Startup Saturday: From Bust To Boom, What Failure Teaches

By Namita Shibad
Hindustan Times, New Delhi

WWR Article Summary (tl;dr) From rushing to market to letting fear rule decision making, several entrepreneurs candidly share some of their mistakes along their journeys.

Hindustan Times, New Delhi

Failure is a loaded word. Simply put, it means that you could not accomplish what you set out to do, but, it also portends the possibility of success.

For it is the learnings of failures that pave the way to success. And, it is hardly possible that a fledgling startup did not make mistakes, did not succeed. Various entrepreneurs share what were their failures and what they learned from it.

Speed kills
Prathamesh Korgaonkar of KickTechBox went through very trying times when he set out to be an entrepreneur. “I was working with Cognizant when I hit upon a solution in computer hardware. I thought it would be easy, but things worked out differently.”

Prathamesh rushed in with his idea without realizing all that it takes to patent it, all that the regulatory systems need from a business. He says, “First I thought that I could sell my idea straight away in the US. I found out that one needed to file a patent in one’s own country first before taking it anywhere else.”

So Prathamesh filed for a patent in India and then after six months filed for a patent in the US. “The Modi government has set up under ‘Start Up India’, a fast patent execution initiative, but the process is not so simple; you have to first be incorporated in India. It’s all crap that you can get your idea patented quickly. It takes around a year!”

Meanwhile, Prathamesh got his US patent and fielded this to VCs abroad. Says he, “I even got Vinod Khosla interested in my venture, but I needed my Indian patent to be done first. My lawyer and I have been running around trying to get this patent organized. What is important is that if this takes so long, sometimes the idea may become too dated and get rejected.

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