4️⃣X4️⃣= National Startup Day!
E-Cell IIT BHU's Weekly Newsletter!
Happy first National Startup Day!👨💼
(16th Jan 2022)
Terming startups as the “backbone” of New India, PM Modi declares Jan 16 as the National Startup Day while speaking to over 150 startups at an event that is part of the government’s Amrit Mahotsav celebrations!
“India is entering the golden age of the startup ecosystem with over 50,000 startups,” — Prime Minister Modi.
The date 16th January is a historic day for the Indian startup ecosystem since 2016.
Six years back the government of India under Modi’s leadership had announced the Startup India Action Plan aimed at building a strong foundation for the startup ecosystem in the country.
And while Omicron infections are still on the rise and Kohli resigns from test-captaincy…Well, it can only get better from here. (At least that’s what we have been hoping for the past 2️⃣ years).
Nonetheless, even in the lows and highs, we’re here to keep you updated!
Nuclear explosion in Edtech sector ⚡
LEAD has joined the club of unicorns as the sixth Edtech startup.😮
We already have 5 horses running in the Edtech race-
Byju’s, Unacademy, Eruditus, upGrad, Vedantu, and LEAD joining now.
Edtech startup LEAD (formerly Lead School) has raised $100 million in its Series E round led by WestBridge Capital with participation from GSV Ventures. The Mumbai-based company had raised $30 million in its Series D funding round led by GSV Ventures in April last year.
According to the company, it has raised fresh funds at a valuation of $1.1 billion.🤑
Founded by Sumeet Yashpal Mehta and Smita Deorah, the nine-year-old company provides integrated curriculum and technology solutions to private schools with books, workbooks, smart classes, teacher training, teacher manuals, ERPs, or Math-Science kits.
The money will be used to:
To focus on product and curriculum innovation✏
Growth in its footprint and hiring top talent across functions👨🏫
To go deeper in the country to serve students in lower fee schools🏫
Expand internationally in similar geographies🌍
LEAD claims to have tied up with over 3,000 schools catering to more than 12 lakh students and has a presence in 400 cities in 20 States. The company further plans to provide affordable education to more than 25 million students with an annual revenue run-rate of $1 billion.
Did you know that GitHub- the world’s largest code hosting platform for version control and collaboration was once a bootstrapped startup ?😯
Even Zerodha is a bootstrapped company to date!
But wait a minute -What does "bootstrapped" even mean? 🤔...Well, let us help you with that.
The term bootstrapping originated from the saying – “to pull oneself by one’s bootstrap”, which means to achieve a goal without any external aid.
Bootstrapping refers to the process of starting a company with only personal savings, including borrowed or invested funds from family or friends, as well as income from initial sales. Self-funded businesses do not rely on traditional financing methods, such as the support of investors, crowdfunding, or bank loans.
So, if you are confident enough in your idea but short of funds, if possible, pull yourself by your bootstrap and get started with the journey!
“A vision is something you see and others don’t. Some people would say that’s a pocket definition of lunacy. But it also defines entrepreneurial spirit.”
-Anita Roddick, Founder of The Body Shop.
Failure of Hike Messenger…
Have you ever wondered why many of the startups fail after becoming so well-known in the market!?
Here is the video that explains the various reasons for the downfall of one of the top startups, Hike Messenger. Kavin Bharti Mittal, Founder & CEO- Hike, failed to keep up its position in the market despite making it so advanced in chat features.
“ The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It” by Michael E Gerber explains why 80% of small businesses fail, and how to ensure yours isn't among those by building a company that's based on systems and not on the work of a single individual.
“Go to work on your business rather than in it…The problem isn’t your business; it never has been. The problem is you! It has always been you and will always be you. Until you change, that is.”
This book walks you through the steps in the life of a business and also shows you how to apply franchising lessons to any business.
Come on, we're here with a new activity 😉 for you:
Let's find some new entrepreneurial terms in the following word search🔎…
For our Shark Tank lovers, here’s a business pitch straight from the writer's heart:
“What if I name a company “Earphones” and sell boats. :)”
That’s it from our side!
Monday blues😰 await us all and hope we get through them.
See you next week. Until next time :)