The takeover of Profoundis by FullContact has energized the startup sector in Kerala. The news is sure to inspire wannabe entrepreneurs. This is the first notable takeover of a Kerala-based firm.
Though there had been takeovers in the past, this one stand out. This deal heralds Kerala’s excellence, pointing to the state’s armory of ideas and the technology to implement them.The success gives young entrepreneurs a model worth emulating.
Also read: Blockbuster deal: US firm acquires Kochi-based start-up Profoundis
Mentoring is key to a startup ecosystem. Kerala has very few people who have made a mark in IT products. There are not many professionals available to guide the new generation.
Also read: Profoundis deal shows Kerala's robust startup ecosystem: investor
Mentors from outside the state have limitations as they may not be familiar with the conditions in Kerala. Only youngsters can understand the ways of young entrepreneurs effectively and work with them. Founders of a company like Profoundis have invaluable experience to share with youngsters. That is how a startup system grows.Kerala’s startup system also gains through this deal.
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The Startup Village has been working for four years. A company typically takes three to five years to prove its mettle. The Startup Village was able to showcase its achievements in the short span of its life.
This would help the entrepreneurs to go forward and the government to envisage new schemes. Kerala has no dearth of youngsters with brilliant ideas and technical exposure.
Our task is to channelize their energies. Every age would have its favorite startup sector. If e-commerce was a strong startup area sometime ago, its place has been taken over by financial tech including mobile wallet.
It is important to identify the sector that has assumed importance. Young innovators have to be mentored. The new generation may not be aware of the markets and the means of marketing.
Those who have tested the waters should advice them. Finding success in startups in a short time is not easy. We have to give young entrepreneurs time to prove themselves, rather than ignoring them.
If one company from Kerala has turned the global spotlight on itself, others can also do it. Feats such as this one will inspire so many others.
(The writer is the co-founder of Infosys and the mentor of the Startup Village at Kalamassery.)