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Nurturing Innovation: Our Journey at Natrax's National Startup Day

Nurturing Innovation: Our Journey at Natrax's National Startup Day

In the search for the wisdom to become an entrepreneur, The Director, Faculty, and Students from our esteemed college, SAIT, participated in Natrax’s National Startup Day at national automotive test tracks in Indore on Jan 16th, 2024. The gathering was a smorgasbord of insights, with notable speakers from the startup community.

A GLIMPSE OF THE EVENT

Our contingent, comprising three faculty members and 30 students from various departments, immersed themselves in a day filled with enlightenment and inspiration. The lineup of speakers included industry stalwarts like Mr. Siddharth Sethi (Co-Founder, Infobeans), Mr. Aaditya Vyas (CEO, Drishti IIT Indore), Dr. Swaminathan (Head, CEED IIT Indore), Subin Sudhir (Exec. Edu., IIM Indore), and more.

KEY TAKEAWAYS

1. The Startup Mindset
Dr. Swaminathan elucidated the core of a startup mindset. It is not about risk-taking but managing risks in product or service offerings. He said that disruptive startups make people ask the following questions: “What if?”; or “Why not?”.

2. Execution Of Ideas
Based on successful examples such as Airbnb, Twitter, and Starbucks, the conclusion was evident—the execution matters more than an initial idea. Successful startups depend not on the perfect idea but rather on its execution.

3. Purpose Beyond Profit
Dr. Swaminathan recommended a more holistic approach to assessing the success of an entrepreneurial venture than just monetary returns. The main goals should be creating jobs, getting value or benefits to users, and improving lives.

4. Marketing Matters
He pointed out a common mistake made by many Indian startups for the need for marketing and branding from day one. The success of a startup greatly depends on its visibility and market positioning.

5. Learning From Failure
Recognizing that failure had the potential to serve as a teacher, Dr. Swaminathan stressed categorically that an unsuccessful entrepreneur possessed priceless insights Entrepreneurial travel involves learning from mistakes and adapting to the situation.

Insights from Aditya Vyas, CEO, Drishti, IIT Indore

1. Survivability Factors
Aditya Vyas analyzed the vital components that can make or break a startup. He pointed out the importance of meeting market requirements, taking incremental approaches, and moving from prototypes to break-even points.

2. Journey to Profitability
Highlighting a strategic perspective, Aditya elaborated on the journey from developing value propositions to attaining profitability via effective unit economics.

Guidance on Idea Incubation by Dr. Swaminathan SEED

IIT Indore ACE Foundation

Dr. Swaminathan gave priceless tips on creating start-up ideas. He mentored budding entrepreneurs in accessing funds under several government programs such as National Innovation and Startup Policy 2019, SISFS or the Start-Up India Seed Fund Scheme, and NGIS (Next Generation Incubation Schemes).

Direct Interaction with Entrepreneurs

The session enabled direct interaction where students discussed with entrepreneurs, such as Mr. Chandan Mundhra (Founder & CEO of Savy Electric Vehicles) and Alok Das (Co-founder, Qargos), to get hands-on information about the entrepreneurship journey.

Beyond the Sessions

However, the festivities did not end with the enlightening sessions as our delegation visited the Natrax testing track extending a practical tone to their gained knowledge.

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Conclusion

Instead of just being an event, Natrax’s National Start-Up Day Celebration was a transformative experience for our students. As a result of the lessons learned, insights gained and interactions with industry experts have sparked a new wave of innovation amongst our innovators. With this nourishing journey behind us, we are eager to see the fruits of seeds sown today grow into startups of the future.

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National Startup Day, initiated by Natrax under the ever-changing entrepreneurship climate has made an impact on our institution that will allow innovations and startups to flourish in years to come.

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