Why is this happening today? The first exam is on April 20th, and that too of Data Mining. Haunting for a last few weeks, to both me and my mother, is the fact that I got 1.5 out-of 10 in Data Mining's mid-sem.
But I think its okay and on 18th April I attend this talk on "Startups" at Golden Seminar Hall, ECE Dept., IISc.
But I think its okay and on 18th April I attend this talk on "Startups" at Golden Seminar Hall, ECE Dept., IISc.
Some lady professor from I don't know which dept. has invited her brother to be the speaker.
Sounds rubbish? Definitely yes.
But it turned out to be not at all rubbish.
Dr. Kanth Miriyala is a B. Tech from IIT Madras, M. Tech from IISc and Ph. D from Illinois. He has worked for 9 years with Accenture and has been an entrepreneur for last 15 years.
Sounds rubbish? Definitely yes.
But it turned out to be not at all rubbish.
Dr. Kanth Miriyala is a B. Tech from IIT Madras, M. Tech from IISc and Ph. D from Illinois. He has worked for 9 years with Accenture and has been an entrepreneur for last 15 years.
He is an impressive speaker. His talk had an overwhelming number of anecdotes and funny remarks which he paraphrased on the spot. The talk was lively and he was expressive enough using facial expressions and acting at times. He talked sense and I could gather a few take-aways although I doubt whether he has done anything significant in life.
- On his very start, a phone rang in the first row....km: Is it Obama again? He always comes to know when I give a talk.
- km: What of so many degrees? Even a thermometer has a lot of them
- A Ph. D student goes on knowing more and more about something, until he knows everything about nothing
- km: In my family, everyone did jobs. The only person I knew to start a business was my uncle. He was a Chartered Accountant and then he left everything and bought a dying silk industry. Everyone knew he was doing wrong. I was very young, but I knew he was doing wrong.
- first the silk is already very slippery
- and chartered accountants don't wear silk sarees
- it was like catching a falling knife
- he owned a big house, and had to see the house sliding down....down on a silk saree
Kanth started by a call for show-of-hands of who already are working on a startup. He asked for reasons why to go for one. Back came answers-
Freedom / Solving a problem / Create Employment / Making Money / getting to write your own paycheck
Then was a call for show-of-hands of who want to start it but haven't started yet. And the reasons gave were-
Risk / Looking for the right problem / Not found the right team / Investment
Interestingly one of the old guys among the audience said he has been looking actively for a partner for the last 3 years.
Now came the point, that if all those who have not started yet, were pointed a gun at their heads and they were to start in say a week- What practical thing they will do which can be to rolled out in 1 week?
A girl answered "mobile app" and I doubt whether she ever made one and could rather ever make one. The accepted answer was "a panipuri stall". As the example evolved, came some key learning points:
1. Choosing a clear, workable thing to do
Kanth asked how will you start it?
and I am amazed by the unusual and a lot insightful reply a young man gave-
2. I will putup a board- "You get Panipures here. " and see who all turn up and what they seek for.
Well, this will be the very apt thing to do. Even before a prototype, mentally fantacizing, who the customers are and what they need --- picturing a product/process and a prototype come second.
This smart way to begin reminds me of how amazon writes the press release as the first step of starting up a new project.
Kanth then introduced another guy who accompanied him- Sishir Kolli, a much younger IIT IIM boy with about 3 years of experience of working as an investment banker in New York. Kanth and Sishir first started a universal payment system --- sms based #tag payment for any service. Sishir was finding it tough to put it in words what the thing was and how it performed. Kanth put it straight- "It failed". They have then started together Give-N-Take, a peer-to-peer renting platform.
3. Don't stick to an idea. Fail fast
This sounds to me similar to what the guiding-soles-man Anirudh Sharma told that day in his talk at IISc, "If you hold in your hand, the flower you like, for long it will die in your hand"
4. Key question to ask after a failure is- If we were to do it again, how will we do it?
5. Kanth said the two key ways by which humans, and any animal for that matter, learns is by failing and copying..........km: and these two are the very things universities don't allow !
6. Just test the stupid idea first- Throw it out and just check if it is seriously a stupid idea.
For Give-N-Take their "technology prototype" was a secret facebook group. Siblings and friends were added and asked to pretend for a week -- as givers and takers -- as if all were in the same building and go on listing the things they need which they may like to take on rent. Also list all what spare stuff like camera / books / hiking sticks / etc they find lying around in different corners of their homes which they can offer on rent.
This way they judged the user expectations and behavior by a simple setup and with zero tech.
7. Don't make any tech first. Where is the prototype? Its there? Where? In the air !!
The only progress after the secret fb group is that Shisir now runs a closed fb group for Bangalore !
Then came a few general advice-
8. Startups always underestimate the money they need. Kanth said just put "2 more zeros". The guy who says- given 2-3 lakhs rupees he can have the prototype ready actually needs $1 million.
9. The trick with investors is that if you want advice - ask for money and vice versa
This reminds me of what, that wifi-man, Marconi awardee. Prof. Arogya Swami Paulraj said when he was sharing his experiences on startups at the same Golden Seminar Hall in december last year. "When you need money - advice is all what you get"
10. Next was to ask the investors "what should I show you first ?"
It depends on the idea, for some the investors will first want to see 15 customers -or- an year of sustenance in the market -or- so much of revenue for some other idea. You should know before hand what your investor will like to see and get it done before approaching the guy.
11. Every entrepreneur says "I know it will work" but even you can tell for yourself that "I have tested it" sounds so much better than "I know it will work"
12. To the investors, show them first what (you knew) they will like to see first and then tell the plan ahead. And just ask for advice!, then at the tea there will be people coming "I wonder is you will like to raise money". And then should come your reply "1 million dollars" and it should come out very naturally. Better if you have practiced it at the mirror a number of time saying it- 1 million dollars
Next was a running case-analysis of Uber.
For the riders --- press a button -- car comes to doorstep -- takes him to his destination
For the driver --- monetization of under utilized resources
13. What does the user needs? (push it) (push it further) and now tell- What does the user needs?
What is his end goal? What the customer actually wants?
Like for Uber its that the rider wants to reach the destination and that he gets at a button click.
For Give-N-Take, user's end goal might be say, he wants to go on a mountaineering trip. And with just a click, back should come a list of 15 things one generally needs for a mountain trip. He would then check say 12 of them which he already has and for the other 3 he should get the options with time-to-possession and charges specified.
14. Kanth laid enough stress on saving 2 hours a day by trimming off from your leisure time and also job time. Working from home saves time. But he strongly said never to cheat the employer as it is unethical.
15. Atleast the founder should have no doubt at all on whether the startup will work or not -- otherwise fail fast is the way to go. Only if the founder is sure enough, can he convince others.
16. Ruthlessly cutoff any friend who gives you negativity about your startup and hangout with other entrepreneurs -- and copy -- see how they think and take their perspectives.
Q) What if the person giving negativity is your spouse?
km: I can't help if you have already made big wrong choices. Leave all thoughts and care your balls. That will give you more work in life.
Reminds me of the Dhabda incident that that longing-entrepreneur 8 years Wipro employee shared in the panel discussion I mention just next below.
17. 2 years of savings before you jump-in. It gives peace of mind.
The same figure- 2 years of savings was suggested by the 12 years investment banker Mrs. Vandana Suri who is now owning TaxShe. I heard her on April 9th, when she was among the panelists at the discussion on startups by EntIISc + Alumni Association at Faculty Hall, IISc.
Next comes the best part.
This is what I consider the most valuable of all the learning I got that day as it went totally opposite to what I used to think. It made a deep mark as it set straight a since-always wrong notion of mine.
18. When is the right time to raise money? Audience gave numerous answers-
-> only-once prototype is ready
-> when you want to expand
-> when your personal funds can't support any further
He never got the answer he was looking for. He said he won't put even one single penny in any one of us. He said you should raise money only when you can guarantee an xx-return.
Anytime before that is dishonest.
km: It is someone else' money. He is investing where you are saying. Only when it is firm in your mind that it will get an xx-return should you ask for money.
Otherwise it is cheating. Ask someone for money only when you can give it back.
As soon as you realize you will make money - raise money.
Before that is unethical.
Contact info he shared is- kanth@miriyala.com WhatsApp: 001 630 8022 521
And he closed by giving Sishir Kolli a 1-minute commercial.
Sishir shared their Give-N-Take blr fb group and his phone number 7022 411 919
17:00 22nd April 2016