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Innovate on the Product, Not on the Business Model

Entrepreneurs from Bangalore had no problem driving into Chennai amid a tense political situation in Tamil Nadu. There was an air of expectation and enthusiasm on the part of more than 15 entrepreneurs who had come in from Bangalore and Mumbai, apart from Chennai itself, to listen to Girish Mathrubootham, Freshdesk CEO and founder, for the Playbook Roundtable on Scaling a SaaS business. Colourful wall graffiti greeted visitors at the Freshdesk’s vibrant office, which itself exuded energy.

A condensed version of the discussion is given in form of a Q&A.

Girish from Freshdesk

What should I focus on in a SaaS business?

The No. 1 success for your business is your product and it is key to your sustenance in business. You should know what matters to your business. Innovate on the product but don’t change your business model. Look at businesses that are in the same domain as you are or businesses that sell to the same kind of customers like yours. Adopt their business model. Copying business models is not a sin. Tweaking the business model may not be good in the long run. 37Signals started charging credit card subscription only when the merchant bank refused them monthly subscriptions as the bank felt the business is new and could fold up in any time. Such business model changes happen by compulsion and not by design.

How should I go about marketing the SaaS business?

Forget affiliate marketing. It works only for impulse buys and in an e-commerce environment. Success, if any, is not scalable. Only Constant Contact has achieved success with affiliate marketing.

Guest blogs with linkbacks to your product site is a good idea.

Positioning and lead generation are key to marketing. Trigger e-mails is just a drip marketing tool and not scalable. Killing welcome e-mails increases response rates. Getting your e-mail to land in the target’s inbox is crucial and it shouldn’t get into Promotion box in Gmail.

Text-only e-mail with no images and links works best. Attention-grabbing subject line and shortening the length to four to five lines assure greater response rates. Remember, mails are read on mobiles. So keep it short.

Instead of a uniform pitch to customers, talk to them to understand their problems. Then your demo should provide a solution to their problems. Customers at times get confused if you run through your presentation and may not connect with how the product or the features will solve their problems. Be specific.

Make your demo educational for the customer. Say something new and which the customer doesn’t know. It will earn you respect and might convert to sales.

Freemium has two groups. In one, after a trial period, you charge for the product right from the beginning. In the other, there are a free version and a paid version of the product. Nail down which works best for your business. Any number of free trials is not going to hurt your business. Leaving money on the table is a good idea. Because the customer might buy after a long time. Patience is a good trait.

Track the customer from their first visit to your website and determine the pattern of how customers find you. This is called visitor fingerprinting. Then you know where to focus upon.

Trade shows. Do they help? For small companies, they may bring some branding and don’t expect too much ROI from events. What works best is a personalized presentation to your target customer. Do your homework and create customized presentations. This might convert to sales.

Attendees at FreshdeskGenerally, personalize across presales, sales, and marketing. The response rates are 25%.

[Read Marc Benioff’s Behind the Cloud.]

[Watch Gail Goodman of Customer Contact’s video “How to negotiate a long slow SaaS ramp of death”]

Webinars? Webinars are good. All the more good if there is an expert on the topic speaking and it offers something new. Make the webinar having some educational value for the audience.

PR – Be in the news constantly. Hire a good PR agency and avoid scamsters promising hell a lot of things (say, one-page content on you in a magazine that has access to thousands of targets in a domain). They wouldn’t be suitable for your business. Churn out good stories often. Reach the people who don’t need you now. Seed them for the future.

Segregate your marketing function into a campaign team and a content marketing/product marketing team.

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Bootstrapping! Great or Bad?

BootStrapping! Good or Bad?Off-late, I have been seeing many articles on “Funded” V/S “Bootstrapped” models. Few articles have projected bootstrapped ventures as great in comparison to funded ones. I run a company that is profitable without any external funding and at times find it very odd with these sorts of comparisons. Many entrepreneur friends suggest me to continue the way we are and ask me to stay away from investors as they feel it is great to bootstrap a venture.

To me it is a factor driven by who you are, what you want to do and what your business demands. Every business needs resources (which are unique to that business) to build the business and run it. Hence the capital needs are different for each business.

I categories companies into three types

  1. Self-funded
  2. Customer Funded
  3. Investor Funded

Please note all of these are funded! Someone is funding them and that is universal.

[#NiceProduct]

We are a blend of Self-Funded and Customer Funded. Back in 2008 we started building a-ipas, a product that targets large manufacturing plants as its customers. We got exposed to an interesting problem faced by manufacturing plants where-in the ERP implemented by the company was the bottle-neck in the Manufacturing plant. The workers/operators found it hard to work with the ERP System. The ERP system was not mobile (Then) and hence the operators had to go to a computer and perform these tasks. The factory had ERP Operators sitting all day and performing the transactions as and when the workers approached them with a paper/job! Being an entrepreneur, I saw an opportunity to build something that could solve a real world problem, so negotiated with my wife, who is a software engineer to let go of her job and take up the task of developing a solution that can address these challenges. With no liabilities on our shoulders, it was an easy decision for us to risk some cash for the joy of developing a solution that would solve a real problem.

[#Start]

No business plan, no “Mission” / “Vision” statements, we started working from our rented house’s garage. Savita worked solo, with some support (mostly cooking and cleaning) from my side. We build a base version of the solution in about 4 months and offered it to the factory which we knew had this problem. As we had no identity or brand value, we had zero expectations. Lucky for us, the IT manager of the factory took interest in the solution and deployed it in the factory. He also helped us make it more effective for the worker. For him, he was getting a custom solution at a very low cost. For us we were building something that was solving a real problem. With this ideal win-win scenario, we ventured out to build an Enterprise class solution for a niche market segment with zero plan and support from outside.

Apart from Savita’s lost salary and small money we paid a couple of trainees, we had no major costs initially. We kept our focus on the solution and our goal was to make the factory workers life better and make factory a better place to work. The critical part of this journey was the partnership with the factory & their teams. They were working with us like “Product managers”, driving the requirements. We took each and every need of theirs very seriously and starting putting features into our solution. We licensed our solution to one factory and made enough money to lead a normal life. We had revenue from other business to keep us happy. Contrary to theory, we did not expand our business for a long time. We wanted to perfect our solution. Growth meant dilution in quality and delivery. So, we opted to keep low profile and continued adding features/modules to one single factory for four long years. We could have taken VC money after our initial success and grow rapidly. However, the product we were building requires deep understanding of the manufacturing domain. It required evolution of a solution and with VC money on your back, slow growth could eventually kill the business. So we opted not to go for any external investment and hence we ended up as “Self-Funded + Customer Funded”. Just to reiterate, bootstrapping was part of the need and choice.

So to say, the product development was done with significant investment of our time and energy. To keep our operating costs low, we always picked fresh engineers and invested lot of time and effort to train them. To make our product robust, we needed experts from a lot of other domains for which we developed a network of experts who worked during after office hours. Net-Net, we innovated in ways to develop bleeding edge solution using low cost resources and all the possible support from the Eco-system.

[#Growth]

Early 2014 we assessed that our solution was mature and can be scaled up. We started expanding to other geographies. Today we have Six factories globally using our solution with one factory being the world’s largest adhesive manufacturing plant. We are competing with multi-billion dollar software gains and at times are luck to steal a deal just below their noses. We have moved out of a garage to an office that can accommodate more than 40 engineers. We have 22 full time engineers working on the solution and have a branch at Singapore and two engineers at China. More than 15 Experts work with us on a need basis. We have not yet taken any external funding and are profitable.

Is it good to continue the way we are? Should we take investment? Why? Why not? are question we regularly brainstorm. We believe external funding would help us accelerate our growth. While customer funded business model helps us grow organically, an investor funded catalyst would push us to faster gear. We have just started talking to investors. There is interest but there are other challenges we have to deal with. Having bootstrapped, we are conservative with money. We are asking small money and have reasonable revenue on board. This causes confusion amongst investors. We are hopeful of closing our first round very soon. If the cost of capital is much more than what we are willing to pay, we can afford to go much longer without external funds. In event we go ahead without funding, please note that we are not continuing bootstrapping because we think it is great way to build business. It is just that we are not yet ready for funding OR have no right options of funding!

The big benefit of self-funded & customer funded businesses is their ability to do what is right for the business with long term view. They would have more flexibility and agility to deal with market dynamics. They carry risk of starvation but are generally better prepared to handle the drought conditions. On an exit, the founders tend to have much larger pie at much lower valuations. If we exit at $10M today, we would be making similar gains like what RedBus founders gained at $100M Exit. Conclusion, no model is right or wrong. No model is great or otherwise! It is your business and it is for you to define the right way to build it and execute it. We chose the self-funded route + customer funded route, because we could afford it and was the right thing for the business then.

Guest Post by Subramanyam Kasibhat, Founder & CEO Aureole Technologies

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#BootUpINDIA Inner Circle kicks off with 8 companies!

Thank you for your enthusiastic participation in BootUpINDIA. We received over 100 high quality applications. The Jury painstakingly went through each of them to pick 8 companies who are being inducted into BootUpINDIA Inner Circle today!

BootUpINDIABefore I share the 8 selected companies, I want to tell the applicants that didn’t make to the Inner Circle this time that there will be more opportunities to get included in the coming year(s). BootUpINDIA is an ongoing program that will expand the Inner Circle over time. We are also organizing a Bootstrap Summit for the applicants and will be profiling all the applications on the on the ProductNation site. You are part of the important Bootstrapping community and our effort is to make it stronger and more mainstream over time.

With that, let me welcome the eight bootstrapped companies to the iSPIRT BootUpINDIA Inner Circle…

  1. ApnaStock Solutions: ApnaStock.com’s mission is to level the playing field for the individual home builder and small developers by getting them the wholesale price and logistics benefits usually only available to large national builders.
  2. Exclusife: A sales acceleration application for Indian Retail SMEs. This mobile application allows businesses, for the first time, to capture real-time information about all their store visitors.
  3. Global Groupware Solutions: EmployWise™ is an award winning, integrated SaaS employee life-cycle management software. Its key modules can handle all aspect of human resource needs from recruitment to retirement.
  4. Inquirly Technologies: An Integrated Customer Experience Management platform that enables companies to move beyond the limitations of traditional digital marketing, Sales, and customer service and employee engagement.
  5. PowerStores Ecommerce: A SaaS based ecommerce platform targeting the SME sector in Asia.
  6. SignEasy: SignEasy is the simplest and most convenient way to sign documents and fill forms right from your iPad and iPhone. Save time, money and eliminate the hassles of printing, scanning, faxing and shipping the signed paperwork.
  7. The Media Ant: Creating market place for offline media with currently aggregating over 5000 media option comprising Magazine, Radio, Cinema, Airport, Airlines and other non traditional media.
  8. VoiceTree Technologies: MyOperator is a call management system. In country like India where 80% business proceedings happens over phone, MyOperator acts as a platform for organizing their phone calls in a simpler and affordable way.

The gurus of bootstrapping, our Jury Members, are now going to switch into a mentoring role for these Inner Circle companies. This is not for a few months but for a whole year. We have found that there nothing more powerful than an expert entrepreneur helping another entrepreneur to achieve greatness.

In addition to this structured group mentoring, Inner Circle companies will also get press coverage of Customer Impact Stories, access to Performance Warrants, and a privileged opportunity to participate in other iSPIRT initiatives (M&A Connect, SAI Playbook Roundtables, etc.).

BootUpINDIA is a long term commitment for us. iSPIRT believes that there are two viable pathways to building strong software product companies – Bootstrapped and VC funded. We are equally vested in both these pathways.

Six months back when the idea of “BootStrap Award” was discussed for the first time in the monthly iSPIRT Fellows meeting, an intense hour long discussion ensued. As a result of this initial discussion, and the subsequent reviews that followed, we abandoned the idea on a one-time Award and formulated a one-year program in its place. This fits better with the iSPIRT model of making a big impact on promising companies in our product ecosystem. We  launched the BootUpINDIA program on August 15th as bootstrapping brings some sense of independence for startups from external funding.

The last 45 days have been extremely hectic for the BootUpINDIA volunteers. To stay synced up we have had a conference call every single night. The Jury members also pitched in. Many of them attended various planning discussions. They also did video interviews which helped convey the BootUpINDIA idea to all of you. These video interviews are of lasting value. Do check them out here…

Once again, congratulations to the BootUpINDIA Inner Circle companies! We at iSPIRT are very excited about the program and will continue to work hard in creating IMPACT and empowering startups. On this auspicious Gandhi Jayanthi, we once again commit to building India as a Product Nation.

‪#‎BootUpIndia‬ Inner Circle Members featured in ET (full page)

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Gandhigiri to the Software & Technology Entrepreneur – Part II

Gandhi and Customer Centricity

The progression of Economic activity as it stands in the Global Economy today has accelerated from commodities->products->services->experiences->transformations. (Pine and Gilmore)

Today we are already in the Experience Economy (Its Apple like experience, its not apple like products), but as professionals we are still grappling with how we build Products, let alone scaling the Economic activity to be staging experiences and guiding transformations!

While I am not an economist in any regard, and I do not understand the nuances of all industries and their current economic function in India (Are we building products? Are we providing services? or just plainly selling commodities?), its imperative that I comment on only Software and Services.

Before doing that, on the Gandhi Jayanti day, I would like to introspect what our Father-of-the-Nation tried to teach us, by emphasizing on making our own Salt, our own clothes with the Swadeshi Movement OR with his services at the Sabarmati Ashram. Essentially he articulated with his actions what our present day government is campaigning for “Make in India”. How did Gandhi understand the evolution of Economic activity more than a 130 years ago?

Because Gandhi was more customer centric a 100 years ago, than we are today. He empathized with every person, much better than we did. Let me quote the now cliched Gandhi’s quote on Customer Service “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so.”

Customer is more important

Empathy By Design

Come to think of it, our entire Indian Cultural ethos is based on Empathy. “Karuna” is the foundation of almost every teaching in our country. Indian institutionalization and Orientation has Empathy by Design. Then how is it, that we have failed to reciprocate to the needs of People? Why is it, that we have not built products, services, experiences that cater to the needs/wants/aspirations of people, when there is Empathy by Design in our culture?

Tough questions to answer universally or generally. However focusing on Software and Services, I think we have become too focused on Systems, Processes and Technology, rather than addressing the concerns of people. We have gotten too-carried away with Western philosophy of Professionalism, which emphasizes a lot on Systems, but empathizes little with people.

Let me give you a more concrete example. High exploratory and high mortality nature of software projects is like an Industry Standard. 9 out of 10 software initiatives don’t go anywhere, seems to be an easily accepted norm. All the cash-rich service majors in IT/ITES industry have not re-deployed their capital to building an Indian Apple today, because they seem to have accepted that Software products have a 9 in 10 chance of mortality. However what they have failed to realize, is all Lean Methods today propose Customer Development first, rather than Product Development. Build it and they will come, is almost an era of the past. Every Agile and Lean technique today is about keeping the Customer-centric view first and rapidly building tools, products, services, etc which empathize with the needs of people.

Making in INDIA

India however has a renewed emphasis on the Swadeshi movement. Its now called Making In India. Every body is now encouraged to make their products in India. However, I would like to draw your attention to Gandhi’s philosophy again, which has found a new meaning, with the Lean and Agile world. Customer Development is more important than Product Development.

Let me go a little further, the first realization all product entrepreneurs need to have is this “Customer is the Product”. Your product is just a medium/abstraction through which, you continuously develop your Customer. Stop fiddling with the Features and Benefits. They are the HOW and WHAT for your Customer. WHY the customer does anything with you and your Product, is essentially what we need to understand.

Making In India, is all about making the Customer or Consumer in India happier, healthier and wealthier each day. Do you have a plan for this? Why should you think about Making in India, is it only for Export? Well, here is why. All new ideas, new software product ideas are imperfect ideas, and need to be tested locally, and refined continually, before we can think of exporting. India today lacks any credible domestic infrastructure or support, to even make little bets, so ideas never go past their imperfect states, and hence never attain Global Standards. So, lets make and try it here first.

Mahatma Gandhi

Conclusion

We are a country blessed with Empathy by Design. We are a nation which puts Emotions ahead of Professionalism. We are a nation that believes in Darshan (of all deities). Truth is, Customer is the first GOD. So, fellow Entrepreneurs, if there is one Gandhigiri that we need to learn, it is to do a full-darshan of every customer, their needs, their wants, their aspirations. We now realize Consumer Development is as important, if not more important than Product Development. Is’nt it then, not automatic, that building a Consumer-Centric Nation, is the first step to building a Product Nation. Lets go and create this change, and let initiatives like iSPIRT and ProductNation be the inspiration through which we can channel our aspirations and ideas. Happy Gandhi Jayanthi to all!

Be the Change

Read the Part 1 here Gandhigiri to the Software and Technology Entrepreneur!

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I Just Wanted 50K INR per month, but ended up building company with $9M revenue – Paras Chopra, VWO.com

Paras Chopra from Wingify is great story for startup ecosystem in India and I personally become a fan of him after I watched his Unpluggd Talk on “How To Bootstrap A Tech Startup In India” – His simplicity and honesty gives lot of clarity on how he started his company. All that he wanted to earn is 50,000 INR and had no plan to create company that will generate 9M USD revenue. His perseverance, hard work, and ability to learn from few failures before has out wonderfully for him. Being bootstrapped and growing at 100% rate is just phenomenal success. I am very confident his story inspires many young entrepreneurs.

It was very clear in his words, that bootstrapped startups suffer from media attention which could help them to reach to their target customers, he was envisioning a dedicated publication on Bootstrapping, YourStory started a Bootstrapping Series where they have covered more than half a dozen startups and we are hoping they will do much more soon. The main stream media has been doing some story lately and our goal is to steer that interest and bring awesome ventures to forefront and provide them what they need most.

You can watch full conversation in this video: 

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9 Things that I learnt while bootstrapping in India

Bootstrapping is hard especially in India! It takes a toll on founders as well as people around them. No fancy corporate trips, no room for slack, myriad things that can go wrong and on top of it, no wiggle room financially. Here is what I learnt during past 3.5 years of bootstrapping SocialAppsHQ and now, Shimply.com –

1)     Cash flow is the only thing that matters – I have people who tell me that their ventures are extremely profitable and then few months later, I find that they are closing down. Mostly, it’s their customers not paying their bills on time. Everyone who has ever run a business experiences this! Don’t book the amount as profit until it’s in your bank (note – I hate service tax because we have to pay it when an invoice is created even when money has not been paid to us). Another rule – if you are in services business, ask for some money upfront no matter how urgent that work is.

2)     Keep 3 months reserve ALWAYS – Most internet businesses are becoming more and more dependent on one of the larger businesses like Google, Facebook, Apple and others for survival. Even if they snooze, your revenues will take a nose dive. I will suggest you to keep 6 month reserves but if you really want to live on edge, keep 3 month reserves. It’s crucial for two reasons –

  • Most of the employees depend on their salary to pay their rents, buy food etc. It’s a disservice to them as well as your company, if you fail to pay your team on time.
  • No matter how agile your team is, any major shift in direction/building a completely new product and bringing it to market takes time.

3)     Beware of vultures – As you start a company in India with seemingly bright future, you will realize that you will soon get accosted by wannabes – people who are sitting at high positions in various companies and want to leave their jobs for starting on their own. Nothing is wrong with that  but there are two types of people you definitely want to avoid –

  • People who want to act as commission agents to broker an agreement with their and few other companies. I consider it unethical although I know few who don’t.
  • People who want to provide gyan and want to charge a retainer fee for it. I was introduced to a consultant who wanted to charge Rs. 1.25 lakh per month as retainer.

4)     Murphy’s law applies in startups more than anywhere else in life – Something that you least expect will always go wrong –

  • You decided to take a flight to Mumbai for work, your server will go down exactly at the time when you on board the flight so that you find about it 2.5 hours later!
  • You are in front on 50 army officers giving presentation on social media monitoring and standing on stage, well – server gods know that too (log files filled up space on one of the six front end servers and haproxy kept directing traffic to that server as it was set on leastconn)!
  • You don’t have money in bank and you are waiting for a wire transfer to pay your bills on time (typically, it comes in 3-4 days) – well, too bad it’s going to be late this time for some reason.

5)     Surround yourself with positive people – over past 3.5 years, I have surrounded myself with people of high caliber and utmost integrity. People with whom I can share what we are up to and struggles/successes we are having. I have tried to remain truly transparent on success and failures and sharing our learning with everyone who is willing to hear J. Your journey will be a lot easier with such people on your side.

Many folks however tend not to share and hoard the knowledge as if they are traders in subj mandi (I am sure they will make a lot of money by selling it like tomatoes at the right time). People don’t realize that in knowledge economy, it’s valuable only till someone decides to blog about it!

6)     Fancy offices don’t matter – if you predict that your revenue is going to take a hit, build a contingency plan and act on it.

  • Start downsizing – move to a flat from an office. Your typical saving in 2 years is 50% – rent is Rs. 35 vs 100 per square feet. There is a higher upfront cost if you have to furnish a flat (1.5 -2 lakh for 15 ppl office) but over 2 years, you will end up saving over 50% (figures are relevant to Delhi).
  • Delhi is far better than other regions nearby in terms of electricity and transportation. You can save quite a bit on generator cost and your staff can travel through metro.
  • Get rid of staff that you can do without – keep people who are essential to achieving your vision. Focus on builders, not maintainers. Maintainers can help you sustain your business but not grow it/get out of dungeon.

7)     One bad apple can spoil the entire basket – It’s true for startup as well. If a team member does not act as part of a team, does not help further our shared vision and goals, we need to let him go. I have regretted the decision where I continue to let people stay in the company with a hope that they will focus on learning and understand that they will grow over time with the company. If people are negative, they will stay negative whether it’s in your company or, some other company. It’s not your fault – let them go.

8)     Spend where revenue is directly proportional to your expense  – it’s easier said than done –

  • Be extremely ROI conscious on advertising spends – they can easily get out of control and drive you in negative cash flow territory
  • Don’t take high salaries – You can’t take more than Rs. 50000 as salary if your revenue is 1 crore. 1 crore revenue with 20-30% margin leaves enough for 3-4 people at that salary level and then some for investment in future growth. Don’t compare it to corporate job – if you find yourself doing it repetitively, consider shutting your company and joining it. You deserve to be happy J.
  • Hire only those experienced people who will deliver from day 1, but be ready to invest in training high energy fresher.

9)     Say NO – When you are drowning in a flash flood, it’s easy to get tempted to hold anything that you can lay your hands on. For a startup, you have limited resources and it takes atleast 2-3 years of sustained efforts before customers start to know your company/brand. If you are building a product and a service job comes along, you have to learn to say NO. It’s hard – I know! Here you are selling $25 per month product and then you are getting offered $2500 for 3 week job. Realize that it will distract your entire team and cost of distracting your entire team is probably higher than what you will earn! All said and done, cash flow is still king! Go figure J

Best of luck and bootstrap away!

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If you are bootstrapping, you are not alone here – Sridhar Vembu(@svembu), @Zoho #BootUpINDIA

Sridhar Vembu is a simple person, and most of what he says are tweet sized bits of wisdom. He inspires you almost instantly when you start conversing with him.

That was the first impression when I spoke to him for the first time.

He wanted to get into action as fast as possible. Before we recorded this video I was trying to make him comfortable with what I am going to ask but then he almost immediately started talking about super-interesting things. It was fascinating to hear from him directly. I could almost feel the vibe even when it was virtual. Since I am also focusing on Indian SME and am bootstrapped, I loved this advice: “Go out and learn from the best of the best in the world and then apply them to the local context”. This very much resembles what I wanted to do and my thinking was validated.

We spoke about Zoho’s early days and his remarks will help any young entrepreneurs starting out now. When we start up, a lot of us don’t even know what is the destination and how to navigate the path and what we want to become. In such cases we need a little bit of time and freedom to figure out things along the way. Instead of being forced to adhere to fixed format, setups and rules, bootstrapping is an excellent choice. With bootstrapping there is no sandbox we have to look at.

When I asked him about his hardship to acquire his first 100 customers, he stressed that getting the 1st paying customer is particularly hard. I completely agree; its key to be able to sell to the 1st ever paying customer for any entrepreneur. And the focus here is to find the fit and area where the market leaders are unable to penetrate for some reason. So identifying what is the right place for the current time will become instrumental to get the first one, ten or hundred customers.

At this point I did not want to miss the opportunity to ask a question that I was mulling over for some time. In our first OEQ Hangout on bootstrapping, Shekhar Kirani had said it won’t be possible to build Zoho without funding in today’s times. I did not agree completely with Shekhar at that time. So I asked that question directly to Sridhar to hear his viewpoint. It appears that he somewhat agrees with Shekhar about Zoho. However he said it is possible to build a sizable company now and even after 50 years without external funding. Its just that the entrepreneur must look hard whether the opportunity exists in the current market situation.

So its fair to say that there is nothing wrong in either path. The founders need to evaluate current opportunities and choose the best path that they are comfortable with. Success or failure both can come regardless of the path you choose. So the real focus should be the business and the value the business is creating than the way they are funding their growth. The ecosystem must celebrate both pathways.

Finally, if you are bootstrapping, you are not alone here, this #BootUpINDIA program is for you, come and apply today.
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M&A: Why small exits matter? The big value of small exits (#iSPIRT-OEQ)

iSPIRT Open Ecosystem Questions(OEQ) Series.  The conversation around this exciting session was lead by Sanat Rao (iSPIRT) and the speakers were Jay Pullur (Pramati Technologies), Sanjay Shah (Invensys Skelta), Pari Natarajan (Zinnov), Karthik Reddy (Blume Ventures) & Vijay Anand (The Startup Centre).

Sanat initiated the conversation with an observation that it was only the bigger exits that are picked up by the media. Smaller exits do not get any media attention at all. , We all hear about the big bang “home runs”:   WhatsApp sold for 19 billion USD to Facebook, Google acquires Nest for 3.2 billion USD, etc.     However, studies show that 65% of VC funded companies in the US return 0-1x to their investors.    Even among the remaining 35%, the exit valuations are relatively small:   since 2010, the average M&A deal size in the US/Israel is 100 million USD.  Only a small 0.1% of VC-funded companies are home runs (50X returns).  And not just in India. In Israel too, from 2010-14, out of the 88 exits, two deals on Viber and Waze accounted for a whopping 25% of the total M & A value.

Given these statistics, why do we promote the myth of a multi-billon $$ exit?  Why don’t we recognize the value of these smaller exits?   Should we not be promoting and helping product startups to find an exit at an earlier point in their lifecycle, rather than treating these exits as a worst case scenario?

Jay Pullur, Founder of Pramati Technologies added that startups must understand and provide an exit plan to investors. Given the risks involved in investing in startups, it is natural for investors to expect lucrative returns. There is no point in them investing in startups, which are riskier investments, if the returns are as much as they would get from a bank Fixed Deposit. Given the fact that only a handful of companies can go public, M&A is an alternative to providing liquidity and exit to investors. M&A also allows employees with ESOPs to monetize their stock.

Karthik Reddy, Managing Partner at Blume Ventures, pointed out that there is a consistency in all top-performing funds. However, the bizarre statistic is that only 4-5-6 companies deliver majority of the returns even in high-performing funds. “There is a classic conundrum that plays here – can you systematically look at reasonable sized exits or go for the homerun. The curse of the VC system is to play for the homerun”.

He added, “At Blume, we look at things differently. For the right deals, we do consider smaller mergers and acquisitions. Though they do not move the needle significantly, it brings much needed cash back into play which we can either invest in other ventures or use that to provide follow-on capital to better performing ventures. Also, the talent gets absorbed in a big company or some of your own portfolio companies.” Karthik’s view is that as an investor, helping under-performing or weak companies find exits and placing the founders and teams with other companies creates a bond and relationship. I.e. when a strong team whose current company doesn’t do well and starts up again, they should consider the fund to invest in their new venture too. In an environment where good teams are hard to find, relationships built even during challenging circumstances can be a big asset.

Karthik’s observation is that Indian buyers/acquirers are stingy and skeptical in buying assets.

The panel also mentioned Paul Graham’s (of Y-combinator) view that for every big exit there are a multiple smaller exits. The smaller exits feed the bigger one.

Smaller exits have a multiplying effect on the entrepreneurial ecosystem –

Sanjay Shah explained that he has had three exits – one was a small exit but it was a good exit since they have not raise external funds; the second one was a good exit but as they had raised a lot of money it was not very meaningful for the investors. However, the third one was very fulfilling. A rather small round of money was raised, and with very few members of the team they were able to create wealth for everyone, including the employees because of the value of the ESOP’s. Interestingly, three other companies were created with their old business, which revalidated the culture of entrepreneurship. Therefore, smaller exits are important as they have a multiplying effect. Sanjay mentioned that he himself is starting up again.

Jay was asked the tricky question – when do we know when to exit? His reply was very simple – the entrepreneur and the investor – who are involved deepest, know it. They know that they are not in an airplane but a rocket J. You know when you are zooming; the market is opening up and you need more fuel in terms of capital… Or you know that it’s time for an exit. It becomes obvious.

But, he also cautioned that sometimes this could go dangerously wrong. Just because you want to exit, doesn’t mean that you will get one! There may not be any current buyers, the market may have changed, there is competition etc  – any of these can make an exit difficult.

Pari Natarajan mentioned that acquirers want the key people to stay. All of the key people in a company, that gets acquired, are usually interviewed and then the decision of buying the company is taken. It is a wonderful thing for the ecosystem, as the team that gets acquired, gets the advantage of money and the experience of a larger organization. Therefore, they could scale faster than otherwise. Therefore, smaller exits are very important. When your basic needs are taken care of (like a house, car and education for your kids) you can aspire for bigger goals.

Vijay Anand, of The Startup Center – raised an interesting point – India, unusually focuses on US acquires. There seems to be a pedigree attached to being acquired by a US company, even though the valuation maybe lower.

He pointed out that the downside of being acquired by a US company is that we are shipping the IP and talent abroad. This was an area of concern not from a patriotic point of view, but for the long-term ecosystem-building perspective.

Sanjay suggested that one of the ways Indian companies can look at buying smaller startups is by having a business relationship with them. Networking within the ecosystem is important.

However, the panel unanimously agreed that companies should not be created for exits, but for value addition to the customer. However, exits are important – both for the entrepreneur and employees. 

Some key points

  • A good exit builds risk capital in the ecosystem.
  • A successful exit creates passion and drives entrepreneurship
  • The money generated goes back into the ecosystem – i.e. to fund new ventures or to provide follow-on capital to better-performing companies of the investor’s portfolio
  • A good value of ESOP’s and Bonuses help in employee drive and passion
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iSPIRT Welcomes Product Circle Donors

The world has been witness to several movements that have changed the face of history. India is not alien to these – Mahatma Gandhi’s silent revolution that finally led to Indian Independence is a shining example. About 18 months ago, a group of software product entrepreneurs got together to charter a course that would make India a Product Nation. Today, those 30 early pioneers of iSPIRT are joined by 50 Product Circle Donors who represent a cross section of the software product industry and add weight to the cause of the industry.

These Product Circle Donors role model the industry. For instance, 60% of the company’s focus on Enterprise Software, 30% on B2C software and the remaining 10% focus on the SMB space in India. 55% target the US market, 30% India and around 15% on the Emerging markets. 60% companies are funded and around 40% are bootstrapped. 65% companies are SaaS based, 30% are On-Premise and 5% are using Tech to enable their business (like Ola Cabs, Taxiforsure, CommonFloor), 50% companies are at a growth stage… 40% are early stage and 10% are Hyper growth stage. The Software Product Companies represent Enterprise Mobility, Big Data, Cloud, analytics, Security, Heatlhcare, Elearning, Workflow, collaboration spaces.

This group of 80 is now small and niche enough, yet deep enough to champion the industry cause.

Though the intention was not to exclude (there may be many who are not part of the group), the invitation to join was designed to build the momentum slowly yet surely by including companies that have visibly demonstrated their zeal in championing the software product movement in the past. And these champions will certainly grow over a period of time. Rest assured, for those who still feel the urge to volunteer there is room for everyone! (email: [email protected] and become part of the movement).

Then, the question is often asked: Why handicap yourself by not having VCs, MNCs and Service Companies as Product Circle donors? We believe that Donors provide the financial muscle for iSPIRT to achieve its mission of making India a Product Nation. While we appreciate this contribution, there is a risk, albeit, a small one that donor clout can result in mission capture. We manage this risk in two ways. First, we ensure that we have a broad base of donors and no one company is a dominant donor. Second, we exclude categories of donors where future mission conflict can happen. For this reason we don’t have certain categories of donors on board.

Finally, while our steps are still baby ones, be assured our voice has been heard. Our resolve is even stronger with the 50 new Product Circle Donors on board. The time has come to join hands and redouble our efforts to make India truly a Product Nation.

As Anchor Volunteers for the Donor Campaign, we’d like to thank Sandeep Todi, Sanket Nadhani, Peter Yorke, Avinash Raghava, Harrshada Deshpande and Sagar Kogekar from BillBooks for pulling together the collateral and logistics for this.

Shekhar Kirani and Anand Deshpande
Anchor Volunteer for the Donor Campaign

Below is the Donor Campaign deck that the invited companies received:

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#BootUpINDIA – Giving Independence to Indian Startups!

Being Independent is a fundamental right of all living being. But, as entrepreneurs and startups, when we face tons of challenge and deal with sheer hardship we end up submitting to various ideas that may or may not resemble our need.

Think about why you become an entrepreneur in the first place –  what is it that you wanted to solve and how you are creating value. The support system around us tends to make us believe that there is always one way to excel. So we start with a dream and then end up getting formated to a belief that we never subscribed to.

As an entrepreneur I wanted to build a business and I wanted to make money. But creating value has been always on top of my head. Solving a real problem and finding someone to pay for it is not such a hard thing, as long as you stay with the problem instead of dreaming to become rich overnight. There is no shortcut to success. There is no easy path.

So Bootstrappers, rejoice!

Finally, there is something for you that celebrates your independence.

BootUpINDIA is for you. So, spread the word. Get your friends to apply.

BootUPIndia-home

BootUpINDIA is the result of intense internal discussions within iSPIRT. Check out how we think about these issues and sharpen our thinking about making the ecosystem better in this video

Happy Independence Day! BootUpINDIA today!

 

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If Security is Your Question, CLOUD Is The Answer

You start your computer to check the sales ledger, and are in great tremor as it was incapable of opening anything. Some sort of advertisements related to a product kept on flashing on the screen. On further investigation you realize it has been infected by virus and the nastiest part was – the antivirus on the computer couldn’t even detect it. In the end, you had to format the entire computer to eliminate the virus. You lose all of my financial data just like that.

A lot of business have suffered through problems like these, and they often think that their home or office is the best place to store data. Businesses should be cautious when it comes to storing chief data relating to business.

Enter Cloud Accounting! Let’s see how that can help and what can cause such data loss.

1) Computers are susceptible to virus attacks. 
Your system will get affected by a virus, be it from the internet or the USB. Most viruses enter a computer through the internet. I know you’ve installed the best possible antivirus solution but virus-makers get smarter every day marketing their product. Your system is just one infected USB away from getting that virus. If not the USB, it is the Internet from where most viruses come these days. These viruses are difficult to remove and sometimes wiping the entire hard disk is the only decision.

2) Weak or no access control can jeopardize your computer.
Usually, we all have one password to unlock the computer at office. It might be shared with important coworkers. Anyone can accidently delete the vital records. And it becomes very difficult to trace if someone copies the files from your computer. There must be a strong access control for your computer, be it office or home. Weak or no access control can possibly lead to losing the important data on your computer.

3) Free/High speed Internet can be very costly.
If you possess a high speed internet at your office, there are heavy chances of your computers getting infected with malwares. Employees casually use the office internet and often don’t give a thought about the security. Therefore, office computers must be secured by an effective firewall which will prevent malicious sites from attacking your system.

4) No management for Backups. 
Backups are a boon in today’s time. Only thing which can save you after a heavy data loss. Even when people know that their systems can get infected anytime, they do not have discipline regarding data backups. Post backup, the data needs to be protected and organized in such a way that it is very easy to reestablish when wanted.

5) Unpredicted occurrences can cause chaos.
You have no idea how & when fate is going to intervene in your life. Just imagine you went in a coffee shop and forgot your laptop. When you went back, the laptop was stolen. These unpredicted events like fire and theft can occur anytime and may cause heavy penalty. In situations like these, there might be no chance of protecting your data.

This Wikipedia article shows how businesses lose billions of dollars every year due to computer viruses alone.

Why Cloud accounting is more protected
Cloud accounting service providers store their data on way more sophisticated infrastructure, which is commanding and protected compared to office computers.
1. Cloud servers are sheltered by strong antivirus tools and are checked 24×7 by a devoted team of professionals.
2. Cloud data facilities employ state-of-the art electronic investigation and multi-factor access control systems. Data facilities are operated with trained security guards 24×7 and access is limited.
3. Firewall systems protect the data from online invaders. All Cloud accounting software providers use secure HTTPS connection with robust encryption levels.
4. The backup process is very precise and historic data can be restored within a few minutes, if required.
5. Systems are designed to dampen the impact of disturbances to operations. Multiple geographic regions and availability zones allow you to remain sturdy in the face of most failure methods, including natural disasters or system failures.

Such Cloud infrastructure has regularly experienced third-party certifications and evaluations. For example, leading service provider Amazon AWS has attained ISO 27001 certification and has been authenticated as a Level 1 service provider under the Payment Card Industry (PCI) Data Security Standard (DSS). It experiences annual SOC 1 audits and has been successfully assessed at the Moderate level of Federal Government systems, as well as DIACAP Level 2 for DoD systems.

Every certification means that the auditor has dyed-in-the-wool that specific security controls are in place and operating as envisioned.

More businesses are adapting to Cloud accounting software like ProfitBooks or Xero, which are not only extra secure but affordable as well. Businesses don’t need to invest their time and money to ensure data security. This is the thing which attracts more customers towards cloud computing.

Financial data honesty and security are upper significances for any business and Cloud accounting software tools offer an impeccable solution. What more does a business need?

Guest blog post by Harshal Katre, ProfitBooks 

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Notes from the iSPIRT Playbook Roundtable – Nuances of Customer Acquisition #PlaybookRT

Saturday, June 16 was the day, the iSPIRT Playbook Roundtable finally arrived in Mumbai. The topic for the Roundtable was Nuances of Customer Acquisition. 

The Roundtable was hosted at the office of WebEngage by their CEO Avlesh Singh and saw participation from CEOs of around 14 startups from in and around Mumbai.

10488869_10153099109185639_609878204_nThe event went on for around 6 hours but given the variety of issues discussed each issue could be touched upon briefly. Since this was the initial event of this kind in Mumbai, a lot of participants were meeting each other for the first time. Some time therefore had to be spent in understanding each other’s businesses, back-stories and some of the special challenges they faced.

In terms of business stage, this was a very diverse group ranging from companies signing up their initial customers to those on their way to scaling up from a well established customer base. The challenges each one faced and techniques they employed were understandably different.

Some of the hot issues that got debated were effective usage of content marketing and social media for customer acquisition, working with resellers and using out of the box ideas to increase brand awareness.

Content Marketing and Social Media

There seemed to be almost unanimous feedback that there is great potential in these techniques and there will be a lot of experimentation and learning required to figure out what would work best in an Indian scenario and for that particular product category. One size definitely does not fit all, however that should not discourage you from trying. Challenges in creating content for an international audience were also discussed. A participant pointed out that one Indian company was finding it more effective to get content written by its US based team.

Different Mantras For Different Markets

There was a discussion about different customer behaviours in different Indian cities. For one company inviting potential customers to educational seminars worked well in Bangalore but did not have the same results in Mumbai. Also they saw good demand from Kolkata. The CEO of another SaaS based startup reported excellent pick up from Tier 2 and Tier 3 cities. He mentioned that if he was to begin now, he would probably focus more on those cities than the major Indian metros.

Resellers and Customization Requests

In the B2B market, even when selling SaaS products, face-to-face meetings are still important when selling in India. Resellers can really help here by providing the requisite feet on the street and leveraging their existing client relationships. However it takes a lot of time and effort to find and educate resellers.

Requests from customers for product customization are pretty common in India. This may not always be a good thing for product companies. So companies are learning to tactfully deal with such requests without jeopardizing the deal itself. This is especially important when dealing with requests from customers contacted through resellers. One of the successful tacts in dealing with customisation requests was to quote a high price which either results in good revenue or ends up in dropping the request. Either way, customisation should always be merged into the product roadmap to avoid maintenance nightmares.

10473799_10153099108785639_379159022_nSales Bible

One of the cardinal principles in sales is to create a sales bible. Ensure that every person talks and positions the product the same way and you follow a well thought out strategy in terms of furthering the customer decision making process to your advantage. In the growth phase if this is not done, you end up having inconsistencies in your sales process which significantly reduces the chances of successful acquisition. Some high level aspects of creating your sales bible:

  • Identify what kind of collateral you need
  • Qualifying the customer
  • Sharing price at the right stage
  • Determining timeline and budget
  • Figure out whether they are buying based on need or want
  • Identify early on whether they are long tail prospects and how much human touch should be built into your sales cycle. Spend your time on long tail vs short tail judiciously based on the ticket size.
  • Have aggressive goals and set weekly sales targets for your team
  • Adhere to your sales bible and redraft it from time to time based on learnings so your process becomes better over time.

Ticket Size

Ticket size is extremely important part of customer acquisition. Your product may sell well to a Fortune 1000 company and you may make 1 sale a year. You can also position the same “product” but in a new avatar for a smaller ticket size and sell 100s every year. So traction in customer acquisition can have a major boost or roadblock depending upon how you decide your ideal target customer profile. One such customer decided to keep their ticket price to US$ 3k so as to avoid getting into budgetary approvals by the buyer organisation and got significant traction in spontaneous purchase decisions. Another participant had the reverse problem as they sell analytics tools and did not want to target SMEs who have relatively smaller spends on social media.

Other ideas

It is important to try different marketing ideas as it is difficult to judge what will click. One excellent example of an out of the box idea for brand awareness was www.chotuchaiwala.com. The company behind this saw great results from the campaign.

One of the most important lessons early on is identifying the right customer. In case of one company they started selling to graphic designers but after finding that they were not tech savvy, they shifted focus to ad agencies and found their product market fit. It also makes sense to piggy back on sales channels which are selling a complimentary product and who may be able to sell your product easily to the same target group.

Using APIs to extend your ecosystem is another effective strategy. Done well, you can then latch on to the traction in other products that you can integrate with, and therefore expand your leads inorganically.

10486350_10153099108485639_2090687747_nFree vs Paid

It is generally believed that SaaS companies offering a free plan for their products do not see many free to paid conversions. However some companies reported that the free plan allowed them to increase their brand awareness. For example if the free plan user’s web site featured the product brand, independent visitors to the web site get exposed to the brand and generate leads for selling the paid version. In effect, the free plan rarely works to convert to paid plans but serves well when used as an advertising medium. Some others used an incentive during the free trial period to sign up early and bypass the long evaluation cycle.

To sum it up, this was a very good and important beginning. And everyone is looking forward to more in-depth sessions in the coming months!

Guest Post by Shiraz Ahmed, Founder & CEO – ITAZ Technologies

 

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Budget reaffirms Government’s desire to Transform India into a Product Nation

We are delighted that the Finance Minister singled out the Software Product Industry for mention in his budget speech today. This is momentous… the identity we have been so seeking especially in the corridors of power was finally articulated this morning in the highest legislative body of the land – the Indian Parliament.

We’d like to highlight four things.

  • First, the thumping endorsement that came from the Hon’ble Minister of IT and Communications Shri Ravi Shankar Prasad during his visit to Bangalore (July 1, 2014) where he spent a couple of hours with iSPIRT and the Software Product Industry and minced no words in lending the Government’s support to the Software Product Industry cannot be underplayed (link to video).
  • Second, the specific text of Section 62 of the budget speech (just 10 days after Mr. Ravi Shankar Prasad’s supportive visit) that focuses on digital India and the “imminent need to bridge the divide between digital “haves” and “have-nots” is noteworthy. The key highlight, of course is the statement about the “special focus on software product startups”.
  • Third, Section 103 of the budget speech which states: “In order to create a conducive eco-system for venture capital in the MSME sector it is proposed to establish a Rs. 10,000 crore fund to act as a catalyst to attract private capital by way of providing equity, quasi equity, soft loans and other risk capital for start-up companies”. Another boost by the Government for start-ups. Clearly the Government has its priorities straight.
  • Fourth, the taxation issue. Though there was no mention and we were certainly hoping to get a resolution to our issues of dual taxation (VAT and Service Tax) on software products as well as the issue of TDS deduction on software product payments, there is an intent to simplify and rationalise the tax regime with the proposal to set up an industry-CBDT/CBEC interaction committee that will look into industry specific issues and work to resolve them. We will of course take our issues to this proposed committee and remain hopeful that our issues will be addressed.

Meanwhile, various iSPIRT volunteers have shared their views on the budget with the media and these reactions are summarized here. Please spread the word about this to everybody in the software product industry.

Though we could have hoped for more, I think the consistent policy advocacy in recent past and the hard work put in by various spirited iSPIRT members have brought us to where we are today. The stage is now for ours to play on. Let’s make it happen.

A big thank you for being part of this movement,

iSPIRT Team

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Budget recognises the Software Product Industry #Budget2014 #ProductNation

The Union Minister for Communications and Information Technology Sh. Ravi Shankar Prasad spoke to iSPIRT members on July 1 in Bangalore during his first ever visit as Minister. Reacting to the pitch by iSPIRT members about transforming the face of India through a strong software product industry, Sh. Ravi Shankar Prasad strongly endorsed the Government’s backing to the industry.

Government to Transform India into a Software #ProductNation from iSPIRT // ProductNation on Vimeo.

What started as a conversation ten days back has today been further reaffirmed by the Hon’ble Finance Minister and Defence Minister Sh. Arun Jaitley in Parliament. In his budget speech Sh. Jaitley recognized and mentioned the Indian Software Product Industry as one of the key industries of growth.

iSPIRT believes that the software product industry in India is an enabler for many other industries like Defense, Electronics and Communications. The creation of 100,000 Software Product Companies in India can potentially lead to direct and indirect employment of 3.5 million people and the creation of $500+ billion in market value in a decade.

With the impetus that the Government has initiated, there is no reason why the next Facebook, Google or Whatsapp should not emerge out of India. In fact, Software products have a clear role in shaping various core sectors of the economy including agriculture, education and healthcare and bring efficiencies and cost benefits to the masses.

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How We Got The IT Minister Excited About Indian Product Startups & Made Him Our Spokesperson #UnleashTheEnergy

A behind the scenes account of how a showcase of 11 disruptive startups was put together in just 100 hours!

If you’re reading this, I’m sure  you are a part of the Indian product startup community in one way or the other. And unless you were living under a rock (which is fine, if you were busy hacking away or traveling to sell your product), you wouldn’t have missed that our Hon. IT Minister, Ravi Shankar Prasad was in Bangalore on Tuesday meeting with the product startup community. iSPIRT hosted  the “Conclave for India as Product Nation #1″, an open dialogue between the Product industry and the IT Minister.

What made it all the more special was that the he was the first IT Minister to meet with startups and also that he first met with the startups first before meeting officials from his ministry! The Minister met with the industry leaders, gave a patient hearing to the needs of the product startups and also saw presentations from 11 disruptive startups.

And here’s what the minister had to say after meeting with the startups!

So how did we pull this off? And what if I told you that it was all put together in 100 hours. We ourselves cannot quite understand how everything fell into place! But as Sharad often says, when a bunch of passionate volunteers come together towards a common cause, magic just happens. At iSPIRT, we take our volunteering quite seriously. No wonder then, that we actually have open sourced our volunteer model through a whitepaper to help other communities benefit from it!

 

A text message from Rajan on Saturday morning got me involved. Could we get on a call, he asked. There’s an iSPIRT event scheduled on Tuesday and some help was needed. We spoke and I got to know that there’s an interaction with the IT Minister scheduled on the coming Tuesday. As part of the interaction, we needed to put together a showcase of disruptive product startups to help the Minister get a sense of the kind of impactful work being done and the opportunities ahead. There was list of companies drawn from across various segments and stages, with whom we’d need to connect and get their availability for the event on Tuesday. Tapping into our network of volunteers (many of whom are themselves startup founders and industry leaders), we gathered the contact details of these companies and started reaching out to the companies. These were companies spread across the country and we checked with their founders if they’d be available to present. Based on the availability of teams and the some intense discussion and debate among the Program Managers for the showcase, a short list of the companies presenting on stage was drawn up. The thought process behind the selection of companies was to give the Minister a good view of the breadth (sectors where product startups are making an impact), the depth (companies that have achieved global market/tech leadership) and how far they can grow with sound support from the ecosystem, which includes the government as well. We were immensely privileged to have Mr. Mohandas Pai spare his valuable time for multiple meetings through the whole process and share his inputs on what kind of stories would make the maximum impact.

Product Leaders with the IT MinisterArriving at the shortlist was surely a good beginning. They say well begun is half done. But the tougher half lay ahead! We were already at Monday morning, and within the next 24 hours we had prep up the presenters. Each of the companies were to have a short, crisp presentation with the key points to be covered in under 4 minutes! Shekhar went about this with the precision of a toolmaker, thoroughness of a scientist and the strictness of a school teacher! From putting together notes on what points to cover, iterating multiple times with the presenting companies on their presentations over a sleepless night, to conducting the actual showcase in front of the minister, Shekhar was always on.

(That’s me on the left  trying to get the slides up!)

The event received some very good coverage in the media. Below are some links:

Here’s hoping that achchhe din are indeed ahead for the Indian software product industry!