Entrepreneurship provides innovation and competitiveness among the various businesses. It also leads to the growth of the country’s economy. Thus, its important for a country to have successful entrepreneurship. But in order to make them successful, we need a good support system as well.
FoundersLab is a non-profit platform whose sole aim is to provide support for entrepreneurs of the future generation in India. The founder of the company is Sakuntala Kasaragadda, whereas the other founder is Satya Prasad Peddapelli. FoundersLab was set up in Hyderabad in July 2023 to help the budding generation of students fuel successful startups.
The Journey of FoundersLab
FoundersLab was founded by Sakunatala Kasaragadda and Satya Prasad Peddapelli on the foundation of youth’s entrepreneurship.
Sakuntala has over 20 years of experience leading campaigns that empowered women entrepreneurs and raised crores of funding.
Coming from an organisational background having undergone the NIMSME training on talent development, Satya considered it necessary for the educational institutions to encourage the talent towards entrepreneurial development at the early stage.
Consequently, they created FoundersLab, an organization that connects young entrepreneurs with mentors, business networking, and funding for successful business start-ups. The story of FoundersLab is one of educating young people with the means through which they can unleash their potential of starting a business.
Fostering Youth’s Innovation and Entrepreneurship
Thus, FoundersLab has been actively promoting entrepreneurial activity in youths shortly after its creation. It has impacted more than 45,000 students till date, has incubated over 400 startup ideas, and is readying 45 revenue-generating startups for scale by July 2024. With the cooperation of universities, governments, and companies, FoundersLab has been developing students’ creativity, problem-solving skills, leadership, and business management.
StartCon: Passion Made Possible through Mentorship and Incubation
Many startup incubators involve offering only funding and, in rare cases, initial office space and/or mentorship; FoundersLab is different. From idea generation to product creation, capital raising, and market entry, FoundersLab helps young founders at all stages through mentoring sessions, boot camps, as well as networking and other formats.
As an organisation that fosters innovative solutions in order to transform them into startups, FoundersLab is transforming the future of business in India.
Empowering the Way for New Entrepreneurs
“We aim at being a one-stop platform for anyone who wants to become an entrepreneur through offering support throughout their entrepreneurial process. We want people to have a chance to bring their visions to life by supporting their education initiatives and providing them with the necessary funding tools and connections,” shared the entrepreneur with Karostartup.
Creating sustainable environments for entrepreneurs
The goal of their work is to help communities generate successful, innovative entrepreneurship environments. They focus on three core programs designed to empower different groups:
- Young Founders Lab: Help develop the future generation of entrepreneurs by training students ranging from 12 to 22 years with important skills.
- University Lab: Teaching students to help turn traditional academic assignments into functioning enterprises upon concluding their education or during their studying at universities.
- Advisory & Business Development: Providing company development services specifically for startups and MSMEs in go-to markets, investment, and fundraising.
In that way, FoundersLab helps entrepreneurs navigate from establishing the concept of the business and turning it into reality up to the moment when this idea becomes a successful company that solves global challenges.
The Spark of an Idea
The journey of IITGN was initiated when a team of an efficient and spirited generation of entrepreneurs and academicians headed to the mission to fuel innovation and encourage students to become entrepreneurs all over the country.
It was founded to instil an entrepreneurial mindset in colleges and ensure students have all the tools they may need to move from an idea to a startup. They introduced a model for what was to become one of the most quickly imitated ideas of the near future—an amalgam of academic and business models.
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The Journey of Impact
Within the framework of its activity, FoundersLab has achieved great success in spreading its mission. It has created ecosystems in 8 colleges with young minds. The FoundersLab plans to expand its facility across the country more effectively; some more institutional partners should be inked.
However, at its core, it continues to serve the noble purpose of moulding the students into agents of change of the future by providing them not only with technical know-how but also the perseverance and proactive attitudes that are required to initiate and spearhead changes.
Being a unique model, it is for sure that FoundersLab is capable of writing new chapters towards creating ideas, encouraging implementation, and providing significant social values.
Frequently Asked Questions (FAQs)
What exactly is the focus of the company known as FoundersLab?
The primary goal of FoundersLab is to assist students to become entrepreneurs through guidance, tools, and opportunities for the development of their business ideas.
In what ways does FoundersLab assist students to open their startups?
In order to assist students in developing startups, we offer them seminars, mentorship, connections to potential funders, and capital.
What is unique about the FoundersLab compared to other startup incubators?
FoundersLab competes differently from other incubators in that it emphasises a systems change for a continuous system based on the activation of courses and innovative university partnerships.
How is revenue earned at FoundersLab?
FoundersLab generates income through memoranda of understanding with academic institutions to co-develop entrepreneurial ecosystems and government and corporate social responsibility initiatives.
Who can get enrolled in the FoundersLab programs?
The programs at FoundersLab are available to any students of 12–25 years and young people who want to launch their own startups. Anyone with an urge towards one’s enterprise is welcome, and we assist via website, emails, office, and social media.
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