Should I sell my Startup Company or any other way to continue?


#1

Dear sir/mam

I invented a new type of solar cooker. Presently its prototype is ready and working well. It cooks rice,idly,vegetables and others in 20 to 30 minutes in normal sunny days.Product is completely different from available models in the market. Approximate cost may be 15,000 and above (as per buyer’s requirement).This will be more useful for hotels and domestic purpose. I applied for patent and it is already published. I planned to market my product by own. For that reason i registered a Pvt.Ltd company this year. My company is recognized by Startup India scheme (DIPP). But had not yet started sales.

Because it still required some 10-15 Lakhs more amount for office, store house,certification and other things. Already I invested 5-6 Lakhs for invention and other purpose.I asked in banks for loan.But they are giving loans only for business running companies. Standup India scheme is only for ladies. MUDRA scheme is not giving loan for P.ltd companies and also building advance is not covered on that scheme.I don’t have any asset or job for surety.

Also I am not a highly educated person and very weak in English. So i think if i continue,in future it is difficult me to handle this business.
Presently i am struggling for my family maintenance. So i decided to transfer my company,prototype and patent application to any interested businessman.

I posted ad in classified sites.But most of the people are asking 50% above share in company for their investment and 0% responsibility. So i rejected all offers.

Should i sale my company?If yes,what price can i ask?
Or any other way to continue my business?

Please guide me.

Regards,
Praveen Kumar


#2

Hello Praveen
We are a Business Strategy Consulting Firm.
We will help you setup your company.

Most of the startups fail, because they give up.
And we will encourage you avoid quitting.

We will help you lead generating funnels for your solar cooker.
As far as the capital is considered we need to discuss that in more detail.

Regards
Veer


#3

Hi,

Maybe you can add a cofounder instead of selling a company. Network with founders offline + online.

Post your cofounder requirements on angel.co, LinkedIn and in this category.

Find a job temporary and run the company simultaneously.


#4
  1. Negotiations with VCs and angels take some perseverance. So if they ask for 50% or more, please negotiate hard and try to bring down their stake to <40%, but get the deal.
  2. Since you have a patent and working prototype, please apply to incubators or accelerators aggressively.
  3. Try to pitch the patent to established businesses interested in solar technologies/kitchen equipment vendors. Please have an NDA before your discussions. Try changing your business model to an enterprise model.
  4. Have you tried crowdfunding? www.indiegogo.com
  5. I dont think language is a barrier.
  6. You may need to refine your design and make it customer ready.

#5

@Velmurugan_Rathnam Great Practical suggestions… & i think crowdfunding is really great option for this kind of Startup


#6

Hi Praveen, I am interested to work out something, can you call me at 98660500225 if there is a interest? thank you!


#7

Hello Praveen,

It is great that you invented this cooker. Can you build say 10 units now?
Rather than selling this cooker as a product why not partner with small hotels rent them your cooker and ask them to give you rent monthly. This way you can show the benefits of your cooker and also get some monthly income.


#8

Did you see what PM Modi said. Move cooking to solar. Your product will get funding from Startup India.


Finally i decided to sell my Startup
#9

Why not? Good idea as for me.


#10

Thank you for sharing this information.After that ONGC is organised a challenge to develop solar-powered stove system.

(https://startup.ongc.co.in/wps/wcm/jsp/ongc-startup/solar_chullah_challange.html)

I participated in the contest. and waiting for the result.

Thank you


#11

Dear sir,
Thank you for your replay.I am open with all ideas.Can you please tell me something more about your plan?

Regards,
Praveen Kumar


#12

Hi,mkpraveen. Will you please send us the number on 8796650893 or else you can call us. Beauto Systems Pvt. Ltd. Pune. 020-65323228. My mail address sales■beautosys.com


Please Beware
#13

Hi sorry by mistake I typed mk praveen


#14

We can see different persons have different choices always for food, it might change according to time bu time, but we need quality food always according to our taste. I know about one company they always provide you with quality food - Rice is mostly all people like. Tajfoods provide you different quality in Rice. Tajfoods (Dehraduni Basmati Rice)