Startup India – How useful is it for entrepreneurs?

I’m thrilled to find out more and write about startup India today. Just the last month, our PM marked 16th January as National startup day – calling startups the backbone of the Indian Economy. As an entrepreneur and startup founder, I’m excited to see the amount of support coming in for budding startups.

We all know that India is at the cusp of a highly innovative stage where new ideas are in abundance. It is only a matter of time and with good support that these startups will change the world as we know it.

What is startup India?

Delving into a little more about startup India – it is an online network. Loosely stated, it is an entrepreneurship platform trying to provide support and an ecosystem for an entrepreneur to flourish. In the past, I’ve often stated that the support system for a startup to flourish is lax – particularly in the funding and organised shareholding segment. I’m pleased to see some support coming through this platform.

Having a quick look at the website – startupindia.gov, it appears to have good momentum built in already. I could see a few events and some other opportunities in the form of investor groups, mentorship, etc.

Networking for startup founders

I must admit that I’m not the most extroverted nor actively networking sort of guy. But this has cost me dearly in my previous startup experiences. The trouble I always had was finding out which one of the entrepreneurial networking events were worth it. Most times, these events turned out to be an advertising opportunity for the funding companies which needless to say tired me out.

I’d be very curious to see how the quality of these events will be maintained via the startup India network. Some of the best networking events are through these flagship events which have a theme. You at least have a good chance of finding relevant people for your business. Actively avoid the events which are generic in nature, as you might find a lot of people who’ll waste your time.

Resources in Startup India

Some of the resources on the startup India online platform appeared very useful. My top picks are:

1. Accelerators and incubators

You have access to a few accelerators. A common platform like this saves you time in finding the right type or listing of accelerators available for you. Please note however that not all startup accelerators are good. Make sure that you select carefully. You’ll find some helpful tips – Are startup accelerators worth it?

2. Investors

One of the most common reasons for startup failure is a lack of funds. In fact, it is the #1 reason for the failure of most startups. Needless to say – that finding the right investor will make a huge difference for your startup. The portal allows potential investors to sign up as investors. As a founder, make sure that you vet these investors before starting a conversation with them. Sometimes, you might find a few competitors signed up as investors just to find out more about the market and competition.

In addition, you can also find a few startup competitions which are a great way to recognise your idea. If you have the time and opportunity – please participate in these and win some awards. These awards help create your case for investment and also act as a great validation for the quality of your idea.

3. Mentors

Mentors come in different shapes and sizes. There are usually 4 types of mentors – choose carefully based on your need. Don’t have too many mentors or else you’ll end up receiving conflicting opinions. Ultimately mentors have to serve your purpose – through challenging, coaching and even calling out your bluff.

If a mentor is just agreeing with you and encouraging you all the time, it is a clear signal that you’ve outgrown them. You can only grow from one level to another through a few mistakes and challenges.

4. Learning Opportunity

This is perhaps the most immediate benefit of joining a network. The first and foremost is access to free resources. A quick glance at the startup India website shows a range of learning courses available for free. In addition, you can find a few online templates that can help start your business. Particularly some of these such as company creation, non-disclosure agreements, employment contracts etc are a massive benefit for a new entrepreneur.

Conclusion

In conclusion, the Startup India website appears to be well thought out. I can only hope that it is well balanced and monitored consistently to provide excellent quality of service. Most of these ventures have fizzled out in the past. It requires constant care and attention. Above all, it needs great startups to talk to each other and foster a culture of innovation.

With that, I’m inspired to join as a mentor in the website, do reach out to me if interested and want to talk to me more.