Minds Beyond Money: Unveiling the Mentorship Dynamics in Shark Tank India
🔍Insights
The Shark Tank franchise began airing on Indian Television in 2021. Even though India has numerous television shows covering many themes, this is the first of its kind. Shark Tank India has provided an excellent platform for people who have always wanted to start their own business but have yet to take risks. In addition to inspiring countless viewers, the program introduced them to a wide range of financial terminologies, including terms typically belonging to business experts, such as capital investment, crowdfunding, angel investors, and series A (B, C, D, and E) funding.
There was a time when people opposed new ventures that pushed outside established industries. Parents typically advise their kids to choose engineering or medicine over other fields. According to Startup India, India has the third-largest startup environment globally and is predicted to expand by 12–15% annually.
The Sharks
How Startups Benefit From Shark/Investor Mentoring
- Industry Expertise and Connections
- Unbiased Guidance and Feedback
- Accountability
- Support for Risky Situations
- Enables Skill Development
- Enhanced-problem Solving
- Product Development
Instances From Shark Tank India That Extended Beyond Financial Backing
The Sharks
Shark Tank India's investor panel consists of entrepreneurs who have spent years developing their brands and have a comprehensive understanding of the Indian industry. The panel of investors consists of:
- Anupam Mittal - Founder & CEO of People Group and Shaadi.com
- Vineeta Singh - Co-founder & CEO of Sugar Cosmetics
- Peyush Bansal - Founder & CEO of Lenskart
- Namita Thapar - Executive Director of Emcure Pharmaceuticals
- Aman Gupta - Co-founder and Chief Marketing Officer at boAt
- Amit Jain - Co-founder and CEO of Car Dekho
- Ritesh Agarwal - Founder and CEO of OYO Rooms
- Deepinder Goyal - Co-founder and CEO of Zomato
- Azhar Iqubal - Co-founder and CEO of Inshorts
- Ronnie Screwvala - Co-founder of UpGrad
- Varun Dua - Founder and CEO of Acko
- Radhika Gupta - Managing Director and CEO of Edelweiss Mutual Funds
- Ashneer Grover - Ex-founder and Managing Director of BharatPe
- Ghazal Alagh - Co-founder and Chief Mama of Mamaearth
The primary goal of any businessman is to raise capital for their business. Still, they can also substantially benefit from paying attention to what investors have to say about their company. They act as mentors for startups.
A startup mentor advises and guides a business owner or employee based on their experience, abilities, and knowledge. Startup mentors frequently use their network to connect startup founders with other experts who can help them. Startup founders will benefit significantly from having a mentor, especially those who are establishing something for the first time. With a mentor, the founder does not have to figure out all the answers independently. Based on their expertise, a mentor can provide guidance and recommendations if you need help with pitching or what to do next to attract an investor.
Damini Bhandary
How Startups Benefit From Shark/Investor Mentoring
Industry Expertise and Connections
Mentors are frequently experienced investors or industry professionals who bring knowledge and skills to the table. They can spot rising trends, new technologies, and shifting customer behaviors that startups may be unaware of. Mentors are an intermediary between business owners and a wealth of knowledge gained from their journeys. This information transfer plays a vital role in helping companies make informed decisions, avoid frequently occurring mistakes, and stay relevant in today's dynamic business climate. Mentors often have extensive networks, which can be very helpful to a startup. They can put you in touch with potential partners, clients, or investors and support you to establish meaningful professional relationships.
Unbiased Guidance and Feedback
A mentor offers an unbiased perspective, free of the startup's emotional aspects, which helps make sensible choices. They assist in identifying areas for improvement within the startup and provide feedback concerning product development, marketing strategy, financial management, and team dynamics. A mentorship relationship includes a continuous feedback loop. Through regular updates and check-ins, mentors can monitor the startup's progress and stay informed on critical developments.
Accountability
The mentorship component of accountability is essential for keeping companies focused and disciplined. Alongside startup founders, mentors create strategic plans that support the company's overarching goals and objectives. They use their experience to help set realistic expectations for the startup.
Mentors also help entrepreneurs develop a culture of accountability among team members. This means encouraging open communication, shared responsibility, and a commitment to achieving common goals.
Support for Risky Situations
Mentorship should include support for risky situations, as companies frequently face uncertainty and obstacles. They assist startups in proactively identifying possible dangers and developing mitigation plans. Their vast knowledge enables them to provide valuable insights into the potential risks that emerging businesses may face. By foreseeing such risks, startups can create backup plans and be better equipped to handle unforeseen obstacles. Mentoring centers on helping the startup team cultivate a resilient and adaptive mindset, which can facilitate honest and open communication during challenging times.
Enables Skill Development
Mentors play an essential role in the personal growth of company founders by identifying areas that require personal development. They offer perspectives on successful leadership techniques and approaches, assisting founders in developing their leadership skills. Mentors serve as role models, and founders can learn from their conduct, decision-making processes, and problem-solving approaches. For founders, this kind of observational learning offers an effective way to recognize exemplary leadership in action. This promotes the development of critical thinking skills. Ultimately, this comprehensive approach helps the company succeed and thrive by strengthening the founders' competencies and encouraging a culture of continuous learning.
Enhanced Problem Solving
A key component of mentoring that helps a startup overcome obstacles and succeed is improved problem-solving skills. Entrepreneurs frequently encounter unforeseen obstacles. Mentors who have faced similar career challenges advise founders on traversing unfamiliar ground and preparing for success. Instead of focusing simply on immediate answers, they encourage entrepreneurs to think about their problem-solving methods' long-term effects and feasibility. This teaches them how to adjust their solutions to their evolving surroundings. When internal disputes threaten to hamper problem-solving, mentors advise on how to resolve them, creating a successful and cheerful team dynamic within the company.
Product Development
Startup Mentors use their industry knowledge to help entrepreneurs determine market demand for their product or service. During product development, startups are advised to seek consumer feedback actively. This guarantees that the product connects with the intended audience and meets their constantly evolving needs. They provide strategic advice on adequately positioning the product in the market. This involves strengthening competitiveness by considering factors like branding, differentiation, and pricing.
Instances From Shark Tank India That Extended Beyond Financial Backing
Beyond Snack
Beyond Snack, a healthy Kerala banana chips firm has raised INR 50 lakhs for a 2.5% equity stake from Shark Tank India's Ashneer Grover and Aman Gupta. The chips are not deep-fried and are free of trans fats, unsaturated fats, and cholesterol. These chips are suitable for consumption by all age groups.
Beyond Snack's success is mainly due to how the brand has been positioned - as a clean, basic, uncomplicated, and trustworthy choice. Beyond Snack plans to increase its retail presence in ten states and twenty-five cities in the coming year. The brand has also made significant strides in worldwide markets, establishing itself in the United States, the United Arab Emirates, Australia, Sweden, Qatar, Nepal, Singapore, and Mauritius.
Skippi Ice Pops
Skippi's mission is to provide Fun Food while prioritizing the health of its consumers. Colors and flavors are entirely natural, with no artificial sweeteners or preservatives. The creators, Anuja and Ravi Kabra were inspired by their shared passion for "Chuski." Ashneer Grover, Anupam Mittal, Vineeta Singh, Aman Gupta, Namita Thapar, and Ashneer Mittal invested one crore for 15% equity in this business.
Following his success on Shark Tank, Ravi has expanded his business nationally and beyond, introducing it in the United Kingdom, the United States, Australia, Nepal, Kuwait, Hong Kong, Dubai, and Malaysia. With over six hundred locations across India, their total sales increased by forty-one times.
Muskaan Kapoor
Snitch
Shark Tank India Season 2 showcased Snitch, a successful startup that won over all five sharks with its compelling business pitch and founder's ability to grow the company to a 100-crore profit. Snitch was offered INR 1.5 crore for 1.5% equity, with 0.3% equity for each shark. The founder of Snitch, Siddharth Dungarwala, established the business to address issues with men's fashion.
Following Shark Tank, Siddharth interacts with at least one shark daily, who offers valuable advice to the renowned company. Anupam Mittal also assisted him in overcoming mall rejections for launching offline outlets for the brand.
'Snitch' ने किया सभी Sharks को Invest करने पर मजबूर | Shark Tank India Season 2 | Full Pitch
Unstop
Unstop, which Ankit Aggarwal founded, provides a platform for gifted individuals to grow, improve their abilities, market themselves, build their resumes, and secure employment while realizing their full academic potential. This allows students to finally be hired by their ideal company and begin their career challenges. The portal links students in India's multiple fields to many global opportunities.
Unstop obtained INR 2 Crores for 4% equity from Aman Gupta, Namita Thapar, Amit Jain, and Anupam Mittal. There were 5 million active users and 16 crore in sales projected for 2021–2022 during the Shark Tank episode. In just six months, their revenues in 2022–2023 had already surpassed INR 12.5 crore.
Conclusion
Ultimately, Shark Tank India serves as an investment platform and a beacon for transformative mentorship, where entrepreneurs build relationships that go deeper than money. The experiences of the businesspersons featured on the show show that these mentors provide far more than just financial support. They want the entrepreneurs to thrive, offer continuing support, and share knowledge. Every piece of advice they receive and issues they overcome with their mentors are essential to the startup's growth. In the long run, Shark Tank India's mentorship makes a lasting imprint on the startup ecosystem in the country, proving that the journey is not just about reaching the destination but about the significant impact that mentorship has on the way there.
Tejas Mundhada
Must have tools for startups - Recommended by StartupTalky
- Convert Visitors into Leads- SeizeLead
- Manage your business smoothly- Google Workspace
- International Money transfer- XE Money Transfer
