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Startup Accelerator, Marwari Catalysts Aims to Raise USD 10M at a Valuation of USD 90M after Closing its Last Round at USD 20M

MCats is a family of 40+ portfolio startups.

Represents 100+ Co-founders club. 

MCats is a family of 35% portfolio startups led by women Co-founders. 

The accelerator holds a strong network across Tier II & Tier III cities. 

The fresh fund will be utilised to scale up the startups, strengthen the ecosystem and foray into new markets. 

MCats is purely category-specific Accelerator and not an Incubator or Angel Network.

  India’s startup ecosystem enabler, Marwari Catalysts, aims to raise USD 10M at a valuation of USD 90M, with active participation from existing and new shareholders, Sandeep Gulati (CEO – South Asia & MD – India at Egis), Yogesh Chaudhary (Founder – Jaipur Rugs), Nitin Sethi (CDO – Adani Group), Ankur Mishra (Director – Central Academy), Ashutosh Gehlot (Promotor, OS Ford), Manish Singhvi (CFO – Marlabs Inc.) and Anil Malhotra (CEO – H&M Indonesia), the company said in a statement.

  Co-founders of MCats – Sushil Sharma, Richa Sharma, Raunak Singhvi, Devesh Rakhecha

  The accelerator plans to use the raised funding to reinforce the current portfolio, accelerate the progress towards a digital and self-reliant India, enable global reach and engage more with growth stage startups while also offering mentorship and peripheral services.

  The strategic concept behind the fund raise is to strengthen the accelerator’s position as market leader as they plan to expand their offerings globally and as a startup advisory firm, they’ll continue to help young entrepreneurs with the right mix of capital, know-how and networks to build enduring businesses.

  Somewhere down the line, one may feel that the main purpose of an accelerator is to only help early-stage startups scale up and raise funds, but looking at a broader picture, accelerators readies an ecosystem and has become the launchpads for the modern economy, beyond capital infusion, in today’s date. In simpler words, they are the new kingmakers for the startup industry and Y Combinator & Techstars are a few good examples.

  Accelerator’s main purpose is to make the startups investor ready and that’s why even the Angel Networks/VCs/Family Funds look forward to partnering with accelerated startups.

  Accelerators have a global drive to trigger the growth and development of nations through innovations and creativity. Marwari Catalysts is therefore working with the same drive and with deep roots in India (Tier II & Tier III cities) the team is passionate about investing in entrepreneurs who are poised to be tomorrow’s global leaders.

  As of today’s date, Marwari Catalysts has built a portfolio of over 40+ startup companies since 2019 and continues to seek companies that are capturing new markets, providing innovative solutions and creating new wealth for India and beyond. Therefore, after the fund raise, Marwari Catalysts plans to be a 100+ startup portfolio company.

  “The idea behind launching Marwari Catalysts was always to provide a strong accelerator network and build India’s most founder and investor friendly ecosystem as we believe that the main game relies on the founders and the founding team. So, today as we enter the next stage of our evolution, we feel that the financing milestone will be a testimony to our journey of innovation and disruption,” says Sushil Sharma, Founder & CEO, Marwari Catalysts.

  Sharing his rationale, Devesh Rakhecha, Founder & COO, Marwari Catalysts says, “We always knew that there is huge money and amazing skilled founders in Tier II-III cities, but investors don’t get access to the A-grade startups. We exposed them to this new asset class through masterclasses, physical events, and networking with experts. Our goal was to democratise access to startups to every investor. The successful closure of the previous round is a testament that our consistent hard work is bearing fruit.”

  Backing homegrown startups with full/partial exits from 5+ startups, the primary concept of Marwari Catalysts is to invest in people and their ideas, whether with money, effort, or time. Honouring 2% of the total applications that they receive, the company is dedicated to transforming promising early-stage startup ideas into viable business concepts with a local, national, and global effect.

  With a passion towards professional community building, Richa Sharma, a woman Entrepreneur and Co-founder at Marwari Catalysts, says, “MCats has always focused on having a dedicated platform to empower women who are trying to break the glass ceiling by being a part of this startup ecosystem. End result being, approx 35% of our portfolio startups today, are led by women Co-founders. Keeping the momentum going and promoting women leadership, MCats aims to provide a window of opportunity with this fund raise to activate more women startup founders and women investors and come up with changes for our industry for the better.”

  Being highly optimistic about MCats’ action agenda for growth, Raunak Singhvi, Co-founder at Marwari Catalysts & Head at Accelerator program, Thrive, says, “Building on what we did over the past 2 years, we are committed to be a catalyst and a partner in unlocking the possibilities for a digital India and MCats sits at the right juncture to enable acceleration while fueling innovation and economy in India.”

  As of today’s date, 25% of the startups under accelerator’s portfolio have grown 10x wherein 70% of startups have raised their funding round addressing 15+ categories with each batch of 6-8 startups in each cohort, with only 10-15% failure ratio, making it way beyond the industry standard.

  End result being, the total combined value of Marwari Catalysts & portfolio startups is USD 200M.

  Also with its accelerator cohort program, ‘Thrive’, MCats has got a well-seasoned and highly competent team with a full-fledged 100 Co-founders club from major cities like Jaipur, Surat, Nasik, Delhi-NCR, Mumbai, Ahmedabad, Bangalore, Pune, Hyderabad, Ranchi, Indore, Mangalore & Chennai.

  Summing up, Sushil Sharma, says, “Marwari Catalysts purely as an accelerator is now open for its backward integration with domestic & global incubators and forward alignment with Angel networks, HNIs, Family funds, VC and PE funds. Let’s connect and explore because the only growth strategy that matters is collaboration.”

Visit The Eastern Herald for more info.

source https://www.easternherald.com/2022/05/02/startup-accelerator-marwari-catalysts-aims-to-raise-usd-10m-at-a-valuation-of-usd-90m-after-closing-its-last-round-at-usd-20m/

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source https://emptunes.blogspot.com/2022/05/startup-accelerator-marwari-catalysts.html

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Business And Finance Turns Into Fastest

A finance degree focuses on a set of actions that instantly contain finance actions such as investment choices, projected forecasts, danger management, and banking. As against a business administration degree, a degree in finance is more specialised in one space of business — finance. With the diversity of courses that a business administration major Finance has to complete, there are a plethora of job alternatives available post-graduation in multiple industries. In addition to the technical and analytical skills taught within the business administration program, students will have to grasp gentle expertise to take management of a staff inside a company.

They could need to give enter on the business, providing their concepts and anticipating them to the implemented. For the savvy startup with few different choices, angel buyers current Business & Finance a huge alternative for fast development and shared expertise, but the fee is dropping some autonomy in how you run your organization.

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What Fintech Startups Want In Budget 2019: Tax Rebate, Liquidity And Policy Reforms

Undoubtedly, the Interim Budget 2019 is going to be the populist one — a budget to lure the common man and regain the waning trust of the middle-class working Indian. However, the Modi government, a favourite of the corporates and startup ecosystem stakeholders, is also known for holding its ground on the schemes and initiatives it has introduced.

Therefore, the upcoming Budget is going to be a mixed bag, which would attempt to bode well for the Indian startup ecosystem as well as the common man, particularly farmers and the working class.

The government is expected to boost its flagship programmes and schemes such as Digital India, Make in India, Startup India, and MUDRA in the Interim Budget 2019 (expected to be vote-on-accounts), to be presented by the interim finance minister Piyush Goyal on February 1.

One of the biggest stakeholders in the ecosystem, fintech startups, are waiting with bated breath for the Budget, and they have their views and demands, which Inc42 has collated in this article. “With the Union Budget round the corner, the startup sector is keenly awaiting the policies the government will lay down,” said Kumar Abhishek, CEO and co-founder, ToneTag, a startup that designs cashless and contactless payments solutions.

With a total of 3.7 Bn UPI transactions last year, and the December volume standing at 4x of the transactions in January 2018, fintech startups continued their parabolic growth curve. The growth curve of payments startups, in 2018, though, was definitely not the same as was observed in 2017, when digital payments seemed to be on steroids owing to the demonetisation effect.

As Aadhaar-enabled eKYC by private companies has been suspended by the Supreme Court and the applicability of the new amendment is limited to the banking and telecom sector only, in this Budget, fintech startups are expecting the government to incentivise sectors such as payments and lending further.

Budget 2019: Printing of Budget documents begins with ‘Halwa’ ceremony

Here is a detailed look at what fintech startups want from the upcoming Budget:

Incentivise Digital India, MUDRA, And Other Schemes

According to Bala Parthasarathy, CEO and cofounder, MoneyTap, while Aadhaar-enabled verification will free up banks and finance companies to carry out eKYC and eSign, significantly reducing costs for them, GST slabs may become lower for businesses.

According to Abhishek, fintech startups are expecting a faster and easier method for procedural clearance and license approvals. “They are also looking for an increase in allocation of funds towards the adoption of new technologies such as AI and blockchain. With the success of the Digital India scheme, the industry is looking for an allocation of adequate funds to further the cause,” says Abhishek. Increased investments in training, research, and skill development in areas such as big data, IOT, robotics, and other digital tools will act as a facilitator of startup growth, he added.

Startups also want easing of unnecessary regulatory supervision and government interference so they can operate without any pressure.

Simplify TDS, Repayments In Online Lending

While the banking sector has been a distressed sector for the past few years, with non-performing assets (NPAs) growing exponentially, non-banking financial companies (NBFCs) too are now feeling the heat of the liquidity crunch in the country. Gaurav Gupta, cofounder and CEO of online lending marketplace MyLoanCare (.in), says, “Post the IL&FS crisis, NBFCs’ source of financing has dried up and this is further impacting an already struggling sector.”

Gupta also thinks that the current crisis facing the real estate sector can have a detrimental effect on not just infrastructure development but can result in a far-reaching crisis for the innumerable SMEs who work in the sector as suppliers and vendors to developers. “While the RBI has shown its commitment towards addressing capital requirements of NBFCs in other sectors, it remains to be seen if it will extend a helping hand to the real estate sector by enhancing the financing limit of NBFCs to developers or by providing a refinance window for non-consumer loans by NBFCs,” he adds.

The RBI recently agreed to defer Basel III implementation by one more year. This will reportedly expand the lending capacity of Indian banks by $52.24 Bn (INR 3.7 Lakh Crore).

Speaking to Inc42, Shivashish Chatterjee, founder and CEO of DMI Finance, says, “Any delayed application of the Basel III norms that facilitates greater availability of capital is good news in the short term as long as banks leverage the added buffer to increase their exposure to NBFCs, which is not an assumption we can make automatically.”

So, how can Interim Budget 2019 help boost the lending space and, specifically, tech-oriented lending startups?

Rajat Gandhi, founder and CEO of P2P lending startup Faircent.com, opines that to encourage lenders, the finance minister must consider tax exemptions for investments in P2P lending, allowing defaulted loans to be considered as capital loss when filing returns, and providing special tax rebates to lenders who fund loan requirements of MSMEs. “This will increase investments by lenders in P2P lending, unlocking the supply side and thereby putting pressure on rates and easing the current liquidity crunch,” adds Gandhi.

Reiterating Gandhi’s views, Amit Sachdev, CEO and cofounder of online business lending startup CoinTribe, says, “We hope that this year’s Budget will suitably address two long-pending requests of the online lending industry. First and foremost, the government should eliminate the need for SMEs to pay TDS (tax deducted at source) on all interest payments due on business loans. This TDS payment makes the loan repayment process very complex for SMEs, most of which can’t afford the services of highly-paid accountants.”

Sachdev says that the online lending platforms should also be given access to low-cost funds from government schemes such as MUDRA and the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). These funds are only available to banks and NBFCs as of now, and a substantial part of them remains unutilised. SMEs are a key driver of economic growth and providing them access to low-cost funds in a simple, convenient manner will go a long way in enabling them to contribute more meaningfully to the economy and generate employment in the country, he explains.

Ensure Sustained Growth Of Digital Payments

While lending, insurance, and banking are the old monks of the financial services sector, it is the fast-changing digital payments technology, led by startups, which is redefining the terms for the entire sector. The technologies introduced by payments startups are paving the way for the old guard corporates to adopt later.

In recent years, digital payments have grown to such a level that the government is now considering making the Payments Regulatory Board (PRB) as independent as the RBI — the PRB is currently under the control of the RBI.

There is a sound reason for this move. According to NITI Aayog, the digital payments industry to hit $1 Tn by 2023.

Harshil Mathur, CEO and cofounder, Razorpay, says, “Since the 2018-19 budget, there’s been a sustained push towards a digital-first economy, which is remarkable. From seeing Indians become more comfortable with making C2G (consumer/citizen to government) payments online to the RBI’s efforts at forming a committee to deepen digital payments in the country, it’s been a fairly interesting year.”

In the upcoming Budget, Mathur wishes that the government addresses the angel tax problem. Secondly, considering how the UPI is being embraced by businesses and consumers, resulting in larger transaction volumes and increased P2M (Person-To-Merchant) adoption, it would be good if the government took steps towards making UPI the de-facto mode for all online payments soon, says Mathur.

Making RuPay essentially listed in all plastic card-based digital payments and UPI the default payments mode are some of the demands that Indian payments startups have been asking for lately. In the draft ecommerce policy, the government had even proposed to make RuPay card availability at payments gateway mandatory for ecommerce companies. However, the draft is being reworked now.

Ravi Vishvanathan, CFO of PayMate, a cloud-based platform enabling B2B payments and credits for SMEs, enumerates a number of probable inclusions in Budget 2019:

Employment: SMEs/MSMEs registering new employees in the Employee Provident Fund (EPF) scheme may get reimbursement for the employer’s contribution to PF

Additional tax deduction on salary paid to new employees

Tax benefit for timely repayment of loans by SMEs/MSMEs

Interest subsidies for MSMEs on credit up to a limit

Inspection/scrutiny by government departments may be made an exception for MSMEs

Depreciation allowance on fresh capital expenditure by SMEs/MSMEs

Credit guarantee scheme for MSMEs

Continue With Other Reforms

Finance Minister Arun Jaitley addressing the press after 32nd GST Council Meet on January 10

The goods and services tax (GST), which, when introduced, had given sleepless nights to SMEs and startups, has been continuously reformed based on feedback from industries. Angel tax exemption is another area where the government has taken a number of initiatives to safeguard startups. However, it’s not been enough. Startups and angel investors have been demanding some kind of legislative reform to shield startups from Section 56(2)(viib) which embodies the angel tax.

Vivek Tiwari, MD and CEO, Satya MicroCapital, says, “We expect the government to introduce measures to reduce the compliance burden and ease working capital blockages, with possible reductions in tax rates in the 2019 Union Budget.”

He adds that the government must also consider reducing GST rates in the forthcoming budget. Considering the difficulties faced by SMEs in the country, the finance minister is expected to increase the sales threshold for compulsory GST registration from INR 20 lakh to somewhere between INR 50-75 lakh. Further, the government should also look at introducing a concessional tax scheme for small service providers.

Mathur avers it is important for the government to recognise the immense potential of fintech lenders in improving financial inclusion and credit penetration in the country. Thereby, the government should encourage them with prudent policies to benefit the sector. “I hope the upcoming budget continues to incorporate new policies and regulations that will create new opportunities and boost our digital payment ecosystem,” says Mathur.

Cryptocurrency is another area where the government has not come up with any clear regulation. As of now, the RBI has banned banks and payments companies from extending any services to crypto entities.

This move clipped the wings of crypto startups in India even as they were taking off. It resulted in leading crypto companies having to shut shop or relocate. The ones that survived were forced to restrict their services to crypto-to-crypto trading, thereby incurring losses as the transaction volume of crypto-to-crypto is far less than that of fiat-to-crypto.

Nischal Shetty, founder and CEO of Mumbai-based crypto startup WazirX, says, “I hope the Garg Committee submits its regulation report before the Budget 2019 session. If that happens, then I’m confident that our finance minister will address the cryptocurrency issue in the Parliament and ensure that we take a positive and progressive step to shape the future of digital assets in India.”

However, in the current scenario, the Garg Committee is unlikely to submit its report on crypto regulation in the country before February end.

In other news, more money is expected to be infused in the banking system this Interim Budget 2019. The middle class is also expecting the government to increase the tax exemption threshold from INR 2.5 Lakh ($3.5 K) to INR 5 Lakh ($7 K). At the same time, experts believe that the finance minister might set a revised fiscal deficit target  to 3.2% from the existing target of 3.3%.

Stay tuned to Inc42 for all the upcoming Budget-related updates!

The post What Fintech Startups Want In Budget 2019: Tax Rebate, Liquidity And Policy Reforms appeared first on Inc42 Media.

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How to Break into Corporate Development Straight Out of Undergrad

Do you always believe the consensus?

I’ve become skeptical over time, but there are a few topics where I’m on board:

No matter what your background is, it’s extremely difficult to get into private equity;

It’s not a great idea to join a specialized group in banking unless you’re really certain you want to be in that industry; and

It’s almost impossible to get into corporate development without prior full-time experience.

But then I recently heard from a reader who proved #3 false and broke into corporate development straight out of undergrad, and I started doubting myself all over again.

Here’s the full story:

Defying the Consensus to Break In

Q: So, how did you win this role despite having no full-time work experience?

A: Networking and accidents!

I went to a non-target school and networked my way into several internships, including investment banking and venture capital ones.

I also started two of my own ventures, including a social retail website.

I enjoyed my VC internship at a local fund, but I realized that I would need an MBA or startup/finance experience to get ahead in the industry; it didn’t seem like a great idea to join directly out of undergrad.

So, I started leaning toward IB or PE roles, and I interviewed at a lot of smaller firms in my area for full-time jobs.

I interviewed at a boutique private equity firm and didn’t get an offer, but formed a close relationship with one of the MDs there.

He told me to pursue corporate development because “I had the right personality for it,” as well as enough technical knowledge to do it.

His PE firm had just acquired a high-growth insurance and financial services company that was trying to disrupt the industry, and he referred me to their very small corporate development team (fewer than five people).

I went through interviews there, met everyone, including the CEO (it was a small company), and won an offer.

Q: But your story seems incredible.

Don’t you need full-time deal experience for corporate development?

A: Yes. Almost every entry-level corporate development position requires full-time banking, consulting, or other deal experience.

However, smaller, higher-growth firms, especially ones in industries that are going through upheaval, sometimes want recent graduates for their “fresh mindset” and unbiased views.

These firms are often in unglamorous industries, like insurance, and so they probe you on whether or not you’re truly interested.

They also focus heavily on fit and behavioral questions since the teams are so small (often 3-5 people, which is even smaller than the usual corporate development team).

Q: OK. So, you got in because you had a strong personal referral, several finance internships, experience working on your own startups, and… interest in insurance?

How did you demonstrate that?

A: That was harder to show, but I framed it as “an interest in financial services” since I had worked at a bank and a venture capital firm.

Also, they liked my involvement with the startups and how I had hustled to win customers and market the products – they almost cared about that more than my knowledge of finance.

Q: And what did they ask about in interviews?

A: I went through three rounds of interviews and had to answer a few technical questions about accounting, valuation, and merger models, but they viewed that knowledge as more of a “bonus.”

They also gave me a few brain teasers and case studies and asked about my ideas for interesting companies to acquire and how I thought about deals.

In the last round, I went out to lunch with each person on the team individually and met with the CEO and CFO for one hour each (again, it was a small company).

Those meetings were 100% about fit, and I won an offer after meeting everyone.

Q: You’ve mentioned that this company was “small” a few times, but how big was it?

A 50-person company couldn’t even have a corporate development team, so…

A: It had between 300 and 500 people when I interviewed there.

You’re right that the company has to be in “the sweet spot”: If it’s too small, it won’t have a corporate development team, and if it’s too big, you’ll need full-time experience to get in.

You’ll have the best chance if you can find teams of fewer than five people at companies with a few hundred employees total.

On the Job in Insurance Corporate Development

Q: OK, fair enough. You had mentioned before we started that there’s a lot of M&A activity in the insurance industry right now.

Why has there been so much M&A activity, and how has it impacted your role?

A: The industry is consolidating very quickly, and that has made my company into a “mini-PE fund” of sorts.

In my first six months on the job, I worked on three acquisitions, which would be unusual even at a large company.

We’ve been buying up many regional brokers, so the deals are smaller, but it’s still great experience.

The main M&A drivers are:

An Abundance of Capital – Insurers and reinsurers have a lot of cash as a result of solid underwriting results and higher capital requirements.

The Desire for Growth – This one explains why Asian insurance companies have been so active in acquiring U.S. and European firms. In many markets, companies believe that organic growth is limited, so they default to M&A for growth.

Economies of Scale – Regulations such as Solvency II in Europe and Dodd-Frank in the U.S. have led large insurers to spin off divisions to avoid being classified as “systemically important” (and, therefore, facing a higher regulatory burden).

Q: I see. And have you been working on acquisitions non-stop since you started?

A: When I first started, we focused on internal growth, so I spent around 40% of my time on strategy planning, 20% on corporate restructuring, 20% working with existing investors, and 20% on “business development.”

“Business development” in this context means “Using big data analytics to identify new growth opportunities,” which is unique to the financial services/fintech space.

After my first year on the job, that shifted because M&A activity in the sector picked up.

Currently, I spend around 30% of my time looking for partnerships and acquisitions (“sourcing”), 20% on networking with brokers and smaller firms we might want to acquire (more sourcing), 40% on M&A deal analysis (modeling and due diligence), and 10% on strategy.

But each day is different, which is what makes the role exciting.

If we’re busy with a deal that’s about to close, I’ll spend all my time on that. But I could also spend the day calling smaller companies and learning more about their businesses.

Q: It seems like the culture in corporate development varies widely based on the company – what is yours like?

A: The culture here is relaxed, and everyone focuses on work/life balance even though we’re a “high-growth company” (though not exactly a startup).

Since there are only a few people on our team, there isn’t much hierarchy. The CEO even gets involved with bigger deals and personally leads the team if he can be useful.

On average, I work from 9 AM to 7-8 PM each day, but the hours can spike if we’re in the middle of an active deal.

One difference is that we’re owned by a private equity firm, and so they handle a good amount of the legwork on deals, especially on the financing side.

Also, we often hire investment banks to advise on deals, so the bankers tend to respond to the late-night fire drills.

Q: Yeah, that matches what we’ve heard from others in corporate development at PE-owned portfolio companies.

What are your long-term plans?

A: Although I like my current role, it’s almost impossible to move up without an MBA or more finance experience at a bigger company.

Advancement in corporate development is quite difficult, and it’s even more difficult at a small firm when you join right out of undergrad.

So, I expect that I’ll eventually move into corporate development at a bigger company or into investment banking (possibly in the FIG team since it matches my experience so well).

I want to work in venture capital in the long term, and recruiters do reach out to me about VC roles occasionally, but I’d rather get more deal experience first.

Q: Great. Thanks for your time!

A: My pleasure.

The post How to Break into Corporate Development Straight Out of Undergrad appeared first on Mergers & Inquisitions.

from ronnykblair digest https://www.mergersandinquisitions.com/corporate-development-out-of-undergrad/

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JIMS Organized Innovation & Entrepreneurship Conclave (2018)

JIMS organized IEC-2018 - Innovation & Entrepreneurship Conclave on Saturday 21st April, 2018 at its Rohini, Delhi campus. The conclave was organized to provide interaction among various stakeholders in Start-up ecosystem, i.e. the Incubators, Start-ups, Educational institutions, Funding organizations and Service providers. It aimed at providing exposure to the students; those who are already into initial stages of startups or are planning to begin their own venture in near future.

In the Inaugural and later Technical sessions, speakers from across different Startup firms shared their experiences and deliberated on various aspects of Entrepreneurship.

The Inaugural session began with a welcome address by Dr.Pawan Gupta, Director JIMS who talked about the need for entrepreneurial culture in the campuses. The speakers for the session were Mr.Rohit Swarup, Founder, Chairman of, Innovation & Research Foundation; Ms.Shashi Singh, Chairperson of the Consortium of Women Entrepreneurs of India and Mr.Rajesh Hotchandani, MD & Chief Executive Officer - CapSag Consulting Services Pvt Ltd. The inaugural session topic was ‘Entrepreneurship Development: Role of Policy makers and Academia’. Speakers talked about the available government schemes and policies for promoting Startups in the country. Mr.Rohit Swarup in his presentation gave information about macro entrepreneurial environment, Ms. Shashi Singh discussed about the rural and women entrepreneurship and Mr.Rajesh Hotchandani told about his own entrepreneurial journey and challenges faced by him

The first Technical session was on the topic ‘Vital elements in Start-up success: Branding & Customer Service’. The speakers were Mr.Saurabh Kaushik, India’s premier 10X Business Growth Coach and Mr.Ravi Kumar, Founder udChalo. The session was moderated by Dr.Kirti Sharma, Assistant Professor, MDI, Gurgaon. Mr. Kaushik, in his address told about the role and important of branding in the success of Start-ups, while Mr.Ravi Kumar shared story behind founding of ud-chalo and how it is catering to niche market of armed forces. Dr.Kirti Sharma gave a presentation on branding and marketing with a special case reference of Chaayos, a start-up for online selling of tea varieties.

The second Technical session was on the topic ‘Expanding your Startup: The Invincible hand of Financing & Training’. Speakers were Mr.Jeet Singh, Co-Founder and Director, Tessellate Tech Ventures and CFO at Napino Auto & Electronics Ltd., Mr.Peter Rohan Malik, Co-founder, Arohan Solution and Dr. Satya Acharya, Sr.Faculty, EDI. Ahmedabad. The panelists deliberated on types of finances available and the challenges faced by the venture investors in financing the Start-ups. The speakers also shared their own journey in the Startups and provided lots of thought provoking insights to the audience. Mr.Jeet Singh shared numerous case studies of the start-up ventures funded by his firm and their performances prior and later to financing. Mr.Peter Malik, kept the audience engaged with his story of Arohan Consulting, while Dr.Acharya gave presentation on the role of financing in the entrepreneurship.

The audience throughout remained involved by interacting with the speakers during and after the sessions. They were mainly students, alumni, faculty and few start-up firms. It was a highly useful session in which speakers touched upon the different vital aspects of entrepreneurship.

The Conclave ended with a vote of thanks by Dr.Sumesh Raizada, faculty coordinator for E-cell, JIMS, Rohini. He was assisted by E-cell faculty members Mr.Sanjive Saxena and Mr.Sunny Seth along with student coordinators Kunal, Vivek, Uddish, Diksha and Vikas.

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Tel.: 011-45184000, 45184001, 45184002 Fax. No: 45184032

Website URL: https://jimsindia.org

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Controllers Offer Tips on How to Look Before You Leap from Public Accounting to Industry

Last week we published an article on what the transition from public accounting to industry was like for 14 corporate controllers. During my interviews with them, I asked what advice they’d give to a CPA at a public accounting firm who is looking to make the jump to an industry accounting role. And boy did they have a lot to say!

Instead of cramming their advice into the article about their transition stories, we decided to make it a stand-alone feature.

So, without further ado, here’s what these 14 controllers would tell a fellow CPA considering following in their footsteps:

Be patient

Once you decide it’s time to leave public accounting, take your time and wait for the right opportunity, said J.C. Gum, CPA, vice president and corporate controller at Omaha, Neb.-based Ag Processing Inc, who is a KPMG alum.

“Throughout my public accounting career, I had many bad days, and I also was presented with some good opportunities to leave, but thankfully they never occurred at the same time. Some would have been good excuses to leave after a bad week,” he said. “Looking back, I’m thankful for the discernment, patience, and perhaps the lucky timing that allowed me to pass on those early opportunities and wait for the best one.”

Will Majic, CPA, CA, controller, corporate finance at Calian Group in Ottawa, Ontario, agrees with Gum, adding that he’s seen several people jump at the first opportunity to leave public accounting.

“The first leap that you take when you leave a firm is an important one because you have so many doors open to you,” said Majic, who spent more than six years with Deloitte. “There are so many employers that love hiring from accounting firms directly, so there’s no need to leap at the first opportunity that comes up as it may not be the right fit for the individual.”

Never make a desperate move

Make sure you’re leaving because it’s the next strategic step in your desired career path, said Drew Hester, CPA, vice president, controllership and global business services at Chicago-based Beam Suntory, who started his career at PwC.

“Public accounting careers are full of moments that can feel a bit overwhelming and chase some people out of the profession, and I’ve encountered many who regret the timing of their departure,” he said. “You get just one jump out of public to industry, and it’s really important to land well.”

As a hiring manager, Lauren Johnson, CPA, senior controller at Portfolio Advisors LLC in Darien, Conn., said she strays away from candidates whose stay in public accounting was brief.

“Staying in public for the standard two years will not serve you well in private industry,” said Johnson, who worked at BDO for nine years. “You need experience managing staff, exposure to different clients, and time to truly see an audit from start to finish before your time in public will become an asset to you while working in private. Unless you work for a company that doesn’t receive an annual audit, you’ll need audit experience in order to know how to manage your external auditors as the client.”

Learn about the company and industry you’re interested in

Think of it like a college assignment, said Tony Combs, CPA, corporate controller at Urban Airship in Portland, Ore., who cut his accounting teeth at CBIZ MHM and PwC.

“Don’t just understand the accounting, but look into the unique issues within the industry, the underlying trends, and the jargon,” he said. “Investing this time will enable you to communicate more effectively and understand your co-workers more clearly.”

Julie Brand, CPA, corporate controller at San Francisco-based Pattern Energy Group, who started her accounting career at Deloitte, recommends learning as much as you can about all aspects of the company beforehand, such as reading financial reports and learning how the various inputs to accounting operate.

“Join a business in an industry that you’re interested in,” she said.

But don’t just focus on one industry

Johnson believes it’s a good idea for candidates to broaden their job search and be open to different industries.

“I think oftentimes when you work in public accounting, you can specialize in an industry—for me it was the real estate and hospitality industry—but when you look to make the jump, you may only focus on that same industry,” she said. “This can sometimes make it difficult to make the transition [from public to industry].”

Use your network

“It’s important to have mentors—both internal and external—who can weigh in and give perspective,” said Brian Harding, CPA, vice president, corporate controller, and principal accounting officer at Wilsonville, Ore.-based FLIR Systems, who started his accounting career at KPMG.

Harding added that your mentors might steer you toward making a career move when it’s less disruptive to the teams you work with.

“As someone who occasionally interviews candidates looking to exit public accounting, it doesn’t bother me—in fact, I appreciate the sentiment—if that candidate tells me their start date is dependent on when they’ll be able to wrap up their current responsibilities with the firm they work for,” Harding said.

In addition, don’t be afraid to have a conversation about outside opportunities with a partner at your firm, recommends Matt Nelson, CPA, vice president, corporate controller at Seattle-based Tableau Software, who worked at PwC for more than eight years.

“Most of the partners are well-networked and can help you figure out whether a role is a good fit,” he said.

People might think that talking about leaving public accounting is a career mistake, as it shows you’re not interested in your current job. But that’s not the case, Majic said.

“All you’re doing is evaluating options,” he added. “Most of the people who leave accounting firms are leaving their first real employer, and they don’t have the experience of what this can mean. People who left, or people who still work at the firm, have seen so many people leave that they can give a good perspective to those considering it.”

Have a long-term plan

Don’t expect to jump right into your dream job after you leave public accounting. Instead, seek opportunities that best qualify you for the position you’d like to have in the long-term, Harding said.

“If you know you want to be a CFO, schedule a meeting with a CFO and ask about their career progression. They probably held several lower-level positions before achieving the CFO title,” he added. “Network along the way, and be open to new opportunities that get you closer to that plan.”

Don’t be afraid to take risks

After spending 10 years at EY in Baltimore, Christopher Sullivan, CPA, left in 2015 to become controller of OpGen, a small biotechnology company. Like most startups, the business had many challenges, Sullivan said, but the growth opportunities and learning experiences he had there proved to be invaluable.

“By joining a smaller organization, I was able to report directly to the CFO, as well as have regular interactions with the CEO, vice presidents, and board of directors,” said Sullivan, who is now corporate controller at Sucampo Pharmaceuticals Inc. in Rockville, Md. “Those experiences enabled me to quickly learn aspects of industry accounting and finance and how all of the various pieces of the organization operated together.”

Know your value

Because the compensation and progression path in public accounting is fairly rigid, it’s easy to lose sight of what high-performing companies are paying, Hester said.

“Knowing what salary you can reasonably expect to pursue is critical to calibrating your personal departure timing and ensuring you don’t accept a suboptimal opportunity,” he added.

Assemble a team of recruiters

Build a network of eight to 10 recruiters, and then pare down the list to four or five you trust, said Fred Butterweck, CPA, corporate controller at New York-based Clickspring Design, who spent six years at PwC.

“This is not an easy exercise, but if you feel like you’re being sent on interviews with companies that don’t match your profile, you should cut that recruiter loose,” he said. “A good recruiter will invest the time to understand what you’re looking for and only try to connect you with opportunities that fit.”

Pay attention to the office atmosphere when you go on interviews

Does the vibe in the office seem alive, with people working collaboratively? Or is it dead silent?

“Just make sure the atmosphere matches your personality and work style,” said Butterweck, who also recommends paying attention to how the person interviewing you speaks to the person at the front desk or others he or she encounters during a tour of the office.

Gum said CPAs should definitely consider the culture of the company when investigating potential job opportunities.

“Job seekers need to realize there are times when a profitable company with opportunities for advancement isn’t always the wise choice, particularly if the culture of the organization doesn’t fit them,” he added.

Get an understanding of your work scope

Opportunities outside of public accounting are diverse, and the scope of work can vary significantly depending on the size and structure of the organization you join, said Lindsay Gorang, CPA, corporate controller at SightLife Surgical in Seattle, who served as a senior auditor at Deloitte & Touche.

“I’ve enjoyed taking on new areas, such as project financing and supporting contract negotiations as an accounting subject matter expert on M&A and key supplier contracts,” she said. “Meanwhile, I’ve learned that other areas, such as payroll and administration, aren’t a good fit for me.”

Leave your firm on good terms

Don’t hang your firm and your colleagues out to dry in the middle of busy season, which could ruin the relationships you built and the friendships you made, said Senad Mustafic, CPA, senior director – corporate controller at Bellevue, Wash.-based Smartsheet, who worked at Deloitte for nearly six years.

“In public accounting, you’re surrounded by people who can support you on a daily basis because they all know accounting. In industry, that network is smaller,” he said. “Being able to occasionally connect with an old friend and discuss an accounting challenge is extremely valuable.”

Be open to technical and operational accounting roles

Mustafic said a good controller should understand both the technical and the operational sides of accounting, and hire people who are strong in each.

“People who come out of public accounting tend to be technically strong, and public accounting prepared them for that, but lack operational experience, which can best be gained through various operational roles,” he said.

Mitra Rezvan, CPA, vice president and corporate controller at San Francisco-based PagerDuty, who started her career at KPMG, agrees with Mustafic, adding that it’s important that your manager at the company you decide to move to is willing to help mentor you in operational accounting, as well as provides you with support and training to learn the business, and gives you a chance to try new things.

Build new relationships, keep the old ones

Once you join a new organization, spend time getting to know people outside of the accounting and finance department, Combs said, and don’t be afraid to contribute in cross-functional teams.

“Make it a point to identify key people in different departments, introduce yourself, and ask questions,” he added.

In addition, Sullivan recommends maintaining your public accounting relationships after you leave. He said he attends EY’s annual alumni event, as well as other networking opportunities, such as happy hours, meeting former colleagues for lunch, and golf outings.

“My reputation with EY was important during the recruiting and hiring process as the controller of OpGen and Sucampo, and I believe that my EY network will be critical in identifying the next opportunity along my career path,” Sullivan said.

Change is good, so embrace it

You never know where new opportunities will lead you, said Paul Starrantino, CPA, corporate controller at Sparks, Nev.-based Sierra Nevada Corporation, who spent 14 years at PwC.

“You will face new challenges that will broaden your experience and make you more valuable professionally,” he added.

Image: iStock/savoia

The post Controllers Offer Tips on How to Look Before You Leap from Public Accounting to Industry appeared first on Going Concern.

from Accounting News http://goingconcern.com/controllers-public-accounting-to-industry-inchan/