Conventus is a three day management conclave which provides a platform for the experts of the industry to share their experience, knowledge and expertise with the student fraternity of IMI New Delhi.The event will include various summits in the world of Media, Marketing, Finance, Operations, Human Resource, Information Technology, Economics and Entrepreneurship. The theme for Conventus’16 is ‘Transforming Corporate India: Transcending Innovation Towards Strategic Sustenance’
With the growing schism between the numerous start-ups which are cropping up all across the country and those who have established themselves as a reputable one, the question of mortality of these burgeoning enterprises begs to be asked. In keeping with a market which devours most of the start-ups, often even during the company’s incubation stage, the Entrepreneurship Summit of Conventus 2016 was themed as “Sustainability of Innovation: A new challenge for startup India”.
Moderated by Professor Supriya Kalla, Marketing at IMI New Delhi, the summit was a continuous barrage of question and answers revolving around the enterprising world in India, which has the 3rd largest amount of start-ups in the world, with over 1.2 billion people to cater to. And yet the success of only a tenth of these companies sees the light of day. What then are interfering with the chances of longevity for such companies? Finance, finding like-minded people who will believe in the project and access to market were some of the opinions floated by the panelists, who seemed to come to the consensus that kick-starting a company is not the easiest job in the world and keeping it afloat and raking in revenues, an even steeper slope to climb. “Always remember, never underestimate an adversary. The idea is to be a cut above the rest” thinks Mr. S Chatterjee, Executive President, Sulabh International. The investors look at a business in a holistic sense, yet more often than not what compels an investor to cast his/her dice with the start-up are the people who are driving the passion, viz a viz the founders and the team. “The passion that one carries along with the idea needs to be conveyed to the investors” explains Mr. Madhup Agrawal, National Head, HR, IndiaMART. However sustainability is more than just acquiring an investment. It is also about convincing the investors to work at tandem with the rest of the team. Will then the company stop its functionality if the investors pull their backing off the start-up? “It is a phase”, emphasizes Mr. Rohit Chadda, Founder, Paylo.in, Co-Founder, Foodpanda, “The life-cycle of any start-up comprises of 3 stages – Uninformed Optimism, Informed Pessimism and Informed Optimism”.
Yet the early trends of investing just to increase visibility or to expand into an unexplored vertical are fading amongst the Angel Investors and the Venture Capitalists. They are now more prudent than ever before shelling out the big bucks and even the potentially humungous untapped market space of India alone cannot cajole them into investing for Indian firms. The best and the surest way to gain entrance is to delve into this world with a high barrier to entry, along with individuals with passion and a sustainable yet profitable plan of action. As Mr. Rishab Malik, Co-Founder, Droom puts it – “The markets will move, there will be crunches but the money is still out there. You ought to go and find it”.