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Showing posts with the label SELCO

Why is Paytm India's Top Startup?

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Paytm was launched in 2010 as an Indian start up. The original service of Paytm was to help users to make their bill payments and recharge mobile phones, while earning reward point. In this post we will see the reason why Paytm is considerd the top indian startup and get more details about this startup. What is Paytm? Paytm was founded by Vijay Shekhar Sharma, in Noida with an initial investment of $2 million. Paytm's parent company One97 Communications which is also owned by Vijay Shekhar Sharma was started in 2000 and operates into multiple fields. Who owns Paytm? Paytm has been backed by Jack Maa's Alibaba and Ratan Tata of the infamous TATA Group. Although partially owned by Chinese company Alibaba, Paytm remains an Indian company with majority of stake holders being Indians (primarily Ratan Tata and Vijay Shekhar Sharma himself.  What got Paytm the required boost? Paytm added a lot of features in 2013 and moved from a mobile and DTH recharge service to an online payment pl...

The Art of Simplicity

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Jugaad Innovators are not in the business of coming up with cool features that appeal to customers’ wants, rather Jugaad innovators aim to make and deliver a good enough solution with limited functionality rather than one with a dazzling array of features. More pics here For instance, to address the high cost of electricity in Filipino slums, Illac Diaz invented the Isang Litrong Liwanag which literally means “A Liter of Light”. He made the eco-friendly solar bottle bulb. The solar bottle bulb (commonly known as SLB) is simply a recycled plastic bottle filled with bleach-treated water. The bottle is then fitted snugly into a hole in the corrugated roof of makeshift homes in shanty towns. A SLB produces more light than a conventional window might let in and it has no running cost or maintenance cost to it. Diaz’s invention is a simple invention which serves the purpose. Nokia employs ethographers who spends long period of time living with their target audience and understa...

Jugaad Innovators Adapt to Survive

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In times like these it is very important for a company to initially survive and then grow. Jugaad Innovators know this fact very well and act accordingly. There are four crucial ways in which they think and act flexibly in response to the environment they face. Think the Unthinkable Harish Hande dared to think the unthinkable and succeeded. Hande founded India’s Solar Electric Light Company (SELCO) in 1995. He started his business with very little seed money, as conservative banks were not ready to invest in an unproven business model in an unknown industry. He started with investing his own money, Rs. 1500 to be specific. However he soon hit the wall, he soon learnt that many of his potential consumers earn less than Rs. 50 a day and could not afford an upfront payment that was required. Even if these systems somehow got installed, there was no economic way for him to maintain them for rural consumers scattered across multiple villages. To overcome these twin problems, ...