ENTREPRENEUR/STARTUP SPECIAL...LESSON NO.5 FROM REAL EXAMPLES
How Employable Are
You
In 2007, brothers Varun and Himanshu Aggarwal came across a report by the Nasscom , which estimated that just a quarter of India’s engineering graduates were employable. The duo felt that there was a need to scientifically define employability. Under the guidance of their mentor Professor Tarun Khanna of Harvard Business School, the brothers designed a test to help firms assess the aptitude and domain knowledge of students. The pilot to test the product was a succcess in Delhi and soon the duo decided to introduce their concept to various colleges. AMCAT or Aspiring Minds’ Computer Adaptive Test is designed to involve corporates to adopt and use it as a mechanism to evaluate potential hires and eliminate bad hires. On the other hand, students and first-time job seekers use AMCAT to help them evaluate their employability skills. The brothers pooled in their savings worth $50,000 to build the proof of concept. In 2008, they raised an angel round of funding worth $500,000 from Ajit Khimji Group, followed by an undisclosed amount of series A funding from
Omidyar Networks of eBay founder Pierre Omidyar.
In 2007, brothers Varun and Himanshu Aggarwal came across a report by the Nasscom , which estimated that just a quarter of India’s engineering graduates were employable. The duo felt that there was a need to scientifically define employability. Under the guidance of their mentor Professor Tarun Khanna of Harvard Business School, the brothers designed a test to help firms assess the aptitude and domain knowledge of students. The pilot to test the product was a succcess in Delhi and soon the duo decided to introduce their concept to various colleges. AMCAT or Aspiring Minds’ Computer Adaptive Test is designed to involve corporates to adopt and use it as a mechanism to evaluate potential hires and eliminate bad hires. On the other hand, students and first-time job seekers use AMCAT to help them evaluate their employability skills. The brothers pooled in their savings worth $50,000 to build the proof of concept. In 2008, they raised an angel round of funding worth $500,000 from Ajit Khimji Group, followed by an undisclosed amount of series A funding from
Omidyar Networks of eBay founder Pierre Omidyar.
3 TIPS TO RAISE MONEY
Stand by your vision and be objective while you seek advice and investment
Stand by your vision and be objective while you seek advice and investment
Work out a realistic and implementable business plan
Proof of concept is key – it not only helps you get
investment but gives the right feedback to your vision and business plan
Sreejoni Nag ET120625
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