Budding entrepreneurs must tailor startup models to market needs: Experts

KOLKATA: An environment conducive to industrial growth in eastern India currently has made it a great time to be an entrepreneur in this region. “With ample funding and mentoring opportunities as well as government support, startups will find new avenues to make an impact on society,” said Hari Balasubramanian, angel investor, TiE. He was speaking at the semi-finals of Times innovation Challenge on Thursday.
“Incubators, like IIM Calcutta Innovation Park or Neotec Hub, are striving to create a sustainable ecosystem for new business ventures. Aspirants should take advantage of the opportunities available to encourage budding entrepreneurs in the state,” IIM-C professor Chandradeep Mitra had told TOI on Wednesday.

But Bengal, experts pointed out, lagged behind many other states when it came to help entrepreneurs retain their business. Many startups in Bengal, including Kolkata, have not been able to flourish much owing to the owners’ inability to effectively pitch innovative business models, which in turn, have been driving away investors. “To attract investors, entrepreneurs have to propose business models, keeping in mind customers’ perspective,” Mitra said. Balasubramanian pointed out that states, such as Assam and Odisha, had a startup policy to provide up to Rs 20,000 to those fresh out of college.
A startup expedition—its birth and then its journey ahead—was always a good learning experience, but the fact remained investors barely came forward unless there was a big market for a business proposal, said CEO of IIM Calcutta Innovation Park Subhrangshu Sanyal. “Entrepreneurs in our state hardly tailor their business proposals according to market needs, and so, investors decline to fund their ideas. The business proposal should be short and simple and exclude all technical nitty-gritty. One should not take a long time to pitch ideas,” Sanyal told TOI. Learning from the tip, Saket Agarwal, director of startup Shema E-Vehicle, said, “We have been producing electric two-wheelers for the past three years. Investment is needed but presentation is an important thing. This is what I have understood now.”
The TOI Innovation Challenge, where budding entrepreneurs were invited to present their business ideas, received massive response, with over 1,300 entries being registered on timesinnovationchallenge.com. The jury had to deliberate for a long time before they could shortlist the ideas and the top 50 entrepreneurs were invited to a daylong boot camp at IIM Calcutta Innovation Park. Advancement sessions on ‘3-Min Winning Pitch’ and ‘What Investors are Looking For’ were conducted to hone them for the semi-final round that was held at Neotech Hub in New Town on Thursday. Yamika Mehra, AGM, operations, Neotec Hub said, “Any impact that a startup has on society can be counted as a success. Even if it provides sustainable employment to at least five persons, it can be considered a successful venture.”
Sanjay Sarda, president, corporate strategy, Ambuja Neotia Group, said, “Around three years ago, the startup ecosystem in Kolkata was not as lively as that in any other state. Moreover, Bengal was witnessing brain drain owing to lack of a proper market. So we decided to take up mentoring, and today, we have 25 startups at Neotec Hub, of which 14 are from outside the state.”