India · Entrepreneurship

What are the best practices to validate a product/market fit for entrepreneurs in India?

Frederic Moreau Agile Business Transformer

December 1st, 2015

My company designed a tool to help small and medium size business owners figure out what to do next to grow their company in less than 3 hours for a cost as low as $220 in Canada/USA.

We validated the product/market fit with companies in Canada/USA and Europe . 1 company in India went through the process as well and happened to be very excited with this service.

Now we are looking to expand our product/market fit research to India, and, if successful, find local partners to deliver business consulting services using our tool and process.

What business networks in India should we contact to reach out to local business owners and business consultants to complete our research and start identifying potential partners? Who are the famous entrepreneurs we should know who are recognized as solid supporters of Indian economic growth?

What should we know about conducting business development in India, specific cultural differences we should be aware of, and business rules we should be aware of?

Thanks for your help.

Raghu Ranjolkar Strategy & Marketing Consultant

December 1st, 2015

Well, I am in total agreement with PN,also, I would like to add India as a market is very big and vast with different cultures, interests and requirements. 
You mentioned 1 Co. went in for your process but sorry to tell you, one is negligible when you are talking of as big a market as India.But yes, you can start marketing businesses in Mumbai and then you can move on to other parts. The requirements for Biz in differents parts are different..for example Biz Mgt style in South are more of Conventional yet very effective while in North you find them very open and aggressive ,willing to take risks . 
Also the markets are very price sensitive. The costs are secondary in comarision to trust and confidence. the market here is more emotional and seasonal . you win their confidence you build an empire , You fail them they will defeat you. tread carefully.

PN Subramanian Global VP-HCM, Utopia Inc

December 1st, 2015

Frederic I ve been in entrepreneurship in various areas-IT, Renewable energy etc in India with 36 + yrs of exp-Am a Mechanical engineer and MBA by qualification-While I am not clear about your solution---- Some inputs on the market * Cost of signing up business high-cycle time to close is high-having said that Ent in Mumbai will be more open to new ways than those in South * There are many small biz mgt consultants (assuming the big ones like E& Y, Grant thornton are not yr targets) * Need to use a company to identify them or have a MSA with regional players who will in turn identify business partners to reach the market * Indian market intro pricing at least shd be lower-but 220$ does not look big, though * Cultural issues will best be handled by your local partners * If it is a methodology, process, IT Solution or any other-Pl be careful about protecting yr IP and not give room for anybody to copy and sell- While there are IP Laws , enforceability is long drawn or sometimes frustrating I partner with a mgt consulting firm in France to identify partners and markets for European cos-mostly mfg cos -last two years was very dull but will be picking up -have a fair idea of market realities I can spend 30-45 Mins on a Call, if need be, giving Answers to your Queries-No Obligation-Pl do not think that I am soliciting for any business -Just a help being part of this Forum-Even if you tie up with anyone pl feel free to contact for any suggestions or bouncing off ideas and thoughts Best Wishes P N Subramanian Director Raintree Management Services P Ltd +91 9840035099

Frederic Moreau Agile Business Transformer

December 2nd, 2015

@PN @Raghu Thank you very much for your inputs. It definitely makes sense to me. It happens that the client in India I'm talking about is located in the Mumbai region, which corroborates what you mentioned. So it might indeed be a good location to start looking for potential partners. I'm indeed looking to collaborate with networks of small consulting firms, not the big ones.
PN, please feel free to message me in private PN. I'll be glad to have a conversation to introduce this innovation to you.