Tag: startups

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Startup

Planning to Start a Tourism Business? Here Are 4 Revenue-Boosting Tips for Small Businesses in Tourism

Tourism Business in India (Photo Credits: Pexels)

The tourism sector in India is going to be the next growth driver but to achieve that, it needs to survive the impact of the COVID-19 pandemic and emerge to be one of the leading industries in the country. As the country battles the coronavirus pandemic, every sector that has been hit hard is limping back to normalcy after the government has eased the restrictions. At present, each vertical of the tourism industry is under deep stress and hopes to revive in the coming year.

The travel industry is booming with small tourism businesses now. So if you are planning to start a tourism business, the New Year is the best time! There you have it, now it’s time to get marketing, so don’t hold back. Here are 4 revenue-boosting tips for small businesses in tourism.

Expand the business beyond your website

People usually review a place when they wish to plan a travel. A thorough study is done of the location and what it offers. Online searches have become increasingly competitive, even amongst the big companies. One way to expand your business beyond your website is tie up with third party-platforms which provide an online marketplace for travel experiences. They can offer a lot of exposure, for small travel companies and demand a small commission.

Build a Discussion Platform on Social Media

Social media interaction is growing and you need to just talk about your website and promote it to people across groups.  People visiting your area will have plenty of questions that they need answered before they come. Create a discussion platform where people can come and discuss out places they want to visit. A great way to supercharge your tourism marketing is by creating a discussion platform around your Facebook page.

Create Awesome Destination Videos

Videos help a lot in spreading awareness. The world is moving into a digital era and is more inclined to video content more than just reading about things. Videos have a potential to convey a lot of information in very little time, so it’s a great way to showcase about what you can offer to your customers.

Generate interest about a destination with online quiz or a challenge

Challenges have become a well-loved internet sensation and attracts a lot of people at the same time. Promoting your business cannot get as easier as this one because people are far more likely to participate and share with their networks. One thing that you need to keep in mind is that you should create a fun challenge related to your niche.

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Startup

Startups in India Bagged $9.3Bn Investments in 2020 Despite COVID-19 Challenges: Report

Startup
Startup (Photo Credits: Pixabay)

Amid the COVID-19 pandemic in India, the startups have been hit hard but have managed to emerge successful in attracting investments this year. According to data from consultancy firm Tracxn, Indian startups received investments to the tune of $9.3 billion in 2020 despite the coronavirus challenges. The report reveals that fortunes for the Indian startups turned significantly in the second half of the year. The study reveals that startups raised just $4.2 billion in the first half of the year from about 461 deals while the year saw 11 Indian startups including RazorPay, Glance and Unacademy becoming a unicorn.

According to a report by IANS, the figure is much lower than the record $14.5 billion raised by Indian startups last year as the number of deals this year reached 1,088 from 1,185 last year, TechCrunch reported on Monday. Reports inform that there were 20 funding rounds with dealsize $100 million or larger in 2020 compared to 26 in 2019. Similarly, rounds with dealsize $50 million to $100 million fell to 13 in 2020 from 27 last year. Moreover, the figures exclude the funds rasied by Jio Platforms, which alone bagged over $20 billion investments this year.

The Tracxn report further adds that global technology giants like Google, Microsoft and Facebook wrote checks for Indian startups, while Chinese giants such as Alibaba and Tencent made fewer investments amid border tensions with India.

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Startup Technology

4 Ways to Grow Your Business Online Without Spending a Lot of Money

Online Business
Online Business

Going digital is the trend today, so if you have an online business, it will surely grow over the time without any doubt. If you are planning to  start an online business, then you cannot afford to waste money at the initial stage. You don’t have to put in a lot of money into growing an online business. In reality, there are certain things that you can do  without spending any money at all. It just takes little creativity, effort and imagination. Take a look at these 4 ways to grow your business online with a small budget.

Create Rich Content Online

Rich content will always attract readers. Whether it’s a company blog or a product description, Creating high-quality content should be the main focus. For this, you need to really think out of the box and be creative enough to lure the readers with you writing skills. Use facts appropriately and try and engage the readers so that they are engrossed in the write-up. Only if this happens, your online business. In short, it is all about how well you can manage to engage the audience with what they need.

Design Layout and Presentation

The first thing about online content is how it looks when the reader sees it. The layout of the firm, be it any firm, should be appealing to the eye. It shouldn’t be tacky and haphazardly presented. You need to understand your target audience first- youngsters, middle-aged or any other category, and choose colours and layouts accordingly. You should remember that more than one-third of visitors will leave a site if the layout is poor. All that you should keep in mind is the choice of the colour, graphics and even the overall layout of the site. Your aim should be to deliver a pleasant visual and functional experience to people visiting the website.

Watch: Low Investment | Business Idea | Dr Vivek Bindra 

Be Mobile-Friendly

Not everyone carries a laptop or a tab everywhere they go, right? So the basic thing that one should keep in mind is to have a mobile-friendly website. Most people these days surf online from their smartphones. Your website should have a mobile variant like an app so that it becomes hassle-free for your customers.

Be an Active Participant in Online Communities and Use social media

Social media can help your business reach more than lakhs of people in single day. Facebook, Twitter, YouTube, LinkedIn, and other social media platforms have highly engaged users and can help you fetch business and establish your brand identity. Moreover, be active in online communities where people go to post their questions, find content, and explore. Top communities on the internet that are really popular include Reddit, Quora, TripAdvisor among others.

 

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Startup

Startups to Become Backbone of India as it Promotes Young Entrepreneurs With New Ideas of Doing Business, Says Piyush Goyal

Startup
Startup (Photo Credits: Pixabay)

New Delhi, December 13: The future of India is going to be startups as its ecosystem is encouraging innovation, promoting and strengthening new young entrepreneurs, Union Minister Piyush Goyal said on Saturday. While addressing the 93rd Annual Convention of Federation of Indian Chambers of Commerce and Industry (FICCI), Goyal said that startups are going to be the backbone of the country as they come up with new ideas and new ways of doing business.

The Union Minister further stated that the government has identified another 24 sectors on which work is going on by industry leaders who are working together to come up with actionable agenda to add nearly Rs 200 lakh crores worth of manufacturing in India in the next 10 years. “I have no doubt in my mind that that FICCI will be a part of our journey of a new India, of transforming India and building a more powerful India,” said Goyal.

Goyal appreciated the growing digital environment as said as we go forward in the post-COVID world, the country will see a mix of virtual and physical engagements, combining to help us expand our global outreach, helping us reach out to new markets, customers and products. During his address, Goyal also said that under the Brand India initiative, consumers both in India and internationally will be educated about products which are made in India.

“We are pushing all industry to certify the Make in India products. Under the Brand India initiative, we are also looking at branding India. It’s time now that India demonstrates to the world our leadership position and commitment of quality,” said Goyal.

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Startup

Myths Around Startups: Here Are 3 Popular Myths Which Every Entrepreneur Should Ignore

Startup
Startup (Photo Credits: Pixabay)

Mumbai, December 7: No doubt, starting a company is not an easy task, but with the right strategy, the correct focus, good funding, one stands a chance to succeed. There is a lot of glamour associated with startup and many have the notion that it is all about young, bubbly, and vibrant talent.

There are certain myths about startups and we try to bust them for you.

You need huge funding to start a startup: This another big myth. According to experts, in order to burst the myth, one should adapt to the practice of bootstrapping, which allows maintaining full control of the startup strategies, avoiding time delays and energy spent to attract investors and retaining maximum equity.

It is extremely difficult for startups to compete with big established companies: You need to identify the advantage which you have as compared to a biggie in the market. For e.g. Being a startup, you’re less likely to experience the bureaucratic drama that is involved in the whole process. This not only allows you to be more flexible but gives you a lot of creative freedom.

Yes, a startup can’t compete with a corporate big shot in terms of the budget, but you can identify your niche and focus only on that. Your spending will be more focussed.

Ideas Make a Startup: Yes, a good idea will help you to stand out. But, it is no the only guarantee for a good startup. There are numerous e.g.s like Facebook, Google who didn’t come into the market with an innovative idea. These ideas were tested before as well. However, the reason why they became successful was because they built a great product.

 

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Startup

IESC Signs Pact With FLO to Provide Guidance to Startups and Women Entrepreneurs in Becoming Job Creators

Women Entrepreneurship (Photo Credits: Pexels)

New Delhi, November 23: In a bid to provide guidance and to mentor startups and entrepreneurs to grow, the Incubation and Enterprise Support Centre (IESC) of IIM Shillong has signed an MoU with FICCI Ladies Organisation (FLO). Reports inform that the IESC chairperson Sanjeeb Kakoty and FLO national president Jahnabi Phookan signed the deal for their respective organisations on Saturday. The pact is signed with the mission to generate and disseminate knowledge in all aspects of management for sustainable development and to develop innovative leaders with strong ethical values.

Under the pact, entrepreneurs who are a critical stages of starting up a new business will get nurturing, instructive and supportive environment which would increase the chance for a startups to succeed. The mentorship would shorten the time and reduce the cost of establishing and growing its business, the IIM said in a statement issued here. The new pact between two very influential organizations is just the right boost at the right time particularly for women entrepreneurs of the region.

Talking about the importance of women, particularly those in the northeastern part of India, in safeguarding the rich culture and traditions of the people, Prof Sanjeeb Kakoty felt that women were also very much responsible for keeping alive the entrepreneurial nature and spirit emanating from the region. Speaking about the work of FLO, Phookan elaborated that FLO’s vision under her presidency is to focus on ensuring sustainable practices and creating sustainable livelihoods for the economic empowerment of women towards becoming sufficient job creators than just mere job seekers.

IIM Shillong chairman Shishir Bajoria expressed confidence that this initiative could be a defining moment in impacting firstly the region and then beyond, in line with the responsibility bestowed on this premier institute of national importance in the region.

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Legal

5 Indian Legal Provisions that Every Startup Needs to Know and Follow

Legal Laws For Startups (Photo Credits: Pixabay)

India has been witnessing the emergence of many new-age entrepreneurs, these are the people who have the urge to set-up and run their own businesses. They have idea, aim and objective, with a clear plan to enter in the business of their own. For a start-up to survive a sound flow of funds, adequate knowledge of market condition and proper resource management skills are of utmost skills. Apart from these, one of the most important aspects of the business field which young entrepreneurs often overlook is the understanding of the legal framework on the country where the start-up is operated.

All the countries have a set of legislations to govern the business environment. In India, as well, there are various laws and legislation that deal with the establishment and functioning of a business enterprise. They supervise the internal management as well as the external relations of the business. It is important for any entrepreneur to know and comply with these legislations, in order to ensure that the business does not land in any legal troubles.

Here are Five Legal Frameworks that Every Startup Owner Should Know –

Incorporation Laws

The first step to bring a start-up idea to reality is incorporation; every firm needs to be duly incorporated under relevant laws before it could start its business. The founders are free to register their firm in any category they want. There are different legislations for different types of venture. A Limited Liability Company has to be registered with the Ministry of Corporate Affairs under the LLP Act, 2008. A Private Limited Company needs to be incorporated under the Companies Act, 2013. Partnerships can be registered under the Indian Partnership Act, 1932; though their registration is optional. For a sole-proprietor firm there is no registration required.

Labour Laws

Another important set of rules is the labour laws. It is morally and legally important to comply with the various labour laws including the laws on payment of wages, provident fund and gratuity, workplace sexual harassment, maternity benefits, etc. However if the start-up is registered under the ‘Start-Up India Initiative’, it can avail exemption from nine labour laws by signing a self-declaration, for a period of one-year from date of incorporation.  These laws are-

  • The Industrial Disputes Act, 1947
  • The Contract Labour (Regulation and Abolition) Act, 1970
  • 1The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
  • The Employees’ State Insurance Act, 1948
  • The Industrial Employment (Standing Orders) Act 1946
  • The Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979
  • The Payment of Gratuity Act, 1972
  • The Trade Union Act, 1926
  • Building and Other Constructions Workers’ (Regulation of Employment and Conditions of Service) Act, 1996

Laws Relating to Intellectual Property Rights –

One of the most important regulations for start-ups who are dealing in new inventions or discoveries is the Intellectual Property Rights or IPR. It is important for start-ups to safeguard the novelty and uniqueness of their product or venture. Therefore, they should be very careful in registering various intellectual property including, products, service, venture, brand name, trade mark, discoveries, data algorithms under relevant laws.  Some of the Indian laws guarding the IPR are –

  • Trade Mark Act, 1999
  • The Patents Act, 1970
  • The Copyright Act, 1957
  • The Design Act, 2000
  • The IT Act, 2000
  • The GI of Goods (Registration and Protection) Act, 1999
  • The Protection of Plant Varieties and Farmers’ Right Act, 2001

Contract Laws-

For any business to function and operate, it is essential to make deals with other firms, government or individuals. All such deals should be governed by proper legal provisions. Every contract with employees, suppliers, stakeholders, debtors, investors, creditor or customers should be binding following the provisions of various laws including the Contracts Act 1872, Sales of Goods Act 1930 among others. As per the Indian Contract Act, 1872, all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration with a lawful object, and are not expressly declared to be void.

Laws Relating to Winding-Up of the Firm

No start-up owner would ever wish their firm to liquidate or wind up. However, under certain circumstances it becomes absolute necessary to close down the business. In such situation as well, the company owner should follow proper legal route to wind up the start-up. From the legal point of view, there are three ways to close a start-up. These are –

  • Fast Track Exit Mode
  • Court or Tribunal Route
  • Voluntary Closure

Of all the three ways, the Fast Track Exit Mode is the best suited for start-ups as it allows companies to speed-up the closing process at a lower cost and within a short time period. In order to apply for a fast track exit, a company should not have any assets and liabilities and not have had any business operation for the past year. If these two conditions are met, the company can be struck off the registrar of the Registrar of Companies (RoC).

For a venture to get properly established in the market, grow, diversify and succeed it is important that it does not land into any legal troubles. The consequences of not complying with the laws do not only affect the operations and productivity of the business, but also hurt the delicate goodwill of the firm. It is hence, necessary for any start-up to know, understand and comply with the legal framework and provisions.

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Business motivation

Aspiring to Become a Successful Entrepreneur? PM Narendra Modi Shares This Basic Mantra

बिजनेस सफल उद्यमी
सफल उद्यमी

Every entrepreneur aspires to become successful. Being successful often means learning from those who have already achieved their goals. For any entrepreneur, having a mentor is an amazing blessing. However, not everyone can find one! As the country is battling the coronavirus pandemic, many businesses across the country have suffered greatly during the crisis. Many entrepreneurs, who have strived hard to fulfil their dreams, have suffered hardships during the ongoing pandemic. Several business are now limping back to normalcy during this challenging time. Many startups are now managing to survive in the market as entrepreneurs have found ways and means to get their businesses going.

On Saturday, Prime Minister Narendra Modi shared a few noteworthy tips for aspiring entrepreneurs. During the 8th Convocation of Pandit Deendayal Petroleum University, Gandhinagar in Gujarat on Saturday, the Prime Minister addressed the students and told them to consider this pandemic a new opportunity to move forward and aspire of doing great things in life. He asked the students to have purpose in life and stressed that it’s not that successful people don’t have problems, but the one who accepts challenges, confronts them, defeats them, solves problems, only succeeds.

The Prime Minister added those who take on challenges, later succeed in life and cited an example of the youth of the 1922-47 period, who sacrificed everything for freedom. He urged the students to live for the country and join the movement of Atmanirbhar Bharat and develop a sense of responsibility. The Prime Minister remarked that the seed of success lies in a sense of responsibility and a sense of responsibility should be turned to the purpose of life. He pointed out that the same people are successful in life, do something by which there is a sense of responsibility in their lives. Those who fail are the ones who live in the Sense of Burden.

The Prime Minister added a sense of responsibility also gives rise to a sense of opportunity in a person’s life. He said India is progressing ahead in many sectors and young graduates must march ahead with commitment and stressed on protecting nature and the environment.

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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.

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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.