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5 Ways to Validate a Business Idea, Right Now

Don't let your day job or lack of capital stop you from finding and testing a business idea. Here's how.
Last year, I embarked upon a personal challenge to validate a business idea in 30 days. To make it even more difficult, it was a random idea chosen by my readers. They asked me to do it without using my existing website, traffic and business connections and without spending more than 20 hours per week on the project. On top of that, I limited myself to spending no more than $500 validating this idea. The experiment was a success.In just two weeks, I built an email list of 565 subscribers without having an actual website. Then, I reached out to a handful of those subscribers and pre-sold 12 copies of a book that didn't even exist yet, all in less than 30 days. I wrote about the experiment in real-time with in-depth weekly updates, successes, failures and lessons learned along the way, right here in my validation challenge. Today, I want to share with you the five most effect…

DIPP To Rank States On Basis Of The Success Of Their Startup Policies; Invites Feedback From Ecosystem Stakeholders

The Efforts Taken By The States Before March 2018 Will Be Considered And Final Ranking Will be Announced In June 2018
 
The Department of Industrial Policy and Promotion, DIPP is now inviting feedback from startup ecosystem stakeholders to rank the states and union territories on the basis of the success achieved in implementing their startup policies. A feedback mechanism has been opened on the official website of Startup India.

As mentioned on the Startup India website, the said stakeholders include startups, mentors, investors, accelerators, incubators and the government bodies.

“For this exercise, all actions and initiatives undertaken by states on or before March 2018 will be considered. Some of the parameters, which was essential for states to have a well-defined startup policy running, include having a startup cell or helpline and a mobile or web portal to act as a one-stop-shop for all queries on starting up, the size of the mentor network created by the state government for startups and also the number of key incubators for incubation support to startups,” saidan ET report.

The final ranking of the states is expected to be awarded by June next year. The report further states that the ranking parameters have been made public on the Startup India hub website. This includes:
  • Hand holding and easing compliance with regulations,
  • Infrastructure support,
  • Research and development and human capital development support,
  • Fundraising support and fiscal incentives,
  • Marketing support and promoting international exposure to state startups

To date, 15 startups have announced their startup policies. These include Andhra Pradesh, Goa, Kerala, Rajasthan, Telangana, Karnataka, Odisha, Chhattisgarh, Gujarat, Bihar, Uttar Pradesh, Madhya Pradesh, West Bengal, Assam, and Uttarakhand. Also, recently Haryana state government also announced to launch its startup policy.
Here are some recent announcements from different state governments on implementing new funds and taking new initiatives to boost their startup ecosystem.
  • Banking on its policies, the Andhra Pradesh’s government managed to achieve an 11.72% growth rate as compared to 5.7% in India. Recently, Andhra Pradesh Chief Minister N. Chandrababu Naidu said to allot $15.6 Mn (INR 100 Cr) to create a separate startup fund for budding entrepreneurs.
  • In August 2017, Uttar Pradesh Chief Minister Yogi Adityanath set up a $156.2 Mn (1000 Cr)startup fund for helping entrepreneurs in the state.
  • Launched in April 2017, the North East Venture Fund was the first dedicated venture capital fund for the North-Eastern region. The size of the fund would be about $15.5 Mn (INR 100 Cr).
  • In May 2017, Karnataka’s agriculture department set aside about $1.5 Mn (INR 10 Cr) fund to be administered by the information technology and biotechnology (ITBT) department. In March 2017, Priyank Kharge also announced a fund of $1.4 Mn (INR 10 Cr) for women entrepreneurs of the state.
  • In March 2017, the Government of Bihar set up a startup fund as a trust, with an initial corpus of $76 Mn (INR 500 Cr)


Since the announcement of Startup India Action plan by PM Narendra Modi, the states have been working actively in implementing their startup policies. With DIPP taking into consideration the feedback from startup ecosystem stakeholders, a fair ranking can be expected.

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