Where is the startup ecosystem in India? Guide for Dummies
The Mumbai edition of TechSparks 2013 was the breeding ground for quite a few heated discussions. One rather interesting and to an extent disturbing question was "Where is the startup ecosystem in India?" The allusion was towards an almost non-existence of support for anyone looking to startup.
- Sometimes bordering onto being a rant, there usually are numerous questions some of the first time entrepreneurs have which they put forward at several startup forums:How do we reach out to someone we need to talk to?
- VC's don't respond to emails!
- How to get visibility?
- Where to look for lawyers who could help me?
- Where are the mentors?
These are just some of the questions which keep swirling and seem very natural but in this age of the internet, also naive.
So, where are we?
Time is the question to many answers and it was rightly pointed out by Shradha Sharma, the founder of YourStory. "When I began almost 5 years ago, there was hardly anything. What we have now is much more structured and the situation is improving every day," she said. There are organizations like us and others who're working towards fostering entrepreneurship in India. Over the past couple of years, many support systems have blossomed. There are more active angel networks like the Mumbai Angels, Indian Angel Network, HBS Group, Chennai Angels, etc. There are a bunch of accelerators and incubators that have come up. More than 10,000 startups are listed out on YS Pages along with a list of investors. Things aren’t available on a silver platter but just a bit of perseverance and a keen eye are required to make a smooth sailing.
The journey of an entrepreneur is not a short one. This is why you actually need to startup two years before you actually startup! But if you're already into it and looking to find your footsteps, here are some basic pointers:
- Social media is a goldmine. Mine it. Whatever it may be for- looking for a recruit, branding for your startup or prowling for investors. If a VC isn't responding on mail, you can get him on Twitter (Here is a list of active Investors on Twitter)
- Start attending events. If you have a product, this is the best place where you can show off. If not, just be a part of the circuit, connections are very important to help you get through the maze and when you actually know people in person, it makes a world of difference.
- Subscribe to newsletters and be aware. Many will tell you that reading news and startup blogs will only make you paranoid but a healthy dosage of startup activity is important to keep you updated. (Yes, this also increases our traffic :) )
- Specifically for reaching out to investors, always go via recommendations. This has been said many times but- Instead of a cold mail to anyone, if you can find a connection you know, go via that link. Credibility is a big thing. And if you don’t know anyone? Build relationships.
- If you're looking to get your story into print media or international online platforms, the best way is to be on good terms with the journalist even before you've pitched to him. In cases of online media, a tip off is enough in cases your product is really interesting but otherwise a personal touch inclines the journalist towards your story. If you've met him or her before at an event, or interacted on social media, it always helps when you actually pitch your story.
- Don't give up. India is a tough country and almost nothing comes easy (except population perhaps). You'll have to struggle to make it big but if you do, the fruits of success are sweeter.
Recommended reads and resources to get started:
Is there enough funding for startups in India?How to find a technical co-founder?
Are you dumb if you have a non-tech startup?
How to make cold calls
How to do sales as a startup?
3 part series on interviewing tips for startups
