STARTUP GOA
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Joshi, a “ Rajesh serial entrepreneur with over 20 years of experience in the business had started 6 startups during the time when the concept itself was in a nascent stage. He moved to Goa as a project consultant for the Government of Goa as a part of the startup promotion cell in the state.
By Rajesh Ghadge
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Later on he was appointed as CEO of the Atal Incubation Centre (AICGIM) at Goa Institute of Management formed under the Atal Innovation Mission, Niti Agog of Government of India in year 2021 and since then he has helped hundred of startups to achieve their dreams by providing them with the platform and funding. According to Rajesh, he could have continued adding to his list of his start ups but while working for the government of India he found his calling, “I decided to help other startups to scale up as it was no longer about fulfilling your own dreams but helping others achieve theirs and I really thank the GIM (Goa Institute of Management), who hired me and gave me an opportunity to do this,” said Rajesh adding that he has helped more than 100 startups with the incubation programs at AICGIM. “One of them I would like to name here is, Minco, started by Sanket from Sakhalim Goa that has 40 / INCREDIBLE GOA / APRIL 2022
managed to raise 2 million dollars.” R a j e s h a l s o mentioned that they had started the virtual incubation during the Covid and it continues to operate till date. “Besides this we have also added something called On Demand Incubation, under which the startups don’t have to sign up the contract with AICGIM and they are free to incubate elsewhere, and at the same time they can come to us for any kind of help when they face an issue, this way we are trying to be a Startup Buddy rather than incubation as such,” he added. Increase Customer Base There are many issues faced by startups in India and in Goa, a significant one being a paucity of funds. When asked, Rajesh admits that this is a huge problem in the country and a main reason being the rate of interest which is comparatively higher than the other developed countries. “It is not right to compare the western economy
with that of India since the rates of interest there is much lower compared to India,” said Rajesh adding that rate of interest in other countries is around 2 to 3 percent while in India it is nearly 6 to 10 percent. “The investor in the west does not have any choice but to invest into the startups and new ventures and new ideas but in India that is not the case. My advice to the startups in India is to generate money through the customers rather than from investors. According to me although India while having a higher rate of interest also has a larger marketplace, and stronger customer base compared to other developed countries. Many startups make this mistake by looking for the investors, instead they should be widening their customer base and the Investors will come automatically to them.” Goa is a Great Place to Innovate Goa is a great place to live and work and thus many start-ups come down to Goa but once they get initial funding and
support they move out of the state. When I asked Rajesh about the same he said that Goa is a great place to start and innovate. “Goa is a place where startups can conceive and grow, and according to me there is no other place in India like Goa. When the startups start their innovation and product tests, Goa is a great market for the product market fit, the reason behind this is, Goa has everything right from industries to the agriculture, from marine to shipping and most important is the Tourism and health care and Goa is a mix of all three sections of the society, rich, middle and lower middle class and what the innovators need is the quality of life and the work life balance which Goa has in abundance and that is what makes Goa a perfect place for the startup.” According to Rajesh, start-ups moving out of the state is for two reasons. “First is the market expansion which is not possible in Goa due to its small population and second is
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