New Delhi: The choice of a young graduate of IIT to abandon a well-paying ₹28 lakh per year job to begin a business has led to a heated debate on the internet. What seemed like a daring and encouraging step initially, gradually became a challenging and costly process.
The graduate told his or her experience in a viral social media post, exposing the reality of what it is like to start a startup in India that is far from what many tend to think. The person used almost ₹10-12 lakh in 11 months after having quit the job. The funds were used in constructing the product, salaries, and attempting to raise funds. They also spent extra lakhs on consultants, pitch deck reviewers and start up programs.
But the graduate claimed that most of these services were of little or no value. They were given lengthy mentorship calls, ambiguous guidance, and networking events, which did not go anywhere instead of actual help. The most notable aspect of the story is the critique of the startup ecosystem itself. The IIT graduate termed it as broken to the core, where success is in the form of connections and networking rather than ideas or hard work. They asserted that raising in India is like an order whereby founders are supposed to spend money and then they are supposed to have a real support. It is extremely hard to make any progress without good ties in venture capital.
The most sincere confession in the post was one, the graduate admitted that IIT background provided him with a safety net, including new employment opportunities. The thing is, it is not an opportunity of many aspiring founders. To them, such risks can cause severe financial and emotional pressures. The tale rapidly spread the news and so did the experiences of many other people. There were those who claimed to quit even better paying jobs but could not raise money yet their products were on the anvil.
There was a recurring motif: without the right contacts, even good ideas do not stand a chance of being heard. Having experienced this, the graduate is now convinced that a secure job could be a more reasonable choice by most individuals, at least in India. Constant earnings enable people to accumulate financial stability and maintain alternatives.
That does not imply that the startup dream is put to an end. Instead, they are now thinking of developing their next venture in a more established ecosystem such as Silicon Valley, where they can have better access to funding and support of innovation. The point made in this story is a valuable one because not every startup is all about passion and great ideas. They are accompanied by high risks, financial strain, and uncertainty.
To any one considering leaving their job to start their own business, this is a message you should consider carefully, prepare and not just idealize the startup world. There are cases when the lack of stability is not a vice, but a clever idea.
