ENTREPRENEUR/STARTUP SPECIAL...LESSON NO.8 FROM REAL EXAMPLES
Games with Science
InOpen Technologies, was founded in 2009 by
InOpen Technologies, was founded in 2009 by
Rupesh Shah and
Sridhar Iyer, who is a professor at the Department of Computer Science and
Engineering, IIT-Bombay. The startup, incubated at Powai campus, offers a
learning programme that uses animation, games and other interactive multimedia
tools to impart computer science education at the school level. The books,
which are available in eight Indian and two foreign languages, present the
content in a story format through a dialogue between two child characters,
Tejas and Jyoti. There is also a facilitator character, Moz. The book
comes with a CD which contains interactive educational software and games. In
2010, Shah was introduced to a fund manager at venture firm, VenturEast.
However, InOpen then needed only a small amount, which they got as a
collateral-free loan from a public sector bank. “But, we kept in touch with the
fund,” says Shah. “In 2011, we decided to raise funds and we approached
VenturEast as they understood our model well,” he says. In mid-2011, VenturEast
invested $500,000 in the start-up. Shah says the fund has been instrumental in
connecting them with a number of school trustees and also in getting the
financial model and processes right. The company is now working on a cloud
version that can work across platforms, including tablet-PCs. “We hope to have
our content across platforms –– from books to tablets –– by 2013,” says Shah.
Computer Masti is being used by 150 private schools and has been taught to over
two lakh students. “The challenge now is to speed up content generation and
maintain quality at the same time,” he says.
3 TIPS TO RAISE MONEY
Be clear why you need to raise funds and explain to the investors how exactly you will use their money
Be sure about your stand while negotiating with the investor. Know what you are ready to compromise on and what you will not compromise on
Get a lawyer to negotiate on your behalf, especially if you are raising funds for the fi rst time
3 TIPS TO RAISE MONEY
Be clear why you need to raise funds and explain to the investors how exactly you will use their money
Be sure about your stand while negotiating with the investor. Know what you are ready to compromise on and what you will not compromise on
Get a lawyer to negotiate on your behalf, especially if you are raising funds for the fi rst time
Radhika P. NairET120629
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