Cambridge, MA, September 27, 2017 --(PR.com
)-- Startups are raising the standards for businesses across the world as more and more evolving SMBs are channeling new life in developing economies. Many countries in South America, Africa, South Asia, and Southeast Asia are actively creating platforms for startups to succeed in a fruitful and developmental environment. However, 75% of startups fail due to lack of direction, resources, and financing. It is in the best interests of all the stake holders of the startup eco-system, such as the government, young entrepreneurs, and investors, to come together and instill a balance.
EFIHub, a startup born out of the Harvard University, has struck such a balance in principle and action as a growing number of successful business players are recognizing it’s potential. According to Anu Shah, co-founder & CEO of EFIHub, “EFI means ‘Engage for Impact’. At EFIHub, our prime motive is to engage with regulatory agencies, investors, entrepreneurs, industry experts and build a network that young businesses can leverage on, to drive innovation and create a lasting impact on the communities and society, at large.” Unlike other incubators, EFIHub targets the evolving journey of many young entrepreneurs.
Reid Hoffman, co-founder of LinkedIn and famous venture capitalist notes, “Silicon Valley is a mindset, not a location.” The Silicon Valley model comprises of different stakeholders collaborating towards a common goal of sustainable development for the intrinsic societies, communities, companies, and livelihoods. EFIHub wants to recreate the successful Silicon Valley model in emerging and frontier market of Asia and Africa.
According to Anu Shah, “Government and regulatory agencies buy-in and support is extremely critical for the startup environment. Hence we are currently exploring partnerships with International Finance Corporation, World Bank and the Rwanda Development Board in East Africa.” In India, the Harvard backed EFIHub is pursuing a structure for a developmental startup eco-system with the Ministry of Micro, Small and Medium Enterprises, India; and the Invest India, a government initiative to boost investments amongst new businesses.
Some of the esteemed advisors on board the EFIHub are Dhruvil Sanghvi, Ritesh Malik, Abhiraj Bhal, Coryell Stout, Nikhil Kamath Pereira, and Lavan Gopaul. These entrepreneurs have successfully made their mark across the world through innovation and execution of breakthrough strategies in the space of logistics, technology, investment, service aggregation, healthcare, legal aptitude. EFIHub claims to leverage the diverse pool of experience of its acclaimed advisors to ably direct budding startups to success.
Dhruvil Sanghvi is the CEO of LogiNext, the fastest growing SaaS company in the space of logistics and field service optimization, states his vision for the future of startups, “It’s a symbiotic relation between all the energetic, ambitious, and enterprising startups emerging from a region, and the current and future economic stability of that region. We, as a business and social community, should invest time and effort to guide and direct these budding entrepreneurs to ensure that the startup cycle never dries up. We need startups to sustain our hunger for innovation and disruption, and to potentially create the next big unicorns to come out of the eco-system.”
As per a TechCrunch report, 223 unicorns emerged in 2017. A unicorn is a startup that has been valued over $1 billion. Some of the notable unicorns are Airbnb, Dropbox, Pinterest, Palantir, Uber, and Xiaomi.
Ritesh Malik, serial entrepreneur, investor, shares his insights, “EFI is a great initiative! The only thing lacking in the Indian entrepreneurial ecosystem is mentorship. Direction is what creates a difference. We have young minds full of passion, drive & product knowledge, but scaling a mission requires a lot of mentorship & network effect, this is where EFI is bound to create a significant impact.”
Lavan Gopaul, leading lawyer and former member of parliament candidate from South Africa applauds this move, “Africa is home to the fastest growing cities, and more than half of the world’s population growth will take place on the continent over the coming decades. By 2050, cities like Lagos and Kinshasa will be global megacities, each holding well over 30 million inhabitants. It's growth potential, including the 360 million smartphone owners expected on the continent by 2025 has already attached a host of investors. Last year, it was estimated that African startups raised a record-breaking total of $366.8 million in investments. In such a fast-paced environment, a startup eco-system like that of EFIHub bringing all stake holders under one roof will be an impactful drive.”
EFIHub is an initiative connecting businesses driving innovation, with wider network of renowned investors, successful entrepreneurs and leading professionals. EFIHub leverages the experience of its advisors, offers mentorship and training to young businesses, and resolve their issues in area of strategy, marketing, operations, and capital raising. Currently present in 3 countries (USA, India and Rwanda), EFIHub focuses on businesses in health care, clean energy, technology and education sector in Africa.