An IBM 2016 Business Value India Survey says that Despite India’s entrepreneurial strength, as many as 90 percent of start-ups fail within the first five years. After surveying a hundred venture capitalists, IBM’s survey identified one of the top roadblocks for India’s start-ups. According to them, 64% of these venture capitalists believed that India’s start-ups struggle to succeed because their executives do not receive adequate mentoring from experienced leaders of established companies, incubators, investors and the like. Although numerous start-up incubators and accelerators have been formed in India as part of public-private partnerships, mentoring typically remains informal and voluntary.
Hence these start-ups:
Lack pioneering innovation based on new technologies or unique business models.
Are unable to obtain employees with the right skills.
Are unable to source necessary funding.
Are not successful due to poor business ethics.
Are unable to build or provide leadership quality with the ability to bounce back from failure.
Educational Institutions can play a very critical role in the Indian Start-up Ecosystem wherein they can nurture young minds with the natural instinct of spotting problems and finding solutions, which is vital for initiating a start-up. Educational Institutions then need to get these start-ups off the ground by providing access to knowledge, initial funds, infrastructure and then connecting them to business/industry. However, these Educational Institutions struggle to provide all that is needed and hence would benefit from engaging an incubator/accelerator from outside of their faculty/academia. This would provide processes to build, manage, market & sell their start-ups product and services. While the institutions have the ability to spot the talent, provide knowledge to solve the problems, they need external mentors and coaches for knowledge sharing, fostering innovation and handholding start-ups thru their journey to build a sustainable and scalable business.
An Ouside-in Approach
It makes sense for more and more Education Institutions in India to have an “outside-in” approach to their entrepreneurial efforts. If necessary, they should take external help from knowledge experts identify new opportunities, generate promising ideas, and develop ideas into working prototypes. PadUp ventures is one such Knowledge firm.
PadUp Ventures is a Knowledge Incubator for disruptive & innovative pure play technology & tech-differentiated consumer facing start-ups. Padup’s vision is to be a key player in the start-up eco-system by actively supporting young people at various stages in their entrepreneurial journey and significantly impact survival rates positively, thus creating a huge impact in the entrepreneurial space. It helps to validate these innovations, build product & services around it, reach-out to the market through a well-defined process and industry connect.
Padup Ventures has a customized methodology for working with the Education Institutions such as user-centric approach, lean start-up philosophy, data driven analytical models etc., to build innovative solutions to real, emerging and futuristic problems.
Entrepreneurs remind Education Institutions of their rich knowledge & to take nothing for granted
Entrepreneurs can help Education Institutions create wealth
The Education Institutions commit long term to disruptive innovation bringing them glory & reputation
Creates goodwill with entrepreneurs while creating talent, ideas and potential solutions to various problems of the world
Having an incubator/accelerator associated with them is like an insurance policy to protect the future