This Entrepreneurial Story is about Rinkesh Shah who Founded ‘Ignite Intent Enterprises’ located in Mumbai.
About – Rinkesh Shah is a B.Pharm, MBA – (Narsee Monjee Inst of Mgt Studies, NMIMS) worked in TCS and Infosys. Comes from a Marwari family, born and brought up in Ahmedabad. Thus business runs in his blood 🙂
Company Name: Ignite Intent Enterprises, www.igniteintent.com, India’s 1st originally conceptualised crowdfunding website
When Started: April, 12 site development & Feb’13 Site went live
Location: Started of in Pune, Shifted base to Mumbai
What motivated you to start your Business –
Rinkesh Shah, Founder of the company was looking out to start his career as an entrepreneur and searching for the next big thing. That’s when one of his friends happens to tell him that “He would just give Rs 5000 to support whatever venture he comes up with”. EUPHORIA MOMENT!!! The idea struck straight away. On a bit search he came across the organized reward structure based concept of CrowdFunding and that’s how he initiated with Ignite Intent.
Tell us about your Business
Ignite Intent works on Reward based Crowd-funding Model. Crowd-funding is a concept where lots of people, gives small amount of money and put together it becomes on large funding.
There is a huge financial gap in Indian population and thus the idea is apt. Money coming in from those who has it to those who require it. We have started of with targeting college projects. This is where innovation is at its budding and most exciting stage. We have supported the Likes of IIT Bombay, IIT Roorkee and others. We have also initiated crowd-funding projects for start-ups like Punexpress, Pune’s 1st online grocery store. Startups sees Ignite Intent an excellent promotional and funding tool.
Our Next big focus areas are Movies, Social and Creative Projects.
What is a Day in a life of you like?
Its exciting and challenging. Daily as a team we have to explore new avenues to build creative promotional stuff and to sustain and expand our business.
We are in a space where we have to change the mindset of people of Indian Population and make them stop donating money haphazardly look out for a right cause in which there are interested and can than track it too. Thus its a daily fight with the society to change it. It’s not a 9-5 thing. We entertain calls and request even at 11 in night if required. Its 24*7 Crowd-funding.
One particular skill you got right and gave you best results.
JUGAAD. Saying this with all seriousness. Starting a business in India is a challenge right from its registration till its sustenance and growth. Plus we are in a industry that is 50 billion globally but new to India. Thus we learn, re-learn and find out newer ways to deal with things daily. We innovate and create Daily,
What have been your biggest challenges in running your Business so far?
Supporting people and community financially is not new in India. People give cash covers in marriages, collects chanda for ganpati, and so many more. But to bring them online to do it has been a challenge.
Also Intent owners believe that just uploading a project will get them funds. We have to make them understand the type of hard work they have to put in in order for this to work.
How did you overcome these challenges?
Bringing people online is still a challenge. We are approaching people where we know they are more receptive to online banking and transactions. Thus corporate and social media. Plus we also have our CASH/Cheque collection in plus so non receptive archaic audience can always use that.
We are now being more upfront with Intent Owners and also taking an Initiation fee which brings in the seriousness required.
What have you found the most effective way to get new clients?
Some very innovative ways have been used here. JUGAAD again. Word of mouth and online marketing are definite ones, but we have used JUST DIAL as Search engine to get new projects.
We would call in Just Dial and ask them about dance groups in the area. And best part we do not even have to call people. They would call us and 1 out of 10 may come up with a Project they want to crowd-fund.
As we said we are innovative people and JUGAAD is at the helm of Ignite Intent.
What advice do you give to other business owners?
Do not care about people opposing you and if your idea is neither tried nor tested.
- If it is working elsewhere it will work in India, just check if the time is right
- Perseverance: You are not bound to find Midnight glory, you are no Harry Potter or MS Dhoni. Stay there and keep yourself relevant, one day success will see you.
How did you keep motivated through difficult times?
By working harder
What are your Marketing, Funding and Team Building Strategy?
Marketing – Online marketing and spend on google adwords and facebook. Mass mailers also
Funding – Self funded
Team Building – Other than founder we have offshore consultant Jubin Joshi, IT Head – Nikunj Shah. Business Development Manager – Jemit Jain and 2 software developers
We remain patient with each other. Help each other and party with each other. Most importantly we learn every day newer skills from each other and that’s how we keep respect for each other.
Crowd-funded 1st project, a multi-talented Robot by 100%
Crowd-funded IIT Bombay Racing Project by 108%
College and young entrepreneurs see us as their one stop crowdfunding solution
Whats your favorite quote?
“With Great Power comes Great Responsibility”
A founder has all the power in the company and a great responsibility towards company and society.
Do you have a Business Philosophy?
“3 P’s of Entrepreneurship – Patience, Paisa and Perseverance”, If you have all the 3 P’s the chances of You succeeding are really bright
Startup Freak wishes Rinkesh Shah All the Best!