IGP (Innovative Growth Platform): The Capital Enabler

Two Cs are extremely critical for startups: Capital and Customers. In India, with a population of 1.3B, customers for B2C or B2B2C startups is not an issue. For B2B startups, although the market in India is promising, global markets are still very important.  Capital on the other hand is trickier. The total capital raised by startups India from 2010-2020 is around $100B. In the same period, startups in China have raised 4x and startups in the US have raised 10x the capital raised by startups in India. India needs to have a stronger mechanism to enable more Capital. There is a need to increase Capital availability in India.

IGP platform proposed by SEBI is a very refreshing initiative that aims to address the Capital issue. It provides another great avenue for startups looking to raise series B and beyond. This platform can double the available capital over the next 5 years. It addresses a key pain point of Capital availability for startups raising between INR 70 to INR 200 Cr. There is a chasm in this space- there are early-stage VC funds and there are PE funds for growth companies. However, there is not enough growth stage VC funds in India to fill this gap. IGP has the potential to be the platform to bridge this void.

The design of IGP has been very thoughtful with the key focus is on technology startups. The precursor to IGP was ITP (Institutional Trading Platform). Due to various reasons including the maturity of the startup ecosystem, the response to this platform was tepid. IGP addresses a few key pitfalls of ITP.

IGP restricts the listing to technology-focused companies with a proven Product-Market Fit and entering its growth phase. The revenue of the companies listing on this platform is expected to exceed INR 50 Cr. This will greatly help in mitigating the risk of listing by ensuring a good understanding of Product-Market Fit beforehand.

The governance issues are well balanced – protects the investor interests but at the same time provides enough flexibility for the founders to have control over strategy and execution. The companies listing on this platform cannot be burdened with the same rules of the public markets as they need to be very nimble. A balance between taking risks and moving fast with financial discipline as against governance practices such as quarterly reporting and stability is advised.

As in the case of investments in Alternative Investment Fund, the platform is selective about its investors. The companies listing on this platform need to operate as startups and not as mature companies. The risks are much greater with these companies and hence it is very critical to have investors who understand these risks and who can understand these nuances. 

M&As have been a key hurdle for startups in India. This is one of the key reasons for companies opting to flip. The platform is designed to simplify the process of M&As, post-listing. Simplifying the M&A process encourages corporates and PEs to participate on the platform. However, this spirit should be maintained in the implementation of the platform as well.  This is one of the critical success factors for the platform.

For the Indian startup ecosystem to become one of the major contributors to the economy, key policy changes are needed. IGP is one such platform that has the promise to increase capital availability significantly.  IGP has the added advantage of enabling exits for early stage investors. This increases the liquidity in the market that will further spur the startup ecosystem- a much needed virtuous cycle.

NASDAQ encouraged and enabled technology startups to list because of its adaptability and easier listing and governance guidelines. This accelerated technology startups in the US. IGP has the potential to be that platform in India. India can build products for the world and has the potential to be startup capital, but it needs a perfect storm of- Capital, Liquidity, Policy, Customers, and Entrepreneurs. IGP certainly has the promise to address the Capital and Liquidity aspects. Most importantly it enables Indian startups to stay in India!

NHS Open House on PHR & Doctor Registry #3: Summary And Next Steps

On 6th June, we marked the third open house discussion of the National Health Stack (NHS). At the beginning of the session, iSPIRT volunteer Sharad Sharma offered a brief recap of the NHS and painted a roadmap for future developments in this initiative (including timelines, agendas, and future open house sessions). Sharad also discussed the content of the most recent open house session, in which Kiran Anandampillai explained the concept of the electronic registry system. After reiterating the vision for the NHS and the registry system, Sharad passed the floor to iSPIRT volunteer Vikram Srinivasan to dive into the registry APIs.

As a refresher, the electronic registry system is a mechanism for managing master data about different entities in the healthcare ecosystem. In today’ session, Vikram focused on the doctor registry. As the name suggests, the doctor registry will contain information about the doctors licensed to practice in India.

The doctor registry has the following design principles:

  1. Self maintainability: Doctors should be able to enrol themselves and update their own data
  1. Non-repudiable: The data in the registry should be digitally signed by a relevant attester (such as a State Medical Council) so that it can independently be verified by anybody
  1. Layered access: There should be a clear demarcation between public and private data in the registry, with only consent-based access to private data (eg. a doctor’s name and registration status should be public, but mobile number and photo should be private)
  1. Extensible schema: The data in the public registries should be as minimal as possible, allowing private players to build their own extensions around the core schema
  1. Open APIs: The data in the registries should be available via open APIs 
  1. Incentive aligned: The registry must enable convenient use cases so that doctors have an incentive to keep it up to date (eg. doctors can use their registry profile to electronically sign prescriptions, insurance claims etc. or doctors can use their registry profile to streamline and digitize the process of renewing their medical licenses)

After discussing the design principles behind the registry, Vikram dived straight into the details of the doctor registry APIs, which can be broken into the following categories:

  1. Enrollment APIs: These APIs allow doctors to enrol in the registry and update their data
  1. Consented APIs: These APIs allow a doctor to authenticate themselves, share their data/profile, and electronically sign documents
  1. Search APIs: These APIs are used to access the registry to query a doctor’s public data or search for any other publicly available information 

After covering these topics at a high level, Vikram released the API specifications for the Consented APIs and the Search APIs. The Swagger documentation for the same can be found here. The enrollment APIs will be released during next week’s open house session.

Upon completing his walkthrough of the doctor registry APIs, Vikram handed the floor over to our volunteer Siddharth Shetty. In the beginning of his segment, Siddharth answered the community’s technical questions around the NHS. Here are the questions he answered:

  • Is it mandatory to use the Open Source Project Eka codebase that has been published for the Consent Manager, API Bridge, and Gateway? 
  • In case of the Schema Standardization, during the 1st schema-less phase, are HIPs allowed to share data formats like JPEG, PDFs etc? 
  • Can the consent manager give the health locker (as an HIU) a standing consent to keep pulling the user’s information from various HIPs on an ongoing basis i.e. bypass the consent manager for future requests
  • Can the API bridges be configured such that instead of just sending the links to the information based on a request from an HIU (health locker in this case), the information can be sent such that it can be copied into the health locker?
  • Will the consent artifacts be encrypted between parties using any asymmetric key mechanism which will be valid between the services?
  • Is there any defined/recommended timeout for the data transmission from HIU – Bridge – CM- HIP and then HIU – HIP?

These were all great questions, and hopefully Siddharth’s answers helped clarify any doubts. If anybody wishes to ask any other questions around the NHS, please send them in to [email protected] with the subject line “NHS Questions”. Siddharth will continue answering the community’s technical questions during next week’s session (business-related questions will be answered in subsequent sessions).

To close off the open house discussion, Siddharth laid out the different working groups in the NHS ecosystem. Since the NHS is an open, public ecosystem, it is crucial for industry players and interested citizens to contribute to its development and pitch in with their feedback, knowledge, and engagement. Here are the working groups that are currently being formed:

  1. Technical Architecture Group: Responsible for working on open technical problems such as circuit breaker flows and time-out mechanisms. Also responsible for extensions and changes to the tech architecture
  1. Data Dictionary Group: This working group deals with moving away from the current schema-less architecture towards a standardized data vocabulary (leveraging existing medical schema projects and also coming up with new ideas relevant to the Indian context)
  1. Pilot Group: This group is comprised of people who have already started building on the NHS components (or would like to start building on the components). 
  1. Ecosystem Incentives Group: This group is looking at the incentive structures that power the NHS ecosystem (monetary and otherwise)

Any readers who are interested in learning more or joining these working groups are invited to reach out to [email protected]. A complete recording of the 6th June’s open house discussion can be found below

During next week’s session, we will be covering the Personal Health Records system (PHR), particularly as it relates to hospitals, and we will also be diving deeper into the Doctor Registry Enrollment APIs.

Readers are advised that next week’s NHS open house discussion will take place from 11:30 am – 12:30 pm on Saturday, June 13th.

The registration form for next week’s session can be found here

iSPIRT Open House Sessions on NHS: Summary & Next Steps

Yesterday afternoon, we hosted our first Open House Session in partnership with Swasth Alliance on the National Health Stack (NHS). For those unfamiliar with this infrastructure, it is helpful to picture the NHS as a multi-layer cake designed to elevate the capacity of the Indian healthcare ecosystem.

At the base layer is a set of generic building blocks. These building blocks, which include bank accounts, digital identities, and mobile numbers, form the basic rails needed to identify, transact with, and communicate with individuals and businesses. Many components of IndiaStack – such as eSign and DigiLocker – leverage and augment these building blocks. 

The next layer of the NHS is the ‘plumbing layer’. This layer contains fundamental pillars needed to enable simple, intelligent, and secure healthcare solutions. The three main pillars of the NHS plumbing layer are electronic registries, a personal health record framework, and a claims engine. A brief summary of these pillars is provided below:

  1. Electronic Registries: these registries  allow for efficient discovery and authentication of doctors, hospitals, and other healthcare providers
  2. Personal Health Records System (PHR): a system that allows individuals to enjoy a longitudinal view of all their healthcare data and exercise granular control over how this data is stored and accessed
  3. Claims Engine: a software engine that reduces the cost of processing insurance claims, enabling insurers to cover more kinds of healthcare procedures, such as preventive checkups, walk-in consultations, and other low-cost but high-value procedures that are currently excluded from Indian insurance policies

The third layer of the NHS is an augmentation layer which is intended to utilize the three pillars of the NHS to bring greater efficiency to the Indian healthcare ecosystem. The doctor: patient ratio in this country is relatively low, and cannot be changed overnight.

Having said that, increasing the efficiency of each doctor would have a similar effect to increasing this doctor: patient ratio. The augmentation layer of the NHS is designed to drive up doctor efficiency through the use of technology. Examples of this kind of technology could include a matching engine to pair patients with the most relevant doctor, or a system to help doctors securely and remotely monitor the bio-markers of their patients. Unlike the plumbing layer, the augmentation layer of the NHS is not close to completion, but we do envisage the augmentation layer playing an important role in the ascent of Indian healthcare quality. Both the plumbing layer and the augmentation layer are designed as open, standardized interfaces. These layers serve as digital public infrastructure accessible to public and private entities wishing to build atop them.

That brings us to the fourth and final layer of the NHS: the application layer. This layer comprises all the government and private sector applications that aim to serve the diverse needs of Indian patients. The first three layers of the NHS exist so that the innovators and change-makers of the fourth layer are optimally empowered to organize, access, and process the data that they need to deliver the best service to their users.

National Health Stack Overview

The first session on the NHS followed this schedule and published the entire webinar on our official Youtube channel:

  •  An introduction to iSPIRT and our values
  • An overview of the NHS
  • A deep-dive into and demonstration of the PHR pillar of the plumbing layer
  • A question-answer session with the audience

The objective of the session was to drive awareness of the NHS components, objectives, timelines, and design philosophies. We want participants from all walks of healthcare to be engaged with the NHS and take part in building it.

In keeping with this objective, we will be hosting weekly open house sessions to keep diving deeper into the National Health Stack. The next such event will take place on Saturday (30th May) at 11:30 am. The focus of this second session will be on another pillar of the plumbing layer – the electronic registry system. More specifically, the session will focus upon the doctor registry. 

Readers who wish to learn more about the NHS are encouraged to share this post and sign up now for the session below or click here.

Readers may also submit questions about the NHS to [email protected] We shall do our best to answer these questions during next Saturday’s open house discussion. 

About the Author: The post is co-authored by our volunteers Aaryaman Vir, Siddharth Shetty and Karthik K S.

Further Reading

iSPIRT Playgrounds Coda

As you may have heard from us or read about in our publications, iSPIRT takes the long view on problems. We call ourselves 30 year architects for India’s hard problems. The critical insight to a 30-year journey of success is that it requires one to be able to work with and grow the ecosystem, rather than grow itself. An iSPIRT with more than 150 volunteers would collapse under its own weight. Instead we work tirelessly to build capacity in our partners and help them on their journeys. We remain committed to being in the background, taking pride in the success of our partners who are solving for India’s hard problems.

However, many people think we’re trying to square a circle here. Why would anybody, that too, folks in Tech jobs who get paid tremendously well, volunteer their time for the success of others? 

The motivation for volunteering is hard to explain to those who have not experienced the joy volunteering brings. Our story is not unique. Most famously, when the Open source movement was taking root, Microsoft’s then CEO, Steve Ballmer, called Open Source “cancer”.

We have published all of our thinking on our model as and when it crystallised. However, we realised a compendium was needed to put our answers to the most commonly expressed doubts about iSPIRT in one place. This is that compendium for our volunteers, partners, donors and beyond.

1. What is iSPIRT?

a) iSPIRT is a not-for-profit think tank, staffed mostly by volunteers from the tech world, who dedicate their time, energy and expertise towards India’s hard problems.

b) iSPIRT believes that India’s hard problems are larger than the efforts of any one market player or any one public institution or even any one think-tank like ourselves. These societal problems require a whole-of-society effort. We do our part to find market players and government entities with the conviction in this approach and help everyone work together.

c) In practical terms, this means that the government builds the digital public infrastructure, and the market participants build businesses on top of it. We support both of them with our expertise. We have iterated this model and continue to improve and refine this model.

d) To play this role we use our mission to align with the Government partners, Market partners and our own volunteers. We believe those who have seen us work up close place their trust in us to work towards our mission. Our long-term survival depends on this trust. All our actions and processes are designed to maintain this trust, and so far if we have any success at all, it can only be seen as a validation of this trust.

2. What is our volunteering model?

a) Anyone can apply to be a balloon volunteer, and we work with them to see if there is a fit.

b) The ideal qualities of a volunteer are publicly available in our Volunteering Handbook, the latest one was published in December 2017.

c) We require every volunteer to declare their conflicts, and ask them to select a pledge level. This pledge level determines their access to policy teams and information that can lead to potential conflict of interest. For every confirmed volunteer, we make available this pledge level publicly on our website.

d) We are often asked what’s in it for our volunteers. We let all our volunteers know this is “No Greed, No Glory” work. Wikipedia is maintained by thousands of volunteers, none of them get individual author credits. What volunteers get is the joy of working on challenging problems a sense of pride in building something useful for society a community of like-minded individuals who are willing to work towards things larger than themselves

e) There are not too many people who would do this for no money, but it does not take a lot of people to do what we do. All of this is given in much greater detail in our Volunteer Handbook.

3. How does iSPIRT decide the initiatives it works on?

a) We have seen success due to the quality of our work and the commitment to our mission. We only take on challenges related to societal problems where technology can make a difference.

b) Even within those problems, our expertise and focus is in solving the subclass of problems where the hard task of coordination between State and Market, between public infra and private innovation is crucial to the task at hand.

4. How does it work with State and Market partners

a) On the hard problems we select in #3 above we assemble a team of volunteers. These volunteers outline a vision for the future. We begin by sharing this vision in multiple forums and creating excitement around them. Examples of these forums are: 

  1. 2015: Whatsapp moment of India. Nandan Nilekani presentation on the future of finance and many articles written about it
  2. 2016: Startup India Launch – Jan 2016 13th. India Stack unveiled as part of official program of Digital India (Public event)
  3. 2017: Cash Flow Lending – DEPA launch 2017 August – Carnegie India Nandan Nilekani and Siddharth Shetty Presentation
  4. Many different public appearances by Pramod Varma, Sharad Sharma, Sanjay Jain, Nikhil Kumar
  5. 2019: Siddharth Shetty explaining AA at an event at @WeWork Bangalore
  6. 2019 Sahamati Launch with a presentation by Nandan Nilekani and representatives from MeiTY, SEBI, multiple Bank CEOs, and AA entrepreneurs.

b) On market partners

i. We work with any market partner who shows conviction towards the idea, and are willing to commit their own resources to take the vision forward. Previous and current partners include banks, startups, tech product and service companies. These early adopter partners form part of our Wave 1 cohort. 

ii. We dive deeper with this wave 1 cohort and iterate together to build on the “private innovation” side of the original vision with their feedback. This is developed with the mutual commitment to sharing our work in the public domain, for public use, once we have matured the idea. We work with them and iterate till we surface a MVP for wider review.

iii. At iSPIRT, we don’t like mission capture. There are no commercial arrangements between iSPIRT and any individual market participants. 

iv. We never recommend specific vendors to any of our partners.

v. New infrastructure/ new frameworks often require the creation of a new type of entity. We engage with these through domain specific organizations such as Sahamati for Account aggregators, as an example.

vi. After Wave 1 partners co-create an MVP, we open up for wider public review and participation. We make public all of our learnings to help the creation of Wave 2 of market participants.

vii. The mental model you should have for iSPIRT Vision/Wave 1/ Wave 2 is those of Alpha/closed Beta/public Beta in the tech world.

c) On government partners

i. We work together with any government partners who show conviction towards the idea, and are willing to commit their own resources to take the vision forward. Previous partners have been RBI, NPCI, MeiTY, TRAI, etc.

ii. We dive deeper with these partners and iterate together to build on the “public infrastructure” side of the original vision with their feedback. As part of the government process, many authorities have their own process to finalize documents, etc. Many of these involve publishing drafts, APIs etc. for feedback, and potential improvement from market participants. We publish the work we do together and invite public comments. Examples: UPI Payment Protocol; MeITY Electronic Consent Artefact; ReBIT Account Aggregator specifications

iii. We only advise government partners on technology standards and related expertise. 

iv. There are no commercial arrangements between iSPIRT and government partners, not even travel expenses.

v. We never recommend any specific market players for approval towards any licenses or permissions. Both iSPIRT and our partners would suffer greatly if this process was tarnished.

  1. With UPI we did not recommend any individual PSPs for inclusion in the network. This was entirely RBI and NPCI prerogative.
  2. Similarly for AA, RBI alone manages selection of AAs for approvals of licenses.

vi. We also respond to public comments wherever they are invited. The following are some examples of our transparent engagement on policy issues.

  1. iSPIRT Public Comments & Submission to Srikrishna Privacy Bill
  2. iSPIRT Public comments to TRAI Consultations
  3. Support to RBI MSME Committee Report
  4. Support to RBI Public Credit Registry Report

5. How does iSPIRT make money?

a) iSPIRT’s expenses includes a living wage for some of its full-time volunteers, travel expenses and other incidental expenses related to our events. This is still a relatively small footprint and we are able to sustain entirely on donations.

b) These donations come from both individuals and institutions who want to support iSPIRT’s long-term vision for India’s hard problems. Sometimes, donor institutions include our market partners who have seen our work up close.

c) Partnerships do not require donations. We engage with many more market partners who are NOT donors than donors who are market players.

6. How does iSPIRT protect against conflict of interest?

We see two avenues of conflict of interest, and have governance mechanisms to protect against both

a) First is Donor Capture. We try to structure donation amounts and partners such that we are not dependent on any one source of funds and can maintain independence

i. We maintain a similar separation of concerns as do many news organizations with their investors.

ii. Our volunteers may have a cursory knowledge of who our donors are. However, this knowledge makes no difference to their outcomes.

b) Second is Volunteer conflicts, where they may get unfair visibility or information to make personal gains.

i. We screen for this risk extensively in the balloon volunteering period.

ii. We have hard rules around this that are strictly enforced and constantly reminded to all our volunteers in all our meetings.

iii. For volunteers who need advice whether a potential interaction could constitute conflict we provide an easy avenue through our Volunteer Fellows Council. The council will advise on whether there is conflict and if yes, how to mitigate it.

iv. To prevent a “revolving door” situation, we require that volunteers from the policy team leaving to continue their careers in the industry undergo a “cooling-off” period.

To volunteer with us, visit: volunteers.ispirt.in


The post is authored by our core volunteers, Meghana Reddyreddy and Tanuj Bhojwani. They can be reached at [email protected] and [email protected]

Bharat Calling In Bay Area

In the first week of October, around Dussehra, a bunch of Indians gathered in the Bay Area. The setting had nothing to do with Dussehra, it had more to do with whether they would be spending their next Dussehra while settled in India or in the Bay Area.

iSPIRT conducted two sessions around opportunities emerging in India, spurred by new digital public goods that are going to create a Cambrian explosion of new software products.

The startup activity in India over the past few years has been noted by Silicon Valley and the attendees had a keen interest to discuss what has been happening on the ground.

There were two primary tracks to the discussion:

  • how India has changed in the past decade or so and 
  • what factors have contributed to that radical change

The largely held view of the ecosystem among those gathered was of the 2008 – 2014 period, when the majority of them were last in India, studying or working.

The concerns raised about starting up were around ease of doing business and culture at the workplace but the consensus was that things are improving in these regards.

The keywords that came up to describe the factors causing the change in India were Jio, Modi and so on. However, the fascinating point to learn for all was about the rise of digital public goods and how they are fundamentally changing the market playground in India.

Many had heard of UPI (Unified Payment Interface) and rightfully so, credited Government for it but what awed everybody was how it came about with the effort of a bunch of volunteers believing in the idea of open-source public good and making India a ‘Product Nation’.

Everyone agreed that a new growth journey lies ahead for India, created by factors such as the rise of internet users, internet penetration with Jio, high data consumption and user education that comes along with it. However, it will get catalysed further when coupled with digital public goods.

UPI has been a success story and it crossed more than a billion transactions last month and had overtaken global volume of American Express months back! A number of successful companies like JusPay and PhonePe capitalised on UPI and similar opportunities now lie ahead with :

We dived into specifics of all these to discuss myriad product opportunities that will emerge, enabling new success stories.

This will further be enabled by :

  • Talent that is more agile and honed to operate in an ambiguous startup environment. This has turned around in the past few years, while a lot of talent was tuned to work in a corporate environment earlier.
  • More access to seed capital as more startup operatives have gained wealth and experience in the past few years
  • And parents are more supportive of the idea to join a startup or start one!

Capitalising on all these would need a new entrepreneur archetype that operates from first principles thinking to dig deep in the market and create viable products and business models taking advantage of unique local factors.

Volunteering with iSPIRT can act as a good channel to understand the market better, to get involved with understanding and building digital public goods that are shaping the times ahead in the country.

It’s the forum to engage with peers that help you learn more about yourself, discover your flow that brings joy and contribute towards a public good.

One attendee summed up the takeaway beautifully –

“In the US, I have created a professional career and learnt lessons by building on top of platforms in the West. Now, there are similar opportunities to build on top of platforms and participate in Indian playground. If I get to become an iSPIRT volunteer, I can not only build on top but also help build the very platforms that are driving India forward.

In my own backyard, I have the local know-how to build for India and should act on it, instead of watching Chinese and Western apps put their stake from Kashmir to Kanyakumari.”

To know more about emerging public goods, iSPIRT Foundation and know our volunteering model, check out www.ispirt.in and write to [email protected]

We would like to thank Jaspreet from Druva, Anand Subbarayan from Lyft for hosting us, Hemant Mohapatra from Lightspeed Partners for helping with the setup and our local volunteer Pranav Deshpande.

Data Empowerment and Protection Architecture Explained – Video

More commonly known as the ‘Consent Layer of the India Stack’, Data Empowerment and Protection Architecture (DEPA) is a new approach, a paradigm shift in personal data management and processing that transforms the currently prevalent organization-centric system to a human-centric system. By giving people the power to decide how their data can be used, DEPA enables the collection and use of personal data in ways that empower people to access better financial, healthcare, and other socio-economically important services in a safe, secure, and privacy-preserving manner.

It gives every Indian control over their data, democratizes access and enables the portability of trusted data between service providers. This architecture will help Indians in accessing better financial services, healthcare services, and other socio-economically important services.The rollout of DEPA for financial data and telecom data is already taking place through Account Aggregators that are licensed by RBI. It covers all asset data, liabilities data, and telecom data.

We, at iSPIRT, organised a learning session on the 18th of May, to give relevant and interested stakeholders a detailed primer on DEPA. We had 60-odd very animated and engaging people in the audience. The purpose of the session was to understand the technological, institutional, market and regulatory architecture of DEPA, it impacts on existing data consuming businesses and how people could contribute to this new data sharing infrastructure that’s being built in India.

The session was anchored by Siddarth Shetty, Data Empowerment And Protection Architecture Lead & Fellow, iSPIRT Foundation (Email – sid@ispirt.in). Please feel free to reach out to him for any queries regarding DEPA.

For other queries, please write to [email protected].

Scaling Good Advice In India’s Startup Ecosystem – A Research Paper On PNGrowth Model

In January 2016 iSPIRT ran the largest software entrepreneur school in India, called PNgrowth (short for Product Nation Growth).  The central vision of PNgrowth was to create a model of peer learning where over 100 founders could give each other one-on-one advice about how to grow their startups. With peer learning as PNgrowth’s core model, this enterprise was supported by a volunteer team of venture capitalists, founders, academics, and engineers.  See iSPIRT’s volunteer handbook (https://pn.ispirt.in/presenting-the-ispirt-volunteer-handbook/)

However, unlike a regular “bootcamp” or “executive education” session, the volunteers were committed to rigorously measuring the value of the peer advice given at PNgrowth. We are excited to announce that the findings from this analysis have recently been published in the Strategic Management Journal, the top journal in the field of Strategy, as “When does advice impact startup performance?” by Aaron Chatterji, Solène Delecourt, Sharique HasanRembrand Koning (https://onlinelibrary.wiley.com/doi/10.1002/smj.2987).

TLDR: Here’s a summary of the findings:

1.
 There is a surprising amount of variability in how founders manage their startups.  To figure out how founders prioritized management, we asked them four questions:

“…develop shared goals in your team?”
“…measure employee performance using 360 reviews, interviews, or one-on-ones?”
“…provide your employees with direct feedback about their performance?”
“…set clear expectation around project outcomes and project scope?”

Founders could respond “never,” “yearly,” “monthly,” “weekly,” or “daily.”

Some founders never (that’s right, never!) set shared goals with their teams, only did yearly reviews, never provided targets, and infrequently gave feedback. Other, super-managers were more formal in their management practices and performed these activities on a weekly, sometimes daily, basis. Not surprisingly, the supermanagers led the faster-growing startups.  Most founders, however, were in the middle: doing most of these activities at a monthly frequency.

2. Since PNGrowth was a peer learning based program, we paired each founder (and to be fair, randomly) with another participant. For three intense days, the pairs worked through a rigorous process of evaluating their startup and that of their peer. Areas such as a startup’s strategy, leadership, vision, and management (especially of people) were interrogated. Peers were instructed to provide advice to help their partners.

3. We followed up on participating startups twice after the PNgrowth program. First ten months after the retreat, and then we rechecked progress two years afterwards.

We found something quite surprising: the “supermanager” founders not only managed their firms better but the advice they gave helped their partner too.  Founders who received advice from a peer who was a “formal”  manager grew their firms to be 28% larger over the next two years and increased their likelihood of survival by ten percentage points. What about the founders who received advice from a laissez-faire manager? Their startup saw no similar lift. Whether they succeeded or failed depended only on their own capabilities and resources.

4. Not all founders benefited from being paired up with an effective manager though. Surprisingly, founders with prior management training, whether from an MBA or accelerator program, did not seem to benefit from this advice.

5. The results were strongest among pairs whose startups were based in the same city and who followed up after the retreat. For many of the founders, the relationships formed at PNgrowth helped them well beyond those three days in Mysore.

So what’s the big take away: While India’s startup ecosystem is new and doesn’t yet have the deep bench of successful mentors, the results from this study are promising. Good advice can go a long way in helping startups scale.   iSPIRT has pioneered a peer-learning model in India through PlaybookRTs, Bootcamps, and PNgrowth (see: https://pn.ispirt.in/understanding-ispirts-entrepreneur-connect/).

This research shows that this model can be instrumental in improving the outcomes of India’s startups if done right. If peer-learning can be scaled up, it can have a significant impact on the Indian ecosystem.

It takes time to build something successful!

Since SaaSx second edition, I have never missed a single edition of SaaSx. The 5th edition – SaaSx was recently held on the 7th of July, and the learnings and experiences were much different from the previous three that I had attended.

One primary topic this year was bootstrapping, and none other than Sridhar Vembu, the CEO and Founder of Zoho, was presenting. The session was extremely relevant and impactful, more so for us because we too are a bootstrapped organisation. Every two months of our 4.5 year-long bootstrapped journey, we have questioned ourselves on whether we have even got it right! If we should go ahead and raise funds. Sridhar’s session genuinely helped us know and understand our answers.

However, as I delved deeper, I realised that the bigger picture that Sridhar was making us aware of was the entrepreneurial journey of self-discovery. His session was an earnest attempt to promote deep thinking and self-reflection amongst all of us. He questioned basic assumptions and systematically dismantled the traditional notions around entrepreneurship. Using Zoho as an example, he showed how thinking from first principles helped them become successful as a global SaaS leader.


What is it that drives an entrepreneur? Is it the pursuit of materialistic goals or the passion to achieve a bigger purpose? The first step is to have this clarity in mind, as this can be critical in defining the direction your business would take. Through these questions, Sridhar showed that business decisions are not just driven by external factors but by internal as well.

For example, why should you chase high growth numbers? As per him, the first step to bootstrapping is survival. The top 5 goals for any startup should be Survive, Survive, Survive, Survive, Survive. Survival is enough. Keep your costs low and make sure all your bills are paid on time.  Cut your burn rate to the lowest. Zoho created 3 lines of business. The current SaaS software is their 3rd. They created these lines during their journey of survival and making ends meet.


Why go after a hot segment (with immense competition) instead of a niche one?  If it’s hot, avoid it i.e. if a market segment is hot or expected to be hot, it will be heavily funded. It will most likely be difficult to compete as a bootstrapped organisation and is henceforth avoidable. Zoho released Zoho docs in 2007, but soon as he realized that Google and Microsoft had entered the space, he reoriented the vision of Zoho to stay focused on business productivity applications. Zoho docs continues to add value to Zoho One, but the prime focus is on Applications from HR, Finance, Support, Sales & Marketing and Project Management.  Bootstrapping works best if you find a niche, but not so small that it hardly exists. You will hardly have cut throat competition in the niche market and will be able to compete even without heavy funding.

Most SaaS companies raise funds for customer acquisition. Even as a bootstrapped company customer acquisition is important. As you don’t have the money, you will need to optimise your marketing spend. Try and find a cheaper channel first and use these as your primary channel of acquisition. Once you have revenue from the these channels, you can start investing in the more expensive one. By this time you will also have data on your life time value and will be able to take better decisions.

Similarly, why base yourself out of a tier 1 city instead of tier 2 cities (with talent abound)? You don’t need to be in a Bangalore, Pune, or a Mumbai to build a successful product. According to Sridhar, if he wanted to start again, he would go to a smaller city like Raipur. Being in an expensive location will ends up burning your ‘meager monies’ faster. This doesn’t mean that being in the top IT cities of India is bad for your business, but if your team is located in one of the smaller cities, do not worry. You can still make it your competitive advantage.

Self-discipline is of utmost importance for a bootstrapped company. In fact, to bootstrap successfully, you need to ensure self-discipline in spends, team management, customer follow-ups, etc. While bootstrapping can demand frugality and self-discipline, the supply of money from your VC has the potential to destroy the most staunchly disciplined entrepreneurs as well. Watch out!

And last but not the least – It takes time to build something successful. It took Zoho 20 years to make it look like an overnight success.

This blog is authored by Ankit Dudhwewala, Founder – CallHippo, AppItSimple Infotek, Software Suggest. Thanks to Anukriti Chaudhari and Ritika Singh from iSPIRT to craft the article.

Scaling Sales: A Deep Dive At SaaSx Fifth Edition

As a first time attendee of iSPIRT‘s annual SaaSx conference, I didn’t know what to expect as we drove along the western coast of India towards Mahabalipuram – the venue for SaaSx5. From all the chatter around the event on Twitter, it looked like the who’s who of SaaS leaders in India were attending. Upon arrival, I took my seat with my colleague and looked around. There were only about 100 people in the room, very different from most conferences I’d attended in the past – a lot more exclusive, and a melting pot of SaaS founders building a diverse set of products. It had all the markings of an inspiring day, and it did not disappoint.

Starting with a keynote from the estimable founder of Zoho, Sridhar Vembu, the day was packed with talks and discussions focused on growing one’s SaaS company in the current technology landscape, primarily led by founders of notable SaaS companies of the country. One such event was an unconference on “Setting up and Scaling Sales across Segments and Geographies”, led by Ashwin Ramasamy from PipeCandy.

Picture this: about 80 founders seated in a room, circled around Ashwin who was leading the conversation about setting up and scaling your sales team. Since the flat organizational hierarchy at SignEasy, and the culture of openness at the company provide me with a wonderful vantage point of all functions across our company, including sales, I was eager to listen to the different perspectives that the founders brought to the table. At the start of the discussion, Ashwin graciously asked the audience for talking points they’d like covered, and the discussion began. A plethora of topics were discussed, starting from the very definition of inside sales, leading up to when and why to deploy an inside-sales team. Hiring and putting together the right sales team, including whether it should be in-house or outsourced, was another hot topic of debate with many founders offering their own experiences and perceptions.

The conversation then steered towards outbound sales and the mechanics and economics of that, which contributed to some of the biggest takeaways for me – things that cannot be found in a book and are only learned through experience.

The success rate of outbound sales peaks at 2%, as opposed to the 40-50% success rate you come to expect with inbound sales. This was an interesting insight, as it’s easy to assume your outbound effort is underperforming when it could actually be doing quite well. Also, you should use the interest you’re receiving through the inbound channel to refine your outbound strategy – your inbound interests are a goldmine of information on the kind of industries, company sizes, and job functions your potential customers represent. At SignEasy, we are constantly honing our outbound target by capturing as much information as possible from our inbound requests.


Further, the efficacy of your outbound sales effort is a direct function of the maturity of the market you’re in – for a saturated market with tens of other competitors, outbound usually fails to make a mark because it’s difficult to grab a potential customer’s attention. This is a great rule of thumb to decide if outbound is for you, depending on the market your product serves.

Outbound sales also requires dedicated effort rather than a ‘spray and pray approach’ – a minimum 6-month commitment is crucial to the success of your outbound strategy. Founders should be deeply involved in this initial effort, sending out 500 emails a day for at least 3 months, and tweaking and iterating through them as they get to the most effective email. It’s also important to dedicate yourself to a channel when experimenting, but also experiment and exhaust numerous channels over time to zero in on the most effective ones.


The value of this discussion, and indeed the day, was best expressed by the ferocity with which my colleague and I took notes and wrote down every piece of advice that was being dropped around the room. Being product leads of the SMB business and mobile products respectively, Phalgun and I were amazed at how much we could relate to each point being discussed, having been through and living the journey first-hand ourselves at SignEasy.

SaaSx5 was nothing short of inspiring, and we emerged from it feeling uber-optimistic about SaaS in India, and what the future holds

This blog is authored by Apoorva Tyagi, Product at SignEasy

SaaSy bear SaaSy bear what do you see?

Shifts for SaaS - SaaSy Bear

I see 3 shifts critical for me!

Taking a line from the popular Brown Bear children’s book, I believe that our SaaS startups have a real opportunity to leverage some leading shifts in the global SaaS evolution. While there are many areas of change – and none less worthy than the other – I am highlighting 3 shifts for SaaS (tl;dr) which our entrepreneurs can actually work with and help change their orbit:

  • Market shifts with AI/ML for SaaS to build meaningful product & business differentiation,
  • Platform Products shift to transform into a multi-product success strategy,
  • Leveraging Partnerships for strategic growth and value co-creation.

Some background

I joined iSPIRT with a goal to help our community build great global products. I believed (and still do) that many entrepreneurs struggle with the basics of identifying a strong value proposition and build a well thought out product. They need strong support from the community to develop a solid product mindset & culture. My intent was to activate a product thinkers community and program leveraging our lean forward playbooks model.

I had several conversations with community members & mavens on playbooks outcomes and iterating our playbook roundtables for better product thinking. I realized that driving basic product thinking principles required very frequent and deeper engagement with startups. But our playbooks approach model – working in a distributed volunteer/maven driven model – is not set up to activate such an outcome. Through our playbooks model, our mavens had helped startups assimilate best practices on topics like Desk Sales & Marketing, something that was not well understood some years back. This was not a basic topic. The power of our playbook RTs was in bringing the spotlight on gaps & challenges that were underserved but yet highly impactful.

As a product person, I played with how to position our playbooks for our entrepreneur program. I believe our playbooks have always been graduate-level programs and our entrepreneurs are students with an active interest to go deep with these playbooks, build on their basic undergraduate entrepreneurship knowledge, and reach higher levels of growth.

The product thinking and other entrepreneurial skills are still extremely relevant, and I am comforted by the fact that there are many community partners from accelerators like Upekkha to conclaves like NPC and event-workshop formats like ProductGeeks which are investing efforts to build solid product thinking & growth skills.

As the SaaS eco-system evolves, and as previous graduate topics like desk sales & marketing are better understood, we need to build new graduate-level programs which address critical & impactful market gaps but are underserved. We need to help startups with meaningful & rapid orbit shifts over the next 2-3 years.

Discovering 3 Shifts for SaaS

Having come to this understanding I began to explore where our playbooks could continue to be a vibrant graduate-level program and replicate our success from the earlier playbooks. Similar to an entrepreneur’s journey, these three shifts became transparent through the many interactions and explorations of SaaS entrepreneurs.

Market Shift with AI/ML for SaaS

There is no doubt that AI is a tectonic shift. The convergence of big data availability, maturity of algorithms, and affordable cloud AI/ML platforms, has made it easy for SaaS startups to leverage AI/ML. During a chance roundtable learning session on Julia with Dr. Viral Shah & Prof Alan Edelman, it was clear that many entrepreneurs – head down into their growth challenges – were not aware of the realities behind the AI hype. Some thought AI/ML should be explored by their tech team, others felt it required a lot of effort & resources. The real challenge, however, is to discover & develop a significantly higher order AI-enabled value to customers than was feasible 2 years ago. While AI is a technology-driven shift, the implications for finding the right product value and business model are even greater.

As I explored the AI trend I saw a pattern of “gold rush” – build a small feature with rudimentary AI, market your product as an AI product… – making early claims with small changes which do not move the needle. It became clear that a step-by-step pragmatic thinking by our SaaS startups was required to build an AI-based leapfrog value proposition. This could help bring our startups to be at “par” and potentially even leap ahead of our global brethren. Here was an opportunity to create a level playing field, to compete with global players and incumbents alike.

To validate my observations, I did quick small research on SaaS companies outside of India on their approach with AI. I found quite a few startups where AI was already being leveraged intrinsically and others who were still trying to make sense. Investments varied from blogging about the AI trend, branding one as a thought leader, to actually building and delivering a strongly differentiated product proposition. E.g.:

There are no successes, yet! Our startups like Eka, Wingify, FreshWorks, WebEngage… have all been experimenting with AI/ML, stumbling and picking themselves up to build & deliver a higher level of value. Some others are setting up an internal playground to explore & experiment. And many others are waiting on the shore unsure of how to board the AI ship.

How do we enable our companies to create new AI playgrounds to analyze, surface, validate and develop higher order customer values & efficiencies? To chart a fruitful journey with AI/ML there are many challenges that need to be solved. And doing it as a group running together has a better chance of success.

The AI+SaaS game has just begun and it is the right time for our hungry entrepreneurs to Aspire for the Gold on a reasonable level playing field.

Shift to Platform Products

As market needs change, the product needs a transform. As new target segments get added different/new product assumptions come into play. In both these scenarios existing products begin to age rapidly and it becomes important for startups to re-invent their product offerings. To deal with such changes startups must experiment and iterate with agility. They require support from a base “internal” platform to allow them to transform from a single product success strategy to scaling with multiple products strategy.

This “internal” base platform – an infrastructure & layout of technology components to interconnect data & horizontal functional layers – would help to build & support multiple business specific problem-solution products (vertical logics). The products created on such a platform provide both independent as well as a combined value proposition for the customers.

Many startups (Zendesk, Freshdesk, Eka, WebEngage…) have undertaken the painful approach of factoring an internal platform to transform their strategy & opportunity. Zoho has been constantly reinventing itself and launching new products on a common platform, some of which are upending incumbent rivals in a very short period of time. WebEngage transformed itself from a “tool” into an open platform product.

“As the dependency on our software grew, customers needed more flexibility to be able to use their data to solve a wide range of business problems…significant difference in the way we build products now. We have unlocked a lot of value by converting ourselves into an open platform and enabling customer data to flow seamlessly across many products.” – Avlesh Singh, WebEngage

The effort to build an internal platform appropriately architected to support growing business needs (many yet unknown) is non-trivial and requires a platform thinking mindset for increased business development. It must be architected to allow rapid co-creation of new & unique product values in collaboration with external or market platforms. This can help the startup be a formidable player in the growing “platform economy”.

Leveraging Potential Strategic Partnerships

A strategic partner offers 2 benefits for startups. First is the obvious ability to supercharge the startup’s GTM strategy with effective distribution & scale. How does one make a strategic partnership? Pitching to a strategic partner is very different from pitching to a customer or investor. PSPs look for something that is working and where they can insert themselves and make the unit economics even better. 

“I thought I knew my pitch and had the details at my fingertips. But then I started getting really valuable, thought-out feedback…I had to focus on pitching to partners, not customers.” – Pallav Nadhani, FusionCharts

The second leverage with a partner is the ability to innovate in the overlap of the partner’s products & offerings and the startup’s product values. A good partner is always looking for startups which can co-create a unique value proposition and impact an extremely large customer base.

“…we still have only three four percent market share when it comes to customers. So if we have to participate we have to recognize that we are not gonna be able to do it alone we’re going to have to have a strategy to reach out to the entire marketplace and have a proposition for the entire marketplace…you need to (do it) through partnerships.” – Shikha Sharma, MD Axis Bank

Both these partnership intents if nurtured well can bring deep meaningful relationship which can further transcend scale into a more permanent model (investment, M&A…).

Working with the 3 Shifts of SaaS

While each shift is independent in its own importance, they are also inter-related. E.g. an internal platform can allow a startup to co-create with a partner more effectively. Partners are always interested in differentiated leading-edge values such as what is possible with leveraging AI/ML. Magic is created when a startup leverages an internal platform, to co-create a strong AI-enabled value, in the overlap & gap with potential strategic partners.

And that’s what I see

I see a vibrant eco-system of SaaS startups in India working on creating leading global products. Vibrancy built on top of the basic product thinking skills and catapulted into a new orbit by navigating the 3 shifts.

“Reading market shifts isn’t easy. Neither is making mindset shifts. Startups are made or unmade on their bets on market/mindset shifts. Like stock market bubbles, shifts are fully clear only in hindsight. At iSPIRT, we are working to help entrepreneurs navigate the many overlapping yet critical shifts.” – Sharad Sharma, iSPIRT

Through our roundtables, we have selected six startups as the first running group cohort for our AI/ML for SaaS playbooks (Acebot, Artoo, FusionCharts, InstaSafe, LegalDesk & SignEasy).

If you are hungry and ready to explore these uncharted shifts, we are bringing these new playbooks tracks for you.

Please let us know your interest by filling out this form.

Also, if you are interested in volunteering for our playbook tracks, we can really use your support! There is a lot to be done to structure and build the playbook tracks and the upcoming SaaSx5 for these shifts for SaaS. Please use the same form to indicate your support.

Ending this note with a sense of beginning, I believe that our startups have a real opportunity to lead instead of fast-follow, create originals instead of clones. They need help to do this as a running group instead of a solo contestant. It is with this mission – bring our startups at par on the global arena – that I am excited to support the ProductNation.

I would like to acknowledge critical insights from Avlesh Singh (WebEngage), Manav Garg (Eka), Shekhar Kirani (Accel Partners), Sharad Sharma (iSPIRT). Also am thankful for the support from our mavens, volunteers & founders who helped with my research, set up the roundtables, and draft my perspective with active conversations on this topic: Ankit Singh (Wibmo/MyPoolin), Anukriti Chaudhari (iSPIRT), Arvi Krishnaswamy (GetCloudCherry), Ganesh Suryanarayanan (Tata GTIO), Deepa Bachu (Pensaar), Deepak Vincchi (JuliaComputing), Karthik KS (iSPIRT), Manish Singhal (Pi Ventures), Nishith Rastogi (Locus.sh), Pallav Nadhani (FusionCharts), Praveen Hari (iSPIRT), Rakesh Mondal (RakeshMondal.in), Ravindra Krishnappa (Acebot.ai), Sandeep Todi (Remitr), Shrikanth Jangannathan (PipeCandy), Sunil Rao (Lightspeed), Tathagat Varma (ChinaSoft), Titash Neogi (Seivelogic), and many other volunteers & founders.

All images are credited to Rakesh Mondal 

First AI/ML Playbook Roundtable – Playing With the New Electricity

This is a Guest post by Krupesh Bhat (LegalDesk) and Ujjwal Trivedi (Artoo).

AI is seen as the new electricity that will power the future. How do we make the best of the opportunity that advancements in AI technology brings about? With this thought in mind iSPIRT conducted a symposium roundtable at the Accel Partners premises in Bengaluru on March 10th. Accel’s Sattva room was a comfortable space for 20+ participants from 11 startups. There were deep discussions and a lot of learning happened through subject matter experts as well as peers discussion. Here’s a quick collection of some pearls, that some of us could pick, from the ocean of the deep discussions that happened there.

Products that do not use AI will die soon. Products that use AI without natural intelligence (read common sense) will die sooner.

– Manish Singhal, Pi Ventures

Starting with that pretext, it isn’t hard to gather that AI is not just a promising technology, it is going to be an integral part of our lives in near future. So, what does it mean for existing products? Should everyone start focusing on how they can use AI? Are you an AI-first company? If not, do you need to be one? After all, it does not make sense to build the tech just because it appears to be the next cool thing to do. If you are building AI, can you tell your value proposition without mentioning the word AI or ML? have you figured out your data strategy? Is the need driven by the market or the product?

Before we seek answers we must clarify that there are two types of products/startups in the AI world:

First, an AI-first startup – a startup which cannot exist without AI. Their solution and business model is completely dependent on use of Artificial intelligence (or Machine Learning at least). Some examples of such startups in local ecosystem are Artifacia and Locus.sh.

Second, AI-enabled startup – startups with existing products or new products which can leverage AI to enhance their offering by a significant amount (5x/10x anyone?). Manish has a very nifty way of showing the AI maturity of such companies.

The session was facilitated by several AI experts including Manish Singhal of pi Ventures, Nishith Rastogi of Locus.sh, Shrikanth Jagannathan of PipeCandy, Deepak Vincchi of Julia Computing.

Maturity Levels of AI Startups

After a brief introduction by Chintan to set the direction and general agenda for the afternoon, Manish took over and talked about the various stages of AI based companies. Based on his interactions with many startups in the space, he said there are roughly four growth stages where different companies fall into:

Level 1No Data, No AI: An entity that solves a business problem and is yet to collect sufficient data to build a sustainable AI business. The AI idea will die down if the company fails to move to state 2 quickly. Business may be capturing data but not storing it.
Level 2Dark data, No AI: The company holds data but is yet to build solid AI/ML capabilities to become an AI company. There is a huge upside for such companies but the data strategy needs to be developed and AI capabilities are not mature enough to be considered as an AI/ML company.
Level 3Higher automation driven by data and AI: These are the companies that have built AI to make sense out of data and provide valuable insights into the data using AI/ML, possibly with some kind of human assistance.
Level 4Fully autonomous AI companies: These are the companies at the matured stage where they possess AI products that can run autonomously with no human intervention.

Manish also noted that most companies they meet as a VC are in level 1 and 2, while the ideal level would be 3 and 4. He noted that AI comprises of three important components: Data, Algorithm & the Rest of the System that includes UI, API & other software to support the entire system. While it is important to work on all three components, oftentimes, the data part doesn’t get enough importance.

Do You Really Need Artificial Intelligence?

A whole bunch of solutions are smart because they are able to provide additional value based on past data. These are not AI solutions. They are merely rule based insights. Nishith from Locus added that there is nothing really wrong with rule based systems and in a lot of cases AI is actually an overkill. However, there are two cases where it seems apt for startups to look at AI for their predicament:

  1. Data is incomplete: An example of this is Locus who gets limited mapping for gps coordinates and addresses.
  2. Data is changing constantly: A typical case was of ShieldSquare where bots are continuously evolving and improving and the system deployed to identify them also needs to learn new patterns and evolve with them.

It is important to have clarity on your AI model especially when you communicate with your internal teams. Figure out what is the core component of your product – AI, ML, Deep Learning or Computer Vision.

What’s Driving Your AI Approach?

There are two major driving forces that can help one in deciding whether to AI or not to AI.

  1. PUSH: The internal force when decision can largely be taken if your business is sitting on a lot of useful data, may be as a side effect of your key proposition.
  2. PULL: The external market driven force where clients expect or ask for it e.g chatbots. We are already observing that AI can be a great pricing mechanism.

However, take great caution when using Customer data or Derived data, it depends on legal agreement with clients and can get you into legal troubles if it violates any terms.

Is Your Data Acquisition Strategy in Place?

Anyone interested in AI should have a data acquisition strategy in place. Here are a few points that can help you get one in place:

    • What data do you collect, How do you validate it, Clean it and store it for further analysis?
    • Surveys and chatbots can provide a steady stream of data if built correctly
    • Think of data as a separate entity (has its own lifecycle), it may help to think of it as a currency and plan how you would earn, store and utilise it
    • Capturing location, user interaction data can be insightful. This may include the interactions user has committed and the ones they have not committed (deleted/skipped/hidden)
    • It makes sense to invest time, resources and people to gather data properly
    • Have a unified warehouse (can start with economical options like Google Analytics and AWS)

It is also important to give some thoughts on how you are using aggregate data across the platform. In case, if your AI model uses a combination of customer specific data and the sanitised aggregate data available in the platform (“Derived Work”), then you should make sure that you have the permission to use such data. Without such clarity, you may run into legal issues.

Deepak Vincchi explained how Julia Computing is emerging as the programming language of choice for data scientists. The platform can process 1.3 million threads in parallel and is used by large organizations to crunch data problems.

In all this was an extremely engaging 3 hours without break. Guiding the session with real examples by Nishith, Shrikanth and also shared learnings from Navneet and others really helped bring to life Why AI and How AI. This symposium is part of an AI playbooks track was aimed at kickstarting cohorts of startups ready to jump with AI and help them get traction with AI, more will emerge on this shortly.

10 startups attended this mini-roundtable session – Acebot, Artifacia, Artoo, FusionCharts, InstaSafe, Klove, LegalDesk, Rocketium, Rubique, ShieldSquare.

Thanks to volunteers Rinka Singh and Adam Walker for their notes from the session and Ankit Singh (Mypoolin/Wibmo) for helping coordinate the blog post & note

* All iSPIRT playbooks are pro-bono, closed room, founder-level, invite-only sessions. The only thing we require is a strong commitment to attend all sessions completely, to come prepared, to be open to learning & unlearning, and to share your context within a trusted environment. All key learnings are public goods & the sessions are governed by the Chatham House Rule.

Featured photo by Matan Segev from Pexels https://www.pexels.com/photo/action-android-device-electronics-595804/

Deep Learning Session with Julia Computing

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An evening with Julia

iSPIRT, in association with Julia Computing, is proud to announce an open-session with Prof. Alan Edelman and Dr. Viral Shah, co-creators of Julia, an open source programming language, and co-founders of Julia Computing Inc.

The event will be hosted in Koramangala, Bangalore, on the 22nd of January 2018, from 5 – 7pm. Register now for an invite to the session or to join the live cast (venue details will be shared along with the invite).

What is Julia?

Julia is a modern, high-level, high-performance programming language for numerical computing, data science and AI. With syntax that is familiar to users of other technical computing environments, Julia solves the eternal two language problem, by providing productivity similar to Matlab or R, and performance similar to C for writing mathematical and statistical software. Julia is open source, its research is anchored at MIT since 2009 and is growing very rapidly in its adoption across industries, from Finance to Life Sciences.

Julia … can even be used by those who aren’t programmers by training

Why Should You Care?

Julia’s deep mathematical roots and comprehensive customizability make it very friendly to work with for data scientists, who are generally limited with popular Machine Learning approaches due to their issues with customizability and efficiency.

This 90 minute session will cover a quick introduction to Julia, showcase a few challenging and compute-intensive case studies that Julia has helped solve across domains, and demonstrate how Julia as a framework is used to enable nextgen AI & ML modeling & computing with the AI tools of your choice, including popular libraries like Mocha, MXNet and TensorFlow. This will be a great opportunity to interact with Prof Alan and Dr. Viral on best ways to approach an AI/ML strategy.

About the Speakers:

Prof. Alan Edelman is a Professor of Applied Mathematics, Computer Science and AI at MIT. He is a co-creator of Julia language, and a Co-founder and Chief Scientific Officer of Julia Computing, Inc.

Dr. Viral Shah is a co-creator of Julia language, and a Co-founder and CEO of of Julia Computing, Inc. He has been an important part of Aadhaar team from 2009 to 2014, and has co-authored a book called Rebooting India with Nandan Nilekani.

Julia Computing was founded in 2015 by the creators of the open source Julia language to develop products and provide support for businesses and researchers who use Julia.

Register now for an invite to the session or join the live cast.

Also, Workshop will be streamed on Youtube live for those who can join us virtually. The Invite will be shared on 21st Jan 2018 with the registered participants.

Is your SaaS product ready for GDPR?

What is GDPR you ask? and Why should you care?

Some of you may know about the upcoming rollout in EU of the General Data Protection Regulation. GDPR is a regulation that requires businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states. GDPR implementation date is 25 May 2018, but do not get complacent by the date, it requires reasonable effort and time for companies to become ready & compliant. And there are significant penalties for not being compliant.

If you are operating in the EU or if any of your customers are operating in the EU, GDPR applies to you.

Who?

  • Customers in EU – YES
  • Employees in EU – YES
  • Vendors or partners in EU – YES

GDPR Workshop / Webinar

iSPIRT and Microsoft are conducting a GDPR workshop for founders to demystify the GDPR and help understand the steps required towards compliance. This will be a mix of in-person and webinar session (choose when you register).

The session will cover among many topics, clarity on the impact of GDPR, application to organizations in India, additional responsibility about controls, notifications and data governance for managing and tracking personal data, and how organizations need to start thinking about GDPR compliance. There will be presentations by both Legal teams from Microsoft India and the CTO of Microsoft Accelerator.

Apply here using the Registration Form

Date & time: 16-Nov, 3-5pm

In-person Venue: Microsoft Accelerator – JNR City Centre, IBIS Hotel Annexe ,Raja Ram Mohan Roy Road, Bangalore.

Webinar: Link will be sent to those who choose to attend the webinar.

Session Scope:

  • GDPR & Data Privacy, and its growing importance
  • A Risk assessment Checklist – Go to https://www.gdprbenchmark.com/ to access a quick, online self-evaluation tool available at no cost to help your organization review its overall level of readiness to comply with the GDPR
  • Data Privacy Business Scenarios – Technical Demos

Registration

If you are keen to attend the workshop please apply using the Registration Form. Since seats are limited for both in-person and webinar, please register ahead of time. We will confirm with an invite subject to availability. There is no cost to attend. We start sharp at 3 pm.

Strongly recommend going through the Risk Assessment Benchmark Evaluation.

The checklist will help you prep for the workshop and get the most out of it.

Some sources for pre-reading:

What is the GDPR, its requirements and deadlines? – CSO Online

GDPR in the age of SaaS: One SaaS vendor’s journey to compliance …

If You Use SaaS Products, You Need To Prepare For GDPR. Here’s How

Are you ready for the GDPR? A quick, no-cost, readiness self-evaluation tool.

The Global Impact of GDPR on SaaS Providers – Spanning Backup

Home Page of EU GDPR

Coming soon – 2017 SaaS Survey

BTW did you know the new SaaS survey is coming? We are excited to announce that we would be launching the third edition (2017) of the India SaaS Survey in a week from now. This survey is an annual exercise conducted jointly by SignalHill and iSPIRT to gather valuable data for drawing insights which help various stakeholders in the ecosystem understand this space better.

Please click on the following link to access last year’s survey results

Please stay tuned to this space. We will be providing a link to this year’s survey very soon in an upcoming blog post.

Product Teardown Roundtables are coming to your city.

Read more details on the teardown sessions, and preview the teardown format. If interested please apply here (Limited Seats).

Product Teardown explained in 10 minutes (well almost!)

Last Saturday we had an awesome teardown roundtable in Chennai moderated by Suresh (KiSSFLOW) and Bharath (FreshDesk) 🙇🏻.. This was my first direct experience with the teardown. Six companies participated (PickYourTrail, FoodEngine, SysCloud, CustomerLabs, Tagalys, and ManageArtworks). While the entire session of 4+ hours was extremely intense, I want to quickly share with you in 10 minutes (almost) of what happens in a Product Teardown.

Teardowns are coming to your city. Please apply here (Limited Seats).

Product Teardown Framework

The iSPIRT product teardown (esp. for SaaS websites) is primarily structured around 5 key principles outlined below.

Idea 💡

What is the problem you are trying to solve? Who is your target user? It is critical to have a clear picture of your target user persona, their problem and how your solution solves their pain point. Essentially establish your problem-solution fit and articulate it for the customer journey from Discovery → Conversion.

Discovery 🔍

How do customers find your product? Is it through google search? Is there a channel they frequent? Have you identified your TAM (total addressable market), SAM (serviceable addressable market) and SOM (serviceable obtainable market)? Use this model to help identify strategies to have your SOM discover your product.

Website 🕸

Your website is the first & most important way to establish trust & relationship with your customer. This is true even if you don’t use inside sales. What is your first message or hook for your target user persona? Are they able to connect your product with their problem and the path through which they discovered your product? Are they able to understand how your product solves their problem, and why they should use it? Once they identify with your message and establish trust & credibility the rest becomes easier.

Sign up 💰

If the customer has understood your solution and found it fit for their needs, the last purchase decision is the cost. As Suresh said

If the cost connects, signup happens!.

WoW! reaction 🌅

Post signup, is there a WoW first experience? Whether it is a try & buy experience or a first purchase onboarding, it is important for customers to experience some instant gratification for the grueling journey they just went through. Believe me, making a purchase decision can be taxing. If you can make this journey pleasant and the final destination fantastic, you have a winning product 🏆.

Do go through the video above and hear Suresh’s simple explanation. And if you like what you hear remember you can apply here for a teardown in your city.

Coming soon – 2017 SaaS Survey

While I still have your attention, we are excited to announce that we would be launching the third edition (2017) of the India SaaS Survey in a week from now. This survey is an annual exercise conducted jointly by SignalHill and iSPIRT to gather valuable data for drawing insights which help various stakeholders in the ecosystem understand this space better.

Please click on the following link to access last year’s survey results

Please stay tuned to this space. We will be providing a link to this year’s survey very soon in an upcoming blog post.

PS

The amount of time & effort Bharath & Suresh provided to review and analyze each product before the actual teardown is simply inspiring. 🙇🏻. to their commitment to the community.

Innovation Diplomacy & Software as India’s Soft Power

Mr. MJ Akbar, MoS, Ministry of External Affairs, brainstorms with iSPIRT.

Mr. MJ Akbar is the Minister of State (MoS) for External Affairs and a Member of Parliament in the Rajya Sabha. An author of several best-selling books, and a veteran Indian journalist who launched newspapers like The Telegraph, The Asian Age and magazines like The Sunday. Mr. MJ Akbar, met up with iSPIRT, in Bangalore to understand the plethora of Technological Breakthroughs that iSPIRT is facilitating to empower more than a billion Indian citizens, by deploying technology in the service of humanity. Mr. MJ Akbar has also agreed to co-create an era of Innovation Diplomacy, by using Software as India’s Soft Power. He provided some very useful advice by participating in interactive sessions for close to 2.5 hours.

On Saturday, at ITC Gardenia, in Bangalore, Mr. MJ Akbar, along with Mr. Bala, Jt Secy, and his team, consulted and deliberated extensively, on opportunities that can be Game Changers for Innovation Diplomacy. iSPIRT with its team of Volunteers which included Sharad Sharma, Sanjay Anandaram, Sanjay Jain etc, along with several innovative startups, presented various breakthrough solutions that are helping India leapfrog the West.

Below are some of the key highlights of the Learning Session.

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iSPIRT Show-case – INDIA Going from Software Services To Software Products & Platforms.

The session started with a presentation by Sharad Sharma on how India is transforming itself to Software Products and Platforms. He explained how iSPIRT with IndiaStack is helping new-age startups to build platforms which will drive formalization of the Indian economy. This will materially enable Financial Inclusion, Health Inclusion and provide access to more than 200 million households, by digitization and democratization of essential services, and in-turn will create millions of jobs.

Mr. Akbar’s feedback on this session was that we should highlight stories and narratives which resonate with the aspirational identities of people. Like how did India manage to reach MARS? This was an interesting segway, to then have about 8 startups including Team Indus present their stories. Team Indus, is planning to be the 1st private organization in the World, to land a rover on the moon in Dec 2017.

The remaining 7 teams which presented their stories included companies like Pratco, Foradian, Forus, Indian Money, Knolskape, Hashnode, Niramai. Covering Healthcare, Education, Finance, Technology and Medical Devices, these Startups showed how they are helping millions of Indians not only in Tier 1, but in Tier 2 and Tier 3 India, leverage technology, and avail critical services at a fraction of the Global Cost. It affirmed that yes, while America innovated for the 1st One Billion, India can innovate for the next 5 Billion.

The last session, was by Sanjay Anandaram, who made an intense pitch, for using Software as an Instrument of India’s Soft-Power. India needed to leverage its highly credible and respected brand in global IT to use effectively for political-economic leverage. The 3 pillars for this could be (a) “Digital Non-Alignment” ie advocating Net-Neutrality, (b) “Governance for Hire” ie offering the India Stack to countries in Asia and Africa for running of their programmes and (c) Software as an integral part of bilateral and regional trade deals. Software was an area where India can outmaneuver China in Innovation Diplomacy. India has the requisite legitimate & moral authority to make software a key instrument of its foreign policy to achieve its political-economic goals compared to any other nation.

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Insights and Advice from Mr. MJ Akbar

Mr. Akbar was impressed by the Innovation Diplomacy agenda and commented that India would make an orbital shift in the Arab, West Asian and African region with its Knowledge Capital and Strategic Advocacy of Shared Prosperity. He advised that some of the Startup stories of India should be used to co-create external affairs initiatives of the Govt. of INDIA. He gave several golden nuggets of advice, like Value of Knowledge increases only when it is given away for free. Hence a partnership towards Shared Prosperity in the Knowledge economy is vital. Listed below are 5 important pieces of advice given by Mr. MJ Akbar

  • Empires are not built by Armies, (giving the Genghis khan example), they are built by Technology, Skills and Communication.
  • Why does a country like India, which had such sophisticated science & architecture like Step Wells (Bawadi) even in the 10th century, keep getting defeated?
  • We need to showcase to the World, with good statistics, what we represent in terms of Technology and Communication.
  • We need to highlight to the World that the Frontiers for the Future Lies with INDIA.
    Knowledge Economy should connect emotionally with the Global audience to realize Shared Prosperity.

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Conclusion

Mr. MJ Akbar set in motion a few immediate co-creation steps to learn how Innovation Diplomacy can become the bedrock of India’s External Affairs. Being a veteran journalist, he definitely had more powerful narratives to showcase Software as India’s Soft Power. As usual, iSPIRT on its part is fostering and facilitating many such learning sessions to co-create with our Law Makers, and nudge our Policy Makers to help the Software ecosystem. Let us all align our collective vigor to catalyze the effort of building India’s Software Strength to be its Global Soft-Power.

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