Tuesday, July 14, 2015

Coimbatore Startups - 2015, July Meetup

Second Saturday of this Month, Tib corp, Excellence Towers was the venue and Sasi, Founder of Lyric Labs was the guest speaker at the Coimbatore Startups Meetup.

Saturday, July 11, 2015 people started walking in as early as 14:45 hours (I was told as I arrived a little later) and were busy with the pre-event networking. The meet-up started with an announcement from Arumugham.

After the initial round of introductions and the initial introduction by Sasi about the business that he runs and the way he started, there were a few questions taken up and answered;

Q: What were the Challenges you faced being a being a 1st gen entrepreneur?

MONEY came the reply without any hesitation. There were no big investors and I was narrowing down on the first client. Re-invest a portion of the earnings back in the business. This is the same way how traditionally business is being done. Stay away from investments wherever applicable.

Q: What is the real Pain point with the services being provided by the existing companies?

They were no organized and there was a big untapped market that could be serviced. 

Q: Who was your inspiration as a Startup?

My uncle, who was running the business where I worked earlier.

Q: What are the challenges that you faced when you were in Coimbatore as a Startup?

We were unable to find the right resource for the job. We moved to Bangalore for that reason and have over 1500 free lancers working for us. To manage these freelancers, we have a team of about 40 people.

Q: How do you manage these freelancers in a huge number?

We make it a point that the pay cheque is not delayed to them. We were able to achieve this by getting onboard top-notch clients who never delay a pay cheque. To do this we had to get "ISO certified (ISO 9001 DIN EN 15038) on Translation Services" which gave us a push.

Q: A translator working with Lyric over a period of time get's a raise in the salary?

No, we actually reduce the salary for the translator. But he starts making more money. How is that possible? We increase the word count, since the translator becomes experienced and conversion rate increases. Also, we encourage mini-entrepreneurs and encourage the translators to form their own teams and get the translations done. Thus the translator starts earning 10 times more than the time when he starts.

Q: How do you Network?

Reading books and being an active member of the meet-up communities keeps me active and networked.

Key takeaways:

1. Encouraging Mini Entrepreneurship within organization.
2. Learn the way traditional businesses work.
3. Network more and be targeted

See you all for the nest meet-up. Thanks for reading through.

P.S: We meet on Second Saturday of every month to network and grow organically. Join our Facebook group for more updates also, get added to our telegram group.

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