ORG*:Entrepreneurship in India: IT and ITES Industry

IT industry has seen so many start -ups turned into giants in very small time span for example Microsoft, Google and Yahoo…but these are few compare to those who have failed to make it.. Entrepreneurship is often a difficult undertaking, as a vast majority of new businesses fail.There are very few professionals who think innovative and try to do something different from their 9 to 5 work responsibilities…at least in India.

Many start-ups die in their early days , reason is non-existent ecosystem to support start-ups. Most of the start-ups fail because of not having good team in place or idea is not good enough. Financial constraints are also a major reason in failure. Some start-ups make mistake in raising funds at ideation stage and then their fund requirements keep on increasing, some times go beyond their management capacity and they fail miserably…

Recently i conducted survey…sent this question to all of my LinkedIn Contacts: Purpose was to understand what are the areas which are important for start-up success.

Question was:

What are the most important factors which are influential in the success of startup?

1. Great Idea
2. Mentor
3. Good team(HR)
4. Funds
5. VC/seed Capital/Fundings etc.

Result shows that Good Idea is top criteria followed by good team. To my surprise funds and VCs were last and Mentor is third important criteria for success of Start-up. Then i realized that the basic principle of Community Powered Innovation is what we need…

Lets say I have an Idea then what should be my next step? As per my understanding of the business my next step would be finding a good team and mentor/s. One cannot be genius in all functions of business, lastly i need infrastructure or place to set up my office….isnt it??? Hold on…at this stage i can take benefit of Community Powered Incubation…where i can get benefited by cumulative knowledge of Community…

I have been involved (I am working on my own business Idea) with one start-up which has dream to help other entrepreneurs and beginners.This start-up is business incubation platform- an Ecosystem…they have made available all sorts of collaboration-web 2.0 tools to the teams to work . I believe that this movement would change the complete scenario. We will witness the silicon Vally culture in India…young bright minds will not hesitate to work on their dreams and ideas…This is cost free method to check the viability of your idea without the burden of VCs or other investment agencies. Once you are ready with initial prototype you can always go to VCs.

Within just three months PlanetAikon has 13 14 bright ideas…and people are working passionately on those. Which i see as a great resource available to all beginners.

I cant believe this is happening…!!!