And closing it after a year of work
The journey from Bodhgaya to Patna in the state of Bihar in India takes 3 hours. The train was arriving at the station and you could see people pushing each other to get a seat on the train.
Patna is the capital of Bihar and I was invited by an incubation centre which was run by the government to pitch my startup idea. As I reached my destination I saw 20 other participants eagerly waiting to pitch their ideas. The atmosphere was both tensed and electrified. As I waited for my turn I just looked at the financials and the pitch deck to make sure everything was in order.
We were currently doing MBA from one of the countries best institutes however we also faced uncertainty when it came to placements. The idea was that there must be a bigger gap between industry requirements and the current talent pool in the state. Moreover, we wanted to provide a platform which provided a career opportunity in the student’s home state.
It had been a month since the pitch when I received a call stating that I had been selected for preincubation. In preincubation, there would be weekend classes after which a mentor would be assigned who would look upon the progress and decide whether we should be given incubation or not.
Call to Action:
The market was ripe for taking. We mapped the industries in the area and found startups dealing with IT to be the best target. In the next few weeks, we made visits to a few startups to understand the problems faced by them and whether the problem was big enough and common enough to create a solution for it.
We found that the problem existed and currently the market providing solution consisted of small-time third party agencies who charged an exorbitant amount for placing students. We also got feedback that the students lacked soft skills which were a major challenge for the IT industry. This resulted in startups to shift to a 1st Tier city.
This leads us to reconsider our implementation strategy. After doing the groundwork for 2 months we came up with a business plan which would tackle the very problem at hand.
“Having a vision for what you want is not enough. Vision without execution is hallucination.” Thomas A. Edison
This is a series of articles with the next part coming next week.