PUNE, India and LONDON, November 21, 2018 : More than 90 percent of startups fail, but with an increasing number of professionals shunning off their cushy jobs and taking a plunge in uncertain waters of entrepreneurship, these numbers have only increased over time. SRKay, a Private Equity, and acceleration firm based in Pune had embarked on a journey to decode every possible factor that can be managed to improve the success probability of startups.
In a recent study presented at the United Nations, Geneva, SRKay unveiled its new research ‘Startup Success Index – Improving Startup Success and Sustainability by understanding Human Only Factors,’ that has highlighted few critical success factors for a Startup’s Success, beyond a Founder’s mindset. The study was a result of a joint research conducted by the research teams at SRKay and SCIKEY, an Indo-Finnish Talent Solutions Venture. This study on startup success factors has opened up a fascinating aspect of the whole story that has been largely ignored in the investment world.
Even though the most significant factor in any startup success always remains the mindset of the founding team and their employees, and the study points out the importance of the government support ecosystem and the social mindset in which the founders operate play a critical role in the quantum of success.
The research conducted in thirteen countries by SRKay research team showcases the impact of collective social mindset on the success of startups. Social mindset remains the second most influencing factor after the founder mindset, as per the study.
The study states, government support ecosystem, as another minor factor that plays a long-term role in creating the right startup environment. Social mindset plays a significant role in promoting gender equality in entrepreneurship and overshadows the government support ecosystem to promote women entrepreneurs, in terms of impact.
A critical insight from one of the statistics on gender equality in entrepreneurship within the report, states the relative score of a woman entrepreneur in India to be around -0.4, compared to that of a woman entrepreneur in the United Kingdom to be around +0.1, based on data about perceived opportunities.
Another study presented at the United Nations Geneva in May 2018 by Alok Kumar, Managing Partner SRKay, based on SRKay’s Joint Research with SCIKEY, found that Founder’s mindset contributed the most in a startup’s success. SCIKEY’s proprietary MindMatch algorithm has analysed thousands of startup founders globally. Using a blend of AI & Psychology, SCIKEY’s MindMatch algorithm has given the power to gauge an Individual’s mindset, thereby helping SRKay find the right founders and employees for SRKay’s own funded ventures that see far better success.