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A Step-By-Step Guide To Building a Multi-Million Dollar Business

Event Description

Date : 01-06-2020

Time : 04:00 PM - 05:30 PM

Venue : Zoom Platform

Speaker Profile

Speaker Name : Mr. Avelo Roy

About Speaker : Avelo Roy is a serial Tech Entrepreneur, Investor & TV Host, who started his first startup at the age of 19 around his patent pending technology while still studying as a computer engineer at the Illinois Institute of Technology. He built it to a multi-million dollar valuation by the age of 22. He has built 8 Businesses in the US & India with multi-million dollars worth of products and services. As the great great grandson of Sarojini Naidu, Avelo continues the legacy forward by tirelessly serving the Indian youth through entrepreneurship education His efforts through Kolkata Ventures in the past 3 years have resulted in 400+ revenue generating startups responsible for around 4500 new jobs created in 10 states of East India. He is the: MD, Kolkata Ventures (Kolkata) Director, ECC Engineering Pvt. Ltd (Kolkata) Board of Advisors, Amity University Online Board of Advisors , Comedy Munch (New Delhi) Former Startup Advisor, Prime Minister of Nepal Guest lecturer: Illinois Institute of Technology, Northwestern University, IITs (Delhi, Bombay, Kharagpur, Bhubaneswar, Goa, Hyderabad and Guwahati) Facts & Figures: 500+ speaking engagements in US & India, including White House Panel for Entrepreneurship Education, Startup America, Invest India @ Rashtrapati Bhavan, TEDx Talks, Josh talks and more. 150+ awards in India, US, Canada & China 1800+ startup mentees in India, US, Canada & China.


A step by step guide to building a multi-million dollar business

61st Startup Sathi Webinar Series organized by iHub & SSIP on 01 June 2020

Speakers: Avelo Roy, Managing Director - Kolkata Ventures

Moderator: Mr Hiranmay Mahanta, CEO - iHub

Dignitary: Shri M Nagarajan IAS, Director - Higher Education,  Education Department, Gujarat

About Webinar

The webinar was focused on how to build a better product by choosing the right market for Startup and grow over a  period of time by following some ground rules.  Mr. Roy also shared some gripping insights on Entrepreneurship/ Startups and how to move up the ladder by starting taking the  small - small steps.

Some highlights from the session:

  • CAN’T SPELL ENTREPRENEUR? - Be the one and hire someone  who can! 

It’s not a problem that one doesn’t know everything about entrepreneurship/ startup; It’s important to have a vision about the business and a compatible team which can help you to achieve it. If  you are a  Creative, find a  co-founder with Analytic skills and  vice versa.

  • Kolkata Ventures provides virtual incubation. It has supported over 400 startups till date and raised funds of INR  10 Crores in the last year.  

  • It’s very important to have a media presence and spread awareness among people about what value  you’re adding. “Jo dihkta  hai, vo bikta hai”

  • Entrepreneurs are different from others. They Disgust with the routine/ monotonous work, Desire to do something better and contribute to lives/ society and Decide to resolve the issues. Once you decide to Resolve, the next step is  to Create a Campling VISION, which has to be specific. Then, ACT : divide your vision into  short term & long term goals and act to achieve it.

  • Preparing a day wise plan to achieve at least three things to reach out to your short term goal. Everyday Small changes = Sustainable; could result in massive changes over a period of time.  

  • The top things you’re passionate about can be the  best Market for your business, since you understand as well as empathise with the pain/ problems in  that area. And, with your top skills you can create a product or can find a co-founder with the required skill sets to solve the problem. Thus, combining the  PASSION & SKILL one can build the Business model.

  • A BUSINESS MODEL describes all parts of the company necessary to make Money. It is important to start earning money with a minimum viable product. THere are different segments such as Customers, Marketing &  promotions, Value proposition, Revenue Stream, Expenditure, Strategic partners and more are part of BUSINESS  Model and  needs to be taken care of while preparing the  same. Create a repeatable  and scalable business model.    

  • A STARTUP is a  temporary organisation designed to search for  a repeatable and scalable business model

  • A problem is something that no one wants, but everyone  has to face and no one can avoid it.  Successful STARTUP starts with a market problem and not with an idea. so START with a  problem  and idea.

  • Once you identify the problem that a group of people face, conduct primary market research by direct interviewing/ talking to the same group of people as well as use secondary market research to collect the  information. Afterwards, Ideate the solution on paper/ visual and  go to market for feedback on  your Idea. Accordingly,  build your prototype; get the  feedback on  it and Validate the solution. 

  • When you are creating a  product, it is important to know who your customer is and what product they really want?

  • Build a minimum viable product, test it in the target market, and learn the responses. Launch the MVP and start earning. Once you get succeed; repeat the process in bigger market and  scale the business like other startups such as Zoomcar, Airbnb,Ola etc

  • Divide your 1 Million dollar dream into small goals and make a plan to achieve it over a period of time 

  • Having a good team and a mentor is very important for a successful  startup. Multiple digital platforms can be used for the  same.

  • The top most required skills for entrepreneurs are  Communication skills & Money management  skills.  Also, skills like digital marketing, HR management, Analytics add advantage and apart from all those skills, an entrepreneur must follow ethical aspects. 

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