I remember having had a discussion with batchmates triggered by an online article in 2005 when i was in my final year at college. The article predicted that big MNCs in India would find it more and more difficult to recruit and/or retain top talent in years to come. This, because of attractive offers from startups which MNCs would not be able to match in terms of one or more of: salary, work, scope, mentoring, growth curve etc. I and my batchmates (Integrated CS Btech+Mtech, IITD) did believe a bit of it then. One year down the line, we know it for sure. Half of us are now in startups as founding members or early employees, and most of the rest are looking for a switch soon.
Saw this today:
“27 graduates out of the 35-student electrical engineering batch at IIT Mumbai have opted for jobs with start-ups rather than top-tier companies.” extracted from http://economictimes.indiatimes.com/articleshow/1637763.cms
However, it is rather disapointing that for most, the sole motivation is a bigger salary packet. The inability to appreciate the other larger benefits of working in a startup still remain unappreciated, primarily because of lack of information on that front. I was having a talk with one senior faculty member at IITD on how there should atleast be one serious course offering on entrepreneurship so that students be able to take a more informed decision. His response indicated a lack of participation from industry. Incubators such as the one at IITD cannot be effective if they are to work in isolation. Would be great to have some triggering from the Investor/Entrepreneur Community on this front.
- Fresh Talent & Startups - June 12, 2006
- Investor Ecosystem - February 28, 2006
Hi Guys ( Gals?):
Came across this site and thought of asking you.
As a private investor, I am looking to generate a deal flow from interested organizations in India. Your thoughts/ideas?
My goal is to identify enough leads and qualify prior to making a trip to India. Also any idea how I could identify good CPA/Law person in India to do the due diligence?
BTW, I am an IIM-B alumnus -in the Boston area for about 11 years; Would love to have a phone conversation ( or lunch) with some of you who are local and/or are in the thick of it.
Thanks in advance!
Warmly,
Pradip
I
When I came to India to build net4India /net4domains we actually never had a problem in hiring people for the startup, you have to sell the team who is there, since you dont have a products, and sell a little of the dream to go with it.
Also make sure you get people in the right level when it comes to maslow…HR
Iqbal
In Silicon Valley there are four signficant reasons that people join an existing startup
1. They are done with being a cog and savor the excitement of frontlines
2. They want to do a startup themselves but want to learn on some elses dime
3. They find themselves not able to move to the next level in their organization
4. They want to get them stock options and get rich
Of these only the first two are valid any more.
If anyone is motivated to join a startup for reason 3 I would strongly caution the founders againt hiring the person.
And finally, reason 4, the gold at the end of the rainbow. It rarely exists for the employees who are not founders. It is not a good bet.
So if you are founders trying to hire people, Listen to Mona and focus on 1 & 2.
Mona
>>The inability to appreciate the other larger benefits of working in a startup still remain unappreciated, primarily because of lack of information on that front
Very well said. I have co-founded a startup Advetta – (www.advetta.com) at IIIT H (www.iiit.ac.in). The biggest problem that we are facing is at recruiting people. Everything else has not been atleast such a problem – clients, mentors. Touch Wood :D.
People here at IIIT H are getting 5-8 lakhs a year and we cannot afford such high salaries. And nothing can beat the euphoria of CAT-MBA.
I think one of the biggest problems that startups will face in India is talent. The reason is not only big pay packets. Another big reason is pressure from family. How many Indian parents can think that their son who graduated from top college is going to work in a garage. The thought itself might evoke strong emotions.
Hope things will change fast..
rajAT
Abhishek,
I would be happy to work with a faculty member at IITD on structuring such a course. I think other Band of Angels members could help as well. So if any IIT Delhi faculty member is interested please put him in touch with me.
It is wonderful to hear that some talent is moving to startups.