This is Amit's story and his startup Raise My Idea:
Amit's, Raise My Idea is an Incubator or start up Accelerator which helps in transforming ideas into reality ; evolving them into workable business solution , defining business strategy and taking them through an efficient cycle of Product Development, Promotion, Sales and Marketing and finally , if needed, Connecting with Investors.
Tell us about yourself and your organization?
Raise My Idea is an Incubator or start up Accelerator which helps in transforming ideas into reality ; evolving them into workable business solution , defining business strategy and taking them through an efficient cycle of Product Development, Promotion, Sales and Marketing and finally , if needed, Connecting with Investors. We are currently incubating 5 business in the fields of Digital Marketing, E-Commerce, Language Learning, Education and Shoe Sole making.
Raise My Idea is started by Amit Garg, along with some friends from Engineering having rich experience in starting up businesses in various domains. Amit is an Alumnus of IIM Calcutta having 10+ years of experience in area of development of business plan , Commercial business strategy, Financial Restructuring, Market Entry Strategy, Valuations and hiving off/divestiture of businesses, Revenue requirement and tariff structure design for various companies across India.
What are your company roots? What was the 'eureka' moment when you decided to start the company? Who initially funded it? Was there any angel funding /PE/VC funding involved?
Company was started with a group of friends from Engineering having rich and diverse experience in setting various multi-million businesses. Initially the idea was to advise young entrepreneur in formulating business plan and their revenue and business strategy. We realised that almost 99.99% ideas are never transformed into products or services and out of rest 0.01% which are converted, again 99% fail because of poor execution. We decided to involve into product development itself and taking idea to full cycle of implementation and incubated an IT product development company. We funded it from our own pocket and wish to continue the same in foreseeable future as well. We are not seeking any funding in Raise my Idea itself but will need funding for some of our partner companies at later stage.
In 25 words or less, what are you all about? What problem do you solve and for whom?
A good idea is worthless without impeccable execution and a commitment to implement. We try to develop and implement the idea for the professionals who are high in passion but in need of right resources and guidance.
What is call to action for your customer segments? or your partners ? or your potential investors?
If you have a great idea that you would love to take to the market but are not equipped with the resources and time, The Raise My Idea team can help you turn your ground-making innovation into business that will create real value.You dream and we'll make it come alive by developing it,creating a prototype or product for you. if you already have a product or prototype with you but not sure how to market it we will help in a great launch and reaching millions of users. We have an incredible team that gets its daily adrenaline rush by taking in ideas and giving out creative, technically feasible and highly effective solutions.
How do you make money (or plan to make money)? Who are your primary customers and why do they choose you?
We get value by either charging for all the services like preparing business plan, valuation, product development, IT Solutions, Digital Marketing etc or we share value with the businesses in lieu of all the services provided by us. We have partnered with five businesses so far on various value sharing basis. Our primary customers are either traditional businesses working in offline mode and not realizing full potential of taking business online , students who need right guidance or professional who are passionate but cannot work full time on their ideas due to certain constraints.
What are your marketing channels? How do you use social media for marketing? What are the platforms you primarily use for marketing? Have you outsourced your social media marketing or plans for future?
One of the partner business incubated by Raise My Idea does all the digital marketing for us. We primarily use online platforms. We do social media marketing by ourselves.
How big is your Business Development team? What is the current mix - purely technical vs MBAs? What are you plans for ramping up Business Development Team?
Raise My Idea collaborates with the teams of the businesses it raised. We have 15 members team currently for delivery as well as business development part, we have mix of techies and MBA’s as BD guys.
What are your dreams for your company?What trends do you see heading into 2014 and beyond that are relevant to your industry and company?
We dream this company to become one of the biggest pillar of strength for everybody who want to get started. Indian market is opening up of startups and lot of professionals, Students and business mans are getting started. We see ourselves adding value to complete eco system of supporting startups and grow along with them.
What are the biggest challenges you are facing in scaling your business up? What’s the #1 to # 3 thing on your To-Do list?
Our revenue model heavily depends upon the success of the business developed by us hence gestation period is high for us, per se. We are not thinking for scaling up Raise my Idea as of now. We just want to play on success story of the businesses developed by us; scaling them fast and make them a success.
Last but not the least, are you looking for hiring interns or full time managers for your company? If yes what is the best way to reach you or your HR?
We are hiring both Interns and full time managers. Would love to partner with IIMnet going forward for Raise My Idea as well as all the partner companies