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Win-Win

Win-Win. A Model for Mentorship of Start-up companies. For Society for Innovation & Entrepreneurship (SINE) By Dr.A.L.Ravimohan, Prabhakar Vichare On October 1 st , 2005. New Venture Needs. Are in three Key Areas: Focused “Mentoring” Incubation Facilities (SINE provided) Venture Capital

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Win-Win

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  1. Win-Win A Model for Mentorship of Start-up companies For Society for Innovation & Entrepreneurship (SINE) By Dr.A.L.Ravimohan, Prabhakar Vichare On October 1st, 2005

  2. New Venture Needs Are in three Key Areas: • Focused “Mentoring” • Incubation Facilities (SINE provided) • Venture Capital Sobering thought: Nearly 69% of new start-ups fail to make it past their first birthday due to lack of one or more of the above!

  3. SINE SINE has provided a full fledged technology business incubation facility, having the ecosystem to foster and support your aspirations of creating a formidable and successful venture. But as we know, to succeed in creating the new venture, you need a little more…

  4. Competitive Advantage • New product…….yes • Knowledge of new markets…..?? • Managing/communicating with external environment…..?? • “Serpentine strategy”, to sidetrack the landmines (minimize unproductive costs)……?? • Good image – IIT brand……yes • Skills in managing funding sources….?? • Valuable contacts…?? • Maximize sublime opportunities or “out of the box thinking” to business issue at hand….?? • Managing professional staff….yes • Execution, execution, execution…..yes • Above all, business acumen…….??

  5. Business Acumen Business Acumen is either inborn or acquired through experience. Many successful entrepreneurs seek Business Mentors for just-in-time availability of experience (i.e. business acumen).

  6. What is Mentoring It helps entrepreneurs make better business decisions by learning from the experiences and expertise of others to provide: • Continuous stream of related information • Experience “been there done that” • Comfort in “no boss” situation • Trusted & long term relationship • Expansion of entrepreneur’s social network With collaborative & supportive approach of the mentor to be the trusted counselor or guide.

  7. Successful Start-ups Have… • Association with prestigious institutes like IIT Bombay • Commercially attractive product or service idea • Well defined business plan • Viable/innovative business model • Capable promoters Ideally the entrepreneur company should strive for the equity participation by the mentor. This assures the committed shared vision between the two with minimal impact on the early expense ratio. Close bonding with reputed institute such as IIT.

  8. Selecting the Mentor The entrepreneur should: • Consider venture’s developmental stage • Know his/her own strengths/weaknesses • Know venture’s objectives and desired outcomes • Profile the potential mentor • Assess the need to enhance or fine-tune venture’s strategy • Evaluate mentor’s risk mitigation skills • Above all, look for Experience!

  9. Western Mentorship Models There are two types of Business Mentors; pro bono or for fee such as: • Financial institutions • Non-profit organizations (SBA, USA) • Chambers of commerce • Business consultants • Fee based large private corporations

  10. Mentor Provides…. • Continuous stream of related information • Experience “been there done that” • Comfort to entrepreneurs in “no boss” situation • Trusted & long term relationship • Expansion of entrepreneur’s social network • Collaborative & supportive approach

  11. Early signals of Success • Realistic & well defined marketing plan • Simple product with lots of customers • High barrier to competitive entry • Solution alleviating business pain • Ability to effectively communicate • Succinct business plan • Required DNA as promoters • Experienced & cohesive management • Ability to execute, execute, execute….

  12. TRIITONStrategy Advisors and Business Mentors • Dr A. L. Ravimohan 1967 ChE (Gold Medallist) prior Chief of Product Development at major corporations • Dr. Nirmal Jain 1967 EE prior CEO at Tata InfoTech and others • Mr. Parag J Rele 1969 ChE prior CEO of Aplab Ltd. We bring 120+ years of executive level global experience with unparalleled network and brand (IIT Bombay).

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