EDITORâ€™S TALK It gives me immense pleasure to present to you the first edition of Enspace for this semester. The inception of Enspace was with the vision of motivating individuals and making them aware about entrepreneurship. For me, entrepreneurship means passion. A crazy, maniac desire to revolt against the usual stereotyped life the society expects us to settle down for, and create a niche for themselves. These are the visionaries, whose ideas if nurtures and well-supported, have the potential to entirely change the way we live. Be it Jaswanti ben of Lizzat Papad or Jeff Bezos of Amazon, all have touched different aspects of our lives and changed it for the better. This time we tried to explore and report various facets of the journey of every entrepreneur we know. We picked the journey of Disney and described how marvellous it is to create an entreprise from sketching cartoons.In our second article, we focused on how important it is to have a team with diverse people, with unlike experiences and different point of opinions benefit the most to a company. What do you understand by data? A common answer is â€˜informationâ€™, data is everything from your aadhar number to the messages in your phone. We hunt various articles and websites and enumerated the facts to highlight how important is your data. We present a mixture of comments and factual information on the economy of startups in India and fickle use of cryptocurrencies in future. The article on social enterprises is a tribute to all those entrepreneurs who are empowering and innovating the development in India. We have presented three such touching stories of entrepreneurs who are working to give them a life wherein they are confident and productive contributors to the society. And just in case you want to learn how to go forth a step in the entrepreneurial journey, we have presented an article on a whole plethora of sectors that IIT Bombay has in store for you. Right from promoting entrepreneurship to establishing your own venture. So sit back, grab a cup of tea and enjoy the magazine. Shruti Iwanati Chief Editor
If you can dream it, you can do it
If you canâ€™t build it, 1 buy it
Top 10 Acquisitons
If you can dream it, Pride on no Prejudice You can do it
6Is your data worth a cup of coffee.
Is you data worth a cup of coffee?
PrideAre onstartups forming a bubble? 10 NO Prejudice Are startups Cryptocurrency : Our future money ? forming a 12 bubble? Rise of one plus
Entreprise for Change
Enterprise for a change
Our future money?
18Engineer to Entrepreneur Engineers to 20 Entrepreneurs Startup fever in IITs
12 Rise of
Startup fever @ IITs
Funspace 20 22
IF YOU CAN DREAM IT, YOU CAN DO IT -Shailja Kuthar
He was an innovator, he was an artist, he was an entrepreneur and he was the co-founder million dollar animation company Disney. He won 22 Academy Awards during his lifetime, and was the founder of theme parks Disneyland and Walt Disney World. Childhood Walt Disney was born on 5th December in the year 1901 in Hermosa, Chicago. From a young age, Disney had a passion for art. He had a strict father who even used a whip to discipline him. Young Walt found an escape from his father’s brutality through drawing. He created his own utopian fantasy world where everything was as perfect as it could be. Life was always beautiful and people always happy in this world. Disney spent most of his childhood in Marceline, Missouri, where he began drawing, painting and selling pictures to neighbors and family friends. Disney attend McKinley High School in Chicago, where he took drawing and photography classes and was a contributing cartoonist for the school paper. He used to take courses at the Chicago Art Institute at night. When Disney was 16, he dropped out of school to join the Army but was rejected for being underage. Instead, he joined the Red Cross and was sent to France for a year to drive an ambulance. He moved back to the U.S. in 1919 to work with his brother Roy. How it all started... He started his career as a newspaper artist, which soured quickly. Disney began experimenting with a camera, doing handdrawn cel animation, and decided to open his own animation business. From the ad company, he recruited Fred Harman as his first employee. Walt and Harman made a deal with a studio to launch their first cartoon show Laugh-O-Gram. In a meantime, it got popular, they hired number of employees, but however this was later declared bankrupt. Disney along with Roy soon moved to Hollywood and started Disney Brothers’ Studio, in their uncle’s garage. They also invented a character called Oswald the Lucky Rabbit, for Universal Studio. A few years later, Disney discovered that Winkler and her husband, Charles Mintz, had stolen the rights to Oswald, along with all of Disney’s animators, except for Iwerks. Right away they made three characters. The first animated shorts featuring Mickey were Plane Crazy and The Gallopin’ Gaucho they were both silent films for which failed to find popularity. When sound made its way into the film, Disney created a third, soundand-music-equipped short called Steamboat Willie. With Walt as the voice of Mickey, the cartoon was an instant sensation. Journey so far... Disney became fixated on using the newest technology for his films. He obtained exclusive rights to use Technicolor in animated films for two years, winning his first Academy Award in 1932 for the animated short Flowers and Trees, which was also the first full-color cartoon. Disney recognized his strength was in story design, not actually animating, and by the time the brothers built a studio in Burbank, California, they employed more than 1,000 people, including animators. Building the success,”Snow White” was followed by other animated features: “Pinocchio,” “Fantasia,” “Dumbo” and “Bambi.” All became standout hits as Disney the entrepreneur grew into his role as a business owner. He was also the first Hollywood studio head to embrace the new medium of television, with “The Mickey Mouse Club” and “Walt Disney Presents.” Disney’s TV debut came around the 1950s as Treasure Island, with the special one Hour in Wonderland. The popular Mickey Mouse Club debuted as a TV series in 1955. But it was another TV program that began in 1954, called Disneyland, that showed Walt Disney had even bigger plans for the company. Disney animation began reaching even greater audiences, with The Little Mermaid being topped by Beauty and the Beast which was in turn topped by Aladdin (1992). Hollywood Records was formed to offer a wide selection of recordings ranging from rap to movie soundtracks. New television shows, such as Live With Regis and Kathy Lee, Empty Nest, Dinosaurs and Home Improvement, expanded Disney’s television base. For the first time, Disney moved into publishing, forming Hyperion Books, Hyperion Books for Childre and Disney Press, which released books on Disney and non-Disney subjects. In 1991, Disney purchased Discover magazine, the leading consumer science monthly. As a totally new venture, Disney was awarded in 1993 the franchise for a National Hockey League team, the Mighty Ducks of Anaheim. In 1994, Disney ventured onto Broadway with a very successful stage production of Beauty and the Beast, followed in 1997 by a unique staging of a show based on The Lion King and in 2000 by Aida. By restoring the historic New Amsterdam Theatre on 42nd Street, Disney became the catalyst for a successful makeover of the famous Times Square area. A musical version of The Hunchback of Notre Dame opened in Berlin, Germany. By 1996, there were more than 450 Disney Stores worldwide, and by 1999 that number was up to 725. In Florida, the first home sites were sold in the new city of Celebration, located next to Walt Disney World. Eventually, 20,000 people will call Celebration their home. After the death of the owner Gene Autry, Disney acquired the California Angels baseball team to add to its hockey team, and in 1997 opened Disney’s Wide World of Sports at Walt Disney World. DVD releases became increasingly popular, especially when the company began adding generous amounts of bonus material for viewers. Snow White and the Seven Dwarfs’ DVD in 2001 sold more than one million units on the first day of release. 2003 saw two Disney films grossing over $300 million at the box office — Pirates of the Caribbean: The Curse of the Black Pearl and Disney-Pixar’s Finding Nemo. In fact, Disney became the first studio in history to surpass $3 billion in global box office. For nine decades, The Walt Disney Company has succeeded in making its name preeminent in the field of family entertainment. From humble beginnings as a cartoon studio in the 1920s to today’s major corporation, it continues its mandate of providing quality entertainment for the entire family.
Why make an acquisition? Basically, an acquisition is the purchase of all or a portion of a target company. It happens when the buying company acquires more than 50% ownership of the target company. These acquisitions are a part of a company’s growth strategy and they achieve greater market share, cost reductions and increased synergy. Here below is the list of 7 renowned acquisitions of all time!
IF YOU CAN’T BUILD IT, Apple-Beats Electronics | $3bn | May 28, 2014 Beats Electronics, a consumer electronics company, started it journey primarily focused on headphones and speakers. Eight years later, Apple acquired Beats Electronics for 3 billion, with about $400 million of that buyout in stock.One could say that the experience of Beats speakers has been to propelled to even higher levels after the acquisition, which is now observable among the family of computers(Mackintosh-renowned for its audio quality).
HP Compaq | $19 bn | Sept 3, 2001 Corporate acquisitions, can result in the whole being stronger or they can conclude in absolute disaster too. This is one such example of the latter part. This merger of Compaq with Hewlett-Packard which was initially valued at $25 billion, closed at $19 billion approximately, due the fall in HP’s share price. The acquisition also distracted HP’s management and prompt customers to shift business to other computer makers like Dell. Immediately after the merger announcement, there was a plunge in the stock price of HP and Wall Street predicted low estimates for future financial performances.
Facebook buys WhatsApp | $19bn | Feb 19, 2014 In order to dominate messaging on phones and the web, Facebook acquired WhatsApp for a whopping $19 billion on 19th Feb 2014, the highest acquisition made by Facebook till then. People thought Facebook had to be crazy to pay such a high price, but four years down the line one can safely say that the acquisition has paid off for Facebook. $19 billion doesn’t sounds so crazy now. WhatsApp still functions as an autonomous unit within Facebook, with all the then existing employees coming in as part of the acquisition.
, BUY IT Microsoft-Github | $7.5bn | June 4, 2018 GitHub, a web-based hosting service for version control using Git that is gaining popularity with scientists collaborating on research data and software was acquired by Microsoft Microsoft on June 4th 2018. This acquisition potentially gave Microsoft access to over 28 million software developers and their code. Hence, this purchase has created some uneasiness among scientists. They fear that Microsoft’s stewardship will make the platform less open, but there is another school of thought who feel that Microsoft’s involvement will make the platform more valuable.
Walmart-Flipkart | $16bn | May 10, 2018 The recent Walmart-Flipkart acquisition has been much spoken about. The US retail giant Walmart Inc picked up a 77% stake in India’s largest online retailer Flipkart for a massive $16 billion. The remaining 23% stake in Flipkart will be held by co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp. The deal redraws the retail landscape in India as Walmart takes its battle in the US with arch-rival Amazon to the world’s fastest growing major economy. This acquisition marks just the beginning of a big chapter in the Indian Ecommerce ecosystem. A long road lies ahead and it would be really interesting what lies ahead there for the Indian retail sector.
Intel-Mobileye | $15.3bn | August 2017 Intel, the then world’s largest chipmaker, recently dethroned by Samsung, made a crucial move into the autonomous driving sector with its acquisition of Israeli visual sensor company Mobileye. This became the largest-ever acquisition of an Israeli tech company. The companies were already in a partnership with BMW from early 2017 on a fleet of 40 self-driving vehicles, which is likely hit the road in the second half of 2018. With this acquisition, Intel has moved deeper into the self-driving technology and is swiftly building up its position in emerging areas of computing, Internet of Things(IoT) and virtual and augmented reality.
PRIDE ON NO PREJUDICE
A Plea for Responsible, Inclusive, and Diverse Enterprises -Kumaresh Ramesh
this is that I had not come across female or gay surgeons in your day-to-day life. I still haven’t but watching Grey’s Anatomy has probably made some difference between 2008 and 2018! Now, let us do a similar exercise with start-up founders i.e. heroes of yours and mine. Without googling, these are the names I could list – Sachin Bansal, Binny Bansal (both Flipkart), Bhavish Aggarwal (Ola), Travis K. (Uber), Elon Musk (Tesla, SpaceX), and if we go further back in time, Jeff Bezos (Amazon), and Mark Zuckerberg (Facebook). Most of them, especially those in public consciousness, tend to be straight, male, and, in the Western context, white. Not just the founders, but even other key leadership positions are often filled in by the same people, a notable exception being Sheryl Sandberg, COO of Facebook. Although it is certainly worthwhile to ponder upon the reasons for it being so, that is not the main focus of this article. Instead, I would like to focus on why you, as a potential entrepreneur, must embrace diversity and foster inclusivity.
A man and his 10-year-old son were travelling in their car when it collided with the truck, severely injuring both of them. The surgeon, who had been rushed to the OT, saw the boy and exclaimed, “This is my son!” How is this possible? If you are seeing this riddle for the first time, spend time and think of some plausible explanations. If you have come across this before, you probably recalled the standard answer – the surgeon is the boy’s mother – as soon as you read the first few words. Finally, since this is IIT and the title is printed in a noticeable typeface, I can safely bet that at least one of you would say that the surgeon is the boy’s second dad. Ten years ago, when I read it for the first time, I scratched my head for some time before giving up and turned the book upsidedown to look at the answer. In hindsight, either of the answers seems to be obvious but my first few guesses were definitely not inclined that way. A major reason for
A team of people always has a goal – be it something as groundbreaking as colonizing Mars or as oft- repeated as organizing a college festival. However, in either case, a great team sets itself apart from the good ones by virtue of fresh and atypical ideas. Unfortunately, these ideas aren’t easy to come by, especially when all our lives we have been conditioned to approach things the same way. One solution could be to pay through your noses and attend ‘ideation seminars’ or read Fidderent Thinking Effectively. Thankfully, there is a much easier and inexpensive way for a team to nurture whacky ideas. The most natural ideas are often a by-product of our daily experiences – the auto-driver who refuses to stop, the aunt eager to marry you off, or the popular college kid who makes fun of your gait. Hence, when there are people hailing from diverse backgrounds, the team has a variety of experiences to draw ideas from, thus increasing the chances of hitting upon ‘the idea’.
A Plethora of Perspectives
Connect with the Community
A cornerstone of good decision-making is healthy discussion and debate among the team members on any issue. Fundamental to such a discussion is the presence of different perspectives to get a holistic picture of all possible what-ifs. Although one may try their best to put themselves in the other’s shoes, it is difficult to do so without inherent biases creeping in. The most effective way to counter this is to have as diverse a team as possible. For example, many people talk of organic agriculture as being win-win for the consumer and farmer. However, one of my classmates who hails from a rural background pointed out that the introduction of chemical fertilizers a few years back has actually helped the villages to afford electric appliances like fans and television sets. How one shall convince the farmers to forego the very visible benefits of fertilizers, even just for a few years, is a question that might not have easy answers, but should be asked nonetheless. But for my friend, I would have remained unaware of the ground realities. Such ignorance may even bring your start-up to a crash landing just because you didn’t have people on your team who could ask these questions before you dive headlong.
Whether your startup is in the B2B space or B2C, at the end of the day, you will be dealing with people – be it through advertisements, pitches or meetings. Your potential clients and consumers could be male or female, straight or queer, and come from any of a variety of cultures and backgrounds. As technology gets increasingly democratized, they would be looking closely at various other differentiators which would set your company apart. Championing diversity makes your company look more human and sends positive signals, especially to members of the marginalized communities. Case in point are these advertisements of Coca Cola and Vicks. (Good thing that I am typing it out else the ink would have been smudged by secretions from my lacrimal glands.) On the other end of the spectrum lie outrageous missteps which spark massive outrage. Pepsi’s advert starring Kylie Jenner is an example that immediately pops up in my mind. Instead of making a crass attempt at co-opting a cause like the latter did, it pays to make a sincere effort towards inclusivity. These are thirteen three reasons why, I feel, you must build inclusive teams even if all you care about is your bottom line. Beyond that, it has been my personal experience that working with diverse teams is always a more fun and enriching experience, as compared to people who think along quite similar lines. Sure, there would be clashes at first with five people pulling the project in five different ways. At the end of it all, however, you come out having gained much more than what you put in – memories, friendships and skills. Additionally, it is also about simply doing the right thing. When you choose to give a platform to people coming from marginalized communities, you are fulfilling your responsibility towards humanity by contributing towards a more equal society. So, seek out people different from you. Reach out to them and build mutually beneficial relationships. Wherever you go and whatever you do, make a conscious effort to be surrounded by people from diverse backgrounds because that will help you in the long run.
I’m looking up in the sky, and I have no idea which cloud has my data. While the past century obsessed over liquid gold, industries today are fueled by data. Data has become increasingly ubiquitous with the advent of the information age, and data analytics is now the combustion engine of the future. It’s worth can be gauged by the fact that data driven companies like Google, Facebook, IBM, Amazon, Netflix are the current money magnates. But like any precious commodity they face the risk of smuggling, as was emphasised by the Facebook-Cambridge Analytica Data scandal. Hence it becomes rudimentary to acclimatise ourselves with this subject that has started a whole new ball game.
for free services. But not all the data produced is useful. In fact most of it is trash unless harnessed by the meticulous mind of an analyst. Hence it doesn’t come as a surprise that Linkedin recently reported Data Analysis as the only category that consistently ranked in the top 4 across all countries they surveyed. India, which had a handful of specialized analytics firms until a few years back, is now among the top 10 big data analytics markets in the world. There has been a rise in startup companies in this department, with established companies setting up internal analytics wings across industries, separate from IT and Consulting firms. The spotlight is now on data scientists, not to be confused with data analysts. While analysts derive insights based on hypotheses, data scientists are equipped with strong programming and predictive analytical skills. Analysts have a strong domain knowledge with a good understanding of the motive of the project, but they are increasingly training themselves with the required skills, though there is a steep learning curve involved. Knowledge of machine learning and deep learning might be conducive to fetch a job in the data industry, but it is also a coveted skill by itself in the present times.
Initially data collected was used to target advertising better but with the onset of Artificial Intelligence (AI), it has generated a new source of revenue. With the concept of Internet of Things taking forefront in almost all modern appliances, we are constantly generating tons of data through the sensors, following us from our offices to our homes. Greater its usage, more accurate its algorithm gets and its precision invites more happy consumers. These companies survive and thrive by knowing the seemingly inconsequential details of our lives. For instance, Nexar, an Israeli startup, has an app that converts your phone camera into a dashcam. If it detects a pause in motion at the same spot by several users it identifies that as a pothole or an obstruction. For using their app, people receive as remuneration a free dashcam and a detailed report of any accident they might fall prey to. With the data and the means to manipulate them, these companies possess a weapon, whose full impact we are yet to witness.
All this talk of data economy makes it imperative that we discuss its safety. Companies are no stranger to data breach, with top establishments like Yahoo, eBay, Uber, JP Morgan Chase, Adobe succumbing to hackers at some point of time. Yahoo, which was once valued at $100 billion, faced the worst end of the stick and is now reduced to being owned by Verizon. Facebook took it one step further and sold the personal data it was trusted with. In the blink of an eye people were transformed from consumers to consumables. The government is also moving towards the data age hence such scandals give them reason to be anxious. It, thus, explains the recent move by the Indian government, Right to Privacy, which gives its citizens “constitutionally guaranteed avenue to undertake measures for protection from data misuse, unauthorised collection and removes omnibus permissions making irresponsible reckless data sharing difficult”. Such measures not only build trust in the government but also restores confidence in a consumer that has just entered the market.
One such enterprise, which laid the cornerstone of data companies in IIT Bombay, is Shiru Cafe. Free beverages bargained for a few personal questions, seemed like more than a fair trade. The horde of students lining up after every lecture, to get them through just one more class, was a testimony of its approval. Its sponsors, which comprise of data and e-commerce companies, are busy exploiting our disdain of personal information and raking in millions selling that. While many would argue that this data has little value but when confronted with actual figures, their apathy takes a backseat.
Creating and providing data has become an indispensable part of our lives. We have finally begun to comprehend its value, while the industry it caters to is still in its infant stage. Whether it is a good news or bad news depends on whose hands it falls into. With a myriad new data firms emerging, it would be a matter of time we choose from an assortment of free services. And as the saying goes, if you get something for free then you are the product.
Recently, World Economic Forum suggested the use of data bank account. It proposed that a person’s data should “reside in an account where it would be controlled, managed, exchanged and accounted for”. While its a groundbreaking idea it has yet to see the light of the day. Corporate data, on the other hand, might have a difficulty incorporating this, since people willingly give away information in exchange
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What comes in your mind when you think about startups in India? Some say it’s all hype – inexperienced entrepreneurs are impetuous with money that doesn’t belong to them and then shrug off a failure as learning. Others call it a bubble: for some it has burst, others maintain it will burst any time now. The truth lies somewhere in between. For the past decade, Indian startups have created an ecosystem that cannot be ignored. There are around 40,000 startups in the country, no doubt this is not a sector that you can ignore. So let us first understand what bubble actually is? A bubble is an economic cycle characterized by the rapid escalation of asset (property owned by a person or company) prices followed by a contraction. It forms in economies, securities, stock markets and business sectors because of a change in investor behavior. A good example is Dot-com boom in late 1990s and early 2000s. During the boom, people bought tech stocks at high prices, believing they could sell them at a higher price until confidence was lost and a large market correction, or crash, occurred. At the end of a bubble, resources are moved again, causing prices to deflate. Let’s come back to discussion and focus on stats. The nasscom startup survey report noted that 1000 startups were added in 2017, taking the total number of startups to 5200 in India, making it the third largest startup ecosystem in the world. “India is one of the fastest growing startup landscape in the world and every major accelerator, investor, angel group, is participating in becoming a part of this growth journey,” said Nasscom Chairman Raman Roy.The national economic survey was presented by the government to set the stage for this year’s budget. Due to the impact of demonetization, this survey hinted at the growth rate for 2017-18 to be lowered by 1% in nominal terms. It further emphasized that the short term pain of demonetization could pave way for longer term gain if the government executed four things in the financial plan this year: fast re-monetization, lower taxes, incentivize the real estate sector and rid tax administration of strong arm measures. Budget 2017 extended income tax rebates for startups for three out of the first seven years since incorporation. Startups have been allowed to carry forward losses as long as the promoters retain their holding in the company, without the earlier stipulation to maintain a 51% stake.The country’s finance minister has promoted startups in manufacturing, e-commerce, agricultural and compliance sectors to appear as a profitable bet for investors for the forthcoming year. Much of the talk about an impending crash in India has been generated by the inflated startup bubble in the US, where new businesses have been seriously overvalued as investors look to outbid each other in the anticipatory search of the’ Next Big Thing’ on the market. To be honest, US has much more experienced, mature and aggressive investor community while investors in India are still relatively cautious and wary of risks. This reason is not enough to ignore bubble. India’s startup boom has largely been driven by online e-commerce vehicles that have inundated the market space. With intense competition in a limited space, most startups have been spending profusely for some time now, without clocking profits. The idea is to capture the market share and change consumer behavior over the long term. No doubt profits will come for some, but not for all. And this is where the course correction will come. Being less mature market in India compared to America, bubble seems too harsh term.There is a certain open-minded mentality among the people in Silicon Valley. There people are willing to share and discuss about their idea. Here, we have a thought that we would sell our startup to a big player and get satisfied by money. This also needs to be given thought while building our startups. Investors need to be cautious and yes, some unviable businesses will fall by the wayside as the market corrects itself, but many others will ride the rough tide successfully. Entrepreneurs should innovate and create intriguing products in these government aided sectors to create employment and maximise profits.
CYRPTOCURRENCY: OUR FUTURE MONEY? Today cryptocurrencies have become the most sought after topics in the world. I am sure that everybody has faced this word in their lives but very few know what it really is and how it works.
So to understand the basics of cryptocurrencies, lets first know what virtual currency is. It is a digital representation of value that is not issued by a central bank or a public authority but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically.
When I ask anyone what is cryptocurrency, he/she will answer it is a virtual currency, yes it is correct but it is really not it, it is much more further. Beyond the noise and the press releases the overwhelming majority of people have a very limited knowledge about cryptocurrencies. They often fail to even understand the basic concepts.
Now with the above knowledge we can define cryptocurrency. A cryptocurrency is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. A cryptocurrency is difficult to counterfeit because of its security feature. A defining feature of a cryptocurrency, and arguably its most
exchange – that was held at Wells Fargo, alleging that it broke anti-money laundering laws and in August, New York’s Department of Financial Services issued subpoenas to 22 emerging payment companies, many of which handled Bitcoin, asking about their measures to prevent money laundering and ensure consumer protection.
endearing allure, is its organic nature. The major differentiating factor is cryptocurrencies and all other currencies is the former use decentralized control i.e. control is equally distributed among its users, which is not the case with the latter which rely on centralized electronic money and central banking systems. In working of this decentralized control the famous term Blockchain comes to the party. It is nothing but just a database which contains its users financial transactions.
The Future Some of the limitations that cryptocurrencies presently face such as the fact that one’s digital fortune can be erased by a computer crash, or that a virtual vault may be ransacked by a hacker; may be overcome in time through technological advances. What will be harder to surmount is the basic paradox that bedevils cryptocurrencies – the more popular they become, the more regulation and government scrutiny they are likely to attract, which erodes the fundamental premise for their existence.
In 2009, People’s attention was attracted towards the first decentralized cryptocurrency Bitcoin. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April 2013 when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months. Bitcoin sported a market value of over $2 billion at its peak, but a 50% plunge shortly thereafter sparked a raging debate about the future of cryptocurrencies in general and Bitcoin in particular. As of May 2018, there were over 17 million bitcoins in circulation with a total market value of over $140 billion.
While the number of merchants who accept cryptocurrencies has steadily increased, they are still very much in the minority. For cryptocurrencies to become more widely used, they have to first gain widespread acceptance among consumers. However, their relative complexity compared to conventional currencies will likely deter most people, except for the technologically adept.
So, does bitcoin has the potential to supplant traditional currencies and be independent as dollars and euros someday or will these cryptocurrencies just fly with the wind ? Lets see.
A cryptocurrency that aspires to become part of the mainstream financial system may have to satisfy widely divergent criteria. It would need to be mathematically complex (to avoid fraud and hacker attacks) but easy for consumers to understand; decentralized but with adequate consumer safeguards and protection; and preserve user anonymity without being a method for tax evasion, money laundering and other ill practices. Since these are formidable criteria to satisfy, is it possible that the most popular cryptocurrency in a few years’ time could have attributes that fall in between heavily-regulated fiat currencies and today’s cryptocurrencies? While that possibility looks remote, there is little doubt that as the leading cryptocurrency at present, Bitcoin’s success (or lack thereof) in dealing with the challenges it faces may determine the fortunes of other cryptocurrencies in the years ahead.
Bitcoin - the Current Standard Bitcoin uses peer-to-peer technology, which enables all functions such as currency issuance, transaction processing and verification to be carried out collectively by the network. While this decentralization renders Bitcoin free from government manipulation or interference, the flipside is that there is no central authority to ensure that things run smoothly or to back the value of a Bitcoin. Bitcoins are created digitally through a “mining” process that requires powerful computers to solve complex algorithms and crunch numbers. They are currently created at the rate of 25 Bitcoins every 10 minutes
Bitcoin - Increasing Scrutiny Bitcoin’s main benefits of decentralization and transaction anonymity have also made it a favored currency for a host of illegal activities including money laundering (the act of hiding of the origins of illegally obtained money), drug peddling, smuggling and weapons procurement. This has attracted the attention of powerful regulatory and other government agencies such as the Financial Crimes Enforcement Network (FinCEN), the SEC, and even the FBI and Department of Homeland Security (DHS). In March 2013, FinCEN issued rules that defined virtual currency exchanges and administrators as money service businesses, bringing them within the ambit of government regulation. In May that year, the DHS froze an account of Mt. Gox – the largest Bitcoin
Conclusion The emergence of Bitcoin has sparked a debate about its future and that of other cryptocurrencies. Despite Bitcoin’s recent issues, its success since its 2009 launch has inspired the creation of alternative cryptocurrencies such as Litecoin, Ripple and MintChip. A cryptocurrency that aspires to become part of the mainstream financial system would have to satisfy very divergent criteria. While that possibility looks remote, there is little doubt that Bitcoin’s success or failure in dealing with the challenges it faces, may determine the fortunes of other cryptocurrencies in the years ahead.
RISE OF ONE PLUS
You will see many people commending this new brand phone called the Oneplus. A quick google search showed me that it has occupied almost half of premium phone market in India. Ever wondered how a company so young got to such heights in this short time. Let’s explore together !! OnePlus is a Shenzhen based Chinese smartphone manufacturer founded by Pete Lau (CEO) and Carl Pei in December 2013.Its strategy has (almost) always been “do one thing and do it well”. That’s what Apple did in its early years and it worked out great for them.OnePlus switched to a tick-tock upgrade schedule: launch a new generation and refine it about half a year later. OnePlus will be five years old at the end of the year and it already has eight phones under its belt.Before getting into more detail let’s explore its history and that of its parent company. BBK Electronics was started in 1995 by Duan Yongping. At the start, they made telephones, teaching devices and even soybean machines, induction cookers etc. But it struggled when smartphones came into the market and the company was near bankruptcy. OPPO Electronics, which was founded in 2001 and was a subsidiary of BBK Electronics, proved to be a better response. OPPO Digital which is the overseas wing of OPPO started in 2004. In 2009, VIVO got added as a subsidiary of BBK Electronics. Now, VIVO and OPPO both invest a good amount in innovation and technology. A result of which VIVO brought smartphones with hi-fi technology into the market which offer much better sound quality. Both OPPO and VIVO have built a really good retail network in whichever country they operate. Both also invest a lot of money in marketing. You would definitely have seen at least a dozen of their hoardings. OPPO is the sponsor of Indian cricket team. VIVO is the sponsor of IPL and FIFA World Cup ‘18 RUSSIA. Ever wondered why OPPO and VIVO phones cost more.
OnePlus is a subsidiary of OPPO founded in 2013. The cofounders CarlPei and Pete Lau, both, thought that the price for premium smartphones are too high. Even though they were working on an android phone, both of them used an iPhone because there were many disadvantages of android such as bad build quality, software not being intuitive, and a lot of bloatware. So they thought of making a phone that they personally would like to use, A smartphone with better user experience (UX). They wished to combine the openness of Android with Apple’s focus on design and user experience. While making the prototype they realized that they could make a flagship killer which would be economical as well. They did not want to sell the phone in the traditional way, like OPPO and VIVO. Instead, they launched their first phone Oneplus One online with an Invite Only system despite many experts tell them not to go with the Invite Only system. But the phone was a grand success as you all know. By end of 2014, they sold more than 1M Oneplus One’s. An astonishing part of this success was that they achieved this without any marketing (#cool). They believe in giving their customers quality products so that they can promote the product among their family and friends. According to them, a happy customer will definitely appreciate the product and promote it. Then in 2015, they came up with their second phone Oneplus 2 which was also based on Invite Only system. Referring to the success of Oneplus One they had satisfied their customers and now they should move to a more mainstream audience. This led to the removal of NFC (Near Field Communication) even though their customers asked for it. They also used an average processor (Snapdragon A 10) which did not have a good thermal performance. In the end, they were not able to build a good quality phone. It had issues such as lag and also phone heating up due to which it wasn’t received well by the customers. They came up with Oneplus X in 2015 targeting the midrange segment. They removed the invite only system from here on. It was a great phone but it was not their customers wanted.
This was the answer by the majority of the users. They expect high-quality flagship killers from them. Oneplus 2 and X were 2 big blunders by them. 2015 was a year to forget for them where everything they did proved wrong. This was all because they did not listen to what their customers wanted. They learned from this and began to concentrate on customer feedback. Later in 2016, they came out with Oneplus 3 and 3T and many experts rated it as the best phone of the year. In 2017, they launched Oneplus 5 and 5T and it was regarded as the most complete phone ever. They were back on success tracks. Recently in 2018, they launched Oneplus 6 which have bagged good responses too. Leaving blunders of Oneplus 2 and X, this company/brand have been a great success. An interesting thing is that how a company formed JUST in 2013 started competing and even overtaking market leaders such as Apple and Samsung.
Given below is a survey conducted by them with their community: Do you like the Oneplus X? Yes No Would you buy the Oneplus X?
According to co-founder Carl Pei, the T series was named after “ SOME COMPANY’s” S series and as they were One plus (1+) they came up with the T series 15
ENTERPRISE FOR A CHANGE The Road made from Plastic.
-Shruti Iwanati Social entreprises differ from business entreprises in the sense that they take into account positive benefits for society, besides self-sustainability. Their vision is to develop innovative products or services that empower the underprivileged, directly or indirectly. Acting as catalysts of change, they seize opportunities to generate social value and unleash the true potential of the society. They seek to balance activities that provide financial benefit with social goals, such as providing housing to low income families or job training. Funding is provided primarily through selling goods and services, though they may also receive money from grants.
You must have got the idea from the heading whatâ€™s this story is about. Innovations are already a part of our life. This is a story of an Indian scientist, a businessman and founder of K.K. Plastic Waste Management Mr. K. Ahmed Khan who made a remarkable discovery of using plastic waste into construction of roads. In 1996 there was demand on plastic ban. Their and hundreds of workers livelihood were dependent on that plastic. One cannot simply shut down the company. The Khan brothers had to find an alternative way to keep their business going. They started working on this problem by setting up a laboratory of their own and conducted many experiments as to how it could be used. Finally! they made a breakthrough to know that it could be used in road construction.They tried filling up holes in the Garden City- Bangalore.After observation of 6 months, it showed visible improvements. They continued their research R.V. Engineering College. After a two-year they got the green signal from Centre Road Research Institute,Delhi (CRRI). The brothers met the then Karnataka CM S M Krishna. Thanks to the CMâ€™s encouragement, the Khans laid their first plastic waste road in front of Rajarajeshwarinagar front gate in 2002 in association with Bangalore Municipal Corporation (B.B.M.P). From here it has become as mandatory to use plastic waste in road construction and till now we have used plastic waste on 1200 kms using 3500 tons of plastic waste. This has created a chain of networks in the city involving house makers, schools, and municipal garbage collectors. The major source is ragpickers and all this was possible by paying Rs.8/ per kg by which it has become an attractive price as an incentive to their efforts. By eliminating plastic waste at the source, the garbage will be free of plastics, which would be more useful, as 80% of the garbage can be converted into compost manure, which will be very useful in agriculture and also in keeping the land fertile.
We present to you three such stories of entrepreneurs who have changed the way society works. A change for the betterment of all of mankind.
The future challenge is to establish our concept of making India free of plastic waste menace, and we are yet to overcome it. 16
Power of Solar Energy
Crowdfunding for India
SELCO is a social enterprise, which has been in the business of providing solar power to remote villages and even urban slums that are off the power grid since 1995. Harish Hande an alum of IITKGP felt that small scale standalone installations were the best way to reach remote dark villages in India, while he was in Dominican Republic and Sri Lanka, working for his PhD from the University of Massachusetts. Hande cofounded SELCO INDIA (in 1995), a social enterprise, to eradicate poverty by promoting sustainable technologies in rural India. He went from village to village in Karnataka spreading awareness about solar lighting. During the initial days he stayed for days in a village and played the role of a technician too, installing the solar panels himself.At that time the Government had installed solar powered street lights in rural Karnataka and many lights had failed to work. It made villagers sceptical about solar power and convincing them was a hard job.However SELCO’s approach of customized products, doorstep financing and a strong service network made them successful. Today, SELCO lights 120,000 households, micro-enterprises and community facilities. The solar lights could cost anywhere between Rs 8240-Rs 10670. A basic set-up consists of 4-7 watt compact fluorescent lights (CFLs), a photovoltaic (PV) cell mounted on rooftops of huts and a lead acid battery that stores electrical power generated by the PV cell. In this way the solar energy could be used both during the day and night. SELCO’s goal is to reach another 200,000 customers in the next five years and to have a product for a person who earns less than Rs 1000 a month.
One can only imagine a world where people from lowincome groups can easily avail of loans at subsidized interest rates to say, undertake vocational training, improve sanitation facilities at their homes or raise capital for a small business. Enter Milaap, a microlending organisation that does online fundraising for these causes. Causes which directly improve the standard of living and productivity of people at the ‘bottom of the pyramid’.What Milaap does is provide an online platform for people to lend their money for a certain period, to borrowers who need them. The money lent is returned by the borrower after the stipulated period, thus making the lender a Good Samaritan without losing any of his principal amount. These needy borrowers are identified by Milaap’s field partners, which are credible and proven NGOs, vocational training institutes, microfinance organisations etc. And these field partners then upload loan requests to Milaap which in turn connects the borrowers to lenders directly by displaying borrower profiles through its website. Milaap is the brain-child of three youngsters, two of whom are graduates of National University of Singapore and the third is an alumnus of the prestigious IIT Madras and IIM Lucknow. These three guys have a single vision – to change the people’s concept of giving and make it a personal, transparent and sustainable process. Since its inception in 2010, Milaap has raised a whopping $820,000 in loans from around the world and this amount has directly impacted close to 25,000 lives. Field partners are charged a 5% fee for the funds raised and that’s how this social startup sustains itself. The Bangalore based company has also raised capital from investors like First Light Ventures, Lion Rock Capital, Unitus Seed Fund, Jungle Ventures, etc. Milaap, as the name suggests, is an effort to bring together the new young India and the real India and empower them both to make a difference.
Hande has been awarded with Ramon Magsaysay Award and Karnataka Rajyotsava Prashasti in 2011. In June 2008, India Today named him one of the 50 pioneers of change in India.
Enterprises with mindsets like this are the ones that can really make a difference to the social and economic fabric of the nation on a large scale.
“What a beautiful connection between sustainable energy poverty alleviation without actually talking about climate change and that is what we’ve been doing for 18 years. Poor are actually going to teach all of us how to consume less, how to actually protect the environment and do a sustainable business.”
Milaap has a single vision – to change the people’s concept of giving and make it a personal, transparent and sustainable process.
- Harish Hande in INKtalks 17
STARTUP FEVER IN IITs
Started as a youtube channel by TVF Media Labs, founded by Arunabh Kumar from IIT-KGP, is one of the earliest Indian digital entertainment company covering videos from wide range of genres. Owing to the most viewed series Permanent Roommates & TVF Pitchers, TVF received a funding of $10 million. The thought behind this startup is to reach out to the younger generation who seldom watch television for entertainment.
These people aren’t different from the rest. They have their disrupting idea and chose the road to create, re-create, fail, start and succeed. Everyday there is a new problem that implies a new startup idea for these people. They set their goals and celebrate when they’re realized. They’re young and might not behave as maturely as people at the helm should. College is the time when are brimming with ideas, dream and passion. Every now then we hear a ‘machau’ story of student achieving what he/she worked for. As our favorite Walt Disney said “If you can dream it, you can achieve it”. Haven’t we all dream for something which we can’t do? We all have that thrust to push our limit and reach the sky. All of you have heard the names listed in this article.Their founders were just like you in their golden days. Here I want to honor their efforts of standing out from the rest.
Every foodie hates when you have to stand in a line to thrive hunger. This saviour apps is a restaurant search and discovery app and website, providing in-depth information for over 1.4 million restaurants across 23 countries. Graduated from IIT Delhi, Deepinder Goyal And Pankaj Chaddah came with this google for food idea Foodiebay, later renamed to Zomato, to help user save time on deciding the menu. Zomato also launched zomato.xxx, a site dedicated to food porn.
A design and digital consultancy firm, founded in 2015 by two IIT-B students Sahil Vaidya and Chirag Gander. It provides services under three business units - Branding and Communication, Interaction Design and Digital Marketing. They noticed that social media platforms were becoming increasingly cluttered on various topics with diverse opinions. So they began making a minimal content describing the whole scenario which grabbed attention and soon became viral. The Minimalist has a team of 70 people and is working with a diverse set of clients from India and abroad.
Startups@IITBombay As one of India’s fastest growing companies, Ola is making it possible for lakhs of its users to never have to own a car or drive again and make available Transportation as a Service on Indian roads. This was founded by Bhavish Aggarwal and Ankit Bhati, alums from IIT-B. Last year Ola Cabs launched Ola Play in Hyderabad. With ‘Redefining your cab experience’ as the tagline Ola Play allows various partners like Apple Music, Sony LIV, AIB, Arre’, Audio Compass, among others, to build an interactive experience for users.
Bewakoof.com Prabhkiran singh Siddharth Munot
Botaroma Naman Kasliwal
BlueZeal Aditi Saha
Drona Aviation Apurva Godbole Prasanna Shevare Dinesh Sain
A highly acclaimed e-commerce site, founded Sachin Bansal and Binny Bansal - two fellows from IIT-D. This startup was headline in the news following its acquisition by an American multinational retail corporation Walmart. This acquisition intended to acquire a 77% controlling stake in Flipkart for US $16 billion. Started from selling books online the company now worth more than $ 20 billion. Infact Flipkart was the first company to launch Cash-On-Delivery service for the customers.
Bevy Mukesh Naraniya Yashwant Nagar Likhit Singhal Pankaj Arora
kWatt solutions Prof. Chetan Singh Solanki Atul Kumar Ayush Mahajan
Convalesce Shubhadeep Das Anil Sethi Dr. Girish Nair
It has changed how students prepare for competitive exams in India. Toppr is an online learning platform to prepare for entrance and scholarship exams. Founded by IIT-B students Hemanth Goteti and Zishaan Hayath. Toppr currently caters to over 4.5 million registered students. With a community of 15000+ educators across India that works 24x7, Toppr ensures that no doubts for students remain unanswered even past midnight.
Morfi Sanjana Mane
ForeignAdmits Nikhil Jain
ENGINEERS TO ENTREPRENEURS IITB had always been on a keen succour on helping its students to become leaders, innovators and generate new knowledge for society and industry. There lies a sea of opportunities for everyone and IITB has 3 best platforms for an student to metamorphose his/her idea to a venture.
THE ENTREPRENEURSHIP CELL
Eureka! It is the Asia’s largest business model competition accredited independently by CNN and Thomson Reuters. Instated to foster the spirit of entrepreneurship and business acumen among people all around the world, Eureka! fast-tracks the journey from an innovative idea to a commercial success. Eureka! Has grown to receive 10,000+ entries and has a prize money worth INR 5 million. Some of the successful startups that have come from Eureka include Zostel, Leaf Wearables and SocialCops.
E-Summit The annual flagship event of E-Cell, is a two-day summit with a vision of creating a synergic environment encompassing visionary students, entrepreneurs, investors and other corporate people. Some of the speakers include names like Rajat Sharma, Amitabh Kant, Nandan Nilekani, Sachin Bansal, Arundhati Bhattacharya, Shiv Khera and many more awe-inspiring personalities.
Entrepreneurship and Business (EnB) Club The best place to start your entrepreneurial journey. It conducts various types of events such as speaker sessions by eminent personalities, workshops, competitions and mentoring events. In addition, it conducts ‘Startup Bootcamp’ which is a platform to convert your business into a start-up.
Freelancers and Co-Founders Platform (FCoF) It is a unique initiative of E-Cell, IIT Bombay which helps you connect with people who can bring your idea alive. FCoF is a portal where we connect startups to the students who are interested in the kind of work they have to offer.
Startup Service Platform (SSP) SSP aims to provide some of the most necessary services availed by startups at very concessional rates compared to the market rates. Here in this platform, the vendors are reliable and at the same time have subsidized rates only for IITB students, staffs and alumni startups.
EnTech Website: www.ecell.in
E-Cell IIT Bombay, envision to foster a platform for innovative minds with potential ideas to create an impact. E-Cell has conceptualized and successfully implemented numerous activities and initiatives to cater to a wide range of people such as college students, young entrepreneurs and professionals. Below mentioned are some of the major initiatives of E-Cell:
This initiative envisions to increase the number of technology startups coming out of IIT Bombay. Through this initiative, we plan to connect professors, with sound technical background and industry insights, to students who are interested in monetizing research projects into successful business ventures.
EnSpace EnSpace - EnSpace is our official blog, bi-annual magazine and a one stop learning platform for all the student who have interest in knowing about entrepreneurship. It has videos, blogs, dictionary, reference material,etc to enlighten the students about the entrepreneurship.
Society for Innovation & Entrepreneurship
Desai Centre of Entrepreneurship
Society for Innovation and Entrepreneurship (SINE), is an umbrella for fostering entrepreneurship and nurturing tech start-ups at IIT Bombay. It administers a business incubator which provides support for technology based entrepreneurship and facilitates the conversion of research activity into entrepreneurial ventures.
Desai Sethi Center for Entrepreneurship is the academic part of the entrepreneurial ecosystem of IITB. They train and develop student entrepreneurs to have a positive impact on society. Their major aim to establish facilities and provide educational programs so that every student entrepreneur have the entrepreneurial knowledge that is required by anyone to create a venture. Desai Sethi center for entrepreneurship provides support[Content, context and contacts] to all the students and facilities in their entrepreneurial activities. Desai Sethi as of now offers a B.Tech Minor in Entrepreneurship to the Student of IITB. Students need to complete 30 credits of courses offered by the Desai Sethi Center for Entrepreneurship for completing his/ her minor.
SINE offers start-to-end support to innovators and entrepreneurs. It gives prototyping grants, provides incubation support to IITB-based tech startups and runs accelerator programs in corporate partnership. Incubation support includes physical infrastructure, seed fund, connections to mentors and investors, professional service providers, exposure to entrepreneurial ecosystem. It runs various events, outreach activities and programs for the benefits of innovators and start-up community. Set up in 2004, It is one of the earliest incubators in academia with a potential to create economic growth, strategic value and social relevance. Over a period of time SINE has supported 120+ startups, 330+ entrepreneurs and 300+ innovators and 3500+ employment has been generated by SINE companies SINE is actively participating in many new programs in collaboration with Government, Institutions, Industry and Academia. It has also expanded its activities by reaching out for cross-border collaborations. It has been selected as â€œCentre of Excellenceâ€? by Department of Science and Technology (DST), GOI and also approved for setting up a BIO-Incubator, i.e. BIONEST to support the medtech start ups. As an early adopter of the incubation activities, SINEâ€™s practices have been replicated across the country in academic and R&D institutions. SINE is also supported by various government departments. Plugin Programme is a collaboration program between Department of Science and technology, SINE and Intel. It is a one year accelerator program for hardware and systems startups. This program is there to address various problems that are faced by a hardware startup in Indian Ecosystem for product development and commercialization. Plugin program mainly focuses on startups with technologies such as Artificial intelligence and Machine learning, Blockchain and Internet of things in the domain of Healthcare, Manufacturing, Retail and Transportation. Major benefits include financial support, International visits and connections, infrastructural and technological support, mentoring and coaching, Business network,product development, visibility and demo days. Some of the successful startups that have come out of SINE include Sedemac Mechatronics, Seclore, Idea forge, Medprime, Atomberg technologies and lucideus technologies. Website: www.sineiitb.org
Desai Sethi center for Entrepreneurship also have a Proof of Concept lab which enables startups to form teams, explore commercialization potentials, demonstration of proof of concept, creation of prototype and pitching to investors and businesses. The proof of concept center is developed to support students their ideas into tangible products/services through rapid prototyping, performance management, application management and validation facilities. The Ignition Studio has a CNC machine, a 3D Printer and power tools to help students fabricate their prototypes. Desai Sethi Center envisions to do various collaboration of industry so that industry veterans interact with various students and entrepreneurs. Interaction happens through speaker sessions, mentoring sessions and panel discussions. Website : www.iitb.ac.in/dsce/en
6 He is an Indian business magnate, writer, investor and philanthropist, CEO and Chairman of a chain of amusement parks. 10 Indian industrialist, investor, philanthropist, is the recipient of Padma Vibhushan (2008) and Padma Bhushan (2000). 11 an Indian business tycoon, investor, and philanthropist, who is informally known as the ‘Czar of the Indian IT Industry’. 14 IITB alumnus, was the chairman of the Unique Identification Authority of India (UIDAI). 15 Founder-owner of the chain of a famous coffee outlets.
1 IITB alumnus, co-founded an Indian origin online transportation network company. 2 Father of the White Revolution in India. 3 Founded the second largest publicly traded company in India by market capitalization, and the second largest company in India as measured by revenue. 4 started a company that is popular for manufacturing products ranging from cosmetics, soaps and detergents. 5 Founder and patriarch of the largest two-wheeler manufacturer in the world, and also in India. 7 Chairman and Managing Director of India’s second-largest selling mobile phone company by sales. 8 Was awarded the Padma Shri for pioneering the Herbal beauty care movement and taking the Indian herbal heritage of Ayurveda worldwide 9 He is a co-founder and the CEO of India’s largest online and mobile classifieds portal. 12 He is a business executive, entrepreneur and the co-founder and Executive Chairman of an American privately held early-stage company, winning the Google Lunar X Prize, and of ultimately mining the Moon for natural resources of economic value.
CREATIVITY AT ITS BEST Examples from the Advertising Industry
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Chief Editor - Shruti Iwanati Chief Designers - Rashi Gupta & Jyotirmaya Mahanta