Category: Features

Was there a specific ah-ha moment or an incident that made you realize how necessary a book like this was?

Oh there were hundreds. Between the two co-authors, we have met several hundred start-up founders, and they have all been looking for that elusive manna from heaven, namely funding. But we were surprised at how clueless most of them were about how to go about it. Many of them had no entry barrier – something that investors insist on. Most of them did not have scalable businesses, without which investors would simply pass. In fact many of them had no real business plan – they were simply executing.

We used to advise mentor these founders on all the above issues. And then it hit us. Why not write a book about it. And reach not hundreds, but thousands of start-up founders. And that’s where out book was born.

Co-authoring a book comes with its own asset of challenges but the authorial voice in this is so consistent. How did you manage that?

Right from the beginning, we realized that the style of writing had to be consistent right through. Both the authors provided content – and each one clearly had his own strengths. Both wrote drafts. There were the usual fist fights over some of the material – ending amicably over beer, of course. But the final version was penned by one of us – with both the authors concurring.

Is there a secret sauce for a successful start-up?

Yes there is, but its not secret. It’s a framework that the authors have developed after studying hundreds of start-ups – both successes and failures. And its called PERSISTENT. To explain, P stands for PROBLEM. In other words, are you solving a problem for your customer? E refers to EARNINGS MODEL, or simply, how will you make money? R is the RISKS associated with the business. S stands for SIZE OF THE MARKET. I refers to INNOVATION, which your product or solution must have. The second S implies SCALABILITY. After all, even if you are operating in a gigantic market, you will not get anywhere unless your business is scalable. T refers to the TEAM – starting with the founders of course. E stands for ENTRY BARRIER, or how the business will keep competitors at bay. N refers to NICHE – if you are in a large, crowded market, identify a non-crowded NICHE within it. And the final T stands for TRACTION. You many have everything else, but are you actually getting customers and rupees?

We have found that successful start-ups are PERSISTENT, whereas unsuccessful ones lose out on one or more of the PERSISTENT  parameters. And that’s what we have focused on in our book.

From an investor’s perspectives which sectors do you think would be the best to invest in right now?

We would like to divide sectors into three categories. Those which have been negatively impacted by Covid – such as hotels, restaurants, gyms, movie halls, taxi and bus services, travel, etc. These are a clear no-no for investors right now. After all, why would you invest in such uncertain times?

Then there are those sectors which have not been impacted, either negatively or positively – such as FMCG and agritech. These are evergreen sectors, and will remain so. In fact, Lead Angels has been investing actively in these sectors, even during the pandemic.

Finally, we have the star sectors – those that have been impacted positively by Covid. Sectors that have boomed because people were forced to stay at home and change their lifestyle. On-line gaming is one. After all, what do you do, if you have to sit at home 24×7? You play games, don’t you? Another area is On-line education, all the way from little kids to adults. In fact, several investments that Lead Angels has made in these sectors over the past couple of years, have just skyrocketed beyond our own expectations. And of course there is health. People are getting more and more concerned about health, and that is leading to a surge in businesses in health-tech. As well as businesses which are into organic or natural products. You see, eat healthy, be healthy, and invest healthy is the mantra now.

What kind of impact will the pandemic have on startups?

Apart from the sectoral shifts that we have spoken about earlier, there are two significant impacts. First of all, founders have begun to cut costs dramatically – simply to survive in a low-business environment. Salaries have been reduced, plush offices are being vacated and business are shifting to smaller, lower cost environments. Work from home is becoming a bit of a norm. We believe some of these trends will be permanent – such as the trend in increasing work from home.

The second major impact is that Covid has separated the men from the boys. Here we mean the founders of course. There are those who have simply thrown up their hands and are waiting for God – or the appropriate vaccine – to help. But there are those who are fighting. Those who have pivoted their business model, either temporarily or permanently, to stay afloat in this pandemic. Interestingly, this has given investors a great way to separate out the investible companies from the rest. Namely, look for founders who are fighters. Those who have figured out ways to survive. They are the winners of the future, and they deserve your money, dear investor.

Have you observed some startups that have become successful without funding?

Sure. Unfortunately, funding has become a kind of “In-thing”. You have to get funding because your peers have got it. How else will you hold a glass of beer at the next party and talk nonchalantly about Series A and Series B? Funds should be raised because you need them, and not because it is fashionable to do so. Two highly successful companies mentioned in the book – InfoEdge and IndiaMart – started off over twenty years ago and steadfastly refused to raise funding, except when it was really necessary. They are now both market leaders in their respective fields. Among the recent ones, we have an interesting company called Gadgetrestore, which is into the business of repairing and refurbishing mobile phones. They started just over a year ago, never raised funding, are profitable, and are growing. What more can you ask for? Remember, funding is to be taken when you need it, not when your friend has taken it!

Saeeda Bano was the first woman in India to work as a radio newsreader, known then and still as the doyenne of Urdu broadcasting. Over her unconventional and courageous life, she walked out of a suffocating marriage, witnessed the violence of Partition, lost her son for a night in a refugee camp, ate toast with Nehru and fell in love with a married man who would, in the course of their twenty-five-year relationship, become the Mayor of Delhi. Though she was born into privilege in Bhopal-the only Indian state to be ruled by women for four successive generations-her determination, independence and frankness make this a remarkable memoir and a crucial disruption in India’s understanding of her own past.

Read below an interview with the translator of the book, Shahana Raza:

Q: The seed to translate this book was sown back in the day when your grandmother got her friend to read and record it on to audio cassettes for you. Could you shed some light on this incident/process?

My grandmother wrote the book in Urdu. When I told her, I can’t read or translate it as she has written it in a language I can understand well but can’t read, she asked her friend to narrate and record the entire book on to analog audio cassettes. I had no clue she was doing this! One fine day, 8 neatly marked cassettes were handed to me just as I was leaving for America. The tapes travelled with me – from India to the US and are finally here with me in Dubai. When I decided to translate Bibi’s book, (we all called Saeeda Bano, Bibi) I found Syeda Shan who read the entire book out as I transcribed it word for word. Not only was her Urdu fabulous she also had a huge lughat –Urdu dictionary. Then Urdu

litterateur, translator and writer Zakia Zaheer combed through the entire translation with me to ensure my writing had done justice to the original. My grandmother’s Urdu vocabulary was highly erudite.

Q: Translation requires a certain degree of transparency. How did you manage to indulge and also be detached, especially when this book must have rekindled old memories of your grandmother?

Initially I felt awkward, especially the chapters after her marriage when one realizes her experiences as a wife are not entirely joyful! At this point Bibi quotes Mirza Ghalib,

‘Phir waza e ahteyat se …. rukne laga hai dum….’

I am so consumed with the anxiety of being discreet, I feel suffocated

I realized this was my grandfather she was talking about! Though he passed away before I was born, everyone who knew him said he was a kind man and a loving father. So, that was not easy. But I strongly believe, people have several sides to their personality, we are not unidimensional creatures. I mean, for example, I may be a better daughter and mother, than a wife or a sister … we can’t judge a person from the perspective of one relationship.  I kept this focus while translating. I saw both her (and him) for who they were – a young couple unable to navigate the complex world of marriage, not from the point of view of my relationship with them. This helped me to flesh out the various shades of emotions Bibi has expressed so beautifully in her memoir.

Q: Is there any section from the book that you look back to in times of uncertainty/adversity?

Several actually, but the main one is the determination with which she leaves behind the life of comfort and familiarity she was used to in Lucknow and comes to Delhi in August 1947, to start working in a male dominated industry as the first woman news reader for AIR’s Urdu service. She chooses to live in a single woman’s hostel (in YWCA) instead of with family friends, experiences communal riots, endures financial hardships and despite tackling occasional bouts of self-doubt, never ever looks back or gives me. I admire the fact that she did what she did without making an apology of the truth, curtailing her innate spirit or bowing down to societal expectations. I am quite fascinated that she could sit and write whatever she faced in life, this candidly.

Q: Which people, other than your grandmother, inspired you while you were growing up?

Most definitely my mother Naushaba. She was quite something herself! Extremely gutsy, loving, fiery, bold, great sense of humour, she could zap boredom out of any experience and make it memorable – from a torturously bumpy rickshaw ride to a formal Parent-Teacher meet. I remember her telling my teachers that they should let me focus on my extra-curricular activities instead of pressurizing me to get better grades! Like all dynamic women she too had several sides to her personality. She is no more, but my aunts and my Mum’s close friends inspire me in many ways to keep focus but not miss the wood for the trees. These ladies have carved strong identities for themselves despite all odds, we have to accept them for the women they are, not just as mothers, aunts and grandmothers.

Get your copy here to get to know about the life and times of Saeeda Bano