Tuesday, October 13, 2015

Celebrating Failure - Coimbatore Startups - 2015, October Meetup

The usual Second Saturday of the Month at Tib corp, Excellence Towers were a vibrant team of people from various startups in and around Coimbatore.

The agenda was clear, "Celebrate Failure". Sharing the stories on how they failed to the gathering for the people to pickup lessons from them was the motive which was well kept up.


 


After the initial round of networking, discussions and niceties shared, started the story telling on failures;

1. Bootstrap


The workplace can be made jazzy even with very little investment. Arvind of the Coimbatore Startups core team he passionately talked on how his first venture a restaurant that he had heavily invested did not sky rocket as expected. Cutting down all the expenses that you can and building a bootstrapped MVP is the solution to simply scale up.


2. Failure is Not Fatal


Ebin, seamlessly talked on how the society had branded him after his initial failure in engineering subjects. This made him to drop off the college, startup and run a successful show and get back on track on his academics and graduate with an engineering degree.


3. Calculate the Probability of Risk


Hari, talked about on how he had failed and learned to calculate the probability of risks in the tasks involved in taking forward his wooden decor business. He also did give an important point on how online sales fetched him better profits by packaging the product in a precise way.


4. Market Research


Karthikeyan and Santhoshini, the CA couple focused on delivering training sessions in the field of accounting explained on how the printed marketing materials with a course registration date led them to a headache with the distribution and targeting.


5. Sense the Next Step


A young second generation entrepreneur had scaled up his father's business and when it hit the ceiling limit and gradually bounced downwards since he was not able to retain the subcontractors. Taking the failure on the lighter side, he decided to venture into his new startup.


6. Never Give Up


Among us was a veteran student who has given multiple attempts to clear both CA and CS exams and is with the moto Never Give Up. He also has a Accounting Firm that he runs successfully.


7. Be Detached


Although having let go a profitable venture, having very clear insight on the  strategy on not getting into a loss was the story shared by Meera. She iterated that all the successful entrepreneurs take ZERO risks and build on established models.


8. Business is not Personal, So is failure


Aru, had vast experiences to share on how the feature list of his product kept on adding and the development was done targeting to finish all the features before releasing the product, finally the  client did not want any of the features but for the first one.


Another important insight shared was on finding a co-founder "Your good friends need not be your good co-founders".


9. Time is Money


It was my story where I spent a lot of time building a table for my company eventually not realizing that Time is Money and the season to harvest has gone by and for the next season it is a long wait...


There was a sense of pride and passion among everyone who shared their story and celebrated failure. The common thought everyone had was Failure was due to a mistake, Learn from the mistake and never do the same mistake again. 



Fail, Learn, Grow




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.