Right Feedback, Technology Are Factors Impacting MVP of Start-Ups: Panel

With technology taking over most of the space amid the pandemic, more Start-Ups by young entrepreneurs are paying dividends as they are backed by customer feedback and are built with vision, a dedicated team, and are aimed at solving real problems. Coming together on a special panel discussion curated for the BW Disrupt ’30 Under 30′, these young and dynamic entrepreneurs share their learnings on MVP(Minimum Viable Product) of their respective business ventures. MVP refers to the initial stage of creating the first workable (and saleable) version of a new business concept. 

For Ankit Shyamsukha, CEO, ICA Edu Skills, the product has to solve a real-life problem for the user. “The USP of the product/solution is very important for the user. No product is perfect from day one. Hence consumer feedback is extremely important,” he said. “Let’s not forget the role of marketing, which is also very important to sell your product and service after you have created the MVP,” said Shyamsukha who is one of the youngest entrepreneurs in the Indian Education sector and his company is involved in launching job-oriented online skill training programs in the field of Accounts, Finance, Digital Marketing, and more.

Adding to the discussion, Anuj Rajain – Founder & CEO of Soteria Command Center pointed out that unlike the others on the panel, his industry (dealing with security services) has been a well-developed one and has been manpower-intensive from the beginning. “The MVP in my sector was ‘how to be disruptive’…people still perceive ‘machine replacing man’ as an issue and that causes apprehension. MVP for us was to convince people that machines would complement the human factor. Of course, using AI was helpful,” said Rajain. “There were very few peers who cannibalized to boost to technology adoption or AI, and I was fortunate enough to be directed to use technology as a prime tool in providing remote solutions in the industry” he added. Rajain’s company is involved in providing security and surveillance solution by remote means.

Presenting his point of view on MVP for the EdTech sector, Nikhil Saraf – Co-Founder & COO of Stones2Milestones pointed out to significant growth in online education amid the pandemic and the evolving role of digital technology given the lockdown. Saraf said, “We had a different approach to MVP. We called it the ‘Minimum Loveable Product’ as it had to be taken to the child to serve all the learning outcomes. And this is the core differentiator for EdTech compared to other industries.” Nikhil of Stones2Milestones is a Stanford University Graduate and is involved in teaching people and helping them learn the most prominent language across the globe, ‘English’.

Bringing in ‘Mentorship’ and educating students on various aspects and diversity within the subject choices rather than sticking to popular fields like engineering, has been the prime focus for Sreekar Sannapareddy, Founder & CEO of Gradvine Advisors. Sreekar was another panelist to have made a success story in the EdTech space. He said: “Serving to the majority is the best way to achieve an MVP and solving a problem for the majority of the audience was a good place for him to start.” Gradvine Advisors is engaged in an education consulting platform for students – both undergraduates and masters. Gradvine helps in university shortlisting, drafting correct essays, resumes, and much more. 

Apart from EdTech, Gaming space witnessed massive growth in recent times. Discussing the current scenario of gaming in the Indian market, Yash Pariani – Founder and CEO of Indian Gaming League, highlighted how the gaming trend in the country has evolved since 2016 with games like PUBG gathering around 55 million active users at a time. “When it comes to MVP and Gaming, it was a little different approach. We faced issues as it was not done before. Therefore, the right vision, right team members, and timing were the three components with which we launched our first website and then took things ahead thereafter,” Pariani recalled. Emphasizing on the huge scope for gaming in the near future, Pariani pointed to the smartphone market going from 300 million users to 600 million users thereby boosting mobile gaming. “Mobile gaming currently enjoys 60 per cent of the foothold, while PC and Console hold 30 and 10 per cent, respectively,” Pariani said.

The panelists were united in their view on the rapid growth of technology helping young entrepreneurs successfully launch and expand their respective business ventures.