On 24th June 2023 Founders Meet was organized at BEA premise and it was attended by both established as well as aspiring entrepreneurs where they discussed regarding the work done by their startups. Shri Abhishek Kumar (Secretary General BEA)
discussed business plan development, financial modelling and business proposal with the entrepreneurs present there.
This meet was attended by the startups from various associations and are incubates of organisations like IIT Patna, B Hub. Also some of them were funded under Bihar Startup Policy.
Shri Abhishek Kumar described about the necessity of doing cost analysis, market research, market analysis, customer acquisition, costing, etc. before launching of the product. The topic of discussion included EBITDA of the startups, Business Model, Revenue Model, Financial Management, Fund Raising techniques and *Prevailing Technologies. But he laid emphasis on the documentation and legal compliance part and during the discussion regarding corporate governance in startup, and scenario of startups both established and budding he told on the basis of his survey that he found that there are various startups who are not having much information regarding compliances, documentation and government rules and regulations.
He said that every startup should be aware regarding legal compliances which will help them and their startups not to get trapped in the legal battle. He gave a special advice to the startups especially fintech startups for using the new, innovative and advanced technology which strictly adhere to the data security and data privacy of their clients. The reason being that we are getting the news of cyber fraud at regular intervals. So it will help them as well as their clients not to fall in the trap. While replying to the query of one of the startup regarding the role played by BEA in promoting entrepreneurial ecosystem in Bihar. He told that BEA is working to promote entrepreneurship in the state and has achieved the milestone like formation of startup committee, INR 500 crore seed capital, launch of Bihar Startup Policy.
Founder of Bharat Krishi Mr. Raja Kalam, discussed self-funded program “Krishi Samvaad – From Progressive Farmers to Agripreneurs”. He told that during the Krishi Samvad we guide the progressive farmers regarding the use of technology to increase the agriculture productivity, enhance resilience and reduce carbon emissions. In brief he discussed how they are starting to reap benefits by the improved food processing and supply chain.
Business plan was discussed because many startups present there were good in technologies and other sectors of entrepreneurship and have availed funding through the various government schemes from both central as well as state, but were not knowing how to create business plan results in hampering their growth.
A female entrepreneur Ms. Ranjana Raz (Founder, Being Electro) who is selling recycled product of electronic goods.This not only is solving the problem of electronic wastes but is also providing the electronics produces at low costs. This will help India achieve its SDG commitments as it is in line with the Goal 7, Goal 13, Goal 14, Goal 15 of United Nations Sustainable Development Goals like SDG
Mr. Saket Kumar (Founder MultiMillet) is a student of BHU has described the work done by them regarding the production and selling of value added products of millets.
Mr. Animesh Kumar (Founder, Beyond Dating) who has been selected under Bihar Startup Policy and has raised funds through an angel investor also described his problems of documentation and legal compliances and was seeking assistance through BEA.
Mr. Aditya Kirti (Founder, EJY Health) who is working on Health Tech is working to develop India’s largest health community and health clubs. He also said that they are working on worlds most gamified and verified health information social networking platform. They are currently incubating under IIT Patna and is looking towards BEA for further support.
Apart from them this meet was attended by Shri Madheshwar Kumar (Founder, MK Catering), Md. Saiyad Ali (Founder, Eros Money Services), Mr Dharamneeti Kumar (Founder, Dark Sketches), Mr. Ankit Gautam (Founder, Imazeworld Pvt. Ltd.), Mr. Vikash Kumar (Founder, Analytics Online), Mr. Kaushik Karan (Founder, Growth Panda), Mr. Omkar Kumar (Founder, Chickenwala), Mr. Rajesh Kumar (Founder, Green Supply).
The session ended with the discussions on topics like Customer Acquistion Cost (CAC), Return on Investment (ROI), fund raising, pitch deck preparation and investor’s network building.