BlueChits- Crowdifying Dreams

             Entrepreneur of the Week#1

Sahil Bhatia & Prabhav Manchanda

a.      So who are Prabhav and Sahil basically… tell us a little about yourselves?

I am Prabhav Manchanda currently in final year of my B.tech in electronics and instrumentation degree from SRM University. Partial foodie,football and music fan.
I am Sahil Bhatia and I have just completed my Final year of B.Com from Narsee Monjee College of Commerce and Economics. Also, I am a Final CA Student. Adventure Sports and travelling are the things I love. Apart from that, I am a fan of ever evolving technology and like almost every college student, completed lot of Seasons.

b.What led you to going ahead with the idea of "Crowd Funding" to turn into a business entity?  

                                                                                                                                                                    

There were quite a few factors. The thing is we see a lot of ideas around us dying without evengetting a chance to prove themselves. This is one of the biggest factors that motivated us.Apart from that, being an engineer I knew that the rural part of India has come up with brilliant inventions in the past couple of years but always remain under the cloth for obvious reasons. Thus, we tend to make an effort to actually promote the idea rather than the financial benefits of it.

c.       What was the most challenging task while setting up?

       Most challenging would be to get capital and setting up the website as none of us from computer background.The next most challenging thing (which still exists) is the lack of knowledge of the concept of Crowdfunding among the people. So a lot of effort would go into publicizing the concept rather than the entity.

d.      If given the chance to go back in time, is there anything that you would’ve done differently that would impact BueChits as it is today?

Fire our web developer when we had a chance.

e.      What future plans do you have for your business entity?

     

As a business entity, we are currently looking for investors in order to provide some features that are the USP of BlueChits. With Equity CrowdFunding coming into Indian diaspora and hopefully will become a reality by 2018, we are working towards establishing ourselves as prime CrowdFunding platform which would put us in a comfortable position as & when Equity crowdfunding becomes a part of Indian finance methods. Also, we aim to become a one stop shop for Crowdfunding activities right from campaign to manufacturing new concepts and unique rewards.

f.        What are the 3 top factors to which you would like to attribute the success of your startup?

1) Crowd
2) Personal Network
3) smart use of available resources

g.      How inviting is Indian Business Ecosystem towards upcoming businesses like yourself?

 Indian Business Ecosystem is based more on hype than economic factors. If you are in a field which is in trend, chances are you’ll get funded or acquired. But, if you are working in an offbeat field, you have to work really hard to get an identity. Because of lack of knowledge, getting established here is a tricky task. Apart from having the right contacts, it is important to have each and every metric ready. For aspiring startups, it becomes a real task to catch up. We are not selling a product that has margins. We are into the business of evolving ideas and concepts in such a manner that they are capable to become a business themselves. And this is something the Indian Ecosystem will take its own course to understand.