A nationwide study conducting the evaluation of people managerial effectiveness in start-ups and entrepreneurs has been launched by Great Manager Institute in association with the Entrepreneurship Cell, IIT Bombay.
Great Manager Institute (GMI) runs the Great People Manager Study where it evaluates thousands of companies and its managers, in a bid to find the best companies with great people managers and individual great people managers. This Study for start-ups shall be a subset of the same.
The research report shows that 90 per cent of start-ups in India fail within five years of their inception, while around 6000 new start-ups come up every year. There is no clear reason attributed to the failure of start-ups, though separate studies show lack of sustainable innovation or lack of team bonding as some of the top reasons for failure.
"In my experience of working with major venture capitalists across India, I found a common pattern in most start-ups that fail after receiving investments. Most of these companies show a problem in growing at the right pace and with the right plan once the team expansion begins. People Management issues lead to disintegration and unsustainable growth", shared Ashwin Srivastava, Global Investor and Co-founder of Great Manager Institute.
"Major VCs and Investors now consider people management abilities of the entrepreneurs and the founding team before investing. Therefore, people management should be in focus right at the ideation stage of a start-up. Hence, we decided to partner with E Cell IIT Bombay and work towards creating sustainable companies out of young start-ups, even at the ideation stage, by helping them evaluate their people managerial effectiveness, free of cost. The start-ups that cross our threshold will receive a huge valuation boost through a strong media plan involving a feature in Forbes India", added Kritika Pugalia, Client Engagement Manager and lead for the Great People Manager Study for start-ups.
Eureka is the business model competition by the Entrepreneurship Cell IIT Bombay and is supporting the study. "Eureka aims to develop viable start-ups out of disruptive ideas. We do so by helping the teams develop a business model canvas, a proof of concept, with the help of various workshops and mentoring by leaders in the industry, over a time span of five months. Great People Manager Study is a step in the same direction, helping these start-ups build a sustainable business that respects people relationships, and help them reach out to a larger audience", said Aayushi Agrawal, Media Manager for Eureka.
Great People Manager Study 2019, the parent study for this program, led to recognition of top 100 Great People Managers across the country along with a list of companies that nurture great people managers. The winners were honoured by Forbes India and included names such as Satish Sundaresan of Elektrobit India, Gagan Jyot of RMSI, Miguel Munoz of Mahindra Holidays, Dilipkumar Khandelwal, then with SAP India, among others.
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