Today's roundtable started with a reminder of a set of contests on which we are collaborating with corporate partners.
A&N Media is offering a series of 1M/1M scholarships to entrepreneurs in Britain to stimulate entrepreneurship in the United Kingdom. With a reach into 130 million consumers, their channel will offer a significant go-to-market opportunity for entrepreneurs looking to bring B-to-C products to market. Please note that while the Scholarships are for UK entrepreneurs only, the channel opportunity is more broadly available to 1M/1M entrepreneurs. More here.
To launch this initiative, A&N Media and TechHub are joining forces to bring you Battle Of The Start-ups on May 22 at 6:30 p.m. in London. During an in-person roundtable session, leading start-ups will have the chance to pitch to a panel of judges including myself. You can find more details here and can register here.
Also, BlueSnap and Elance are offering 12 scholarships to entrepreneurs working on digital commerce and subscription businesses. The deadline for applications is this weekend. More here. Please apply ASAP if you want to be considered. Finals will be on June 4 and 7.
The first presenter, Syed Harris from Chennai, India, pitched Masala Street, which would be best described as OpenTable for India. Syed wants to offer reservation facilities to Chennai restaurants as well as online delivery order management capabilities. In India, incidentally, delivery to the home is much more common because of the availability of affordable labor.
We brainstormed about the business model (SaaS vs. Transactions) and my suggestion is to start with transaction / success fee based models, and once the service gains foothold, SaaS subscription fees can be layered on.
Next, Sumit Saurav from Bangalore, India, pitched Campus Diaries, a concept whereby students and alums at various campuses are encouraged to publish context-specific stories related to the campus life. The best stories will later be compiled and turned into books and sold to the same communities. Other media such as eBooks, apps, etc., can also be created from content generated and curated by the community.
Sounds like a fun idea, but as we peeled the onion on the monetization and business model front, I wasn't convinced how the company would make substantial money. Sumit wants to raise $100,000 in angel money, but I don't see the investment case and how this concept offers an ROI to investors. It will be very difficult to build a sustainable, high-growth business out of this. In fact, even if you set aside the growth pace requirements of an investor-funded venture, I am not convinced you can bootstrap a sustainable business with this concept.
All Our Power
Then, Joe Kalfa from Maale Adumim, Israel, pitched All Our Power, a group buying concept that aims to bring 10 million consumers together and create a buying club. The business model is well known, Costco being one of its greatest successes. Groupon is also a spin on the group buying model. Joe wants to use a business model whereby he will take 3% of the revenues generated from selling to his audience.
Most of our discussion today was around positioning and customer acquisition strategies, which is currently Joe's weakest link.
You can listen to the recording of this roundtable here.
As always, I would very much like to hear about your business, so let me invite you to come and pitch at one of our free 1M/1M public roundtables. We will be holding future roundtables at 8:00 a.m. PDT on:
Thursday, May 31, Register Here.
Tuesday, June 4, Register Here.
Thursday, June 7, Register Here.
Thursday, June 14, Register Here.
Thursday, June 21, Register Here.
Thursday, June 28, Register Here.
If you want a deeper relationship with me, you are very welcome to join the 1M/1M premium program. If you have any questions about the program, please, first study the website, especially What to expect from the 1M/1M premium program and the FAQs. If you have additional questions, please email me, and I would be very happy to respond. Please note that I work exclusively with 1M/1M entrepreneurs.
I also invite you to join the 1M/1M mailing list for the ease and convenience of getting updates. This way we can stay in touch, and it will help you to decide if 1M/1M is a program for you.
Sramana Mitra is the founder of the One Million by One Million (1M/1M) initiative, an educational, business development and incubation program that aims to help one million entrepreneurs globally to reach $1 million in revenue and beyond. She is a Silicon Valley entrepreneur and strategy consultant, she writes the blog Sramana Mitra On Strategy, and is author of the Entrepreneur Journeys book series and Vision India 2020. From 2008 to 2010, Mitra was a columnist for Forbes. As an entrepreneur CEO, she ran three companies: DAIS, Intarka, and Uuma. Sramana has a master's degree in electrical engineering and computer science from the Massachusetts Institute of Technology.