Every Startup involves a great idea and a great effort of people working for it. In our series of Superhero of Startup today the Superhero badge goes to Innolabz which is bringing a much-awaited change in Education.
1)Tell us something about you and your startup?
INNOLABZ is a company which is bringing about the change awaited by everyone. We have researched about the situation of the education system in India and found such loopholes which need to be fixed. What is acquired by students is not what is needed in the market. Apart from education, we focus on entrepreneurship, offering mentorship and incubation to the budding entrepreneurs.
My hometown is Mathura, and I belong to a normal middle-class family. My father is a banker and mother is a teacher by profession. I did my B.Tech from Skyline College, Greater Noida, and MBA from BIMTECH, Greater Noida. I worked with Jindal Steel, OYO Rooms etc. But somewhere deep inside, there was an ambition of becoming an entrepreneur and help change the scenario of education in the country.
2)What was your motivation behind venturing into this?
Education is very necessary for a child, it not only nurtures one’s thought process but shapes one’s perspective and decisions. But if we see the situation of the education system, significant amendments need to be made. While I tried to explore different career options after graduation, my search took me to higher education, but if this was the case were those placement drives in college a blindfold we could not see through? If a candidate was lacking required skills why this cover of placement was used by colleges at the time of admissions? I researched for about 5 years and took an initiative to see to the problem, that initiative grew up to our expectations and became Innolabz.
3)Give us a brief background about the founder and its core team member?
Well, I am Saurabh Chaturvedi, the Founder, and CEO of Innolabz, and the co-founder of the company is my very good friend MalvicaSaxena. She is from an academic background and has researched a lot over the issues related to education. Apart from this, we have a team of 12 self-motivated people who all are passionately holding different posts and working with complete dedication.
4)Who do you see as competition and how is your startup different?
Frankly Speaking, I don’t believe in competition. I believe that one should excel in what they do and collaboration is the key to growth and harmony. We have Udemy, Talentedge etc. which can be termed as our direct competitors but what has been offered by them is just a glimpse of what we have on our platter.
5)What are the revenues and margins like in your industry?
The motive is of bringing about a change, but yeah we are not a non-profit entity. We do have revenue models but anticipating anything in the education industry is really silly. The regular advancements in technology and corporate add to challenges as well as the margins. If you take training on a thing like Java or PHP for which there are n number of trainers available, it is not going to be anywhere near to the training for blockchain or cryptocurrency or data science. A workshop that requires specific tools and machines can’t be compared with one that requires nothing but your laptop.
6)What are your future plans?
Expansion for sure. We are spreading our wings and aiming the sky. We already have covered six cities and have received requests to collaborate from companies located in Mumbai, Pune etc. Meanwhile being there in IIT Kharagpur and XLRI Jamshedpur is a clear indication of what we aspire.
7)Any advice you want to give budding entrepreneurs.
Learn, Yearn, and Earn. More importantly, believe in yourself and your dreams. If you can think of it, you can make it happen, it all depends on how earnestly you try.