The fact that India is the fourth largest startup nation across the world says a lot about the impact of developments since the post-liberalization era of 1990s till the launch of Startup India. Bangalore is well known as the Indian Silicon Valley, fostering as well as re-enforcing the spirit of entrepreneurship. Emergence of this entrepreneurial culture has led to the development of an ecosystem, not just limited to one city or state, but one that is omni-present.
According to a NASSCOM report, there has been 40% y-o-y growth in the number of accelerators and incubators in India. More than 50+ such ecosystems are operational across India’s length and breadth, to shape the ideas of tomorrow in a reality that is today. An essential element of the growth has been the regulatory changes as well as the participation of major corporations, to not only support the startup wave financially, but also to guide the budding entrepreneurs in their journey.
YES BANK, India’s only Startup Bank has collaborated with 100+ startups, and has adopted a co-opetition approach, rather than competition approach with Fintech startups. Accepting that all innovation cannot come from within the Bank, YES BANK has created the A.R.T. model of Banking – Alliances, Relationships & Technology model to partner and collaborate for the next generation of innovations that will change the outlook of financial services industry.
In January 2017, YES BANK launched their accelerator program, YES FINTECH in partnership with T-Hub, India’s largest startup engine and Anthill, VC firm, with LetsTalkPayments, a global Fintech insights platform, as a knowledge partner. 11 startups were selected to join the Summer cohort of YES FINTECH and are undergoing a fast-track growth phase, wherein YES BANK is not just guiding the startups in their journey to scale up but also working alongside these brilliant minds to co-create innovative solutions for their 2 million+ customers.
The #FINTECHACK intervention
With a host of enabling ecosystems, like YES FINTECH across the country, there are limitless possibilities for an entrepreneur. Experts are keen to take on the role of a mentor, corporates are recognizing the technology developments coming from an entrepreneur and inherently, startups are keen to build a network of investors, clients as well as potential partners. The need of the hour isn’t another ecosystem on the likes of incubator or accelerator, but a one-stop community which provides a startup access to that network. With this background and an innovation DNA being well rooted within the organization, YES BANK is creating that community of experts, mentors, influencers, entrepreneurs, investors and partners – #FINTECHACK- one stop platform for startups to learn the best practices from Industry experts who created them. #FINTECHACK is a community where one can discover like-minded individuals, not only mentors and investors but also partners and co-create innovative solutions on the open APIs provided by YES BANK and ecosystem partners. It is a platform for accelerated learning or hacks, providing not only a sandbox testing environment, but also a dedicated focussed group for testing and quick pivots.
Startup related challenges
With an enabling ecosystem, an out-of-the-box idea and a scale up plan, an entrepreneur is looking at a well-lit runaway for take-off. However, beyond the take-off there are many not so glamorous elements that are essential for a smooth journey. Understanding the legal aspects of running a business tops that list, followed by more operational tasks for scaling up, like hiring the right talent, vendor and supplier contracts, etc. For example, laying down the founder’s agreement, being compliant of the various provisions of the Company’s act, understanding taxation and the benefit of GST implementation, are critical for every startup. Another important issue that has propped up recently is the various elements of POSHA guidelines (Prevention of sexual harassment at workplace) and how can a startup maintain a safe work environment complaint to these guidelines.
Legal essentials for your startup
In light of recent developments, a number of startups run into an array of legal problems, that can not only shake the resolve of entrepreneurs but also break the very foundation of the startup.
Understanding the Legal provisions of building a business and scaling it is essential and hence, #FINTECHACK is organizing a curated session on, “Legal essentials for your startup” on 18th May 2017.
This is where, Legal experts would offer insights on the numerous challenges faced by any entrepreneur while setting up a business and scaling it.
The session would examine legal hassles for startups across different stages, right from idea to well-funded, what are the key things one should keep in mind while raising investment. Understanding the intricacies of IPR Act and IT act, along with contracting basics that are essential for every entrepreneur.
18th May, 2017: The action would unfold
‘Legal essentials for your startup’, will see the participation from experts like Anupam Prasad (Partner IndusLaw), Archana Khosla, Partner (Vertices partners), Anisha Patnaik (Founder, Lexstart), and Sharda Balaji (Founder, NovoJuris Legal) in Mumbai.
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