Category: Entrepreneurship

Goldman Sachs 10,000 Women initiative created 12,000 jobs, pumped Rs 2,800 cr into economy

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Investment banking firm Goldman Sachs on Wednesday, April 5, said its 10,000 Women initiative has created approximately 12,000 new jobs and added Rs 2,800 crore in revenue to the Indian economy, within 18 months of the participants graduating from the programme.

The study found that the 10,000 Women participants have doubled their existing workforce, quadrupled their revenue, and increased their productivity by five times on average, within 18 months of graduation.

Most surveyed graduates said they expect to increase hiring and grow revenues, however, more than half have concerns about access to financing opportunities and to international markets.

Also Read: Gold hits record high on weak US economic data

The report, ‘Breaking Barriers: Unlocking the Potential of Women Entrepreneurs,’ was developed based on a study by the Indian School of Business of more than 2,400 women entrepreneurs who participated in the Goldman Sachs 10,000 Women initiative across India.

The 10,000 Women study analysed how women entrepreneurs are implementing what they learned from the programme and how they seek to benefit from India’s emerging growth themes.

These include digital technology adoption to drive innovation and efficiency; championing ‘Make in India’ by exporting to international markets and tapping into a globally competitive talent pool for growth.

For example, more than half of the course participants implemented automation in their businesses after graduation, including the use of cutting-edge technologies, such as artificial intelligence, machine learning and data analytics.

Also Read: Asian Development Bank slashes India’s economic growth to 6.4% in FY24

From the group, 81 percent adopted digital marketing strategies, 34 percent expanded to international markets and 74 percent initiated formal employee training programmes.

Additionally, 38 percent of graduates raised funding for their businesses through mentors who were introduced through the course. Sonjoy Chatterjee, Chairman, and Chief Executive Officer of Goldman Sachs in India, said here women entrepreneurs are still significantly underrepresented in the economy and face significant hurdles to access capital, which means there is more work to be done to unlock the true potential of Indian business and realise the vision to be a $5-trillion economy.

In 2014, the Women Entrepreneurs Opportunity Facility (WEOF), a global partnership between Goldman Sachs 10,000 Women and the International Finance Corporation, was launched to expand credit access to women entrepreneurs.

Also Read: World Bank lowers India’s FY23-24 GDP growth forecast to 6.3% from 6.6% earlier

The first-of-its-kind facility has reached over 164,000 women entrepreneurs globally and has provided over $4.5 billion in loans via financial institutions across 55 countries. In India, over 38,000 women entrepreneurs have received more than 45,900 loans worth approximately $720 million through the WEOF as of December 2021.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Pandemic loneliness gave rise to pet parenting, Gen Z among the highest, finds survey

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Pet parents in Bengaluru beat those in Mumbai and Delhi in average monthly spending on their pets, a survey by a pet-care startup has revealed.

A survey titled “Pawrents” by Supertails.com, a full-stack tech-enabled pet-care startup, revealed that 55 percent Bangaloreans spent a monthly average of Rs 3000 and more when it comes to petcare as compared to 52 percent Mumbaikars and 40 percent of Delhi pawrents spent largely between Rs 1500-3000 monthly on their fur-babies.

An interesting finding of the survey is that pandemic-induced loneliness triggered a trend of first-time and new-age pet parenting. Other catalysts included  rapid urbanisation, nuclear family setups, and pet humanisation.

Gen-Z drove the first-time pet-parent pool with over 48% of pet adoption being led by Gen-Zs followed by millennials at 44% in the last two years, it said.

With increasing disposable incomes and a willingness to offer a healthy environment and the best nutrition to their fur-babies, pawrents have started spending more on petcare offerings.

Pet parents from metro cities (39 percent) spend upwards of  Rs 3000 every month on their pets while 47 percent pet parents in Tier 2 and Tier 3 cities in India spend between Rs 1500-3000 per month.

As many as 73 percent pawrents from Tier 2 and 3 cities said they face a challenge in accessing veterinary services online and 93% Gen-Z believe there isn’t enough credible information available online to take care of their fur-babies.

The report said that 72% Gen-Z pawrents wanted online vet consultations to be made available while 67 percent pawrents feel the need to introduce emergency consultations, a big need-gap in the petcare industry.

The data also revealed that 50 percent of Gen-Z pawrents prefer shopping online for food and toys for their fur-babies.

Supertails.com CEO and Co-Founder Vineet Khanna, said, “India’s pet-parenting community is majorly driven by first-time pawrents who envision a rewarding experience when they start out but unfortunately face challenges because of a lack of the right resources. At the core of Supertails.com, lies a passion to empower these pawrents. The survey is a step forward in that direction and helps us decode the challenges of first-time pawrents and cater to their evolving needs. We are excited to see how these shifting trends will impact the Indian petcare industry which has a potential to grow to $5 Bn by 2030.”

Also read: Taylor Swift’s feline, Oprah’s canines rank as third and fourth richest pets – here are the top 10

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Azim Premji remains India’s top philanthropist despite a deceptive low in FY22

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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According to the India Philanthropy Report 2023 by Dasra and Bain & Co, contributions made by India’s ultra-high networth individuals (UHNIs) with a net wealth of over Rs 1,000 crore, has dropped to Rs 4,230 crore in FY22 from Rs 11,811 crore last year.

This was because the Wipro Founder Chairman Azim Premji’s share of giving dropped by Rs 9,000 crore “due to the share buyback in 2021 benefiting the foundations directly,” as per the report.

“(The figures are)  little bit misleading, because Azim Premji has actually enabled giving by allowing share buybacks which have benefited the foundations directly,” said Jishnu Batabyal, Partner at Bain & Company, while talking about the report.

In FY20 and FY21, Premji emerged as the most generous Indian and topped the philanthropy charts. In FY20, he donated Rs 22 crore a day or Rs 7,904 crore and in FY21, Premji donated Rs 9,713 crore or Rs 27 crore a day.

Also Read: Gender inequality in boardrooms unlikely to be eliminated until 2038, shows data

However, in FY22, Premji slipped to the second position with an annual donation of Rs 484 crore after ruling at the top position for the last two consecutive years.

During the COVID-19 pandemic outbreak, Premji’s Wipro committed Rs 1,125 crore towards tackling the “unprecedented health and humanitarian crisis. Of the Rs 1,125 crore, Wipro Ltd’s commitment is Rs 100 crore, Wipro Enterprises Ltd’s is Rs 25 crore and that of the Azim Premji Foundation is Rs 1,000 crore.

In 2019, Premji made history after he pledged a $7.6 billion stake in his IT outsourcing company to his charitable organisation — The Azim Premji Foundation. The founder has committed that the economic benefits from 67 percent of the Wipro shares he holds will go to these two philanthropic arms.

Also Read: Adani group denies reports of $3 billion loan from sovereign fund

In rupee terms, the two philanthropic arms received Rs 1,964 crore (2017), Rs 5,894 crore (2018), Rs 1,318 crore (2020), and Rs 8,156 crore (2021) from the buybacks. Both the Azim Premji Trust and Azim Premji Philanthropic Initiatives, classified as part of the promoter group, hold 10.2 percent and 0.27 percent, respectively of Wipro.

The Azim Premji Foundation was set up in 2000 with the aim to facilitate primary education for everyone. The Azim Premji Philanthropic Initiatives arm was set up in 2014. Its objectives are to provide financial support through multi-year grants to not-for-profit organisations. It funds NGOs that work for the most disadvantaged and marginalised people.

Azim Premji was ranked No. 12 by EdelGive Foundation and Hurun India among the world’s greatest philanthropists in the past 100 years and has donated at least 10 times more money to charitable causes than anyone else in the country.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Funds, insight, recognition and more: How Centre is helping start-ups in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India is one of the budding hubs of start-up ecosystems in the world. Start-ups like Zomato, Paytm, Groww, Nykaa, MamaEarth, Lenskart and hundreds of others have transformed India and disrupted entire industries within the country. As start-ups are an important engine of economic growth, providing economic transformation, jobs and more, it becomes important for the government to support them.

The Indian government has been floating several initiatives at both national and state-level to support start-ups. Here are some of these initiatives.

SIDBI Fund of Funds is one initiative that helps start-ups secure more capital easily. Under the scheme, banks can contribute funds to the corpus of Venture Funds/ Alternative Investment Funds. As this increases the corpus of VFs and AIFs, there is more money to go around for investment towards various start-ups.

The Start-up India Seed Fund Scheme (SISFS) is another scheme that aims to provide easier access of capital funds to start-ups. The SISFS provides financial support to start-ups for purposes like proof of concept, prototype development, product trials, market entry and commercialisation. This allows those entrepreneurs to access funding at critical junctures during the product-market pipeline.

The Credit Guarantee Scheme for Start-ups (CGSS) allows Scheduled Commercial Banks, Non-Banking Financial Companies (NBFCs) and Securities and Exchange Board of India (SEBI) registered AIFs to get credit guarantees when they are extending loans to start-ups. This minimises the risk factor when it comes to extending borrowing towards start-ups allowing financial institutions to invest more aggressively in the start-up infrastructure.

But funds are not the only factor needed for a start-up’s success. Recognition and credit for innovative start-ups are also important. That’s why the government has set up the National Start-up Awards. The awards aim to “acknowledge start-ups and enablers” who have contributed significantly to the development of India in the start-up space.

There are various state initiatives as well but coordinating efforts across different levels is vital for the efficient use of resources towards supporting start-ups. In order to provide entrepreneurs the necessary insight and information about these initiatives, the Centre has also started the States’ Startup Ranking Framework.

The framework ranked all states and UTs across the categories of institutional support, fostering innovation and entrepreneurship, access to market, incubation support, funding support, mentorship support and capacity building of enablers.

There are several more initiatives floated by government for specific sectors, industries and more. These can help start-ups to enter markets and industries into markets and segments with tough entry barriers.

Also read: Dallas Venture Capital, T-Hub partner to help startups in Telangana scale up

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Explained | How land ‘sinking’ is creating cracks in houses of Uttarakhand’s Joshimath town

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The hill town of Joshimath in Uttarakhand has been disrupted in the last few days as residents took to the streets to demand action for the cracks that have developed in their houses.

In one of the strangest phenomenon to strike the holy town nestled in the serene hills of Chamoli at a height of 6,000 ft, houses started developing cracks and damages since 2021, leaving residents anxious and worried.

Earthquake-prone town’s land is ‘sinking’ 

While locals blamed the rapid construction drive in the region for the problem — being done to attract tourists and pilgrims as the town falls en route Badrinath and the Valley of Flowers and Hemkund Sahib treks — experts say it is because of land ‘sinking’ or land subsidence that has induced the structural damage and defects.

Land subsidence is when the earth’s surface gradually settles or suddenly sinks because of displacement or removal of subsurface materials. Due to this, several pockets of the town are “sinking” as a result of natural and man-made factors, found a state government-appointed expert committee entrusted to study the phenomenon.

Joshimath falls in a high-risk seismic ‘Zone V’. Civic officials have said the town is prone to high seismic activity, which develops cracks in the structures.

Since the first reports of the cracks in 2021 after landslides in Chamoli, over 500 houses have sustained damages or cracks as residents experienced seismic tremors repeatedly in the subsequent years.

While 30 of the most affected families have been evacuated, residents are not satisfied and are protesting against the administrative indifference to their plight and are demanding an immediate stop to the construction activities in the region.

The state’s chief minister Pushkar Singh Dhami has said he would be visiting the town himself to take stock of the situation.

CNBC-TV18.com spoke to a few locals in the area, who also said that the ropeway to Auli has also been closed as a safety measure.

There is also a scare that the hillside atop which the town is situated will collapse as it is “located on an old landslide”, thus making it vulnerable, News18.com reported.

Residents’ plight and demands

On Thursday, residents observed a bandh against the administration to protest against the “idle administration” and “NTPC projects which have led to its gradual sinking,” news agency PTI reported.

Also Read: Ram Temple at Ayodhya will be ready by January 1, 2024, says Amit Shah

According to media reports, residents shouted slogans against the civic body and also staged a chakka jam. Meanwhile, business establishments had shut shop for the day. The residents said the protests would continue till the administration took decisive action on their demands.

“The demands include immediate rehabilitation of residents, stopping construction of an NTPC tunnel and a bypass road between Helang and Marwadi for Badrinath and fixing responsibility of this disaster on the NTPC’s Tapovan-Vishnugad hydel project,” Atul Sati, convenor of the Joshimath Bachao Sangharsh Samiti, told news agency PTI.

As many as 561 houses in various areas of the town have developed cracks including 127 in Gandhinagar, 153 in Ravigram, 71 in Manoharbagh, 50 in Parsari, 52 in Singhdhar, 29 in Upper Bazar, 28 in Marwadi, 27 in Suneel and 24 in Lower Bazar, the news agency PTI reported quoting district disaster management officer NK Joshi. 

According to media reports, 60 families have left town and civic officials have said 29 families have been temporarily moved to safer places, so far. If required, more families could be evacuated.

The families have been temporarily moved a primary school building, the Joshimath Gurdwara, the Milan Kendra and the Nagar Palika Bhawan. Some families have also shifted to their relatives’ homes.

Residents had protested against the land subsidence in Joshimath last month as well. A five-member team comprising geological experts, engineers and senior officials, had then conducted an on-the-spot inspection of buildings that had developed cracks.

Also Read: 2 more involved in Kanjhawala case, hunt on; 5 arrested sent to police custody

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Time for startup wealth creators to unleash a new era of giving

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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With over 100 unicorns and 80,000 startups, India is the third-largest startup ecosystem globally. Startup wealth creation in India continues its upward trajectory with unicorn and gazelle founders accumulating greater amounts of wealth at a much younger age. The IIFL Wealth Hurun India Rich List 2022, for the first time in a decade, featured 100 start-up founders with a cumulative wealth of INR 5 trillion. Interestingly, the average age of the startup founders was only 40, and of these 100 startup founders five featured in the top 100 on the 2022 list. In fact, the cumulative wealth contributed by unicorn and gazelle founders to the rich list increased by 35 percent this year.

Rising wealth creation among this dynamic and entrepreneurial cohort is a trend that can have positive implications for the Indian philanthropy sector. According to the India Philanthropy Report 2022 published by Bain & Company and Dasra, the total private philanthropic funding in India is estimated to grow at approximately 12 percent annually in the next five years. The 2021 edition of the report noted that the average age of giving in India is dipping every year, indicating an earlier induction for next-generation givers into philanthropy.

To add to this, the disproportionate increase in wealth during the pandemic catapulted Indian startup founders and entrepreneurs into philanthropy much earlier in their careers. The giving potential of this vibrant cohort of disruptive go-getters remains largely untapped and could potentially unleash a fresh wave of philanthropic leadership to reimagine giving in India aimed at meeting the country’s social sector fund requirement.

Change in perception towards wealth 

Indian startup founders have unlocked a dynamic ecosystem of innovation in the country. Today, these entrepreneurs as well as several in leadership roles within these startups, who have garnered significant wealth and can contribute towards India’s development story, are increasingly scouting for avenues to engage meaningfully. The pandemic has brought about the realisation that life is uncertain and time is finite, therefore, they must contribute and give back to society in whichever way possible.

The urge to leave behind wealth for future generations is dwindling and less desirable amongst this cohort, therefore presenting them with a multitude of options to positively leverage their wealth and address a plethora of pressing societal issues. In fact, they are keen to leave a legacy for the social impact they create, rather than for the amount of wealth they hold. This generation of entrepreneurs and startup wealth creators want to make efforts to bridge the huge inequality gaps that prevail in our country. It is not about doing one big thing in one year; it is about consistently giving over a long period of time to bring about sustained change.

We are increasingly witnessing many of them engage in philanthropic endeavours that have the potential to reimagine giving approaches, thus unleashing a new era of bolder, innovative, and even more catalytic philanthropy in India. An interesting example to note is the ACT Grants, a collective of venture capitalists, tech entrepreneurs, startup founders, and social impact leaders who came together in 2020 to support emergency response to COVID. Today, it’s a robust community that seeds innovations capable of addressing complex social problems at scale across diverse sectors. Another example is Mekin Maheshwari, who has been leveraging his skills, time, and effort to build Udhyam Learning Foundation and Global Alliance for Mass Entrepreneurship, which are driving innovative change in the field of education and entrepreneurship. 

Rainmatter Foundation, another social initiative by a start-up team, funds fellowships and organisations working to restore the environment through direct action, research, climate advocacy and policy. Rainmatter Foundation also funds community projects and on-the-ground conservation and restoration endeavours.

Untapped philanthropic potential 

This spirited cohort has all the ingredients to reimagine the philanthropic landscape in India. They are technology friendly, have a higher risk appetite, and are willing to invest their time, money, and effort to solve complex developmental challenges. What is most exciting is that they are inspiring their personal networks, fellow startup founders, and entrepreneurs to engage in philanthropy by exploring newer approaches to giving and having conversations in public about their efforts. The Young India Philanthropic Pledge is a manifestation of just this. The pledge is aimed at inspiring Indians below the age of 45 to make thoughtful philanthropic investments by picking impactful projects and investing their funds, experience, and expertise in them. Making a pledge becomes a lifelong commitment and helps ensure continuity in strategic philanthropic intervention.

Another characteristic of this cohort is their keenness to deepen their knowledge about the philanthropy sector by connecting and engaging with evolved philanthropists and sector experts. This helps to create a sense of community for givers so they can leverage each other’s learning experiences and explore synergies for collaborative giving. An example of such a network is GivingPi, which provides philanthropy-focused offerings and a robust ecosystem to support family givers in achieving their philanthropic vision. A space of trust, openness, and honesty to share lived experiences, explore collaborations, and enable trusted connections will be of incredible value to these entrepreneurs, who are increasingly engaging in philanthropy and meaningfully engaging their families as they shape their giving journeys.

Need for an enabling ecosystem to accelerate giving 

As the startup ecosystem in India continues to catapult to newer heights, it will be critical to unleash the giving potential of this segment. Their willingness to engage in philanthropy needs to be nurtured and supported with the right means. To that extent, it is important to engage with them and understand their aspirations and challenges. Strengthening the philanthropic ecosystem with credible NGO data, insights, giving vehicles, and networks to support this cohort will go a long way in harnessing their giving potential.

India’s startup founders and wealth creators armed with perseverance, innovation, and ambition are well poised to rebuild India into a nation we will all be proud to leave behind for future generations. The time has come for the intent to meet the ability to build the future that awaits India@100.

—The authors Nikhil Kamath is  Co-founder, Zerodha and True Beacon; and Jyotirmoy Chatterji is Head, Giving Pi, and Associate Director, Philanthropy Labs. The views are personal.   

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

View | Culture over Cult: Why intrapreneurs are the future of corporate innovation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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When it comes to innovation, most people think about startups and young companies. But what if you could create change and innovate within an existing company?

While we all know how to stay ahead of the competition, companies too need to be constantly innovating. However, in today’s world where change is the only constant, traditional methods of innovation just aren’t cutting it.

So, how can companies foster a culture of innovation? Many believe that the key lies in intrapreneurship.

Why Intrapreneurship?

Because it catalyses fresh patterns within the workflow, curbing cults and creating cultures.

“He Came, He Saw, He Conquered”.

In the early 1900s, Britain’s best-selling match company, Swan Vesta, saw revolutionary growth saving millions because of one factory worker’s innovative idea.

Of course, when the factory worker approached the senior management stating he had an idea that could save the business millions of pounds in production costs, he was ignored. However, after a few months of persuasion, the worker was allowed a few minutes to present his idea.

The idea? Put the sandpaper strike on just one side of the matchbox rather than both.

It turned out to be a revolutionary idea.

Now imagine what would have happened had the company succumbed to its cultish belief system. It would have been deprived of this opportunity.

This is why there is a need to encourage an intrapreneurial mindset among employees. Intrapreneurship is essentially entrepreneurship within a company. It’s about thinking and acting like an entrepreneur but within the confines of a larger organisation. Intrapreneurs are driven by a passion to solve problems and create value, not just by making money.

Companies should create a thriving ground for employees who can spin off a new idea with a good business model and then spin that in at the right valuation later to incentivise everyone.

Five ways to foster a more intrapreneurial culture

1. Empower Employees: The company 3M has a guideline that allows researchers to spend 15 percent of their work time on “skunk work projects”. These are independent ideas usually not absorbed by the management. It’s the perfect way to not only allow employees with an innovative mindset to fulfill their ambition but also create a belief system within others that here is a company that encourages creativity.

2. Hire Entrepreneurs: Though many aspire to start their ventures, not all can avail themselves of entrepreneurial opportunities. This is where companies need to identify such individuals and bring them on board. Walmart is an ideal example. This American multinational retail corporation is the biggest private employer in the world with almost 2.3 million employees. However, a fact not many know is that Walmart hires freelancers for typical positions such as content designers, analysts, tech support, and marketers.

3. Encourage Cultivator’s Mindset: As per a Deloitte survey, companies these days are facing loyalty issues. The reason is that most of the fresh recruits are millennials who are prone to expressing little loyalty to their employers and many are planning near-term exits. This form of mindset is triggered by a variety of factors, the most crucial of them – millennials feel underutilised and believe they are not being developed as leaders.

Therefore, it becomes even more important to foster intrapreneurial culture and one of the best ways to do that is by encouraging a cultivator’s mindset among employees. Companies should not only think beyond profits but voice it out through communication.

The same Deloitte survey goes on to suggest that millennials continue to hold those businesses that have a positive impact upon wider society with high regard. So, if companies can voice out their vision to the employees, they will feel more responsible and regard work beyond the spectrum of salary.

4. Promote Risk-Taking:To become more intrapreneurial, it’s important to develop a risk-taking culture within the organisation. Encourage employees to experiment with new ideas and give them the freedom to fail. Let them know that it’s okay to make mistakes as long as they are learning from them.

One of the best ways to do this is by setting up an innovation lab where employees can work on new ideas and projects. Google is a great example of a company that promotes risk-taking. The search engine giant has a “20 percent time” policy which allows employees to work on side projects for 20 percent of their working hours. This has resulted in some of Google’s most popular products such as Gmail and AdSense.

5. Incentivise Intrapreneurship: The other way to instill a cultivating mindset among employees is by incentivising intrapreneurship. After all, intrapreneurship is all about using a company’s resources to develop new products or services. So, it only makes sense to reward employees who can create value for the company through their innovative ideas.

One of the best ways to do this is by structuring the incentive process. The first phase should be about acceptance of a fresh/new idea. In the second phase set up a team (if required) to implement that idea. The third and crucial phase would be the launch of the idea.

Companies should also design policies where patents around the idea would fetch the biggest payouts to the employees involved in it. Also, setting up an innovation fund can be another way of incentivizing intrapreneurship where employees can pitch their ideas and the ones that are viable enough will be given seed money.

Summing up

If you want to stay ahead of the curve and future-proof your company, then you need to focus on encouraging intrapreneurship. By empowering your employees, hiring entrepreneurs, promoting a cultivator’s mindset, incentivising risk-taking, and investing in intrapreneurial projects, you can encourage innovation from within and set your business up for success.

— The author, Sanjay Sehgal, is Founder, Chairman and CEO, MSys Technologies — a software product engineering services company. Views expressed are personal.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Women’s Entrepreneurship Day: 10 financial tips for aspiring women entrepreneurs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Every year, more than 144 countries across the world celebrate Women’s Entrepreneurship Day on November 19 to acknowledge, support and celebrate the contribution of women entrepreneurs towards economic growth and the betterment of society. For a long time, women were underrepresented in entrepreneurship. However, there has been a shift in the trend now.

On Women’s Entrepreneurship Day, here are 10 financial tips for aspiring women entrepreneurs.

Strategise

The first step to solid financial planning for an entrepreneur is to pen down the goals that she would want to achieve. The next step would be to plan a strategy to achieve these goals. Strategising would help in saving capital.

Develop a budget

A woman entrepreneur should keep a set budget by estimating the expenses.  She can keep an amount aside every month for saving and investments with the help of a budget.

Invest wisely

As an entrepreneur, it is important that a woman invests wisely and not pull out of an investment hastily. If an entrepreneur is unsure of an investment, it is better to learn more about it and about the options available.

Also Read: Women’s Entrepreneurship Day 2022: Meet 9 famous women entrepreneurs in India

Plan for future

An entrepreneur should analyse the past months or quarters and find out what was done right and what went wrong. Accordingly, the entrepreneur should plan for the future.

Invest in insurance

Those setting up a business have a lot on their plate. Investing in life and health insurance can give a sense of security and comfort to the entrepreneur.

Build an emergency fund

An entrepreneur should always have an emergency fund on which she can fall back when required. As one has to take risks in business, an emergency fund helps in providing some comfort in times of financial crisis.

Pay taxes

Maintaining discipline in paying Goods and Services Tax helps entrepreneurs avoid unnecessary losses and gain concessions. Being responsible about taxes rewards the entrepreneurs as they would not lose money in penalties.

Avoid debt

Carrying debt means making huge payouts as interest expenses. Hence, it is advisable to eliminate personal or business debt, if any. This would help to retain the cash flow in the business and avoid bankruptcy issues.

Also Read: Smart Money: Tracing investment journey of UTI MF’s Swati Kulkarni

Have a backup plan

While taking risks in business and investments, an entrepreneur should always have a backup plan in place for times when things don’t go according to plan.

Separate personal and business finances

An entrepreneur should keep her personal finances completely independent from her business finances. This will help in keeping personal liabilities low and make the business a more credible organisation.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mapping jobs with upskilling — How two entrepreneurs are using AI to help rural youth

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Upskilling is the need of the hour. With new technology and trends spawning like crazy, it’s vital to catch up — by upskilling. But this is still a niche market in India and platforms that offer upskilling are a few in numbers. Mythiksha is an upskilling company trying to fill this void.

Developed by IIT Delhi graduate Utkarsh Apoorva and IIM Lucknow graduate Ashwini Ajit Prabhu, Mythiksha School aims to provide a unique format of experiential training to youth from semi-urban and rural India. The company also puts rural women high on its agenda.

Mythiksha was founded a little over six months ago but has managed to pique the interest of over 20,000 students so far. It aims to hit 30,000 enrolments by the end of December 2022.

Recently, the National Skill Development Corporation (NSDC) partnered with Mythiksha to help in its mission to upskill and place one crore of people in rural cities of India.

Also read: Indian startups hiring fewer senior staffers as gig workers muscle in: Razorpay report

‘Study now pay later’

“The majority of the students that have enrolled with us come from families that have an annual income of less than Rs 2 lakh, hence our startup is focused on providing upskilling to youth from these families and we run on a study now pay later format. Our course structure, which has milestones, helps them to upskill and then they get a job through our placement network. They can pay us with the money they earn,” said Apoorva.

He added that the platform has seen exponential growth from around 200 enrolments in May to over 3,500 enrolments in October. Mythiksha enrols students through online methods and offline initiatives from tie-ups in colleges to parent counselling to help them grasp the ‘study now pay later’ system.

“Initially, there has been a lot of resistance from the parents. So we have counsellors who speak to the parents and try to help them understand what we teach; and as our registration fee is just Rs 500, it is easier for people from low economic background to enrol,” he said.

Tech and AI

AI is a very important segment of the platform. Mythiksha filters students’ interests, helps them to set milestones, do practical projects and in the end, get placed by matching up their interests and their experience in Mythiksha course with suitable companies through the use of artificial intelligence.

“So our AI model is actually mapping the students’ goals with the kind of training that we provide them and the milestones. Basically, each job is also mapped with a skill. That’s how the current process works,” said Prabhu, who handles placement and training at Mythiksha.

Also read: Survey shows 52% of gig workers find it difficult to upskill — here’s why the skill is the need of the hour

Highlighting the issues with college tie-ups, Apoorva said in general, students often don’t know what to do with their learning. This is where technology comes in

“We have taken a very different approach to the training. We take a job role and then build a programme around it. And it’s not a collection of lectures, it’s a collection of skills, including the most common skills needed in a job description. Each skill has been broken down into multiple milestones. Students earn a particular badge or a particular level of skill, when they have successfully delivered practical projects around that,” added Apoorva.

The startup has partnered with companies like Axis, PolicyBazaar, and Equitas and the AI parameterizes job requirements by companies into skills for students to enrol into and upskill.

Empowering rural women

The mobility of a woman is directly related to empowerment and is often suppressed in society. Mobility is also linked with financial independence, and through Mythiksha, Prabhu aims to provide young girls from rural India an opportunity to upskill and aid their mobility.

“In rural India there is always this thing about getting the girl child educated till a BA degree at the most and then get her married. I’v seen that girls have a lot of potential but there are patriarchal and societal restrictions. Our team works in helping the girls break the restrictions by talking to their parents, showing them role models and telling them how upskilling can help,” Prabhu added

The platform currently has a ratio of 40 percent female students and 60 percent males. To give women priority, the platform also has some placement opportunities that are only for women and is also working on getting together an all-woman team to encourage and help more girls.

Also read: Skilling, reskilling and upskilling new mantra for country’s youth: PM Modi

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Happy Birthday Gauri Khan — A look at her journey as a successful film producer and interior designer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Film producer and interior designer Gauri Khan turns 52 on October 8. Born in Delhi to Savita and Colonel Ramesh Chandra Chibber, she met Shah Rukh Khan in Delhi in 1984. The two got married on October 25, 1991.

On her birthday, here’s a look at her journey as a film producer and interior designer.

Although Gauri Khan studied fashion designing, she had an interest in interior design as well.

Her interest was expressed when she renovated their Bandra Bungalow, Mannat. In 2010, she professionally started her career as an interior designer with her friend Sussanne Khan. Together, they did a couple of projects, including one in Vadodara.

Also Read: Happy Birthday Mouni Roy: Here is her journey from Nagin on TV to Junoon in Brahmastra on silver screen

In 2014, Gauri launched her first concept store The Design Cell in Worli, Mumbai. The store showcases designed furniture by her and other famous Indian designers.

Two years later, Gauri was invited to the Maison et Objet show in Paris to showcase her designs. In 2017, Gauri set up her own design studio called “Gauri Khan Designs” in Juhu, Mumbai. For home accessories, Gauri collaborated with stalwarts like Roberto Cavalli and Ralph Lauren. She has renovated the home of several Bollywood A-listers, including Karan Johar, Jacqueline Fernandez and Ranbir Kapoor.

For her achievements, Gauri was awarded the Excellence in Design Award at the Hello! Hall of Fame Awards.

Recently, she launched her chat show ‘Dream Homes With Gauri Khan’, which focuses on luxury décor. In the six episodes of the show, Gauri will give viewers a glimpse of how she transforms the boudoirs of celebrities.

Also Read: Film Heritage Foundation, PVR to organise film festival on Amitabh Bachchan’s 80th birthday

Apart from being a celebrated interior decorator, Gauri also has a production house Red Chilies Entertainment with her husband Shah Rukh Khan. Some of the films produced under the banner include Main Hoon Na, Badla, Don 2, Dear Zindagi, Om Shanti Om, and Devdas.

In 2021, Gauri debuted as an author with a book about her journey as a designer titled ‘My Life in Design’.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow