points. Once the points reach a particular
limit, they can be redeemed, as is the case
with most loyalty programs. We have
partnered with multiple stores and a large
Indian telecom services provider for this
service. We are also in talks with large
FMCG players at this point, says Hazari.
The company has also partnered with
Pratham (an NGO working to provide
education to underprivileged children in
India) for the provision of education benefits in exchange for loyalty points. In addition to this, the firm also offers in-house
programs such as mobile-based English
COVER STORY
www.entrepreneurindia.in
COVER STORY
Merrill Fernando
(centre) with
Malik Fernando
(left) and Dilhan
Fernando. While
Malik takes care
of operations,
supply chain,
joint ventures and
the group's new
hospitality and
leisure business,
Dilhan works on
the marketing of
the Dilmah Tea
brand across the
100 countries it is
now present in
36 Intelligent Entrepreneur April 2014
www.entrepreneurindia.in
COVER STORY
1930
Dilmah Founder
Merrill J Fernando (MJF)is
born in Negombo
1946
Ceylon Tea
Centre opens in
Londons Regent
Street
1948
Ceylon gains
independence
1954
1954
1955
MJF starts work MJF returns to
at AF Jones
Colombo
1958
MJF buys AF
Jones with two
partners
1972
Ceylon becomes
a Republic and
changes name to
Sri Lanka
1982
MJF establishes
Ceylon Tea Services Ltd
1985
MJF is asked
to supply prepacked teas to
Russia
www.entrepreneurindia.in
1988
Dilmah Tea
launched in
Australia
1994
Dilmah establishes state-ofthe-art tea packaging facility in
Colombo
2000
MJF Group
acquires 70%
share in Forbes
& Walker
2001
MJF Plantations
purchases a
controlling interest in Kahawatte
Plantations
2002
MJF Charitable
Foundation is
officially inaugurated
2003
First Dilmah
Global Partner
Conference in
Colombo
2004
December 26th
Tsunami hits
south coast of
Sri Lanka
2007
Launch of the
Dilmah Exceptional range of
teas
2012
Dilmah embarks
on a partnership
with Shangri-La
Hotels worldwide
IN FOCUS
Boom
Waiting on the
www.entrepreneurindia.in
IN FOCUS
GAME ON?
According to Avendus Capital,
Mobile games and applications
in India are expected to be a
`2,700-CRORE market by
2016 , driven by strong smartphone growth and expanding
3G USER BASE
According to
PricewaterhouseCoopers (PwC),
Global Entertainment and Media
Outlook 20102014, the Indian
gaming market is now worth
$100 MILLION
www.entrepreneurindia.in
Freemium or corporate?
The new preferred method is to offer
games for free and then earn revenue
through in-app sales i.e. the freemium
model. In actual working, this refers to
when users pay to unlock the next stage,
get special powers, or activate new characters, etc.
Some of the gaming companies who
have already moved to the freemium
model are reporting that they are now
earning a huge chunk of revenue through
in-app sales and the conversion rate on
an average is three to six percent.
Slumber Man and Propel Man, the twofreemium games from Spiel Studios, have
a conversion rate of five to eight percent.
This means that of all its free users, this
percentage group ends up paying for
in-app purchases.
Temple Run [one of the most popular
mobile games of all time] gets 6-7 percent
of conversion for its in-app sales, says
Golia, adding that strategy games are
more prone to garnering in-app sales
due to their addictive nature.
Advertising and sponsorship by
brands are the other popular ways
that gaming startups are looking at for
generating revenues. Alok Kejriwal, who
www.entrepreneurindia.in
WILL
WEARABLES
WIN?
Go Gondal
Serial entrepreneur Vishal Gondal does
believe so. In February this year, GOQii,
a company founded by Gondal came out
of stealth mode with a fitness tracker of
its own. The company, which is directly
competing with Fitbit, Nikes FuelBand
and Jawbone UP, is one of the early local
movers and has received global attention
for its product.
Gondal says that he will launch the
GOQii (pronounced Go-Kee) this month
Intelligent Entrepreneur April 2014 47
IN FOCUS
Why local?
Is there merit in what these firms
are trying to achieve locally or globally? Reports point to a future where
India can be a major market for wearable technology.
Earlier this year, global management consulting company Accenture
released a study conducted in six countries (Australia, Canada, India, South
Africa, and the UK), which found that
consumers in India were most interested
MORE GROWTH:
Mohammed H
Naseem
www.entrepreneurindia.in
IN FOCUS
Take Five
Indias most well known serial entrepreneur duo is ready to take a crack at
the burgeoning home healthcare market
SHONALI ADVANI
Big money
So what is the big money play Jones
is talking about? Well, according to
investors and sector experts, the unorganized home healthcare services
market in India is pegged at a market
value of $2-$4 billion and slated to
grow exponentially.
The major growth driver for this space
is the large Indian population, thats
aging fast. By 2025, one in every five
Indians will be a senior citizen, affirms
Udaya Maiya, Medical Director, Portea
Medical and well-known oncologist.
This trend coupled with longer
mortality thanks to early disease
detection and therefore longer years of
disease management, and a shift from
communicable to lifestyle diseases are
pointing to a time where home healthcare will become a norm.
Already, about 50 percent of spending on in-patient beds is for lifestyle
diseases, Maiya tells us.
For Ganesh and Meena, apart from
the obvious opportunity, was the desire
to not startup in a space inundated with
large players, and yet solve a large
problem using technology to disrupt
the status-quo.
If you start something new youll get
a long rope as there are no metrics for
comparison, says Ganesh, Chairman at
Portea Medical. If you create a market
leader, the valuation and upside is
In warp speed
Its been a speedy ride since then as the
startup has grown in manpower and
business. Today, Portea handles 3,000
visits a month and has an employee
base of over 500, up from 50 when
HealthVista acquired it.
In December 2013, the duo secured
venture funding of $8 million from Accel
and Ventureast with the latter leading
the round with $4 million. Meena and
Ganesh had also invested `1 crore of
their own to startup.
Mahendran Balachandran, Partner
at Accel Partners, says that the funds
will help Portea strengthen their offerings as they accelerate expansion across
India in the coming months and invest in
advanced diagnostic and remote monitoring technology to support clinicians
to deliver a range of in-home healthcare
www.entrepreneurindia.in
BMAXIMAGE
Model in place
IN FOCUS
www.entrepreneurindia.in
INDIAS HEALTH
PROFILE
Total population (2012)
1,240,000,000
CONNECt
WIth
GROWth
www.entrepreneurindia.in
Entindia
Entrepreneur4in
IN
SPECIAL
FOCUSFEATURE
The Un-Office
New workplace trends include movable walls, outdoor spaces and sometimes no office at all
LANA BORTOLOT
www.entrepreneurindia.in
Log on to
www.overdrive.in/isf
for advertising and other
associations contact:
+91 9820146113
SPECIAL FEATURE
Value
Lessons
Just how much is good leadership worth?
ROB REUTEMAN
SPECIAL FEATURE
Gordon Bethune had inherited a mess. When he took the job of CEO of
Continental Airlines in 1994, he was making the decision to commandeer a company that was losing nearly $55 million per month.
The fifth-largest US airline had way too many planes flying unprofitable routes.
Its on-time performance consistently ranked last among the top 10 airlines, costing an average of $6 million per month in added expenses for misconnected
bags, hotels, overtime and lost revenue due to canceled flights. Continental
also ranked dead last in service, customer complaints and mishandled baggage.
It was on the verge of declaring bankruptcy for the third time in 10 years
By most accounts, Bethune engineered
one of the most dramatic corporate turnarounds in history, largely by unlocking the value of Continentals 45,000
employees, whose input had been
shunned by what he referred to as cloistered management.
Poor operations were and are the
result of poor morale in work force and
management, Bethune says. I had to
get people focused on the single goal of
getting the airline functioning on time.
I had to get employees to believe what
I said. After two bankruptcies, it was
like dealing with abused children
they simply dont believe you, he adds.
To them, I was just another guy in an
Italian suit.
Bethunes predecessor, Robert R.
Ferguson III, reportedly had been
forced out after three and a half years
at the helm. Bloomberg Businessweek
articles around that time referred
to him as a blunt and often prickly
CEO, who seemed aloof to the rank
and file and was known to publicly
humiliate managers.
Bethune was pretty much the opposite. A one-time Navy aircraft maintenance officer, he had come up through
the ranks of the industry and enjoyed
constant interaction with Continental
employees. You cant treat your employees like serfs, he says. You have to value
them. I know if I piss off a mechanic,
hes gonna take twice as long to fix
54 Intelligent Entrepreneur April 2014
Leadership quantified
Can it be proved that good leadership
increases profit? Over more than 30
years, Gallup has conducted research
involving more than 17 million employees on the degree to which they are
emotionally committed to their companys goals. Among the findings:
Engaged employees are more productive, more profitable and more
customer-focused
Actively disengaged employees erode
an organizations bottom line, to the
tune of more than $300 billion annually in the US alone
Companies
that actively engage
employees in their operations have 3.9
times the EPS growth rate, compared
with organizations in the same industry with lower engagement
Ive done plenty of research on the
different ways organizations are run,
and how you engage people in contributing to their success, says Bill Pasmore,
senior vice president at the Center for
Creative Leadership. Ive found that
leaders who make choices to operate in
a more participatory waywho operate on principles of high engagement,
versus bureaucracies that treat people as
if they were cogs in a machinesee a 30
percent improvement in performance.
In
their
2009
report,
How
Extraordinary Leaders Double Profits,
Jack Zenger, Joe Folkman and Scott K.
Edinger cite a study they conducted for
a Fortune 500 commercial bank. After
a lengthy assessment, they divided the
banks leaders into the best 10 percent
and the worst 10 percent, finding that:
More than 50 percent of employees
who thought about quitting reported
a psychologist, Fortune 500 executive coach and author of the 2013 book
Bankable Leadership: Happy People,
Bottom-Line Results, and the Power to
Deliver Both.
Good leaders create prosperity, and
its not defined just by money, but by the
emotional health of their employees.
Good leaders treat employees as humans
and appreciate them by creating an environment people want to be in, Eurich
says. Good leadership creates happy
employees, who create happy customers
and, ultimately, happy shareholders.
The happier employees werent necessarily being paid more by leaders in the
top 10 percent. Zenger, Folkman and
Edinger write: They are in reality often
living proof of the old saying, You cant
pay me enough to work for that person.
Good leadership has an undeniable
business value, confirms Tasha Eurich,
What style of leadership is best for engagement? Robert Hogan, a psychologist and
global authority on leadership and organizational effectiveness, surveyed more
than 1,000 employees about the personalities of their best and worst bosses. He
found that manager personality is a valuable predictor of employee engagement
Managers who tended to be calm, business-focused, organized and willing to
listen were three times as likely to have
highly engaged work groups compared
to managers described as manipulative, arrogant, distractible and overly
attention-seeking.
Arrogant bosses tend to blame their
Intelligent Entrepreneur April 2014 55
SPECIAL FEATURE
Frank Lorenzo made lots of money, but he would have made three
times more if hed shared some with his employees, says former
Continental CEO Gordon Bethune.
DARWIN SMITH
He famously spent his first few months on the job asking questions
and soaking up the culture. He took them from trouble to being the
Number 1 consumer paper-product company, says Eurich.
ALAN MULALLY
CEO of GE between 1981 and 2001. During his tenure, the companys value
rose 4,000 percent. Infamous for a mandate to fire the bottom-ranked 10
percent of employees annually.
ENHANCE LEADERSHIP
SKILLS
> Encourage employees to disagree
with you
Companies get into trouble when everyone is
afraid to speak truth to power. If all you hear
is how great youre doing, that should be a
danger sign, says executive coach
Ray Williams.
> Dont micromanage
Empower the people below you, then leave
them alone. A good part of leadership is
stepping back, says Bill Pasmore, senior
vice president at the Center for Creative
Leadership. A good leader leads from front
and back.
> When people err, dont destroy them
But make sure they learn whatever lessons
there are to be learned from their mistakes.
> Show compassion
Develop strong interpersonal relationships
at work, so employees have some meaning
attached to the work they are doing,
says Williams.
> Vow to be constantly learning and curious
Pasmore advises taking risks and asking
yourself, What is it that I dont know that I
should know? How do I learn it and test it out
in situations that are not necessarily safe?
> Know yourself
Just like you cant start a weight-loss
program without getting on a scale, you must
begin your journey by learning the truth about
yourself, says executive coach Tasha Eurich.
Were often the worst evaluators of our
behavior. Adds Pasmore, One of the biggest
problems I see is a real lack of self-awareness.
Executives often arent aware of who they are
as people and the impact they have on others.
> Be laser-focused
Stick to one goal at a time. Leaders often
choose too many development goals. Give
yourself the greatest chance for victory by
developing one thing at a time, says Eurich.
It is far better to make progress in one area
than to make little or none in five.
> Get rid of poor managers
Of the 60 top executives at Continental, I
probably replaced 40 who were not team players, says retired airline CEO Gordon Bethune.
Dont tolerate factionalism, backstabbing or
prima donnas. Everyone wins, or no one wins.
> Practice leadership skills daily
The amount of deliberate practice you
choose will be proportionate to your improvement, Eurich says. Its like learning a violin
concerto. You have to learn the concepts, then
you practice every day to create
beautiful music.
New metrics
Williams thinks one executive hiring
trend may trump the bad behavior
so evident in the corner officethe
slow, steady emergence of women in
the executive suite. You rarely find
a psycho whos a female, he points
out.
The more we balance the
scale and have feminine leaders, the better off well be. Female
SPECIAL FEATURE
The
Enemy
Within
What every leader needs to know to take down
the takeover artists
JOE ROBINSON
SPECIAL FEATURE
souring relationships and creating internal rivalries that take time and energy
away from the battle against the real
competitors in the market.
Empire building is the enemy within,
says Dana Ardi, founder of New Yorkbased Corporate Anthropology Advisors
and author of The Fall of the Alphas.
Theyre not operating for the greater
good. She argues that the behavior is out
of step in the social era of collaboration
and connection. We want a competitive
spirit, but we dont want people competing against each other. You want to be
in a culture that rewards collaborative
behavior and the overarching goals of
the company.
Empire builders
lack a crucial ingredient of leadership:
empathy
SPECIAL FEATURE
You
Win
Some,
You
Lose
Some
Success or failure: Which breeds stronger, more
resilient entrepreneurs?
JASON ANKENY
64 Intelligent Entrepreneur April 2014
SPECIAL FEATURE
can be forged from the crucible of failure, argues Cass Phillipps, the founder
and global producer behind FailCon.
Inaugurated in 2009 in San Francisco,
FailCon is a series of conferences spotlighting entrepreneurial failures and
how those negative experiences can
shape wiser, more thoughtful business
leaders, giving them the critical insights
and assets necessary to build startups
that thrive.
Entrepreneur Inc pitted Robertson
and Phillipps head-to-head to identify whether success or failure
pad
for
cans. When you are faced with a challenge against someone, your testosterone levels go up. The higher they
go up, the more likely you are to win.
If you win compared to losing, your
testosterone levels shoot up as well.
The experience of winning increases
the number of receiving stations for
testosterone in the critical parts of the
brain associated with aggression and
motivation. The next time theyre in a
contest, the surge of testosterone has
a much bigger effect on them, because
there are more receiving stations in
the brain.
A state of mind
Success breeds success across all walks of
life, Robertson states, noting that entrepreneurs who hit pay dirt early on are
likely to experience even greater professional triumphs as their careers unfold.
The main ingredient of success is
having success, Robertson states, citing
sociologist Robert Mertons theory of
the Matthew effect, which in essence
contends that the rich get richer and the
poor get poorer.
The other critical element of success
is self-confidence, Robertson believes.
[Facebooks] Mark Zuckerberg knew
he was very bright. He didnt need other
peoples approval. He got satisfaction
from being smart, he says. You can
generate success experiences for yourself purely internally, and generate
the biological benefits of that in your
brain. Success and power can make you
smarter, because testosterone increases
dopamine, which affects the front part of
the brains functioning. Success can make
you smarter, and more able to think of
new ideas.
Anyone can experience success,
Robertson asserts. Its all simply a state
of mind. If you fake the external trappings of power and success, you can trick
your brain into believing you are successful, and you will trigger the dopamine
and testosterone that make you feel more
confident, Robertson says.
If you go out there, shoulders squared
and arms swinging, saying, Im an entrepreneurIm going to make it, youll
make it easier to have your next creative
SUCCESS STRATEGY
Do Me a Solid
The Esquire guy has some thoughts on favors
ROSS McCAMMON
favor. It is a demand
A request for free products is not
a favor. It is a request for free
products
T he rate of favor requests you
field will increase proportionally along with your business
success
T he rate of disappointing people
will, too
T he best way to say yes to a
favor is: Of course! followed
by a much less enthusiastic
www.entrepreneurindia.in
Various characters
Grant divides the parties into three types:
1. Takers will do a favor when they
think they can get a larger one back or
when they are trying to impress someone
powerful or influential.
2. Matchers believe its important to
trade favors evenly, so their favors come
to either reciprocate one given in the past
or to earn an equal one in the future.
3. Givers do favors, for the most part
without strings attached and are willing to offer them usually to people they
dont feel they owe anything to.
Its always bewildering when you
come across a taker. What are these
people thinking? Theyre conspicuous. And theyre annoying. The way to
deal with a taker is the same way you
deal with any favor: You acknowledge
the request, say yes or no (depending
on whats good for your company) and
explain the reasons youre saying yes or
no. Easy.
SOMETIMES
Can you write me a letter of
recommendation?
A meal?
Hold this sack of money for me?
Mind if I look around a little?
May I pick your brain? (Asked by
someone you dont know.)
NEVER
Just say I worked for you once,
and I was great. Cool?
A meal-length amount of time,
without the meal?
Hold this gun for me?
Mind if I look around a little without you accompanying me?
May I pick your brain? (Asked by
someone you dont know who is
holding a thin metallic rod.)
INNOVATORS INC
STOP THE
TUK-TUK!
Evomo looks to give rural India its own utility vehicle
ASHNA AMBRE
A safer option
Das tells us that it is not very well known
that these jugaad vehicles are banned
in most states of India, due to a lack of
safety parameters and load carriage
issues. The economic and social costs of
the accidents are enormous. India loses
three percent of its GDP to road crashes
every year. I wanted to create a solution
to this problem, says Das.
Multi-utility vehicle
The end result of that process is now
there to see in a prototype of the RUV
that Das and his team have built. The
RUV, according to Das, uses technology
(patent awaited) somewhat similar to
that used in sports cars. He explains that
in a sports car, the chassis is tasked with
holding all the components together
while driving, and transferring vertical
and lateral loads caused by accelerations
through the suspension to the wheels.
In case of the RUV, the chassis is made
of medium-sized, strong steel pipes. The
principle is that further the mass is away
from the neutral axis the more rigid it
will be, he says, adding that the RUV
has a space frame chassis which has the
best strength to weight ratio.
According to Das, the vehicle requires
At the melas
In addition to this, people can easily
get loans from financial institutions for
buying an RUV. For jugaad vehicles, on
the other hand, villagers are left to the
mercy of unorganized money lenders
who charge very high interest rates.
Das tells us that the RUV can be manufactured in small factories (he is in talks
with many) across the country at a fraction of the capital required by a conventional automotive setup.
The RUV cost `1.8 lakh and Evomo is
looking at innovative methods to reach
out to its target market this year.
We are looking at promoting the
product through melas and haats in
villages by creation of micro dealerships
across small towns and focus on word of
mouth promotion through opinion leaders, says Vipul Patel, Mentor to Evomo
and Business analyst with CIIE.
Launching in June, Das says that he
plans on selling 120 units of the RUV this
year. Going forward however, based on
the uptake, Evomo will up production.
NIKHIL H. PATEL
www.entrepreneurindia.in
GETTING THERE
MAPPING
SUCCESS
MapmyIndia has remained a formidable rival to giants
like Google in Indias geospatial services game
Avanish Tiwary
locate remote markets for their products. But its main play was within the
auto sector, where it partnered with
auto makers to pre-fit cars with their selfmanufactured GPS navigation devices.
Still a part of their core offering, these
navigation devices come pre-loaded
with maps of cities and towns across
India and provide turn-by-turn voice
instructions. Auto brands such as Jaguar,
Maruti Suzuki, Mitsubishi, Mahindra &
Mahindra, etc. have all partnered with
MapmyIndia to provide navigation
devices with in cars, according to Verma.
Game on
After accumulating enough geographical data, MapmyIndia launched its digital
Geospatial Services
multipier effect on the
Indian economy
Multiple
of 25
75
3
Annual
revenues of
India's geospatial
service industry
($ billion)
Source: BCG analysis
Annual
Indian costs
saved by geospatial services
($ billion)
map portal for end-users in 2004 following it up with the launch of its mobile app
in 2007. Since then, it has been launching several location-based services.
Today, MapmyIndia offers products and
services across the spectrum. Chief on
NAVIGATION MADE EASY: Rakesh Verma
www.entrepreneurindia.in
the hardware side are the portable navigation GPS devices and the in-dash GPS
navigation systems for cars. According
to Verma, MapmyIndia generates
significant revenue through the sale of
its personal navigation devices, which
range from `8,000 to `20,000.
Of its other consumer-facing products, Verma lists out the apps, which are
free and have no monetization associated with them. Explaining the zerocost model in apps, Verma says that as a
company, it was important for them to
have products for every need. And B2C
models in this space have traditionally
been free, he says.
Also, Verma points out, the firms
customer-facing products are a channel
for them to reach enterprises. If people
say that we are doing good work, enterprises are bound to listen to them. After
six months of the launch of our Locate
app, iBall offered us to integrate the app
Future mapped
AMIT KUMAR
SPECIAL REPORT
ndia has the second largest healthcare market in the world, where the
healthcare needs of over a billion
people are currently being catered
to by a vast ecosystem of doctors, nurses,
hospitals, pharmacies and labs. But
access to healthcare continues to remain
a significant issue and a topic of debate.
The magnitude of the need can be gauged
by some of the following statistics: India
ranks second in diabetic occurence (75
million), has one of the largest chronic
kidney disease (CKD) population (10
million) and one of the largest cataract patient population (14 million) in
the world. While our private healthcare
system is reasonably well developed,
much more needs to be done to be able to
extend high quality healthcare to people
across the country at affordable prices
and to plug the gap left by an inadequate
public healthcare system.
The active participation of the public
and the private sector as payers and
providers respectively has propelled the
healthcare industry to a massive $75
billion industry in 2012. It continues to
grow at a healthy rate of 16 percent annually [Figure 1], with healthcare delivery
accounting for 71 percent of the market,
pharmaceuticals accounting 13 percent
and devices, insurance and diagnostic
labs accounting for 9 percent, 4 percent
and 3 percent respectively [Figure 2].
While these are impressive figures,
the need for care and the resultant
market opportunity it represents is
much larger. India continues to be
one of the most under-penetrated
healthcare markets amongst developing nations and lags behind on spend
as well as outcomes.
Total healthcare expenditure in India
74 Intelligent Entrepreneur April 2014
80%
70%
60%
CAGR 16%
50%
40%
30%
75
20%
10%
0
50
41
2008
2010
2012
Medical
Insurance 4%
Medical
Equipments 9%
Pharma 13%
Diagnostics
3%
Delivery 71%
www.entrepreneurindia.in
FIG, 3: HEALTHCARE
SPEND AS A % GDP
80%
15%
9
5
4
0
USA
0.8
0.7
0.34
0.36
2002
Public
0.49
0.41
2005
1.4
0.82
0.47
2010
Private
1.9
1.7
2000
2010
SPECIAL REPORT
FIG 6:
PRIVATE EXPENDITURE AS
% TOTAL HEALTHCARE
OUT-OF-POCKET EXPENDITURE
AS % TOTAL HEALTHCARE
69%
59%
35%
44%
54%
11%
31%
54%
0%
20%
40%
60%
80%
0%
20%
40%
60%
80%
The high expectations from the healthcare consumers and the rise of branded
hospitals have also led to a gradual shift in
the consumers attitude towards doctors.
Doctors, as brands themselves, were
the driving force for several years and
many of them were looked upon as demigods. However, more recently, corporate
brands are beginning to play the role of
building credibility with the consumer.
As their undisputed influence wanes,
doctors increasingly have to behave like
service providers and consider not just
the treatment required for the patient but
also how happy they are as customers.
Doctors today have to spend more time
in the consulting room explaining the
diagnosis and the treatment to the patient.
It is fairly common for patients to ask the
doctor for his cell phone number as they
expect a much higher degree of personalized attention. We now see doctors
more willing to pay for featured listings
on Justdial, and more open to adopting
software like Practo, which enables their
patients to easily book appointments with
them online.
Another area that is rapidly getting
organized and consolidated with
branded players is diagnostics. The
consumerization trends are evident in
this market and the shift to branded players has happened at an accelerated pace
over the last 10 years.
Traditionally, patients did their
testing at the neighborhood local
diagnostic center recommended by
their doctor. Today, while credibility
and trust remain the core value propositions of a diagnostic center, it is critical
to provide good access and great experience to build a loyal base of customers.
This trend has led to customers choosing their own diagnostic center, often
picking a branded corporate chain over a
local mom-and-pop center.
In NCR, Dr. Lal Pathlabs has become
a household name. In Mumbai, Suburban
Diagnostics has been carefully crafting a
consumer-focused diagnostics services
business and has invested heavily in the
latest technology for testing to match
consumer expectation of quality, accuracy and turn-around time. In addition, their excellent customer service
www.entrepreneurindia.in
The D Word
SPECIAL REPORT
Go [ing] local
Glocal has brought affordable and quality healthcare to small-town West
Bengal. But it does not want to stop there
www.entrepreneurindia.in
All Glocal hospitals have achieved operational breakeven. It is now in the process
of expanding to five new states with plans
of building 50 hospitalseach equipped
with 100 beds, of which 20 are devoted to
critical care services. Each hospital will
be built from scratch, at a total cost of `8
crore, including, land, building, and hospital equipment, Azim mentions.
On the technology front, Glocal has
identified devices, equipment and services
that are absolutely essential to deliver
quality healthcare, thereby eliminating
expensive ones. The business model has
been tweaked for its next phase of growth,
with each of these 50 hospitals structured as a Limited Liability Partnership,
with Glocal owning 65 percent equity, and
community doctors owning the remaining
35 percent. This allows us to leverage the
network and in-depth market understanding possessed by our partners in the local
community and mitigates any adversarial
perceptions that a large corporate chain
may invite in the course of rapid growth,
addss Azim.
Shonali Advani
SPECIAL REPORT
www.entrepreneurindia.in
Early Care
Cloudnine offers a specialty setting for mothers-to-be
and newborns at the right price
University calling
NUS Enterprises goal is to support
Singapores transformation into a knowledge-based
and
innovation-driven
economy, while at the same time infusing an entrepreneurial spirit into the
local community.
To this end, NUS Enterprise was
established as a University-level cluster to provide an enterprise dimension
to teaching and research involving the
universitys students, staff and alumni.
This it does through the three-pronged
approach of experiential education,
industry engagement and partnerships
and entrepreneurship support.
According to former students, the
university has provided a lot of support
to its current students and alumni in their
entrepreneurial efforts.
I graduated from NUS, started my
first company which was a mobile applications startup, ran it for two years and shut
it down. NUS had funded my company
then and despite having failed, it funded
my current company as well, says
Sourabh Sharma, Co-Founder at Milaap,
which is a social enterprise that provides
Training Tales
India is reaching out to Singapore as well.
By some estimates, India has only six
percent vocationally trained people as
against 70 percent to 94 percent in countries like Japan, Korea, Germany and
New Zealand.
In 2012, the Delhi government signed
a Memorandum of Understanding with
the Singapore government for the setting
up of a world class skill centre. According
To 2015
Going forward, Singapore is going
to keep plugging away at making the
city-state a hub of high class innovation
and entrepreneurship.
Part of this effort is the Science,
Technology and Enterprise Plan 2015
(STEP 2015), where the government has
sanctioned funds worth SG$16.1 billion.
The objective of STEP 2015 is to invest
in the sciences for future innovation and
support for technology commercialization. The governments Agency for Science,
Technology and Research (A*Star), has
been and will continue to spearhead
this effort. The agency has supported over
30 active startups since 2006 and has
helped raise funds over SG$25 million
since 2011. The agency has declared that
it aims to create a pool of talent at preuniversity, undergraduate and postgraduate level by providing scholarships and
awards. Going forward, the agency said
that there will be increased emphasis on
making economic impact and fostering
commercialization of the R&D.
Intelligent Entrepreneur April 2014 81
TECH DEPARTMENT
www.entrepreneurindia.in
DOUBLE AGENT
The value-based laptop/tablet workhorse has arrived
JOHN PATRICK PULLEN
WORK LITE
Not 2.0
Holy
Moly Arvind! I never
knew that you had become
an entrepreneur. Thats
good news!
Thanks
yaar!
But What
made you suddenly turn
entrepreneur?
It was
something inspiring that
my last boss said.
Which is?
Pack up
your cubicle and dont
come back on Monday.
OI...dont worry
if he said no, he
is probably just
baiting you into
negotiating more.
Sohave you
looked around
for funding your
business?
Yeah, I went
to an angel
investor. No luck.
haha! Damn...Well
maybe he thought you were
lacking on professional
experience?
Bullshit.
Remember.
An amateur
built Noahs Ark and
professionals built
the Titanic.
I am proud
of you bro!
The end
Intelligent Entrepreneur September 2013 85
MONEY
Q & A
What determines the
value of my company
when I go to sell?
JOE WORTH
www.entrepreneurindia.in
the expenses of acquiring other companies. The adjustment part of the process
can be confusing and contentious, as it
covers a wide range of issues: personal
expenses that youve run through the business, tax-avoidance actions, discretionary compensation and expenses, family
members compensation and nonrecurring expenses. In other words, its the
gray area where the personal sometimes
overlaps with business. The important
point to remember is that many of these
actions are under your control and can
be cleaned up. Start by clearly separating
your business from personal expenses; for
example, stop using the company to pay
for your car or golf-club membership.
Back
to
those
multipliers.
Manufacturing and capital-intensive
industries usually have lower multiples,
while software companies generally
enjoy much higher ones. Where a given
business falls within the industry range
varies by factors such as the strength of
the product, age of the business (younger
ones may be less valuable but have more
room to grow than established companies, thus earning a higher multiple) and
the stability and predictability of revenue and profits. To find yours, I urge you
to seek out a business broker, CPA, M&A
attorney or a CFO in your industry.
The last factor to consider is whether
youre in a sellers or buyers market. In
the near future, a large number of Baby
Boomer business owners will cash out,
creating a strong buyers market. And
now that you know how your business is
going to be valued, take action to increase
its worth. Extricate yourself from timesucking micromanagement and focus on
growing and strengthening your business
through increased sales and diversification, efficiencies and the development of
a strong brand.
If that sounds like what anyone
running a successful business should be
doing already, youre right. And thats
why those people should have no trouble
finding buyers when its time to sell.
Entrepreneur Inc. All rights reserved
SAM HOGG
corporation wants to bolster its development pipeline with the latest and greatest innovations it can find.
AMIT KUMAR
EAT
OUT
NOT!
STARTUPS: INSIGHTS
www.entrepreneurindia.in
CAPITAL HILL
NANDINI MANSINGHKA
Founder-Idyabooster; seed and angel stage investor
Build your business in the same way as you would play your
favorite game
I AM A SELF-CONFESSED
gaming addict and can play strategy and card games on my phone
for hours together.
As I think through how I should
move to the next level in my
current favorite game, I find that
there is a lot in common between
how we move from one level to a
complex one in a game and how
we build our new ventures.
YOU CANT START AT LEVEL 24!
As any avid gamer will agree,
we all have to start from level
one when we first start playing
any game.
While building businesses,
I have, however, come across
several promoters who want to
start building a `100 crore business in the first few years itself. A
gaming strategy requires you to
learn the rules of the game in the
first few simple levels before more
complexity is thrown in.
In a new venture context too,
as a founder you will be required
to first put the building blocks in
place: the basic structure of what
business you want to do, building a business plan, arranging for
funding before you move ahead to
more complex pieces of scaling up.
YOU BECOME MORE ADEPT AS
YOU PLAY
Ask any gamer what makes them
advance from one level to the
other. The answer: Practice!
In building a business too, you
In building
a business,
a founder
needs to
continuously
rethink his or
her strategy,
be ready to
pivot or seek
external help
as and when
needed.
STARTUPS
WHATS YOUR
SCORE?
A set structure
The site provides tests for competitive
examinations in the fields of medicine,
law, and engineering both, at the graduate and post-graduate level.
Registration is free. The current
model offers two options: Live Test and
Practice Test. The former is pre-scheduled and has to be taken in a defined
time frame. Some of the tests are free
while students need to subscribe to
others. Multiple users can take the same
test together and get a rank along with
a detailed performance report.
94 Intelligent Entrepreneur April 2014
JOSHUA NAVALKAR
www.entrepreneurindia.in
A function of fraternity
ERA OF COMPETITION
`5,000 CRORE
ESTIMATED SIZE OF INDIAN
COMPETITIVE MARKET
1.5 LAKH
$109.8
BILLION
The back-end system requires internet speed of 128 kbps or more. Authors
of test papers are from the medical,
engineering and legal fraternity with
most of them working as professors
at prominent Indian universities or
running coaching classes themselves.
The startup pays them a commission
based on the number of question papers
they set. Today, students from 1,200
cities across the country subscribe to
these tests.
The two-pronged business model
has a B2B vertical too, which targets
coaching centers that lack equipment or
resources to create an online testing and
ranking platform. In this case, coaching centers sign up for programs with
RankJunction and pay for a subscription package of their choice.
Since volumes and variety are large,
charges vary. All the students attending
classes then have access to these tests
for free.
Vikas Khanna, a Professor of chemistry for IIT-JEE preparation lauds this
decision as it gives the startup a large
user base.
They have roped in coaching classes
which automatically widens this entire
base. Students get to appear for tests
designed by a variety of professors,
hence there is exposure to different
styles of questions, says Khanna.
I think that the access and ease
with which we are able to work with
students is phenomenal, says Narayan
R Sharma, Director, Sharda Classes, a
coaching class institute in Nagpur.
We have signed up with the company
for various programs and not only do
we have more students joining our
classes but we are providing value to
each one, adds Sharma. A big plus point
that is likely to guarantee scale is the backend technology of the
platform that can work
with internet speed as
low as 10 to 12 kbps.
We did not invest much
in our technology. Our
in-house technolog y
team develops and makes
Making progress
The company is expecting revenues to
touch `1crore for FY14. The founders,
with their team of 26, have a target of
bringing 1000 coaching classes under
their umbrella by FY15. Alongside, they
are targeting to achieve a turnover of
`200 crore and a platform for 60 type
of examinations in the next five years.
Currently, subscriptions from
students and coaching institutes are
the only source of revenue but we are
looking at earning through advertisements and online coaching classes,
states Gautam.
The investment from IAN, he adds,
will be used to strengthen product
development going forward.
They plan to scale up business by
launching more paid tests, bringing
more coaching classes on the portal,
creating alternate distribution channels and adding new courses.
Intelligent Entrepreneur April 2014 95
STARTUPS
LIGHT IT UP!
A Bengaluru-based startup innovates to provide cost
effective solutions to the LED lighting market
SHRUTI CHAKRABORTY
BMAXIMAGE
Brain building
To simplify the jargon behind his business, Swaminathan says, LED lights
have brains behind them as compared
to incandescent lights. What we build is
that brain, he says.
LED lighting, more energy efficient
than incandescent lights, is a rapidly
growing market. The focus of the
company is both on backlighting for
mobiles, laptops and other electronic
devices as well as general lighting for
households and indoor use.
Global business consulting firm, Frost
& Sullivans assessment of the Indian
lighting market finds that the overall
LED Lighting market in India earned
revenues of over $142.8 million (`877.5
crore) in 2012 and estimates it to reach to
LET THERE BE AFFORDABLE LIGHT: Rajesh Swaminathan (below), Hrishikesh Bhagwat (left),
Krishnadas Bhagwat
about $1.2 billion (`7,374 crore) in 2018.
Since xSi hasnt started contributing
to that number yet, Swaminathan has not
experienced at xSi, the next major challenges that startups in the industry face.
The risks in building a semiconductor product company are daunting. The
foremost challenge that these companies, especially product companies,
face is that of raising capital, says PVG
Menon, President, Indian Electronic
and Semiconductor Association. That
www.entrepreneurindia.in
7%
2008
93%
Conventional lighting
LED lighting
75%
2020
25%
STARTUPS
STORAGE MALL
Have a lot of stuff and no place to store?
Worry not, here is a startup that specializes in storing household goods for you
AVANISH TIWARY
A cluttered biz
For storing their belongings, clients are
charged according to the type of service
they choose. If the item to be stored
can be packed in boxes, the company
96 Intelligent Entrepreneur April 2014
www.entrepreneurindia.in
AMIT KUMAR
THE DOCUMENT
MANAGEMENT MARKET
US ANNUAL GROWTH
2008-2013
REVENUE
1.9%
$5 Billion
Storage doors
STARTUPS
Ghar Ka Khaana
With this e-tiffin service, Mumbai is now closer to home for
its urban migrants
ASHNA AMBRE
CHOW DOWN
IN 2013, THE INDIAN UNORGANIZED
FOOD SERVICES MARKET HELD
70 PERCENT SHARE WHILE THE
REMAINING 30 PERCENT WAS HELD
BY THE ORGANISED PLAYERS
WITH THE EXPECTED GROWTH IN
THE ORGANIZED SECTOR, THE UNORGANIZED MARKET IS EXPECTED TO
GO DOWN TO 61 PERCENT BY 2018
Source: India Food Services Report 2013
Paradox of choice
Kochhar has made ordering food home
easier with his website www.spicebox.
in where a customer can opt for a vegetarian or non-vegetarian meal, book it
for a stipulated time and then make the
payment. The meal delivery begins from
a Monday of any week after the payment
is made.
We give our customers a choice of
JOSHUA NAVALKAR
www.entrepreneurindia.in
Mobile connect
Godiawala says that with rising disposable incomes, there will be greater
demand for services such as SpiceBox.
People in India today are accepting the
online transaction culture. There is no
reason for an online platform for tiffin
service not to see traction, he sayss.
Kochhar is currently working on
SpiceBox Easy Ordering mobile application, which is slated to be operational
by September this year.
The application will help subscribers order, make payments and make
changes to their meal plan through
their smartphones. Alongside, SpiceBox
will soon open dinner and breakfast
subscription services and also venture
to new cities such as Delhi, Bengaluru
and Chennai in phases by 2015.
Intelligent Entrepreneur April 2014 99
STARTUPS: INSIGHTS
www.entrepreneurindia.in
THE FIREWALK
HARSHADA SAWANT
An entrepreneurs
biggest asset
is the ability
to continuously keep
trying. And I
say this from
personal
experience
that yoga
teaches you
the same.
HOW TO
Sell on
But I am starting to rethink that position. Nine months ago, Corey OLoughlin (a
colleague of mine at MarketingProfs) and
Nina Vitalino launched their Facebook store
Prep Obsessed.
They are on track to record sales of $500,000
this year, with a healthy profit margin. Their
startup represents a new business model that
was all but unthinkable a few years ago: an
online company without its own website.
It is indeed possible to run a business solely
on Facebook. But there are ways to do it right.
Tap into existing communities of poten-
tial buyers
www.entrepreneurindia.in
HOW TO
Divide Equity
among Founders
Dump those emotionsthere is a systematic way of distributing equity
ASHNA AMBRE
www.entrepreneurindia.in
HOW TO
www.entrepreneurindia.in
HOW TO
www.entrepreneurindia.in
MIKAL E BELICOVE
FAST FACT
Yahoo! Finance
(75 million visitors
per month), MSN
MoneyCentral (70
million visitors), CNN
Money (60 million
visitors), are ranked
as the top five popular
business websites in
the world
Source: eBiz MBA Ranking Guide.
Get fit
KULDEEP CHAUDHARY
www.entrepreneurindia.in
SPEND IT
TASTE OF
KARAIKUDI
Taj-Connemaras iconic Chettinad restaurant
retains its old glory while marching forward
SULEKHA NAIR
www.entrepreneurindia.in
Food Coma
VANNAKAM
1. Interiors of the indoor restaurant
2. Al fresco dining area
3. Lunch on banana leaves
BACKSTAGE
www.entrepreneurindia.in
FUCHSIA Hot, wild, probably not the best choice for your logo
FUCHSIA AND ORANGE POLKA-DOT KIND OF THING Just awful. Make it stop
BLACK Black is an absence of all colors. Which is unfortunate. (On the bright side,
this means it cannot convey anything that fuchsia does.)