Mon­ Build­ing Ecosys­tem for Star­tups

US-based web­site plans to add more men­tors and rope in ven­ture cap­i­tal­ists

The Economic Times - - Career & Business Life - Prachi.Verma @times­

New Delhi: US-based em­ploy­ment web­site Mon­ has been mak­ing in­roads into the startup ecosys­tem by lever­ag­ing its cus­tomer base to crowd-source funds for en­trepreneurial ven­tures in In­dia. In Jan­uary this year, the com­pany came up with a sur­vey to judge the pulse of its 49 mil­lion user base around star­tups. “Within Mon­ster, we were also ex­plor­ing the startup space as our 49 mil­lion users have as­pi­ra­tions to start some­thing of their own,” said San­jay Modi, man­ag­ing di­rec­tor of Mon­ster In­dia. It was then that the com­pany went ahead and cre­ated an um­brella called ‘Make In­dia Work’ – an ecosys­tem for star­tups. “Break­through came when we started look­ing at an­gel fund­ing and crowd­sourc­ing, we said that th­ese 49 mil­lion users could be po­ten­tial fun­ders for star­tups,” he said.

Th­ese job seek­ers got an im­me­di­ate con­nect, which was ab­sent ear­lier. “We have also pro­vided a frame­work for those who wanted to startup. With men­tors, fund­ing, we are giv­ing an en­tire eco-sys­tem for those want­ing to work for a startup and those want­ing to start one,” Modi said.

Cur­rently star­tups don’t fetch any sig­nif­i­cant rev­enues for Mon­ster. “But it will def­i­nitely get big­ger,” he said.

Mon­ster, which has five men­tors in­clud­ing Ma­hesh­war Peri and Arunacha­lam Mu­ru­ganan­tham, CEO, Jayaashree In­dus­tries, is look­ing at adding more men­tors and rop­ing in ven­ture cap­i­tal­ists. The com­pany has also launched a new pro- duct —‘so­cial job at hir­ing’. This was a re­sult of its ac­qui­si­tion of a com­pany called ‘Ta­lent Bin’ in the US about two years ago. The of­fer­ing through this ac­qui­si­tion is a prod­uct that crawls the dig­i­tal land­scape. “So this prod­uct crawls twit­ter, FB, Google and gives a list of can­di­dates based on skills as per the clients’ re­quire­ment,” Modi said.

The com­pany’s hir­ing so­lu­tions are free and so are the ser­vices for any­one want­ing to start a ven­ture. “If there are in­cu­ba­tions, we will keep them free till the star­tups reach a point where we know they can be com­pared to a mid-sized or­gan­i­sa­tion and they have the ca­pac­ity to look at pay­ing,” he said.

“We will pick up peo­ple who have spent 15 years and plus in the or­gan­i­sa­tion and share the ideas with them first rather than go­ing to the bot­tom of the pyra­mid with those ideas be­cause it can be dis­sat­is­fy­ing for the cus­tomer,” he said. The next phase would be to in­clude men­tors from the re­gional spa­ces like Sin­ga­pore, etc.

“Phase-II would be to take the startup ecosys­tem to the in­ter­na­tional mar­ket,” Modi said. Af­ter star­tups, it is the blue-col­lared jobs seg­ment for Mon­ster. “Sim­ply it is be­cause the largest and the most dis­or­gan­ised sec­tor,” Modi said.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.