The Equitus Founder and CEO has started 2022 by speaking at the prestigious Runway to Vibrant Gujarat Startup Summit.
Raam Shankar was invited to talk at the virtual event which aims to showcase more than 100 startups from across Gujarat, India.
Entitled ‘Successful Journey to an MVP and Beyond’ Raam’s session was attended by company representatives from around the world.
Minimum Viable Products is a subject close to Raam’s heart and an area Equitus Design Engineering and Innovations Limited excels in.
During the session Raam said that an MVP must offer a solution that is unique at a time and place that is relevant to the whole market, not just enthusiasts.
He also spoke of the importance of clearly defining;
- The problem you are trying to solve in one sentence.
- What outcomes will decide whether your solution is a success or a failure.
- What success is, what failure is and the methods used to measure them.
Other considerations Raam urged the audience to consider were;
- Resources and whether you have all the necessary skills, knowledge and experience in-house.
- Do you have a robust supply chain that will deliver MVP to the market?
- Ensuring basic infrastructure related to the MVP isn’t overlooked.
- Time, and when you realistically expect to deliver the MVP.
The effectiveness and consistency of the product was also a key factor Raam raised; with the MVP needing to perform its task 10 times out of 10.
The Equitus founder, TedX Alumni and an advisor to companies in the UK, India and Silicon Valley and UK India Trade Portal, firmly described sustainability as ‘not a box ticking exercise’ and prompted the audience to be genuinely sustainable.
He also touched on ‘what a product is’ by saying it is something you can touch, feel, lift and use as well as being a service.
The Runway to Vibrant Gujarat Startup Summit, presented by TiE Vadodara and supported by TiE UK North and Unified Growth Foundation, ran for a week from January 5.
Angel Investors, SEED Funders, Venture Capitalists, Institutional Investors, 20 Institutions and Universities, 10 Incubators and various Industry Associations also played a key part in the showcase.