In-depth survey by TiE Bangalore reveals what entrepreneurs really need, to succeed in FY’23
Bangalore 31st March ‘22: Funding is NOT the only goal for our Indian entrepreneurial community. Entrepreneurs shared that they want networking, mentoring and learning ahead of access to capital. The Bangalore Chapter of The Indus Entrepreneurs (TiE), the world’s largest non-profit organisation for entrepreneurs, conducted an in-depth study with a leading market research firm amongst 200+ entrepreneurs across Bangalore. Findings revealed:
● 77% of entrepreneurs surveyed believe that networking is a major challenge
To increase brand awareness and access to potential partners and consumers, entrepreneurs are recognizing that networking opportunities are paramount. This has been particularly hit during the pandemic – as online meetings offer very little scope for serendipitous networking
● 63% of respondents noted that they need to rapidly build their own learning & internal capabilities
Entrepreneurs are seeking to learn fast- in acquiring knowledge of markets, business & technology and look to learn from the best practices of other successful entrepreneurs
• 56% of entrepreneurs cited finding and connecting with the right mentors as a challenge
Both existing & new entrepreneurs recognize the value of a mentor for the business as well as for personal and professional growth.
• Interestingly, only 40% of entrepreneurs surveyed shared that they needed help in accessing capital
TiE Bangalore interviewed 200+ entrepreneurs across Bangalore – founders of early-stage start-ups across D2C, Fintech, Healthcare, Manufacturing, Gaming, Mobility, Agri tech etc., and consisting of both existing, serial entrepreneurs and first-time entrepreneurs. Around 15% were female founders. The purpose of this in-depth survey was to understand what really matters to these entrepreneurs for their growth, and the areas that TiE Bangalore need to focus on, to accelerate their journeys.
Recently, TiE Global released the TiE Impact Report in partnership with KPMG – and the impact has been quite significant. Since its inception, TiE has mentored more than 25,000 start-ups globally, which have generated over 2.5 million jobs and USD 1 Trillion+ in wealth creation.
As one of India’s first TiE Chapters, TiE Bangalore continues to play a critical role in fostering the entrepreneurial ecosystem in Bangalore & Karnataka by collaborating between various ecosystem stakeholders – VCs, Angel Investors, Educational Institutions, State Governments, Incubators, Corporates & Corporate Accelerators, etc.
Over the last year, TiE Bangalore has organised over 110+ initiatives/programs that have seen participation of over 15,000+ entrepreneurs and the support of over 25+ leading corporates as sponsors. One such key initiative is the Matrix Forum (formerly called IoT Forum) – TiE Bangalore’s special interest group. Started in 2014, Matrix Forum is now a vibrant community of over 2500+ IoT startups, 14 task forces and 100+ active volunteers. As TiE Bangalore’s flagship event, Matrix 2022 is scheduled for May 24th & 25th as a hybrid event in Bangalore and is being supported by the Dept. of IT/BT, Govt of Karnataka as a State Partner.
Mr. BJ Arun, Chairman, TiE Global said “The Indian start-up ecosystem has indeed taken off with 42 start-ups becoming unicorns in 2021 and another 13 turning unicorns within the first three months of 2022. Start-ups are really driving the Indian economy through their innovation & technology. Therefore, it is even more important now to accelerate the growth of this entrepreneurial ecosystem to play a significant role in making India a $5Trillion economy. TiE will continue to play this pivotal role of adding value to entrepreneurs in their growth”
Mr. Madan Padaki, President TiE Bangalore said “The survey has validated that the pillars of TiE – Networking, Mentoring, Education & Incubation are as relevant today as before. At TiE Bangalore, we will continue to accelerate the growth of entrepreneurship & entrepreneurs by leveraging our unique strengths of strong local community of charter member and the global network of entrepreneurs. We will continue to drive flagship initiatives like the Matrix, TiE Young Entrepreneurs & TiE Women while seeking to establish newer partnerships with Corporates & Governments to expand the possibilities for our entrepreneurs”
Today, TiE Bangalore is also hosting its Annual Celebration of the Entrepreneurial ecosystem with the presence of Dr. C.N. Ashwath Narayan, Hon’ble Minister for IT/BT/ST, Skills Development Entrepreneurship & Livelihoods, & Higher Education, Government of Karnataka as the Chief Guest, and Shri. Dinesh Chandra Patwari, Principal Chief Commissioner of Income Tax, Karnataka & Goa as the Guest of Honour – and is celebrating the contributions of over 75+ Charter Members & partners in fostering this ecosystem.