Gaurang Shetty is currently the Chief Innovation Catalyst / CEO at RiiDL (Research Innovation Incubation Design Laborator), which has been initiated by Somaiya Vidyavihar and backed by Department of Science & Technology Government of India. He also leads the Developer Circles community for Facebook in Mumbai. RiiDL is the Innovation centre and the Technology Business Incubator (TBI) of the Somaiya campus.  Shetty, established a FABLAB affiliated with Center for Bits and Atoms, MIT USA and Do it yourself Biology Lab. He conceptualized and initiated India’s biggest maker movement, Maker Mela, which has attracted over 10000+ innovators and every year the event hosts 100 teams from across Asia. He was also shortlisted by YCombinator for the start-up school program in Silicon Valley, California, 2016. In a conversation with the Higher Education Team, Shetty talks about his views on entrepreneurship.

1. How would you define true entrepreneurship?

If you learn and work to surpass yourself quickly, things will start changing for you. Entrepreneurship involves taking risk and listening to your gut and your customers!

2. What is the most difficult step: finding an idea, making the first steps to transform the idea in a real business, getting your first customer?

Transforming your ideal into a real business is difficult, because you have to learn the market needs, understand your customer and know if the timing of your product in the current market.

3. What are the most difficult things to overcome when starting a company in India?

Finding good people in your core team who can help you accelerate.

4. Do you think it is easy to become an entrepreneur in 2018? What are the current opportunities for aspiring entrepreneurs in India?   

Yes! Access to incubation centers, technology and resources from corporates and educational institutions have been a boon. So, it is a good time to start your company and scale up quickly. Several grants like NIDHI Prayas, BIG grant and many more are available for startup founder to build their prototypes.

5. Who is more suitable for entrepreneurship, a student or an industry professional?

Anyone with a hustle to make things happen or change redundant systems can become an entrepreneur. Even a retired person can start a company and address the current market needs or solve a problem.

6. More and more youngsters from our campuses are looking at becoming their own bosses and not working for someone else. What is your advice to them?

Stay Grounded! 

1) Work on the basics, know your technical stuff and meet your customer

2) Build a prototype

3) Don't spend money on unnecessary things and go the lean way! For the first few years, Say No to - fancy offices, buying expensive equipments, recruiting too many people with no clarity of work. 

4) Meet as many startup founders, visit events related to your idea and find a mentor who can guide you.