Paul Graham has an interesting approach for seed funding. Maybe there is something we can learn and adapt. Some of us in Band of Angels may like to launch a Y Combinator . To do a proper launch will take some time.
This post is just a test check to see what prospective entrepreneurs in India think of Paul Graham essays and the Y combinator approach.
A few things I found interesting
1. YC looks for ideas and entrepreneurs and not business plans. It helps incorporate companies and get the entrepreneurs ready to get funding if required from angels/ VC’s
2. YC does not invest much. Maximum it has invested in a company is $24,000. It takes upto 5-7% of the company
3. YC seems to cater to entrepreneurs who have fire in their belly, good ideas and the ability to execute rapidly. They also need to be first time entrepreneurs who need help with getting started.
4. YC is not an incubator. All founders have to be in a sort of boot camp for 90 days but they work out of wherever they live.
I am in Delhi for just a few days in Sep/Oct so will investigate launching a Y combinator type play in India in November if I find enough interest.
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Sanjay: I think this is the one needed to grow a forest of entrepreneurs in India. First time serious entrepreneurs (with fire and ability to take risks) do find it difficult to get seed-funding in India. No bank, or SME organization in India gives you even a small loan to startup. Everyone wants your equal investment or mortgage irrespective of the sweat equity or effort to hang on or the commitment level being put in by the founders.
I would do the same in a few years from now, once I am successful :-), since only this can bring the technology wealth in India, otherwise we are going to depend on the jobs created elsewhere on the ideas sown and watered elsewhere. And we can not become a leader, if we continue like that.
I think this is certainly a good model for startups in india. Anyone has contacts for this firm?
It is great to know that a few members of BoA are thinking to learn & use the model of Y Combinator. I must say that approach/philosophy of BoA & Y combinator are completely different. That is the reason that I think that the embracing of Y Combinator will not happen ( I wish otherwise ) because its huge mindset change.
Y combinator only talks about value creation ( potential scope of value in the idea & ability or execution of team), not for once they about value capture, They do it because techies don’t care about value capture . Though that is a very techie thing but it is quite important that way today’s context the reason in the age of tectonic shifts ( mobile 2.0, web 2.0 & media 2.0 and 2.0 whatever) best of the pundits/MBA’s/Analysts can predict what is the best business model, they are emergent. Even though people might claim otherwise the top pundits today don’t know correctly why skype was value at 2.6 b, why MySpace was bought at its cost, why facebook is value at 2b, why youtube a 11 month phenomenon is a big media 2.0 oppurtunity. .
Traditional thought process ( which is fair & rational and which is what BoA stresses a lot on IMHO) is to have a very clear idea of the value capture before embarking on a new venture.
I am Praveen Agrawal from Integrated M.Tech. Mathematics & Computing, IIT
Delhi – 2004 batch. Pre & post graduation, I have been working with Prof.
B. Jayaram (IITD faculty) in his lab ‘Supercomputing Facility for Bionformatics &
Computational Biology, IIT Delhi’.
We have developed a computational modeling technology which very
effectively differentiates feasible drug molecules from non-drug
molecules. On broader term I can say, that the technology targets
pre-clinical drug research with high success rate. Our strength comes from
the fact that we not only propose to give computationally designed
molecule but also supplement that with actually synthesis and initial
experimental binding study data.
Now, we (myself + 3 other members of lab + Prof. B. Jayaram + 3 other
scientific advisors) are establishing a startup ‘LeadInvent Technologies’
which is to be incubated from IIT Delhi’s Technology Business Incubation Unit.
I am looking for mentors who have experience in Life Sciences industries.
I look forward to the suggestions.
SINE @ IITB ( http://www.sineiitb.org ) is definetely not the Indian answer to YCombinator’s. However those with desire to start something on the lines of YCombinator’s can learn a lot from how SINE operates.