Challenges for an Indo-US startup
The esteemed Panel for the webinar are from different backgrounds, which helped in providing a wholesome perspective for young entrepreneurs. The panellist included Ms Megha Bhouraskar, Founder of MDB – click to read profile. She is an attorney in US, dealing with a wide area of practise including Entertainment law, Intellectual Property and Real Estate. Her cliental includes Indians, who she helps in setting up business in the States. She is the founding member of “Saki” an organisation for South-Asian Women. She has authored and published a book on how to have to run a business in US while staying overseas.
Book on how to have to run a business in US while staying overseas.
The second speaker, Mr Sanjiv Dua – CEO of RFID4U – Click to read profile, having a fabulous cliental inclusive of Homeland Security, Johnson and Johnson, Fitbit, NASA bureau of senses. He was an avid traveller in the past. He is revered for his business acumen and experiences.
Mr Snehal Shah, the founder CEO of Action Data system(Click to read profile), has been in the software industry for 3 decades. He does his work in software relating to HR, payroll, management tools. He is currently in the middle of his new venture “Tour Guide” software and IOT. He successfully sold over 4 ventures and has brought a dynamic perspective to the webinar.
The discussion is kicked started with Mrs Megha Bhouraskar, mentioning how to use “Law” as a tool for manifesting and strategizing the ideas of a business. It is ideally viewed as an instrument that can be used to lay the path for developing the business.
The initial questions were to understand the contrast between business ideas among the panellist. Mr Snehal Shah who begins the business and nurtures it for a few years and then sells it. He believes that technology tends to become obsolete after a point and needs to be sold. On the contrary Mr Sanjiv Dua, has been in the same business for over 20 years, have similar views on the technology becoming obsolete. However, he suggests that if the business is capable of adapting to the dynamic situation then the need to sell it will not arise.
The webinar mentions the advantage of starting any business in the US. The advantages include the ease in market structure, the company gains credibility; there is no demand on nationality and physical presence.
The panellist focused and stressed on the fact that funding is not a specification for starting a business. The ideal focus is to have ideas that are dynamic and distinctive in its approach. The aim is to find the right customer instead of finding methods to manufacture the product. Another brilliant advice received from the panellist includes avoiding funding from investors, or rather keeping it as a last resort. They reasoned it, by mentioning that the investors will be the deciding authority.
Panellists also suggested that when there is an idea for the business; the goal is to pitch it to mentors, friends, and family. They will help in modifying it and catering it to the demand of the targeted customers.
The webinar removed the myth of US-markets being difficult to start a business. It concluded with the environment being friendly even in terms of tax implications. The aim is to invest in a business that has recurring return.