India Inc may be anxious about sluggish economic growth but start-ups are sailing through the economic slowdown. Fresh graduates of premier institutes across the country are in search of mentors to help them launch their dream projects, and new-age incubators are offering their support in a bid to nurture entrepreneurs.
Brijesh Bharadwaj, Saurabh Gupta, G Karthik and Pronot Barkataki – all students of the Indian Institute of Technology (IIT), Roorkee, and now operating out of Bangalore – are seeking mentorship from the Chandigarh-based incubator, The Hatch.
Founded by Puneet Vatsayan and Anupama Arya – a Chandigarh-based husband-and-wife team of serial entrepreneurs – The Hatch is an incubation facility that mentors aspiring entrepreneurs, enabling them to start new ventures, and then scale up.
The team of four students from IIT Roorkee, who will graduate in May 2013, has launched TunePatrol.com, a social network site for independent music that is not backed by big brands.
TunePatrol is an online platform for independent musicians to upload, share and sell their music. They aim to be the largest online marketplace for Indian artists. The business model entails charging a commission on revenues that musicians make from selling their songs, or from advertising revenues they earn on their page.
“There were other options but those mentors were sceptical about the business plans of a group of budding engineers. But the mentors at The Hatch reposed confidence in us, and we perceive it to be a continuation of a relationship. We have already raised $20,000 (Rs 1.1 million) through our mentors and launched a beta version of the product. The mentoring played a crucial role in getting us connected to investors,” said TunePatrol.com CEO Bharadwaj.
Bharat Sethi, co-founder of postergully.com, said the incubators provide good ideas, mentoring, fund-raising and financial accounting, all under the same roof. The availability of the right network makes the sailing smooth for start-ups, he added.
Poster Gully is an online store that sells posters, art prints, key chains, stickers, badges, sweat-shirts (and other merchandise) of popular bands, schools and colleges. Founded by Bharat Sethi and Anuvi Srivastava, first-time entrepreneurs based out of Delhi, the start-up plans to help brands and music groups leverage their brand value through merchandise.
According to Sethi, they have executed close to 3,000 orders in the last six months and the website has about 60,000 visitors per week. “We are eyeing a 70 per cent year-on-year growth and are looking to raise funds of about Rs 5-6 million,” he said.
While virtual users seek the seamless paraphernalia of an incubator, Karan Sandhu, who moved back to India after spending two decades in the US, operates from the brick and mortar structure of The Hatch.
Sandhu plans to launch a pilot of SalesPortal India in January/February 2013. This, according to him, will be a voice advertising platform and a state-of-the-art substitute for online advertisements for mass market products.
“Seeking mentorship from those who have already gone through the hurdles makes the incubators attractive. Their networking capability also helps raise funds very easily,” he added.
The mentors, Vatsayan and Arya, have hands-on experience in three earlier ventures. Their fourth, they say, consists of giving back to the society – through their incubator – some of the knowledge they have gained over the years.
