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India is becoming a core for startups in the last few years because of the high growth rate and other factors. Investors like to invest in software, finance tech, and other sectors to gain success. It is potential for startups to grow in the future. Many factors, such as manpower and government policies, affect this growth.
A recent study says that India is growing faster in the startup ecosystem, contributing more to the country’s economic growth. Startups offer job opportunities to job seekers.

Prime Minister Narendra Modi launched a program in 2014 to help stakeholders, emerging businesses, and startups. The Make in India program is a sustainable pillar for leaders and business owners. It is an invitation to potential investors from around the world. It is a symbol of change, of the mindset of the Indian government.

There are other schemes by the government to support startup culture in India, such as the SAMRIDH scheme, Start-up India Initiative, Start-up leadership program, Pradhan Mantri Mudra Yojana, etc.

Image Source: https://www.narendramodi.in/

Other reasons for successful entrepreneurship in India are technological development and the changing perception towards startups. The youth of India is aware and ready to grab opportunities out there. They are motivated and hungry for success. Also, they have the strength to put their ideas to work and make smart movements. Apart from that, they are willing to take risks and endure failures.
The number of internet users has increased in the last few years. People are aware of the happenings and have sufficient knowledge that helps them grow and become better. It has made R&D even easier.

Another reason for the growth of the startup ecosystem in India is the emerging markets. India is one of the fastest-growing economies in the world because of the potential for businesses in the market. The youth is ready to become independent and start their own company/business with high ambitions.

To start a business and make it work, a person needs to be well aware of government schemes and ways in which the business can grow. To provide this knowledge to startups and innovators/entrepreneurs, BCOC has organized an event – The Big Idea Summit (TBIS), India’s first non-profit platform connecting innovators and startups with subject matter experts, angel investors, and leading mentors globally.

TBIS 2.0, in a tie-up with IIT Bombay (BSBE) as a knowledge & technical partner, will provide a platform for Innovators/startups to present their prototypes/products at a large exhibition (100+ free hi-tech stalls for innovators/startups) on 3rd & 4th December 2022 in Mumbai and meet global investors/mentors.

The event will also have knowledge seminars, mentor support (pre & post event), and investor pitch sessions to secure funding to develop working prototypes of their innovative ideas/products and become a commercial success.

Are you looking for a mentor to nurture your innovation / secure seed funding / looking guidance about the government policies that’d help your innovation and startup? Then TBIS is for you. Register at https://bcoc.in/big-idea-summit/ now!

At every stage of life, we find a person who walks with us through the journey, teaching us the correct way towards a harmonious and successful life. In a startup, founders need a person who can influence the decision making and provide proper guidance to make the business prosper.

One thing most successful entrepreneurs have in common: is their willingness to be guided by mentors. Even the most successful entrepreneurs like Jeff Bezos, Steve Jobs, and Larry Page accepted guidance and help from mentors. A reliable mentor will prove to be a benefit in business.

This mentor provides the startup with the knowledge to take the first steps and become better. This person is ready to devote their time and expertise to develop the business and the entrepreneur.

Having a mentor can benefit the founder of a startup in many ways. As mentioned, they can be the source of knowledge and wisdom to help make decisions.
A founder can be incredibly smart and start a great business from scratch with a brilliant concept, but to become better, they’ll need at least one good mentor.
This idea must have crossed someone’s mind earlier, and maybe their approach was different, but to become successful and overcome difficulties, some learning is required for the startup to head in the right direction.

Mentors act as a generator for a startup, and they are the manual that tells how to move forward and build the business.

How can this mentor help in growing a business with their experience?

• Their experience also brings a reputation to the business. They provide credibility.
• Provide resolutions to problems with strategic and functional inclination.
• They also might provide financial support.
• At times it becomes challenging to handle rough situations. They might provide the founders; its members with the necessary motivation.
• Help with professionalism while hiring talent and building the management culture in the startup.

The relationship between a mentor and the mentee (founder) greatly impacts how the mentorship will turn out. Both parties invest trust and effort. Having unrealistic expectations from the mentor (like they’ll remove all the obstacles magically) will only lead to disappointment. Expecting the mentor to remove all the obstacles is unrealistic. Their advice will be helpful if taken adequately and implemented correctly. The mentee should be willing to listen to their mentor and make sure to implement the necessary steps.

The founder must be honest about their expectations from the mentor. They should accept the negatives and positives of the business. They should be honest about their flaws and fears so the mentor will provide proper guidance to overcome them. They should also let the mentor know what they wish to achieve by growing the business. It’ll help the mentor to understand the expectations and what can be done to achieve them.

Finding the right mentor to escalate your business can be a difficult task. You might find it difficult when you look around for one. But do not worry, as BCOC is here to end your hunt for the right mentor.
The Big Idea Summit (TBIS) is an event organized by BCOC. This is India’s first non-profit platform connecting innovators and startups with subject matter experts, angel investors, and leading mentors globally.
The event will also have knowledge seminars, mentor support (pre & post event), and investor pitch sessions to secure funding to develop working prototypes of their innovative ideas/products and become a commercial success.
If you have an innovative idea but need mentorship support to turn it into a prototype, then register at https://www.bcoc.in.

Every startup needs three critical things: 1) Business idea, 2) Human capital, and 3) Financial capital. Financial capital is crucial at every stage of the startup’s journey.

Below are the different stages of funding in a startups journey:

For a new startup, the most significant disadvantage is competing with established brands. With appropriate funds, it becomes easy to construct the company’s foundation. Full product development for prototyping should also be the priority at this stage. Hiring staff members, office space, and other essential departments like marketing to new customers are some tedious tasks. Without these steps, you’ll strive hard to make the business work.

Seed funding has provided new startups a great deal of help, external or funds from family and friends. But one thing to consider is at what stage the founder should look to raise seed money. Once founders have a concrete plan for the business and maybe a business model, it is the right time to start raising seed capital. This will have a massive impact on the outcome. But before deciding on seed funding, the founder needs to be prepared with a strong business plan, and market research needs to be done to convince the investors to invest. 

Also, before going ahead with this process, the prototype should be ready to break into the market. During this stage, the founder needs to be confident about the plan. This will ensure the investors of the capability and possibility of the business working. 

There are various startup options to raise business funds, like family and friends, venture capitalists, angel investors, crowdfunding, incubators, and accelerators. It cannot be easy to gain funds at the initial stage.

Here are some tips to secure seed funding for your startup:

1.Build a pitch for your business: This pitch tells the investors about your business or product, everything that will convince them that this will be worth it. They need to know about the market, financial projections, and short- and long-term plans. It can be a presentation or an email but ensure you include sufficient data. Think about the future of your business and be ambitious but do not set unrealistic goals. 

2.Make a list of potential investors: Not every investor will be interested in your business. Not every investor will be ideal or relevant for you. This task requires research. Consider the type of investor, their experience, and the amount they will be ready to invest. 

3.Presentation for investors: Investors will require a presentation that includes all the details and research about your startup. It is an opportunity to show off your preparedness to face whatever is ahead and build your business. Keep it realistic and simple, and demonstrate your passion through it.

4.Learn to negotiate with them: Negotiation is a task full of hassles. It is the last step to secure the fund that you need. Refrain from taking the first offer and negotiate over the one you proposed. When they agree, make sure you get it in writing. Avoid accepting vague pledges and anything that would lead to misunderstandings or disputes in the future. 

This task of gaining a seed fund might be daunting, but don’t get overwhelmed. There are organizations around that help to find the right fund-raiser or investor for businesses. These organizations help startups grow and provide the necessary guidance to make them flourish. BCOC is one such organization that provides all the support that a growing startup needs. BCOC has organized a free exhibition cum investor pitch session in Mumbai called The Big Idea Summit. It is a community platform to promote innovations, startups, and entrepreneurship. To register for this free event and claim prizes/funding support, one can register on www.bcoc.in

Nowadays, we see innovations of all sorts around us in the fields of agriculture, education, health care, biotech, cleantech, robotics, AI and so on, to resolve identified problem statements, improve the quality of life and protect the future. However, the life of an innovator who works towards the betterment of the society, is full of adventures and challenges. 

The journey of an Innovator doesn’t just stop when he/she comes up with a grand idea. In fact, it’s the starting point of an arduous journey toward creating a feasible and working prototype with an end goal to create a commercially or socially acceptable product and then to establish a successful start-up. Some innovations do not even reach a prototype stage due to the unavailability of resources or mentorship, while some reach the final product stage only to realize that the product has no acceptability with the target user base or there are better alternatives available. 

For an innovation to be successful, the innovator needs handholding and mentorship at every stage. Extensive research is required to understand and work on an idea before reaching the proof of prototype stage. Thus, understanding the concept of design thinking is important for an every innovator. Design thinking is an iterative process in which you seek to understand your users, challenge assumptions, redefine problems and create innovative solutions which you can prototype and test.   

Funding is also a very critical in the entire journey of an innovator and so also a successful start-up. The early stage of innovations or start-ups to some extent, can be funded internally, but one needs external seed or advance stage funding support to survive & thrive. Multiple sources of external funding, be it equity or debt, from government, financial institutions, crowdfunding, angel investors, private equity, venture capitalists, corporate incubation centres, and even non-profit organizations. However, access to these funding sources as well as counselling on the right mode or size of funding is important. 

IPR support is also a requisite. It safeguards your idea from piracy. Getting the copyrights and trademark will allow you to have complete ownership over your innovation and helps you to steer clear from any counterfeits. 

In this journey, there are multiple institutions, government agencies, not for profit organisations and corporates, who provide a platform to exhibit and seek mentorship as well as funding support. One such free exhibition cum investor pitch session has been organised by BCOC (not for profit company) in Mumbai on December 3rd & 4th, which is called The Big Idea Summit (TBIS). The key objective of this platform is to promote innovations, start-ups, and entrepreneurship. To register for this free event and claim prizes/funding support, one can register on www.bcoc.in.