Dr. Vivek Mansingh of YourNest Angel Fund addressing the audience @ the Connecting Ideas With Money session this morning.
Some key points highlighted:
– Very few Startups get funded. Entrepreneurs need to really stand out
– Starting up requires a lot of hard work. 9to5 is not enough
– Don’t just build a product, build a business. Investors invest in businesses
– Entrepreneurs insufficiently cover the competitive landscape in their pitchdecks. Include direct and indirect competition
– Young entrepreneurs have something very powerful going for them. They never say “no”.
– People give a lot of feedback. Entrepreneurs should consider this but not be dissuaded. They should follow their passion and assessments and go out and build great Startups.
– Even when Startups have traction they need to address the question – how do they plan to defend their market position when competitors come in?
Another enjoyable session!