At the request of valued friend and colleague Pierre Hennes, I was invited to give a presentation at the venture capital roundtable to a group of senior Armenian Delegates.
Looking at Armenia's geography, it is sited in a hot spot between Turkey and Iran, which probably accounts for the fact that the Armenians I know are tough as nails and full of grit and determination. I also found out that Kirk Kekorian, distinguished entrepreneur and owner of MGM, is Armenian by descent. Little surprise. Another facet which impressed me was the drive and determination by Armenian authority in their quest to enhance their innovation and enterprise landscape. My hypothesis is that government can only go so far in setting the stage and the private sector has to take over and in the process hopefully become "fabulously" rich. Risk and reward are undoubtedly intertwined.
Unveiling Valuator on the Iphone and Ipad - the only app to calculate the value of startup in 5 minutes
My app on the Iphone and Ipad is finally here. Unveiling....The Valuator
Valuation of early-stage companies is both an art and a science. This app provides a back-of-the-envelope estimate of the valuation of your company which sets the basis for negotiation.
Endorsed by leading venture capitalists, angels and entrepreneurs. App was codesigned by serial entrepreneur Aaron Tan and internationally published author of 'Way Of The VC - Top Venture Capitalists On Your Board' and venture capitalist Yinglan Tan (http://www.wayofthevc.com.)
As part of the launch, for every purchase of the Valuator App (Cost $1.99 on Itunes), I will be giving free gifts for a total of $100 in value if you purchase the app within the next 72 hours.
- Digital Copy of Way Of The VC - Top Venture Capitalists On Your Board ($21.84)
Total Cost of US$1.99, Total Benefits of US$100.
If you want to go for the gold, get amped and promote The Valuator best this week (offer ends on 24th Dec 2011 midnight) and tell me what you did in the comments. Measure your impact (clicks, sales, etc.) whenever possible.
If you are the best promoter, judged by me and a panel of friends, I will also throw in the New Venture Creation Course by Tan Yinglan, Nanyang Business School Professor and Praised Author (Value: $250)
Instructions:
1) Down the app on Itunes / Ipad / Iphone or here
2) Send receipt of purchase to receipt to receipt@thewayofthevc.com, including your name and email address. You will be sent a link for download. Done.
My new book is finally here. Chinnovation: How Chinese Innovators are Changing the World
I could not be happier with the end product. Truly, I am ecstatic.
I have set myself a goal to challenge the New York Times bestseller list and to reward my loyal supporters for their endearing love: so, here are the deals.
In a nutshell,
- Basics: Buy 1 book (cost $19) and receive $120 in bonuses
- Incremental Chinnovator: Buy 3 books (cost $57) and receive $250 in bonuses
- Disruptive Chinnovator: Buy 10 books (cost $190) and receive $1025 in bonuses
- Uber Chinnovator: Buy 5000 books or best promoter of Chinnovation wins a chance of a lifetime 5-day exclusive trip to China.
Continue reading: It gets better and better.
Basics: Buy 1 book (Cost $19, Bonuses $120)
Spots: Unlimited spots available
Total value: $120 (for a $16 book)
INSTRUCTIONS:
- Buy one copy at either Barnes & Nobles or Amazon.
- Fill out this form
Incremental Chinnovator: Buy 3 book (Cost $57, Bonuses $250)
Spots: 5000 spots available
Spots: 1000 spots available
- One-year Video-Call (without roam and call charges) from top-secret stealth startup (>$300)
- Featuring you / your company on Mcgraw-Hill Textbook New Venture Creation (Priceless and Timeless)
- Complimentary Invites to Founderspace events (Priceless)
- Buy one copy at either Barnes & Nobles or Amazon.
- Fill out this form
Uber Chinnovator: 5000 copies challenge
- Building a heightened awareness of the political, cultural, social, and economic issues facing Chinese companies in global markets.
- Acquire the frameworks to develop and implement strategies that help you reinvent yourselves and stay ahead of the competition.
- Formulating and administering a successful China strategy in the face of economic uncertainty and fierce competition. This will also be an invaluable opportunity to establish a privileged network of peers from leading companies!
- Engage in exclusive meetings with government leaders and senior executives of China state-owned and private enterprises. From high profile, young executives taking companies public to mainland entrepreneurs who are redefining the business landscape, have you ever wonder: (i) How did Richard Chang, CEO of SMIC, managed risk and diversified its product its product line to catch up with its competitors? (ii) How did Zhang Tao, CEO of Dianping, start a ZAGAT-inspired user-review site for restaurants and establish a continuous process of innovation?
- Here is your chance to explore “Chinovation” and get your answers straight from the lion’s (or the dragon’s) mouth.
- Experience China like never before. Tour highlights include imperial palaces, ancient temples, colonial-era architecture, water gardens, rustic villages, local markets and stunning landscapes to help you gain a holistic appreciation of this 5000-year old civilization of 1.3 billion people, both culturally and historically.
If you are the best promoter, judged by me and a panel of friends, you get to go to China for one trip of a lifetime… for free. I will almost definitely be in attendance.
INSTRUCTIONS:
- Buy 5000 copies at either Barnes & Nobles or Amazon.
- Fill out this form. Done.
Grandma, Lin Jui Cheng (moi née), lived to a ripe old age of 101. She taught me how to appreciate the small things in life.
An entrepreneur, she started a provision shop, bootstrapping on $200 which she borrowed. (Grandfather was the accountant and grandmother ran the operations, and attend to customers and suppliers - business development in those days.) She started with selling fish in China but moved on to selling life's staples, rice, salt when she moved to Singapore. She was a jack of all trades - and was involved from a a wide range of activities - growing bean sprouts from beans, washing rubber and making belachan (chilli paste).
She was strategic in her business dealings. When regular customer wished to purchase supplies from her and she ran out of stock, she would not tell them that she ran out of stock but would source from others and rather sell at a loss than to encourage her regular customers from going to others.
People who remembered her from her younger days remembered her as a hummingbird perpetually in motion. If she entrusted someone with a task and it was not done immediately to her requirements or speed, she would take it up and do it herself. Her diligence rubbed on me - she was always on the move. In her hundred years, she probably accomplished twice what most people accomplished.
I remembered her as diplomatic. From my mom's anecdote, she never said no to a customer who haggled on price, she simply pitched less rice off the weighing scale. In her seventies, she was still active in selling bird's nest.
A lot of us get blinded by our careers and neglect the important things and people around us. Her children and grandchildren were clearly her priority. She left her husband in her fifties and only saw her husband, my grandfather, once when he came over to singapore. This was all for the sake of giving her children and grandchildren a better life in singapore. In her seventies, she even came to my primary school (Maris Stella) to buy lunch for me during recess. I can't underscore the devotion she showed to her grandchildren. She even met with an car accident while she bought lunch for me, which I still can't entirely forgive myself for. She praised her children when they did well and was always encouraging.
From my mom's anecdote, she was entrepreneurial and a risk taker for her family. She made trips to indonesia to smuggle her grand children over to Singapore (on a small shipping boat fraught with danger) to lead a better life. Most of her grandchildren are leading successful lives in singapore and arguably this would not have been possible without grandma.
She singlehandedly brought up a brood of grandchildren, multi tasking before the word - multi-tasking - was even coined. She probably coined the term Mompreneur and Grandmapreneur. One of my aunt recalled that when times were busy at the provision shop, she would put some of the grandchildren in buckets or boxes which she will tuck safely underneath a table.
My grandma was not only a grandma, she was also a mom to many of her grandchildren. Many of my cousins feel that she was closer to her than her mom. Grandchildren all wanted to repay the debt they owned, but inevitably each have their own brood. Most (including myself) feel a sense of guilt that they should have spent more time with her.
Tenacity is her defining trait. She was a fighter - numerous times she recovered from the brink of death. A car accident in her seventies, a fall which left a nasty gash on the head.
Grandma has a a strong fighting spirit and also thrived on independence. In her eighties, when her sons / grandsons wanted to lead her across the road, she would shake their hands away.
Focus on the important things. She is mindful of the important things in life. In the eighties, this sense of focus became more apparent. She will ask me about my wage (upon knowing the figure she is content) and whether I gave portion of it to my parents ( to which i said yes)
In her clearer moments, she asks about her birthday. (She prefers a banquet and frowns when we mention a buffet.) That was always the highlight of her year and to which the gathering of children and grandchildren brought her a lot of joy. On her 100th birthday, we were delighted with her strong vitality.
I recalled she took me marketing ( going to the wet market) and indulged me with 7-11 ice cream and a comic. That was one of my earliest memory and my recollection that life's simple pleasure. She loved durians and chicken rice but would always save it for her children / grandchildren. It was only in her later years that we indulged her and bought durians, chicken rice and coffee every week.
I recalled playing Blackjack with her. I am always impressed with very sharp mind despite her age. Her knack for numbers is astounding. I was told that she can remember accounts and do complex calculations in her head in her younger days.
On the hospital bed, she murmured that grandfather is coming to take her away. I could still remember her auguish when one of her daughters died. I felt a tinge of sadness but perhaps she will be in a happier place.
One thing that I will ask myself : will i remember this during my deathbed?
Are these people who will be at my deathbed?
If yes, I should go the extra mile. If not, I should ask myself: is this absolutely necessary. Are there better ways to spend my time, and should i be spending them on folks which matter, I.e. Family.
Grandma, may you rest in peace.
Tan Yinglan 3 Dec 2010
Colombo Plan Workshop on Strategies for Internationalization: Lessons for the Colombo Plan Member countries
I shared my views at the Colombo Plan Workshop on Strategies for Internationalization: Lessons for the Colombo Plan Member countries. Good exchange of views from passionate, liked-minded people from Brunei, Laos, Philiipines, Sri Lanka, even Nepal. I noticed the similar problems faced by entrepreneurs, especially the reluctance of banks to lend to early stage companies.
Image via Wikipedia
Came across this budding entrepreneur whom impressed me on her dream. Read her interview transcript below:
Name of Entrepreneur / Venture and Company Motto:
Name of Entrepreneur : Yulia Saksen
Venture: Y’SAKSEN
Company Motto : Bridging imagination and realization.
I was born in Indonesia and migrated to Singapore in 1999. Upon graduating in Industrial Design from Nanyang Polytechnic of Singapore in 2006, I worked at Shimano, a leading fishing rod and bicycle manufacturer as an industrial designer. As a lead designer, I was responsible of handling cosmetic appearance design for fishing rods for Southeast Asia, Europe and Japan market. In 2009, I moved from Singapore to Milan to attain the Master Degree in Design at Domus Academy. After 5 years of experience in the creative industry, I founded y'saksen design studio to help clients added value through design, sales and marketing.
What do you do or make? * Why would I recommend you/your service to a friend or colleague? It's not required, but if you have a video explaining your company, you may also include a URL here.
We are in the business of making our clients’ business successful. At y’saksen design studio, we help our clients identify their niche qualities. To differentiate their nature of business from current
or even future competitors in the market, and at the same time creating communications that gives our clients unique, clear and powerful voices. We believe in a close working relationship with our clients; And we commit to listen to their visions and how we can turn them into reality.
What's new, interesting, or different about what your company does?* * How is your product a breakthrough or disruptively innovative? Compared to other products, why are you superior?
We provide holistic design services that bridge design, sales, and marketing to create sustainable value for our clients. Good design connects products and services, brand value, and consumer experiences. We understood that, hence we can help our clients stay relevant and competitive in this drastically changing economic landscape.
Explain how the company will make money? * What is your revenue model?
Our company has three revenue models. They are:
1. Strategic Engagement
By providing design services to our client a strategic long term basis.
2. Partnership
By collaborating with our clients (usually start-ups or young companies), providing them with design services, and in return for royalty or equity.
3. Civil work
Occasionally, we also provide ‘pro bono’ projects for government or non-profit organization as a form of social revenue for our designers and communities.
Why is the addressable market you are targeting interesting? * Is this a large growing market?
Yes, Singaporeans are starting to understand design and desire for it. On the other hand, westerners are finding it hard to ignore Asian design now due to the economic movement. Good design will become imperative for any businesses to succeed.
Given 20-20 hindsight, what would you do differently? * What is your best advice for entrepreneurs?
I would have started earlier; to invent, experiment, take risks, make mistakes and have fun!
What is your most memorable fund-raising experience? * Experience can be harrowing or exciting
We have not gone through any fund-raising. However, as we are expanding, we are now looking into various funding schemes to support our growth.
Why should we choose your company? * Your 30 second elevator pitch. Please mail any additional supporting / supplementary documents.
Our design studio, y’saksen understood that good design connects products and services, brand value, and consumer experiences. Hence, we can help our clients add value, stay relevant and competitive in this ever changing economic landscape.
Image via Wikipedia
David is a friend whom I got to know in my journey as an author. I thank him for his support of Way Of The VC. He ordered a signed copy of Way Of The VC to be shipped to his home in Canada - it was a flattering gesture and the first time that I realised that the autographed copy of my book was in such demand.
One kind gesture deserves another - I wanted to help him pass a message. Genesis Facility Foundation, which David founded, has launched the Canada India Sustainable Technology Venture Competition (CISTVC). The Competition will be between qualified management and technical schools/institutes in Canada and their counterparts in India and will invite graduate students (final year) from respective MBA Programs, Science and Technology Programs, Climatology and related Engineering Programs, to develop commercially viable, clean and sustainable technologies for combating and reversing climate change. This would be a Canada-Indian education event which would propel the best and brightest students into thinking of climate change mitigation and develop alternative energy solutions. Schools and institutes may send up to two representative teams to the competition. Each team would submit a business plan for its technology.
The business plans must meet traditional return-on-investment and profitability standards, while demonstrating eco-efficiency and achieving sustainability on a project-by-project basis. Approximately eight qualifying teams will be selected to make their presentation and compete at the Finals in the host/partner institution. A panel of judges will be composed of eminent faculty, venture capitalists and industrialists. Winners of the CISTVC will receive cash awards and will be introduced to top tier venture capitalists.
The CISTVC will be the first of a series of Bilateral Sustainable Technology Venture Competitions with US India and US China Sustainable Technology Venture Competitions being planned to follow the CISTVC.
For more info, pls contact:
David Yates,
Founder and Chairman,
Genesis Facility Foundation
Folks who meet Danny for the first time will be impressed by his maturity despite his tender age. He is the Foounder (excuse the pun) of Foound. Way Of The VC interview him here:
Name of Entrepreneur / Venture and Company Motto
Danny Tan/Foound, "Bringing the world closer, one hangout at a time"
Brief Profile of Entrepreneur
Danny leads the Foound team in product and marketing strategies. Danny fell in love with the juxtaposition of business, technology, and social causes as a student at the University of Pennsylvania. At age 23, he started his first company with a team of leading scientists in the US to find a cure for epilepsy. 2 years, USD100,000 and 3 dead monkeys later, Danny found his real passion in consumer internet technologies, and spent the summer of 2009 working on the launch of novaglobal.com in Stockholm Sweden under the tutelage of Lars-Henrik Friis Molin. Since late 2009, Danny has been working on Foound as a way for busy city dwellers (read himself) to stay ahead of their social life. Danny won the Intel+UC Berkeley Technology Entrepreneurship Challenge in 2008, and was featured on the Business Times’ BT-Citibank Young Investors’ Forum in early 2009.
What's new, interesting, or different about what your company does?*
With useful features in a simple design, Foound makes organizing hangouts with friends a breeze. Gone are the days of sending and relaying multiple text messages or emails just to get your friends together for a cup of coffee. Foound’s web and mobile application allow organizers to convey all relevant information in one single invitation, and send it to friends through multiple channels. Then recipients respond to these invitations and interact with one another in real-time. In short, Foound makes it incredibly simple and easy to invite and update friends on any real life meet-ups.
Given 20-20 hindsight, what would you do differently?
I would have started this company 5 years earlier!
What is your most memorable fund-raising experience?
This definitely has to be raising our current seed funding round led by Neoteny Labs, which gives us instant access to the international tech community.
What do you do or make?
"Foound Pte Ltd is a Singapore based software company developing Foound, a “short-term invitation” service which helps users organize hangouts with friends in real-life via web and mobile.
Through our web and mobile applications, Foound makes it easy for users to organize hangouts with each other by
• Updating their location and inviting friends to join them in real-time
• Specifying information such as address, people and time in a single message
• Sending and responding to invitations and updates to and from multiple users"
Explain how the company will make money?
While monetization is not our immediate priority, probable business models in the future includes location-triggered mobile advertisements (Placecast), mobile coupons (Yoose), group discounts (Groupon), loyalty rewards (Foursquare), or lead generation for businesses (e.g. for credit card companies). We can do this through building a global sales force, or through strategic partnerships in different geographies.
Why is the addressable market you are targetting interesting?
"In a recent report (2010), Analysys Mason estimated that worldwide smart phone usage will increase by 32% annually over the next 5 years, from 424 million in 2009 to 1.7 billion in 2014. Of these, comScore MobiLens reported that approximately 20% of smart phone users access social media on their mobile devices, representing a total of 340 million potential users by 2014.
These users spend a good amount of time daily on social networking sites and are accustomed to making fractional purchases such as mobile app or virtual items. These type of behavior were not seen on dated mobile platforms that is the feature phones today."
Why should we choose your company?
Foound is a uniquely Singaporean company which has strong global ambitions. The team is young, yet capable and dynamic. The team came from a diverse background of overseas experiences and strong technical skill-sets, including former experiences from companies such as Google, Honeywell, etc.
Image via CrunchBaseFeature Story is fascinating company started by a buddy of mine, Rajeeb Dey. I met him at the St Gallen Symposium last year and has been thoroughly impressed by his accomplishments at a tender age.
Rajeeb (24) - who has been named as one of the UK’s “rising stars of the business world” by Spectator Business Magazine and “among the most high profile” young entrepreneur by the Financial Times - graduated with First Class Honours in June 2008 from the University of Oxford in Economics & Management. Whilst at University he was the longest serving President of Oxford Entrepreneurs, one of the largest networks of student entrepreneurs in Europe. He was also President of the Oxford Majlis Asian Society, founded in 1896 as a political forum for Indian independence and the second oldest society at Oxford University. Former presidents include Mrs. Indira Gandhi and K.P.S. Menon, who went on to serve the subcontinent with distinction.
Rajeeb has been heavily involved in social entrepreneurship/youth participation from an early age. At 17, Rajeeb became the Founder & Chairman of the English Secondary Students’ Association (ESSA) – the first national student run organisation empowering secondary school students, giving them a voice in education.
Rajeeb’s work in entrepreneurship has led to him being invited as one of the first Ambassadors for the “Make Your Mark Campaign” – helping to promote UK entrepreneurship. Rajeeb’s other roles include being a Trustee and Investment Committee member of UnLtd – the Foundation for Social Entrepreneurs; Trustee of the Phoenix Education Trust; a Commissioner on the Carnegie UK Trust’s Inquiry into the Future of Civil Society; Education Advisory Board Member for Channel 4; and an Advisory Board Member of the UK-India Business Council (UKIBC), which involved being part of Gordon Brown’s Ministerial visit to India in January 2008.
Rajeeb’s work with ESSA has led to him being presented with an award by Channel 4 & NESTA’s “Bedroom Britain Campaign” (recognising young entrepreneurial talent in Britain), a Wavemakers Award (from Sir John Major); an UnLtd Level 2 Award; the Bank of England’s Windsor Fellowship in 2005 (a prestigious Leadership Development programme); as well as being awarded the Goldman Sachs Global Leaders Award in 2006 and Fellowship of the Royal Society of Arts (as part of the RSA Young Leaders Award). In 2008 he was selected as one of twelve people globally to be given the accolade of “Architect of the Future” by the Waldzell Institute and one of twenty globally to receive the YouthActionNet Global Fellowship. He is a member of The Observer / Courvoisier Future 500 network – ‘an exclusive network of rising stars across the UK’ and has been chosen as one of four within the network to be named as “One to Watch in 2010”. He has also been invited to join the British Council’s Trans-Atlantic Network 2020 – a network of emerging leaders from around the world.
Rajeeb is also the Founder & CEO of Enternships.com, a service providing “entrepreneurial work placements” by connecting talented students and graduates to start-ups, SMEs and “intrapreneurial” firms worldwide. The site launched in public beta in May 09 and has already been recognized as a promising new start-up by becoming a Top 3 Finalist in the Esquire Magazine / Philips New Business Challenge; Finalist in the Microsoft Internet Explorer 8 “Life Academy” Awards and for which he has been named the 02 X Young Entrepreneur of the Year 2009. Enternships has already secured global media coverage in The Sunday Times, CNN, The Daily Telegraph, ABC News, Business Week, Wall Street Journal amongst others. Rajeeb was profiled by the Institute of Directors as the Director of the Month in March 2010 and as one of the UK’s Top 30 Entrepreneurs aged Under 30 in Real Business Magazine (April 2010). Enternships has also been recognised by the UK Trade & Investment’s Global Entrepreneur Programme (UKTI GEP) as a “Technology of Exceptional Potential” and Rajeeb is the youngest entrepreneur to have ever been admitted onto the UKTI GEP initiative.
In April 2010 Rajeeb was featured in a National Lottery funded exhibition, alongside India’s Prime Minister Manmohan Singh, Indira Gandhi, Benazir Bhutto and other prolific individuals as one of ten “Oxasians” - illustrious graduates from the University of Oxford of South Asian origin.
We interview him over email here:
What do you do or make?
Enternships.com is a jobs portal which connects students/graduates to start-ups and SMEs who provide entrepreneurial work placements (“entrepreneurial internships”). SMEs struggle to find talent and lack the recruitment budgets of "blue-chip firms" to undertake the traditional ‘milkround’. Enternships therefore provides these companies with visibility on campus and serves as a central place for start-ups to reach out to talent. Up until now small companies have had to rely on classified listing services such as Gumtree or Craigslist where often they would be spammed or inundated with irrelevant enquiries; Enternships provides them with a centralised system to manage recruitment in a more targeted manner.
What's new, interesting, or different about what your company does?*
"Route to market: There is currently a major disconnect between small business and universities. Careers services in the UK are unable to engage adequately with small businesses as they are set-up to cater to the needs of large corporations. Our research and feedback gathered from SMEs has been that interaction with careers services has been negative in most cases, with many not knowing who to approach or talk to in order to advertise opportunities to university students. Enternships therefore helps bridge this disconnect and provides a direct link to students on campus, working through student entrepreneurship societies across the UK.
Whilst listing sites like Gumtree and Craigslist provide volume of applications, small businesses do not have the time to filter and respond to all applicants. Enternships therefore provides a centralised online system to manage the entire recruitment process from filtering candidates, messaging, accepting/rejecting so that the business owner is not over-whelmed with correspondence to track in their email inbox.
Changing industry attitudes: Enternships is trying to change industry practice and attitudes in the graduate recruitment market both on the side of candidates and companies.
Start-ups/small business have not been seen as traditional ‘graduate recruiters’. This may be due to lack of a simple way of attracting these candidates or because they do not see the 'value-add' of graduates (maybe they themselves did not attend university) or feel that they have the financial resources to attract top talent. We encourage them by showing examples of successful placements and the benefits students can add to a firm; letting them know that top talent is interested in small business is particularly important now with the graduate jobs crisis we are facing. At the same time we provide a low cost, time-saving recruitment solution (e.g. CV filtering/interview scheduling etc) for these firms to advertise short-term/full time vacancies.
Until recently students and graduates on campus have only been exposed to large corporations such as the blue-chip professional services industry who are the ‘traditional’ graduate recruiters. In reality a very small percentage of students get these roles – what should the rest do? We are also seeing “Gen Y” increasingly disillusioned by the traditional work opportunities on offer in large institutions, seeking alternatives. We want to connect these candidates to the millions of smaller businesses out there who can provide extremely valuable experience. In the current market we are also seeing interest from ‘career changers’ who are leaving the city to pursue more entrepreneurial paths – a great asset for start-ups who are able to attract more experienced candidates.
Just as bankers, lawyers, accountants etc do ‘internships’ , those who want to be entrepreneurs / join a small business should be able to do an ‘enternship’. A deliberate attempt has been made to create a strong brand and new word which hopefully in years to come will enter the dictionary so that doing an ‘enternship’ in a start-up will have the same kudos as doing a corporate internship.
Global marketplace: We have global ambitions at Enternships. The current trends and increased mobility in the student population means that there is tremendous value for a portal to be able to connect students in one country to work placements in another. For example the international student population at London School of Economics is approximately 70%; whilst you may study at the LSE you may live in China and thus when going back home during holiday periods you may wish to find a work placement. We would like Enternships to be the platform for students to find exciting roles around the world and to ignite the entrepreneurial ambition in the next generation. We realise that whilst there may be job board/websites which focus on one geography there are very few with international opportunities. In the globalised and connected world we’re in today many students/graduates are keen to travel for the right opportunity, likewise dynamic start-ups in India for example may be keen to hire a graduate from the UK if they’re looking at ways of breaking into the UK market. We already have a team of Ambassadors who act as liaisons for particular regions and so far we have attracted companies in all major continents including Africa, Asia, Middle East, North America, South America and of course Europe who have posted roles on Enternships.com.
Given 20-20 hindsight, what would you do differently?
I would have recruited a technical Co-Founder in the first instance. Running a web startup without the technical expertise in house can be extremely challenging and a lot of time has been wasted by me chasing developers and waiting for things to happen. Especially if you're bootstrapped (like myself) your development can be hampered by the lack of in house technical talent.
What is your most memorable fund-raising experience?
I haven't undertaken any fundraising as yet; I will look to raise an angel round of investment between now and the end of the year so watch this space! We are completely bootstrapped to date.
Explain how the company will make money?
We will operate a similar business model to classified listing websites such as Gumtree ie charge companies to list job roles on the website. There will be a basic listing fee and companies can pay more to have 'premium listings' whereby their adverts appear in bold, at the top of search results, featured on the homepage as well as paying for newsletter mailshots and advertising. As of now the site is in a free beta trial to attract companies to use the website.
Why is the addressable market you are targetting interesting?
"On the one hand we are attract students and graduates to use the site; there are 2.3m students in the UK alone and the current unemployment crisis means they are on the hunt for work and any form of experience. More students are deferring their entry to the job market and thus we predict at least in the short term there will be a rise in those looking for temporary/short term work placements.
On the other hand our clients are the 4.3m SMEs in the UK which is growing; of this 4.3m approx 2.3m hire people and thus this is the target market. There is a growing number of start-ups and small businesses in the current climate and the vision for Enternships is to be a global jobs board and thus we are looking and launching international microsites in other countries/regions eg Middle East, Ireland etc."
Why should we choose your company?
"I turned down two job offers from reputable organizations – the Bank of England and the Boston Consulting Group (BCG) to pursue my dream of being an entrepreneur. This was a big risk and tough to reject lucrative starting salaries especially in the current climate where graduates are struggling to find full time jobs; however I have complete belief in the vision for Enternships and my ability to make a positive contribution to society through my startup at a time when it is most needed in the economy.
Research shows that a service such as Enternships.com is desperately needed. The Global Economic Monitor in 2006 found that following work experience with SMEs ""start-up expectations"" were boosted from 6.4% to 13.0%. Given that we are facing an unprecedented economic crisis with graduates entering what is probably one of the toughest job markets in decades it is imperative that we develop entrepreneurial skills in these people.
Thus, as a recent graduate and young entrepreneur I hope to inspire the hundreds and thousands of graduates who have entered the bleak job market this summer. I want to show my peers that they do not need to rely on getting a corporate job per se and can venture on their own and start a business or work for a start-up or small firm. I hope that by providing a portal to connect students to these opportunities in SMEs we can boost the entrepreneurial aspirations of thousands of young people, create new wealth and opportunities and thus boost economic growth/productivity in Britain and beyond.
Thus it is not just a jobs board we are creating – it is a culture change we wish to see.
Image via WikipediaViews form Paul Graham who runs Y Combinator published in Forbes
http://www.forbes.com/forbes/2010/1108/best-small-companies-10-y-combinator-paul-graham-ask-an-expert.html
Image via Kudos to Ohile, our Featured Story, for starting a family-oriented venture. We interview the founders here:
Name of Entrepreneur / Venture and Company Motto
Ohile: The Complete Family Portal
Brief Profile of Entrepreneur
"Shalini V Nair - MD, an alumnus of Executive General Management from IIM-Bangalore has over 9 years of experience in carrying out different roles & responsibilities in the IT industry. She is in charge of planning the vision and direction of the company as well as its management. She guides the company towards the vision of becoming the “Family Portal - a one-stop solution to all family needs” with her strong sense of responsibility, keeping the team motivated and giving their best outputs.
Ramakrishnan Nair brings with him vital experience of being part of an MNC and interacting with clients across the world, providing software solutions. He is in charge of devising strategies and setting guidelines for the smooth functioning of the project. He graduated from the College of Engineering, Trivandrum with a B.Tech degree
Arun has more than 5 years of experience in designing embedded systems in Telecom and Data Acquisition. He is in charge of spotting emerging technologies which can take the company ahead. He graduated in B.E (Electronics & Communication) from Cochin University in 2004.
Manu Raj has six years of experience in Designing/Developing products in embedded environment. Currently looks after Business development. He has strong strategic management perspective in defining organization direction. By constantly challenging the way things are done combined with the organizational refocusing programs has been the key factors in obtaining the results. He graduated in B.E (Electronics & Communication). He is a certificate Holder in Global IT management from U21 global.
Something Different about each of us:
Shalini V Nair: Revived Prajna Foundation, an NGO based in Delhi working with the Youth & Children of Sudhar Camp, a major slum in Kalkaji, New Delhi.
Ramakrishnan Nair: As a loyal follower of Ramakrishna mission, he has been an active part of their social activities and coordinator of ‘Bhaktha sammelanam’, yearly get together of devotees.
Arun S S: Besides a technocrat, he is a scholar in history. In a foregathering of people with similar taste, he has been the lead speaker and authoritative last word on matters of contention.
Manu Raj L S: Played a major role in formation of a company in US, in health care domain called icuro, inc (www.icuro.com). He also played a major role in setting up operations of Yazata Consulting (www. yazataconsulting.com) in Thiruvananthapuram. He leveraged both his technical and start up experience to guide them.
Friends since school days, growing up in the town of Thiruvanthapuram, Kerala, we diverged while at college and during professional life and missed lot of ‘family functions’. During every get-together we had, we discussed this ‘disconnect’ and yearned for a solution to recapture the warmth. Our quest resulted in the prototype of www.ohile.com."
What's new, interesting, or different about what your company does?*
"Our unique idea spectrum of a media to emote, share and cherish transcending modes of access does not exist in market right now and has the potential to rewrite the market trend. Redefining ways of connecting people is our USP. A private and secured way of sharing and managing your family space!
• Ohile extends the ‘emotional connect’ of family to the virtual space. We provide features facilitating users to connect, share and experience family moments transcending digital divide.
• We believe every individual needs to connect with his family, uninterruptedly. This connection is manifested primarily through his lineage; family tree thus becomes the core of our portal.
Users need a private space or ‘family space’ - which is unaddressed in the internet/mobile space presently, which forms the cornerstone of our USP!
The mix of features being unique, www.ohile.com is in a different plane in itself.
We face competition from fragmented players in the market. All players have divergent approaches and don’t follow our entirety.
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Given 20-20 hindsight, what would you do differently?
Passion, Persistance and intuitive understanding of the target market and their needs. Market Study & Research.
What is your most memorable fund-raising experience?
Self funded till now, the experience of selling our idea to friends who never pull a punch can be exciting and harrowing as none other. "Flagship product: www.ohile.com
What do you do or make?
Vesta, Roman Goddess of the home and hearth brings warmth to households, both as a temperature and as an emotion. Ohile is built to be the Vesta of the virtual world, epitomizing family life and its continuum ‘online’.
Our idea is to present a quilted embroidery of all family related services / utilities under Ohile aegis. There is more to a family than shared ancestry.
Our focus is more on the family as a totality; it's needs and preferences- Holistic approach to map your family timeline.
Enterprise Solutions: We are in the process of customizing the Ohile.com framework for mapping corporate structure and knowledge sharing projects.
Mobile Solutions:
Several of our Applications are already released into the Nokia OVI Store with few more at QA and in Samsung, Sony Ericsson and Android Marketplaces.
Applications fall under Productivity tools, Utility applications, Religious content apps and News & Info.
Links: www.ohile.com
Mobile Apps at OVI Store: http://store.ovi.com/publisher/Ohile+Tech/
Explain how the company will make money?
" "The revenue model consists of three aspects:
1. Information on ‘retail offers’
2. Transaction model targeting ‘kirana shops’
3. Custom merchandise aligned with www.ohile.com portal
We already have a stream of Mobile Apps in the app stores and mobile enterprise solutions as a revenue stream. Additionally, The framework is replicated across organizational requirements which is a revenue stream for the company. "
Why is the addressable market you are targetting interesting?
"The target market: We have two markets identified
1. The regular internet users who are a part of the global nomadic culture - who miss the warmth of the hearth and cherished family bonding, on the move. They need the family ambience with them wherever they happen to be. Geography and demographics are purely subjective in this market.
2. The larger and ever growing mobile users - where the other networking sites provide plugins to their sites, we propose a seamless mobile experience to mesmerise this potential audience."
Why should we choose your company?
Family, the most important entity, is often forgotten in the pursuit of catering to individuals in the internet space. Family ambience needs to be extended to the web, mobile and the entire spectrum of digital media. We understand this pain point from the market study that we had undertaken at the launch of our pilot project. We are dedicated to bridge this gap and extend the family experience wherever you are.
