CEO SPECIAL.................... India shining: Teenagers turning CEOs with some e-help

 India shining: Teenagers turning CEOs with some e-help 

MUMBAI: Yash Bhargava, 19, is struggling to achieve work-life balance. Last June, Bhargava — still a second-year student of management studies — set up Shining Armour, a digital and creative agency that specialises in web design and social media consultancy.

The Navi Mumbai teenager already has nine clients and a staff of six. In March, Shining Armour paid Rs3 lakh in taxes and had a turnover of Rs12 lakh. “I love the independence that comes with being an entrepreneur,” he said. “But it’s tough juggling college, clients, a girlfriend, and football with my friends.”

Bhargava’s case is typical of the confidence, innovation — and leveraging of internet technology — that is driving the number of teenage entrepreneurs in India.

Other Indian companies set up by teenagers include Fundlined.com, a crowd-funding website set up by a Goan boy; NoteMyBook.in, a book-distribution website run by two engineering students from Mumbai; and Ukhadlo.com, a social networking website for entrepreneurs and investors, set up by a Navi Mumbai teenager.

While there is no data to quantify the rise in the number of such CEOs — as minors have to register their companies in the name of an adult relative or partner — consultants and venture capitalists say it is a growing phenomenon.

Yash Bhargava, 19, says he always wanted to be a CEO. “I was repeatedly told, ‘First get a degree, a job, slog for 20 years, and then maybe…’,” he says, laughing.

Divyansh Saxena, 19, and Vikramank Singh, 18, run notemybook.in, an online distribution network for people wanting to exchange second-hand medical and engineering books.

Last June, Bhargava — still a second-year student of management studies — became founder and CEO of Shining Armour, a digital and creative agency that specialises in web design and social media consultancy.

The Navi Mumbai teen already has nine clients and a staff of six. In March, Shining Armour paid Rs 3 lakh in taxes and registered a turnover of Rs 12 lakh.

“I no longer take pocket money from my parents,” says Bhargava, grinning. “But honestly, it’s tough to juggle college, clients and a girlfriend, plus make time for football with my friends.”

On an average day, Bhargava wakes up at 6 am, attends lectures till 1 pm, and spends the next eight to ten hours juggling client meetings and product pitches. Working from home, he coordinates with team members in Chennai, Mumbai and Pune via Skype sessions, teleconferences and a WhatsApp group. Football and movies are reserved for Sundays.

He is currently also working on building an e-store that will sell T-shirts and merchandise targeting college students.

As a result of his entrepreneurship, Bhargava can now take his girlfriend on dates to expensive restaurants.

“Recently, he offered to chip in for a new family car,” says his mother Manik, 47, a former general manager at Reliance Retail. “As a parent, it’s natural to get anxious about your child losing his way or being unable to multi-task. But an individual is most creative and risk-enduring as a teenager, so we are happy to see him take chances.”

Determined to be self-made, Bhargava has taken no initial investment, and little advice, from his parents. “The only time he asked for help was when he had to open a current bank account to deposit his first-ever client cheque,” says Manik. “Frankly, seeing how serious he is about his venture, I probably wouldn’t even mind if he opted out of college.”

Bhargava’s case is typical of the confidence, innovation — and parental support — that is driving the number of teen entrepreneurs and innovators in India, where tech-savvy, ambitious youngsters are leveraging technology and a conducive investment market to go it alone, simultaneously juggling their education or opting out of it altogether.

Most of these teen entrepreneurs own Internet businesses and offer a service rather than a product, thereby allowing them to keep overheads low and logistics seamless.

Some of these include Fundlined.com, a crowd-funding website set up by a teen from Goa; Appaholics, a Delhi-based app development studio, whose CEO is 17; NoteMyBook. in, a book-distribution website run by two engineering students from Mumbai; Ukhadlo.com, a social networking website for entrepreneurs and investors, set up by a Navi Mumbai teen; and DIY kits by 15-yearold innovator, TEDx speaker and MIT research fellow Angad Daryani of Mumbai.

A CHANGING E-SCAPE

While there is no data to quantify the rise in the number of such CEOs — mainly because minors have to register their companies in the name of an adult relative or partner — consultants and venture capitalists say it is a growing phenomenon.

“It’s natural for the entrepreneurship bug to have percolated down from management and engineering institutes to colleges and finally schools,” says Vineet Rai, co-founder of consultancy company Intellecap and founder of Aavishkaar Venture Management Service. “In the West, kids are independent by age 16 and there have therefore been several successful teen entrepreneurs making millions. In India, though, even a 35-year-old is dependent on their parents in one way or another. Culturally, we’re wired differently, which is why it’s interesting to see how start-ups have caught on among India teens over the past three years."

Seedfund managing partner Mahesh Murthy, in fact, thinks teenagers actually have an advantage in the e-commerce market targeting the youth.

“Nobody understands a young market better than a teenager. Those backed by supportive parents are taking the plunge, and that’s brilliant to see. As long as a start-up identifies a problem, discovers a solution, and finds a way to monetise it, as an investor, I wouldn’t care whether it was run by a teenager or a full-fledged adult,” he says.

If there is one age-related challenge they face, it’s their legal status as children. “Independently, a minor cannot register a private company in India,” says corporate lawyer Anupam Dighe. “But he can totally run the show and hold all the shares, as long as an adult steps in as official partner or guardian.”

In business transactions too, says Dighe, minors can hold bank accounts but the primary signatory must be an adult. But these are minor issues for the teens, who are focused instead on client meetings and product pitches.

“I build devices focused on solving real-world problems to empower people, like the e-Braille e-reader for the visually impaired. And then I build other products to maximise my income,” says Angad Daryani, 15, who also invented a 3D printer three years ago, a year after which he chose to opt out of school. “My choice is between being a social entrepreneur and a capitalist. I try to consider myself a mixture of both.”

In June, Daryani will start e-tailing six types of DIY kits — part of his ‘mass-market range’ — including a soldering kit and a portable USB speaker kit, via angadmakes.com.

Bhargava, for his part, is currently struggling to achieve work-life balance.

“I have to be careful what wallpaper I use on my laptop. I now have two phones, so that clients don’t get my fun WhatsApp pictures,” he says. “I love the independence that comes with being an entrepreneur. My only problem is that I’m a micro-manager. As we grow, I’ll have to learn to delegate.”

Humaira Ansari HT140601