important lessons for a startup founder

THREE MISTAKES OF MY LIFE

Sanjib Kumar Paridasanjibparida@gmail.com

@izixin

PRODUCT BEFORE MARKETWhen tide goes up all boats go up.

COMPETING AGAINST BIG PLAYERS

In David vs Goliath, David winning is an exception not a norm.

SLOW AND STEADY LOOSES THE RACE

In a race between Rabbit and Tortoise the Tortoise will win in a story for grown ups.

FIXES FOR THESE MISTAKES

COST + QUALITYUstad Moinuddin

COST + QUALITYDr Prasad Shetty, Narayana Hridayala

COST + QUALITYLei Jun, Xiaomi

WHAT PRODUCT YOU SHOULD BUILD

WHAT• Make something you

love making.• Make something

people want.• Make something that

is significantly better than competition.

FOR WHOM• Find a customer who

has need not addressed by your competitor.

• Know that group of customer.

• Start with a niche.

WHY• Greater vision of the

company.• How the product will

change the customer’s lives.

• Why are you the best person to make it.

GIST• Make something you enjoy making.

• Make something that people want.

• Make something that is different.

• Make something for which a customer exists.

• Make something that does not exist.

WHAT YOU SHOULDN’T BUILD

JUST NOT TO TAKE GRANTS OR SUBSIDIES

BECAUSE UBER IS COOL

CHEERLEADERS DON'T UNDERSTAND THE GAME

HOW TO BUILD

BUILD,SHOW, ITERATE

• Build fast destroy fast.• Show and take

feedback.• Minimum viable

product

FUNDING

FINANCIAL MODEL VS BUSINESS MODEL

TYPES AND TIMELINES

GOVERNMENT SOURCES OF FUNDING

• MSME Incubation Program - 6.5 lakhs through incubators.

• TePP - Upto 25 lakhs through incubators.

• BIRAC Funding- Upto 1 crore for health innovation.

• Credit Link Capital Subsidy Scheme - Upto 1 crore