Month: November 2020

Categories
Startup

5 Schemes Focused on Development of Women Entrepreneurs in India

Women Entrepreneurs in India (Photo Credits: Pixabay)

The Indian startup ecosystem is thriving successfully. For the past few years many entrepreneurs have emerged and established their business across the industries with much success, giving tough competition to the existing stalwarts. Not only men, Indian women are progressively moving the bandwagon on entrepreneurship forward. Women have been fraying well in the start-up community, starting, sustaining and succeeding in various businesses ranging from food to clothing, entertainment to event planning, tech to handicrafts. They have been proving their worth in the business sphere.

Keeping in view the enthusiasm and determination of the women entrepreneurs, the government has launched various schemes to support and encourage them. The aim is to motivate more and more women to enter the business sector, have their start-ups and fulfil their dreams. Quick finance, loans and other facilities are provided to women at easy and flexible terms and conditions, so that they can start and sustain their businesses.

Here are five schemes that are offered for the development of women entrepreneurs in India-

  1. Stree Shakti Package For Women Entrepreneurs

The scheme is offered by the State Bank of India and its branches. Under this loans up to Rs 50 Lakh are sanctioned to women entrepreneurs who have at least 50 per cent share in the ownership of a firm0020vvvv0072 or business and have taken part in the state agencies run Entrepreneurship Development Programmes (EDP). If the loan exceeds Rs 2 Lakh, a 0.50 per cent concession is granted on the rate of interest.

  1. Annapurna Scheme

Offered by the State bank of Mysore, this scheme is available to women entrepreneurs who have started or plan to start a food catering business. The loan can be utilised for buying various goods required in the business including kitchen equipments. A loan up to Rs 50,000 is sanctioned under the scheme. The loan can be paid back in 36 instalments. The interested charged as per prevailing rates. To secure the loan the candidate needs guarantor and has to offer some asset as collateral.

  1. Dena Shakti Scheme

The scheme is offered by Dena Bank. Under this, women who plan to start businesses in various sectors including agriculture, manufacturing, micro-credit, retail are provided loans. A loan up to Rs 20 Lakh can be sanctioned under this scheme There is a concession of 0.25 percent on rate of interest. Under the scheme, loans up to Rs 50,000 are offered under the microcredit category.

  1. Udyogini Scheme

This scheme is offered by Punjab and Sind Bank to the women entrepreneurs involved in Agriculture, retail and small business enterprises to get loans for business at flexible terms and concessional interest rates. The maximum amount of loan under this scheme for women between the age brackets of 18-45 years is Rs 1 Lakh but the candidate’s family income is also taken into consideration and is set at Rs 45,000 per annum for SC/ST women. For widowed, destitute or disabled women from SC/ST categories, a subsidy of 30 per cent of the loan, up to Rs 10,000, is provided.

  1. Mudra Yojana Scheme for Women

This scheme is offered by the Government of India for women who want to start small new enterprises and businesses including beauty parlours, tailoring units, tuition centres, among others. There are three schemes under it each with different criteria for loan sanction. Firstly, Shishu Scheme, where loan up to Rs 50,000 is sanctioned to women to fund the initial stages of the business. Secondly, Kishor Scheme, here the loan amount ranges from Rs 50,000 to Rs 5 Lakh and is offered to well-established women enterprise. Lastly, Tarun Scheme here loan amount is Rs 10 Lakh and is offered to established business looking for expansion and diversification.

Apart from them, various other schemes for the development of women entrepreneurs are being offered by several organisations in the markets. The main aim of such schemes is to ensure financial support to women entrepreneurs to help establish the business and keep it afloat in later stages.

Categories
Startup

Startup Registrations at GeM Portal Doubles in Past 1 Year Giving a Major Boost to Make in India Initiative

Startup (Representational Image Only, Photo Credits: NeedPix.com)

New Delhi, November 21: The startup registration at the Government e-Marketplace (GeM), the public procurement portal, has more than doubled in the past one year, reports said. The registration of the startups have witnessed a spike and has doubled to 7,438 in just one year as they are receiving many orders from government departments and public sector units, a senior official said. The Government e-Marketplace (GeM) was launched in August 2016 for online purchase of goods and services by all the central government ministries and departments.

GeM CEO Talleen Kumar was quoted by PTI saying that providing increased market access to seller groups like startups, and MSEs has reinforced Prime Minister Narendra Modi’s Make in India initiative. “We now have 48,038 buyers, 7.42 lakh sellers with 2.42 lakh MSEs (micro and small enterprises), 7,438 startups, 10,252 product categories, and 173 service categories. One year ago, we had 40,275 buyers, 2.98 lakh sellers, 59,536 MSMEs, and 3,509 startups”.

The official further added saying that the startups have fulfilled orders worth over Rs 1,800 crore through the marketplace. He added saying that the GeM is taking a number of steps so that more and more startups, MSMEs, artisans and weavers can register their goods and services on this platform. “Presently, over 20,000 artisans and 1.2 lakh weavers have registered so far as sellers and are uploading products in their relevant categories,” Kumar added.

Talking about the steps taken for startups across India, the officials said that the GeM portal started a ‘Startup Runway’ so that these entrepreneurs can showcase their innovative products and solutions, and they can also list multiple products with minimal technical specifications. The official said , he said a new and advanced version of the platform will be launched soon which will have powerful features and availability of big ticket items to attract large buyers like PSUs, Railways and Defence.

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Startup

Women Entrepreneurship in India: Wadhwani Foundation Emphasises on Adopting Ways to Tap the Untapped Potential of New Women-Led Businesses in the Country

Bengaluru, November 20: Lauding the importance of a vibrant entrepreneurial ecosystem and the women entrepreneurs in India, Wadhwani Foundation said that by adopting several new measures will tap into the enormous untapped potential of new woman-led businesses. The Wadhwani Foundation is a global not-for-profit championing the development of entrepreneurial ecosystem across the country. According to reports, only a quarter of India’s workforce is female as against a global average of 49 percent, and it is clear that India’s growing entrepreneurial landscape has left behind a key demographic- the women.

Ajay Kela, President and CEO, Wadhwani Foundation said that of the 63 million MSMEs in India, only six percent are women-led, a criminal waste of talent. The Foundation believes that it is the need of the hour to unlock the untapped potential of women entrepreneurs by providing them with a support system comprising of an integrated policy framework with equal focus on rural India, women entrepreneurship programs and skill requirements of women, more gender-responsive financial sector and a conscious integration of the formal and informal networks.

According to a report by IANS, growth driving, business-friendly skills such as relationship building, emotional intelligence, and multitasking are second nature to women. The report said that there is a huge opportunity to empower women in India to choose entrepreneurship by creating networks that promote an ecosystem to motivate and support women entrepreneurs in taking the leap of faith by providing training in the nuances of entrepreneurship.

With women comprising just 14 per cent of the total entrepreneurial base in India, this is India’s big chance to tap into the precious resource of women entrepreneurs so as to realize their true potential. The report said that it is equally important to celebrate the fearless breed of women entrepreneurs who have made it big as role models for inspiring women towards entrepreneurship and facilitating a major mindset shift.

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Business motivation Startup

Earning Optimism is on the Rise Post Sharp Downgrades Amid COVID-19 Pandemic

Currency (Photo Credits: Pixabay) Representational Image

Mumbai, November 20: In a piece of positive news, earning optimism is on the rise post sharp downgrades amid COVID-19 pandemic earlier this year. According to an IANS report, a study done by ICICI Securities noted that coronavirus resulted in the steepest downgrade since the great financial crisis (GFC) of 2018 and now the prospects for earnings going ahead have improved.

The phenomenon was validated as Q2FY21 beats outpaced misses due to low expectations, cost-saving initiatives, rural demand, benign input prices and pockets of pent-up demand which were seen due to the festive season.

The report noted that nominal GDP is broadly expected to be flat or marginally lower in FY22 compared to the FY20 base, which would mean zero to negative GDP growth over FY20-FY22. The report further highlighted that given the high output gap seen in the pre-Covid period (FY20 GDP growth of 4.2 per cent), it is unlikely that FY23 will see a sudden return to potential real GDP growth of eight per cent.

In addition to this, policy measures introduced by the government to bring relief amid the pandemic like attracting investments in agriculture, lower corporate tax rates, digitisation will be beneficial in creating demand over the medium to long term.

Categories
Business motivation Startup

4 Things to Remember If You Are Planning to Start Your Own Business Amid COVID-19 Pandemic

Business growth
Business growth (Photo credits: Needpix.com)

Mumbai, November 20: Starting a business is a paramount task, it is not just an idea that needs to click, but several other things should fall in place. You have been longing to start your own company since long, but the COVID-19 outbreak came as a roadblock. No doubt, starting your own business in the middle of the pandemic is extremely difficult, but it is surely not an impossible task.

We have listed a few important things which you should remember if you are planning to take a leap amid the pandemic.

  1. Study the Market: It is very important to study the market in order to find if there is a demand for your product. There are certain things which need to be considered, for e.g, if you are planning to launch a hi-end product, then keep the current market situation in mind, where there have been job losses, businesses being shut among others. So, if you feel there is no demand, then you can delay the plan for some more time.
  2. Have a strong online presence: Given the current scenario and more months to come, people will feel comfortable to shop online, rather than going out to a physical store and purchasing. The coronavirus outbreak has also changed the dynamics of business. So even if you are planning a store, make sure you are marketing well on social media channels and you have a good responsive website.
  3. Check your finances: In the current market situation, people are not splurging as they are hesitant to spend money. So expect longer than usual time for your business to kick start. Spend wisely and keep a tight budget in the initial few months.
  4. Hire a good team: Don’t go overboard and hire too many people. Recruit the strength which you require. There will always be time to expand.

    We spoke about the challenges, but there are certain positives also on your way. For e.g, if you are planning to rent a shop or an office space, it will be a great time because the property rates have slashed. Also, since people are spending more time at home and with their family, it will also be easier to target them.

    Being an entrepreneur is the most satisfying job, as you can take your own decisions. So if all things are in place and you are confident of starting your own business, go ahead, and take the plunge.

Categories
Startup

5 Venture Capital Firms that Provide Easy Funding to Start-Ups

Funding
Funding (Representational Image) (Photo Credits: Pixabay)

Bangalore, November 19: The start-up ecosystem in India has been growing manifolds over the past few years. It is widening the ambit and entering newer industries every day. From tech to hospitality, entertainment to education, automobile to consultancy, start-ups are increasing in both online and offline space.

However, most start-ups miss out on one of the most crucial aspects of a business – The Seed Capital and fall prey to financial distress that eventually leads to winding up of the firm. Financial soundness is necessary at all life stages of business.

It ensures that the operational cycle runs smoothly without any blockages’ or stagnations because of lack of funds, hence resulting in the efficient functioning of the business.

One of the biggest challenges a start-up faces is the adequate procurement of funds at low cost and easy payback terms. Various venture capitals, private equity firms, corporate investors, in the past few years, have become progressively interested in putting their money in potentially viable start-ups. Unlike old times, a viable idea sells better than the brand or company name in the financial markets. Many blue-chip companies including Tata, Wipro, RIL have also been investing and promoting the newbie’s in the market.

Here are Five Venture Capitals that have been increasingly showing faith in start-ups and investing heavily in them:

1. Accel Partners:

Headquartered in California, Accel Partners is one of the oldest and most successful venture capitalists in the markets. It has invested in more than 1,460 firms through its 29 funds. It
provides funding to start-up at entry, growth and maturity stages. In India, Accel Partners have closed around six funds, including a recent worth $550 Million.

It’s one of the main investors of Flipkart and Swiggy. Other important investments include Freshworks, BlackBuck, Bounce, BookMyShow, etc. It mostly invests in infrastructure, mobile & software, internet and consumer service firms.

2. Blume Ventures:

Blume Ventures is an early stage and seed stage tech-focused venture fund founded in 2010. It launched its first micro-VC fund in 2011, becoming the first institutionalised early-stage investor at that time. Blume Ventures have closed four funds till now, with around $225 Million under-investment. It closed a fund worth $102 Million in April 2020, before the COVID-19 lockdown started. It has invested in more than 60 startups including, Dunzo, Unacademy, Instamojo, Procol, HealthAssure, Milkbasket. It mainly invests in online platforms across sectors.

3. Matrix Partners:

It is a US-based private equity firm that funds start-ups for seed capital as well as early-stage requirements. It has invested in around 549 firms across the world and has investment worth $4 Billion as an asset under management. The PE firm entered India back in 2006. It had closed its last India-focused fund at $300 Million in January 2019, eight years after it raised its second fund. Its notable investments include Avail Finance, Vogo, DailyNinja, Stanza Living, MoEngage, among others. The firm mainly focuses on the following sectors entertainment and media, consumer internet, SaaS, e-commerce etc.

4. Nexus Venture Partners:

It was founded in 2006 and is estimates to have $1.5 Billion as an asset under management. The firm makes investments in early-growth stage companies with an average ticket size of $500K-$10 Million. It raised $100 Mn in its first fund and closed its fifth fund at $450 Million in May 2019. It has invested in start-ups from different sectors including, WhiteHat Jr, Delhivery, Rapido, Unacademy, Druva, Jumbotail, Bolo App, Pratilipi, Zomato. The firm focuses mainly on online ventures.

5. Tiger Global Management:

It is one of the biggest players in the market and invests money heavily in both private and public sector ventures. It provides fund at growth, maturity and post-IPO stages. The company is said to have invested in nearly 442 companies across the globe through its seven designated funds. It has invested in more than 90 start-ups in India. In the first half of 2019, Tiger Global Management has invested nearly $300 Million in India across 13 companies. Its major investments have been in Urban Company, Flipkart, Moglix, OPEN, Ninjacart, Razorpay. The firm mainly invests in the following sectors- internet, software, consumer,financial technology.

A regular and adequate source of finance is highly crucial for a start-up to sustain and grow and in the present age, the market offers different kinds of funds and plans. A start-up can easily look for a reputed VC and ensure regular flow of money for business development.

Categories
Startup

Microsoft Launches New Programme to Help Health Tech Startups in India, Recover From COVID-19 Pandemic Blow

Microsoft
Microsoft (Photo Credits: Twitter)

Bangalore, November 18: Microsoft launched a dedicated programme to give a boost to health-tech startups in India amid the coronavirus pandemic. According to an IANS report, for this purpose, Microsoft has collaborated with startup incubator Social Alpha to accelerate the growth of participating startups.

The objective of the programme will be to help entrepreneurs with technical support as well as resources for co-selling and co-building tech tools to achieve better outcomes across healthcare.

The programme will focus on enabling these companies to fast track their progress with some of the best technology resources and accelerate their innovation pathways.

Some of the benefits which the Microsoft programme offers are:

Qualified Seed to Series C startups can boost their business with Azure benefits (including free credits), unlimited technical support and go-to-market resources with support for Azure Marketplace onboarding.

Startups which are looking to create healthcare solutions also have access to Microsoft Cloud for Healthcare.

Categories
Business motivation

5 Steps to Help You Become a Successful Entrepreneur

Entrepreneur
Entrepreneur (Photo Credits: Pixabay)

Mumbai, November 18: Being an entrepreneur is not as easy as it sounds. Most people want to start their own company because it gives them a sense of freedom and empowerment. You can take your own decisions and implement them for the wellbeing of your own company.

However, even though, it sounds fancy, but there is a huge responsibility that comes the moment you start your own business.

Here are a few steps to follow in order to become a successful entrepreneur: 

Trust yourself: The first and foremost quality which an entrepreneur is required to have is to have great trust in one’s decision and capabilities. However, this shouldn’t be confused with overconfidence.

Believe in the people around you: It is very important to stand and believe in the people around you, like your colleagues, workers and others who are the pillar of your company. You should always believe in them, this gives immense confidence to their belief and they will stand by you, even when times are not good.

Be Passionate: You should be extremely passionate about what you are doing. The moment you love your work, everything falls into place.

Take Risks: Taking risk is another quality which entrepreneurs should have. If you have launched your own company, you need to make decisions sometimes without worrying about failure.

Identify your weakness: It is very important to identify your weakness and this will be the base where you can work on and improve. Listen to complaints and understand what the customer is saying. Try to be in their shoes and then analyse the problem.

Categories
Startup

Amazon Opens ‘Made-in-India’ Toy Store to Help Local Manufacturers to Take on the Deluge of Chinese Toys in the Indian Market

Toys
Toys (Representational Image) (Photo Credits: Piqsels)

Bangalore, November 18: Giving a further push to PM Narendra Modi’s vision of Atmanirbhar Bharat, Amazon India on Wednesday launched a toy store. This store will give an opportunity to sellers from 15 Indian states to showcase unique toys across categories like traditional, handmade and educational.

According to an IANS report, the launch of the “made in India” toy store will thus help the local manufacturers to fight against the huge competition from the Chinese toys which have entered the Indian market.

Amazon informed that these toys will be inspired by Indian culture, folk tales as well as toys that encourage scientific thinking and innovation. This will surely boost the homegrown emerging Indian brands and also help local artisans to accelerate their business.

Here are the 3 sections under which one can sell their Made-in-India toys: 

Traditional Indian section: This will showcase toys like Chowka Bara, Pitthu/Lagori, Lattu (wooden spinning tops) and more.

Handmade toys section: This will showcase handmade toys and dolls from karigars of various states like Channapatna, Thanjavur and Varanasi, to name a few.

Innovative and educational toys: This section will feature DIY (do-it-yourself) Microscope, 4D Educational AR (augmented reality) game, science experiment kits and more.

All these toys have been manufactured by homegrown Indian brands like Smartivity, Shumee, Skillmatics, Shifu, Einstein box.

 

Categories
Business motivation

5 Steps You Can Take to Get Your Business Off the Ground

Startup Growth
Startup Growth (Photo Credits: Pixabay)

Mumbai, November 17: Starting a business can be a daunting task and more so amid the coronavirus outbreak. There are several things which one needs to take care of, from the right idea to proper marketing, everything needs to fall in place for a business to take off.

The process of starting a business is always filled with challenges. Therefore, it is very important that you should be prepared before you take the final leap. The success of a business is never guaranteed, but there are few changes which you can do to reduce the risks and improve the chances of your business in being successful.

We have curated a list of 5 steps which you need to take before you get your business off the ground:

1. Think of a unique and a great idea: Think of a unique idea for your business and ask yourself how will my product be different from thousands of products which have already cluttered the market. Try to offer the customers something which they haven’t experienced before. Also, the product should solve the customer’s problem and then only will they be able to relate with your product.

2. Define your business: This is another critical step. Before you start a business, it is very important to understand how much time (and money) you’re willing to devote to your new venture. Also, a few other questions which you need to answer is that will you have a brick and mortar store or only have an online presence.

3. Study the market & competition: Do extensive study before launching a product in the market. Try to understand if there is a demand for your product. Never underestimate your competition. Always learn from their strength and also be aware of their weakness and understand the space where your product will be able to enter.

4. Check your finances: It is very important to track your finances from the get-go. Spend wisely and only on things that are required. Every business takes time to start off. The initial few days to a year might be full of struggles, so save your finances for tough times ahead. Keep an eye on your finances, so that midway, you don’t have to wind up your business and exit the market.

5. Keep Your Plan B Ready: Always keep a plan B ready before you start your business. One can never predict the challenges which can crop up and pose a hurdle in the path of growth. For e.g. no one could predict that coronavirus could get the world to a grinding halt. Several businesses shut due to the lockdown and thousands were left jobless. However, the ones which had a plan B ready could sail through the crisis period.

We hope that these steps will come in handy when you are thinking to get the business off the ground.