Post presentation Note

Mr Yagndeep Gohil gave brief introduction of NASSCOM CoE and the event. He introduced Special guest of the event Mr Digvijay Singh (COO, Indian Angel Network) and talked about points to be covered by Mr Amit Saluja (Sr. Director, Center Head CoE Gandhinagar)

Important points talked by Mr Amit Saluja

There is uncertainty prevailing in the market, nobody knows how the market will react post lockdown. Few things are sure though, after slack period of few months, market will start improving. Startups should start preparing for this time.

He advised startups to re work on business model canvas. Which would help them to understand changing business scenario and dynamics of the business eco system. In this digital world, startups should see the business holistically.

He stressed on startups should help each other, even when under normal circumstances these startups could be competitors. It’s important to have unity among startup community. “Individually we are one drop but together we are an ocean”. It’s time to find collaborative synergies and reduce waste of our precious resources.

Some entrepreneurs would be having second thought about continuing the business in this difficult time, but it’s certainly not the time to quite. Difficult time is not persistent, love for startup is.

Important points discussed by Mr Digvijay Singh:

Mr Digvijay singh started his speech by giving insight, how this lock down situation has change clients across the sectors, behavior of clients has change and even how they are giving business has changed.

Startups which receive good funding in last few months are in the most difficult situation, because they have got the money to do business and they can’t do, on other hand they are keep on loosing hefty amounts on employee salaries with no or very less work outcomes.

COVID -19 has change the whole business scenario, it changes the kind of people each companies now want. Appropriate people for this kind of business scenario are inn high demand.

There are few sectors which are booming, it includes online learning, farm to home, logistics, healthcare, and medical science, these are the sectors where even government is providing extended support.

He said that this is rude awakening call to every industry. Especially to industry which were reluctant to adopt IoT solutions. He stressed that technologies/industry backed by IoT are in high demand ass it reduces human presence, which is in present time very difficult. He encouraged all IoT based startups to offer solutions where there is high human interventions required.

He said everything is now online. If it’s not online it cannot be in business.

Sentiments of the market are low. This is the time to analyze your customer. “Don’t get married to solution, get married to problem “. Revisit the problem, revisit the customer, and revisit the solution. Don’t get frighten, don’t look back. This is the best time to test your product. This is temporary phase, but problems like covid will keep on coming, it has come in the past as well. Magnitude of the problem can be different.

Startups should prepare plan A if this situation continuous for 3 months, Plan B if this continuous for 6 months, Plan C if this continuous for plan C. Startups should enable their employees and try to retain all the employees. Involve employees in decision making, it will make them feel empowered.

Question/Answers by Mr Digvijay Singh

Q: Anik Agrawal Enerlytics Software Solutions

Do you think this market trend is going to change or it will sustain

A: This market behavior is going to sustain for long period of time. Though market is changing every minute, this behavior will sustain. For 1 year of startup life = 10 year of corporate life, this fast things change for startups. Always keep looking on customer requirements, to see change in behavior. If you are in tough sectors (presently) practice patients, don’t test waters.

Q: Harsh Vasi (3D Holographic Solutions)

How the investments are happening in startups during this lockdown phase, has financial strategy change from investor?

A: Presently online learning/education, medical science and logistics sectors are booming. Investors are keen on these startups. Investment and financial strategy has change keeping in mind this situation not going to change soon. Startups also should see if their products can get align to these sectors, they should validate their products here.

Q: Madhukant Patel (Reve Automation LLP)

I am entrepreneur and technical expert who work on product development, would investor invest in my startup

A: In my experience at Indian angel network, technical entrepreneurs falls in love with their solution, not the market problem. In many cases these investments have not returned value or startup has failed miserably. When tech entrepreneur lets outsider expert to run the company, who is not attached with product, it has got wonderful outcomes.

Q: Meena Shah (iView Labs)

Would there be any investors, who would share their business network without the investment

A: No. investor would share their business network and market access to the startup where they have invested money. Though startups may get in touch with startups enabler like incubators or accelerators as per their requirement for business network and market access

 

Key Takeaways

  • Presently there is uncertainty in the market, after this slack period, Market will start improving, Startups should be prepared for this time.
  • Startups should help each other in this tough time 
  • Startups should re work their business model canvas, which will help them to re align their offerings as per changing market demand.
  • COVID – 19 has change whole market, it has change client behavior, client demand and also how clients wants to be served.
  • There are few sectors which are booming, it includes online learning, farm to home, logistics, healthcare, and medical science
  • Technologies/industry backed by IoT are in high demand as it reduces human intervention
  • Don’t get married to solution, get married to problem
  • Revisit the problem, revisit the customer, and revisit the solution. Don’t get frighten, don’t look back, this is temporary situation.
  • Startups should prepare plan A if this situation continuous for 3 months, Plan B if this continuous for 6 months, Plan C if this continuous for a year