There was a lot of interest brewing for this topic as soon as this guest lecture was announced. The lecturer was Chetan Vinchhi, Cofounder of Lifetape Inc. Having successfully run and sold 4 startups and now running his fifth, he was amply suited to take up this topic & do justice to it.
The audience were all ears as soon as he started speaking. He brought up all the fundamental tenets of a startup and the skill set required to walk the entrepreneurship path. Although anybody with even an iota of interest in startups knows the basic concepts, Chetan gave a clever twist to that by going through a presentation of the myths vs the realities of startups. This myth buster approach was very engaging and the audience was literally at the edge of their seats. The lure of entrepreneurship, success, wealth and glamour is exceedingly exciting, especially now that startups have become so ubiquitous. But, as highlighted by Chetan, the only thing that matters, the only thing that should be the sole target, is sustainability. He said that the mortality rate of startups are much greater than 90% and by some estimates, even as high as 99.9%. Although the audience knew that a large number of startups fail soon after launch, they were astounded by the revelation of this high a ratio.
The audience learned all about the intricacies of seed funding, VC funding, angel investors and how to get funding. Chetan stressed that one of the prime principles is to increase network and gain visibility. For example, start asking 1 question at the start of any meeting/session to get noticed. Chetan has successfully sold 4 startups and is onto his 5th venture now. So there was no better candidate to disseminate the knowledge and wisdom on everything related to startups and entrepreneurship.
Over all, it was a splendid session judging the enthusiastic response of the audience. They went home with an in-depth perspective and understanding of the latest buzz-word that they had always heard but never had the opportunity to dive deep into its secrets.
To find out more about Chetan, you can view his profile on LinkedIn.