Entrepreneurs gain insights, business intelligence and industry best practices from successful strategist, mentors & entrepreneurs
Bengaluru-based Innoberator’s much-awaited session on ‘Business of Relationship’, a start-up mentoring programme, saw the participation of interesting ventures in dating, wedding and relationship management, with mentors and successful entrepreneurs, led by strategist MJ Srikant offering key insights, business intelligence and industry best practices on balancing relationship with stakeholders, including investors, customers, employees and the market.
Representatives of start-ups like Wyngit and Paktor spoke about their business journey and sought to clear questions on achieving growth and scale from MJ Srikant and Innoberator’s partners Saroj Patro, Anand Padmanaban and Nanjunda Pratap Palecanda.
New ventures face a multitude of challenges such as securing investment, hiring the right talent, developing trust factor with customers and staying relevant to emerge successful. Leveraging his 18 years of rich experience in strategic consultation and end-to-end integrated communications practice covering several business verticals, MJ Srikant explained to the anxious and eager founders of start-ups, the art and science of building relationship with investors, market and customers, which is crucial for the success of any business.
“Evolving a product that can disrupt the market, backed by a convincing communication campaign, encompassing all platforms, is critical to make an impact in the market and win the trust of consumers. At the same time, constantly engaging the investors to create the value that they expect is an important relationship building exercise,” observed MJ Srikant, also Founder of MJSPR, a strategic advisory company.
Nanjunda Pratap Palecanda, pioneer of such mentoring sessions, was of the view that on most occasions, entrepreneurs faced challenges in securing investments, “In some cases, entrepreneurs may become successful in securing investors. But the next biggest challenge is to keep the investors happy, as most of them expect quick return on investments. Considering the current economic scenario, it is advisable for entrepreneurs to opt for bootstrap financing. Once the product is ready for roll out, investments from outside can be considered.”
Saroj Patro, the financial wizard and founder of P2 Advisors LLP, noted that “the business of relationship is worth US$ 7 billion.” Noting that the scope for new business in the relationship was immense, he added, “The demographic dividend offers plenty of opportunities for new business in relationship. We have seen a good number of start-ups in this space, but business maturity is needed for them to succeed in the market.”
Anand Padmanaban said start-ups wouldn’t succeed without a proper business plan and product strategy, “The biggest barrier is whether you have the right product for the market and whether customers are convinced. Bootstrap start-ups with a great product have succeeded. If your product speaks for itself, then, investors will come to you… Therefore, it is important to have a product ready before approaching investors for funding.”
Wedding photographer Rajesh Pandey and Paktor’s creator Swapna Sitharaman shared their personal experiences on the viability
For more information, please Contact:
Mr. Nanjunda Pratap Palecanda,
Partner at Innoberator
M: 9845226516, Website: http://www.innoberator.com
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