Desirable Flexibility- stocks and IT
Flexibility is a desired attribute in any start up. Such a quality is also an asset in the ever varying ups and downs of the stock market. “Wit Innovation Technologies” may have demonstrated its flexibility by switching focus from a service oriented to a product oriented company but it says a lot about their competency too considering that both its arms have done quite well. Their website www.HiOnStocks.com is a Stock Ideas marketplace conceived from the fertile entrepreneurial mind of Vibhor Gupta.
Yourstory learnt more from Vibhor on how he plans to leverage his company and www.HiOnStocks.com to achieve his entrepreneurial goals.
Does your company have an IT services oriented or a product oriented strategy?
We started out as an IT services company 4 yrs back. Idea was however to create something innovative and unique. We thought we should gain some experience in running the company and learn about the challenges, the dos and don’ts before working on our product idea. We knew that product lifecycle is longer and it takes longer to make a product idea successful. Hence we went the traditional path of Services at the start. Couple of years down the line we came up with the idea that we believed fills a gap in the market. Hence we diversified by entering into Online business with the launch of a Stock Ideas marketplace www.HiOnStocks.com and are now betting big on it.
Our organization is a mix of IT services and Products. From our platform HiOnStocks.com, we estimate all the people who are involved in doing online trading can actually benefit from it.
What makes your business model unique for HiOnStocks.com?
These are the differentiators for HiOnStocks.com
A marketplace which objectively evaluates the Recommendations given by Stock Analysts
A marketplace which lets the Analysts get more subscribers and also let them set their own pricing.
It’s an independent third party platform hence eliminates any bias that the brokerage houses come up with.
Analysts are asked to give a timeline to each recommendation
Buyers can pick and select the Analyst they want recommendations from.
No Community Feedback mechanism removes any bias that can be created artificially.
How will you make your business of stock ideas grow and flourish?
We entered into Online business with the launch of a marketplace www.HiOnStocks.com where people can buy and sell stock ideas. We are looking to build our userbase and then seek funding for the same to scale up the business. We also have plans to launch this platform in multiple countries going forward.What has been the biggest challenge for you in your niche as a technology company?
As with any tech company I think the biggest challenge that we face is on the people front. IBMs and Mindrees of the world keep on pulling our people whom we invest time and money for a long time. It becomes discouraging at times when you lose your good guys. However as a company we have to move on by hiring replacements.
Are mistakes integral parts of learning to be a better entrepreneur?
As an amateur blind belief in employees and customers was a mistake. Both can leave you in lurch at times. So it’s important to have policies and procedures built around to avoid or minimize these situations.
What kind of growth has HiOnStocks.com had? Do you see more in the future?
Growth story has been pretty challenging and exciting thus far. We started on a very low base however we have been able to grow our company. We have been able to grow our revenues YOY 100% + in the last 4 years of operations. We have only one branch in Bangalore and we employ 40 people on our payroll.
Do you ever think of going back to a steady job?
As with any business there were lots of lows encountered during the 4 years that the company has been in operation. The failures I have encountered have in fact made me stronger and be better prepared for such kind of situations in future. I never thought of quitting as if I go back there would not be second chance.
What motivates you to carry on with entrepreneurship?
The excitement, the challenges, the responsibility, the prestige and the hope of being a successful entrepreneur keeps me going.
What expectations and visions do you have for your company?
Vision is huge. To take the Organization to a level where we get noticed not only in India but throughout the world. People talk about us and approach us for commending the work that we have done for society at large.
What would you say to your fellow entrepreneurs to motivate them?
Don’t give up when you encounter a difficult time in running the business. Come out stronger and more determined with each bad news.
Business is not only about how great technology you have or how good you are working. Business is more about how you are able to sell it.
What do you think India needs to change to help its entrepreneurs?
Procedural hassles that govt. of India has put us through with getting lots of registrations/enrollments and all kinds of compliances is a big challenge for a small entrepreneurs. Things should be made much simpler at various places by IT enabling most of it.
Yourstory wishes Vibhor and Wit Innovation Technologies a great bull run in the market and hopes that their stocks keep rising with time…