Here are the high level notes:-
1) Key Ingredients for a startup to get funding from VC’s are
b. Initial Product
c. Some organic Transaction
2) Iterate fast and make sure you know metrics used to measure progress of your technology product. For example, for a web based B2C applications, its about “Unique Monthly Visitors”, “Bounce Rate” and “Real Transactions”. For a mobile app its MAU(Monthly active users). DAU(Daily active users) etc.For SAAS application, it’s about how many sales you have done. You should keep eagle’s key on these metrics and pivot based on the data coming from them.
3) Read this book if you are looking for raising funds for your start-up
4) To get connected with investor, reach them through founders they have already funded. Chase existing founders, and get your start-up recommended by them.
5) Many small paying customers is better pricing model compare to few customer paying a bit bigger amount of money. This is because it shows that business is less risky.
6) Perseverance is required for the product you have developed. Success is not going to come overnight. You will fail and you will fail multiple times. More you fail, odds of getting successful increases.
7) Understand your customer. Read about them, spend time with them and if possible sleep with them.
8) Ecommerce start-ups in India will fail as for how long you will be able to sale something below cost price.
9) For India, we need 10 million entrepreneurs to create required jobs in next 5 to 10 years.
10) Sharpen the gut feeling of your idea by listening to people around you.
11) As a founder, be a very good listener.
12) India is cost sensitive market. Playing volume game with low pricing is the strategy.
13) Most of the founder focus on chasing VC’s rather than focus on making a fundamentally strong business. Its about getting revenue, generating profit rather then getting into valuation game .
14) Its team and people that makes idea successful. Focus on creating A team and execute fast to increase probably of your success.
15) Its Mobile all the way. If mobile strategy is missing from your start-up, you are going to loss traffic, transactions and VC focus.