If you are a startup in India, you have certainly heard of Mumbai Angels. And if you have heard of Mumbai Angels, you have certainly heard of its president Anil Joshi. Anil is a familiar figure in entrepreneurship events, conferences, forums, ecells, and the like. As the operations head of Mumbai Angels, he supervises the screening of well over 100 business plans a month. I have known Anil for 3 years now and am envious of his unending store of energy. At the inception of StartUp Gang, Anil Joshi shared his thoughts about his work and about the startup ecosystem.
The Real Challenge Is Identifying Good Ventures to Invest In
If you have identified the right ventures, all the other pieces fall into place. And that is a challenge. The selection process to go from a thousand business plans in a year to a handful that Mumbai Angels’ members actually fund requires a lot of effort.
I Have Witnessed the Startup Space Expanding in India
So many incubators and accelerators have sprung up in India that today aspiring entrepreneurs have a good shot at raising money and getting supported. The environment has turned to be quite conducive to setting up your own enterprise in India. This has substantially increased the size of the deal pipe for us at Mumbai Angels, but the real big positive is for the people who are turning entrepreneurs today.
There Could Be a Serious Mismatch Between Expectations and Outcomes in the Ecosystem
Many participants have jumped into the startup gold rush. We have seen incubators, accelerators, and other similar enterprises jumping into the fray and deploying their efforts and resources. If things go well and their investments bear fruit, everyone will be happy. But if that does not happen, the expectation mismatch may cause several shops to shut.
Successful Entrepreneurs Articulate the Problem and the Market for their Solution
Having seen such a huge volume of entrepreneurs applying for funding at Mumbai Angels, I have started developing a sense of what seems to work. The entrepreneurs who are most likely to succeed are the ones that basically can clearly articulate:
- the problem or the gap that they are trying to address.
- the market for their solution
- their strength in executing the proposed business plan.
If the entrepreneur can do that with clarity and passion, it is a good sign.
Several Winners in the Startup Space
There are many interesting stories of great outcomes in the startup space. Some of them are: Inmobi, Apalya, Reverse Logistics, Myntra, and Serial Innovation. In addition there is a lot of good news arising at Mumbai Angels that may not yet be in the public domain. At Mumbai Angels we are pretty positive about early stage entrepreneurship, and keenly look forward to many more successes.