ENTREPRENEURSHIP: The new 20s SYNDROME

When Sunil Maheshwari (33) and his partner Lekh Joshi (32) floated Mango Technologies two years ago, the biggest challenge was to get funds to start their venture. 

    The company provides mobile applications platform for low cost devices targeting emerging markets. “Most of the venture capital firms are US-based. Their mindset is different so while funding they think in terms of the US business environment,” says Maheshwari. “They need to understand that the way business functions here is totally different. Entrepreneurs who have only lived in India and not in the US, display a cultural difference in their estimation of money required for a venture and utilisation of funds. Getting angel funding is not difficult in the US but in India it’s not easy to get even Rs 20 lakh to 30 lakh.” Maheshwari faced challenges in accessing seed money to start the company and do the initial setup. “The product market is a longterm game and you need to understand that every product may not be successful but returns are also very high for a successful product,” he says. “Seed money was a constraint, but all of us at Mango have really enjoyed going through this phase. It gave us the strength to save every rupee and give our best in a constrained environment.”

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Lekh Joshi and Sunil Maheshwari

Lekh Joshi and Sunil Maheshwari