important lessons for a startup founder
TRANSCRIPT
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
