Inc. India - September-October 2013

8/21/2019 Inc. India - September-October 2013

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RUBRIC GO HERE

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REDIT

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PHOTOGRAPH BY NAME TK SEPTEMBER/OCTOBER 2013 | INC. | 9


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2 | INC. | SEPTEMBER/OCTOBER 2013

COVER DESIGN BY PETERSON PJ.

THIS EDITION OF INC. MAGAZINEis published under license from Mansueto Ventures LLC, New York, New York. Editorial items appearing on pages 8,18, 28-33 were all originally published in the United States edition of Inc. magazine and are the

copyright property of Mansueto Ventures, LLC, which reserves all rights. Copyright 2009 and 2010 Mansueto Ventures, LLC. The following are trademarks of Mansueto Ventures, LLC: Inc., Inc. 500.

Fortune Swinger

How Orient Bells Madhur Daga, No. 134 on

the list, made his company a pan-India

player overnight. Read his story on page 70.

34THE 5TH

ANNUALINC. INDIA 500Presenting Indias fastest growing

mid-sized companies

3THE CLASS

OF 2013The complete list

5HALL OF FAMEA quick glance at the winners of the

past and the present lists, and how

our ranking methodology has

evolved over the years

62BY THENUMBERSSome insights into the Inc. India

500 companies using revenue

categories

64TOP 10 CITIESA look at the cities where most Inc.

India 500 companies are based

66TOP 5 SECTORSDelving deep into the top 5 sectors

of the Inc. India 500 and the

companies that make them that

PHOTOGRAPHB

YSUBHOJITPAUL

September/October 2013


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September/October 2013CONTENTS

THE TOP 10A closer look at our top of the

heap. Here are the 10 fastest-

growing companies among the

Inc. India 500.

48 The Other Iron ManPuneet Arya, Arya Iron &

Steel Company

54 The Growth ChaserPrashant Puri, Adlift

Marketing

WOMENENTREPRENEURSThe most accomplished Inc.

India 500 companies run by

women

80 The Glow of AmbitionVandana Luthra, VLCC

Healthcare

PEOPLE ATWORKA photo portfolio of Inc. India

500 employees at their

workplaces

78 KL Rathi Steels106Bharat Serums &Vaccines

94FAN FICTIONWe asked some of our Inc.

India 500 CEOs to tell us

which fictional character they

would love to go into

business with, and why.

Heres who they picked.

108OFFICEQUIRKSAn Inc. India 500 CEO survey

on office items that never fail

to catch visitors attention

THEKICKSTARTERSCompanies that are less

than 10 years old and are

growing faster than the

average Inc. India 500

honouree

84A Versatile BusinessmanAnuj Saxena, Elder Health

Care

90The Travel RangersRikant and Nishant Pitti,

Easy Trip Planners

THEDEPENDABLESMeet some of the habitual

winners on the list. These

companies have made it to the

list more than once.

96 On Top of the WorldVinod Saraf, Vinati Organics

102 A Fit BusinessPrashant Talwalkar, Talwalkars

Better Value Fitness

COMPANIES WEFIND EXCITINGOur research teams pick of the

most exciting companies on

the list. Thanks to our jury, we

found some great names

70 The Right SwingMadhur Daga, Orient Bell

74 The Maverick RestaurateurAmit Burman, Lite Bite Foods


PHOTOGRAPHB

YJITENG

ANDHI


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09 Editors Letter

11 LaunchIndia and the Gender Global

Entrepreneurship and

Development Index: Not a very

healthy relationship

Why humans and robots

should swap jobs

Reflections of a mentor on

guiding entrepreneurs through

daily business dilemmas

28

28 The Price

No one said entrepreneurshipwas easy. But its time to be

honest about the real

psychological cost.By Jessica Bruder

14

14All Things PeopleBy Hari TN

Organisational structures, by

definition, appear rigid. But they

dont have to be. Heres how to

find the right one for your

company.

18Get RealBy Jason Fried

Getting to knowreally know

your customers

20InnovationSolving the energy crisis through

this waste to energy reactor

September/October 2013

20

CONTENTS

13

23What Makes aBrand NameFive brands. Two experts. A

battle-off on what works and

what doesnt when youre

naming your brand

By Ira Swasti



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ContentsINC.COM

INC.COM/SALES AND MARKETING

Three Reasons MostPresentations FailA great product wont go far if the sales pitch is lacklusterand most pitchesare, says Inc.com columnist Geoffrey James. Here are three commonmistakes to avoid.

1TOO MUCH

INFORMATIONDont describeevery one of yourproductsin painstakingdetail. No onecares. Prospectivecustomers want toknow what yoursolution can meanto their lives. Sotry to make anemotional impact.

2THE WRONG

POINT OF VIEWIf your pitchconsists of a storyabout how long youhave been inbusiness and alaundry list ofclients, yourecoming at it allwrong. Instead,make a connectionby taking thecustomers point

of view.

3THE SAME OLD,

SAME OLDIf you cantarticulate thedifference betweenyou and yourcompetitors, whyshould aprospectivecustomer pickyou? Talk aboutwhat you do betterthan anyone elseand have examples

to prove it.

Leading expert Dave Kerpen explains the most common content marketing mis-takes hes observed people make. Here they are:1. They have no subscription strategy2. They fail to inspire brand evangelists.3. They still keep their content creators in silos.4. They place traditional marketers in content roles.5. They overlook internal marketing goals.6. They miss out on opportunities to partner with traditional media.

Content Marketing Mistakes

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Shreyasi Singh

[email protected]

EDITORS LETTER

Battle-scarred,War-ready

that this cocktail o extremesprecariously balanced betweenailure and success, jubilation and despairofen within amatter o days (or, even minutes!) has changed them as people,and lef deep gashes on their psyche.

In her absolutely must-read article on Page 28, JessicaBruder calls this impact the psychological price o entrepre-neurshipa price so many ounders secretly payeven asthey bravely put on their positive, raring-to-go aces at clientpitches, industry conerences and employee meets.

At a panel discussion on profitable growth or ounder-managers that I moderated recently in Vododara, I saw thisbrave ace slip away. Just as we were about to conclude theevent, the ounder o a manuacturing company who so orhad listened quietly, lashed out at our panel speakers. He elttheir presentations on benchmark efficiency, supply chainmetrics and employee motivation were ar removed rom an

entrepreneurs every day fireslonger credit cycles, clients whoreused to pay up and bankers who continued to seek collateralto extend loans or credit limits.

His anger was laced with anguish and rustration. Whilehe spoke though, it was incredible to see 80 other heads (allentrepreneurs also) in the audience nod in completeagreement, and applaud his ability to articulate what each othem elt, but never said.

Bruders moving article, and the incident in Vadodara weremulling in my head as I read the stories Sonal Khetarpal andIra Swasti filed or this special issueour annual ranking oIndias astest growing mid-sized enterprises. At several points,

I couldnt help but wonder what our winning entrepreneurswerent telling us when they talked about setting up a newplant, bringing in a private equity investor, or handling aactory lock-out. Had they merely orgotten the pain, or was itjust too personal to lay it out or everybody to see?

Tanks to my entrepreneur husband, these experiences arepart o my everyday lie. Over the past ew years, Ive seen hisbattles grow more challenginginvestor expectations,demanding clients, and the sense o responsibility to his

talented team. His journey hasnt been easy, like it wasnt or thegentleman in Vadodara, or undoubtedly or any o our Inc.India 500 honouress.

Awards and recognition are the happy by-products o thisbruising course though. So, congratulations to all our Inc.India 500 winners. Needless to say, your growth and ambitionsimpress us, especially in an economic environment as tough asthis. But, more importantly, we recognise the price you (andyour amilies) might have paid to get here. For that, we saluteyou. May you all win your many wars!

Entrepreneurs tell us all the

time that the journey o build-ing a business is charged withemotionsthe highs arehighs, but the lows are muchlower. Yet, most wont coness

SEPTEMBER/OCTOBER 2013 | INC. | 9


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We cannot create waterBut Yes! Surely we can save water

You can also save water.......

in your homes, schools, factories, institutions & villages

For more information, please email to

[email protected]


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LAUNCHNews, Ideas & Trends in Brief


Gender BluesIndia scores low on femaleentrepreneurship index

It isnt surprising that India comes in at16th place in a ranking of 17 nations for

providing a healthy female entrepreneur-ship ecosystem in the country, accordingto Te Gender Global Entrepreneurshipand Development Index (GEDI), pro-duced by Washington, D.C.based non-profit research and consultingorganisation Global Entrepreneurship andDevelopment Institute. Te preliminaryresults of the ranking were announced atthe annual Dell Womens EntrepreneurNetwork event in Istanbul in June.

Te Gender-GEDI Index is made up of

30 indicators and ranks 17 countries. Teindex is based on individual aspirations,

business environments and entrepreneur-ial ecosystems, and measures high-poten-tial women entrepreneurs who are definedas innovative, market expanding andexport-oriented.

At number 16, India trai led behindother developing economies such as Mex-ico (No. 5), Morocco (No. 13), Brazil (No.14) and Egypt (No. 15), while coming justahead of last-placed Uganda. Te No. 1country was the US. Other top-rankingcountries included Australia (No. 2), Ger-

many (No. 3) and France (No. 4).Ruta Aidis, project director, Gender-

GEDI, said that one of the reasons whyIndia ranked so far behind was that theindex did not cover the informal sectorwhere so many Indian women entrepre-neurs are engaged in small and mediumscale businesses. Here are the key findingsof the report.

Economic development is not enough:Te report suggests that even if the coun-try is economically developed with astrong foothold in areas such as legal


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LAUNCH

RESEARCH CORNER

Humans andRobots ShouldSwapYou'll never understand yourrobot until you walk a mile inhis screws. A new MIT studyreveals that when co-workinghumans and robots cross-train,productivity improves.

Robots already perform rotetasks and heavy lifting along-side humans in the manufac-turing world. But increasingly,robots are partnering with peo-ple in places as complex andcritical as the operating roomand outer space, says StefanosNikolaidis, a Ph.D. student whoco-authored the study withJulie Shah, head of MIT's Inter-active Robotics Group.In the study, a human and arobot (a big orange mechanicalarm) had to work together on atask. The human placed screwsin holes, and the robot drilledthem in. Then, the pairswapped roles, via a computersimulation. Afterward, the pairreturned to their original real-world tasks.The scientists designed analgorithm that let robots per-ceive human preferences (forexample, whether screwsshould be drilled immediatelyor whether they should be donein batches).

The cross-trained teams were71 per cent more productivethan teams that used othertraining strategies. Cross-trained humans also reported ahigher level of trust in theirwired partner."Whether we are talking abouthuman teammates or human-robot teams," says Nikolaidis,"jobs are done better whenthere is understanding andtrust between teammates."Reshma Menon Yaqub


rights, education and access to finance, itmight not necessarily result in a healthyecosystem for women. Sometimes socialand cultural norms make it less conducivefor women to become entrepreneurs. BothIndia and Malaysia impose additionalgendered restrictions on women, in termsof limited freedom of movement outsidethe home, restrictions to working hours,and working in certain industries which

lowers the score of these countries.

No single determinant of success:India scored relatively high for opportu-nity recognition, suggesting that thefemale population recognises goodopportunities for businesses where theylive. However, it received low scores relat-ing to institutional foundationsthat is,insufficient training and skill setwhichlimit womens ability to act on those per-ceived opportunities.

Access to finance is crucial: Few womenhave bank accounts in low-performingcountries. India has only 26 per cent ofwomen who have bank accounts com-pared to almost 100 per cent access tofinance in the top-performing countries,other than Mexico (22 per cent).

Effective networking can open doors:

Networking with other entrepreneurs and

having access to the internet helps createopportunities for female entrepreneurs.Internet provides new ways of networkingthat eliminate temporal and geographic,as well as gendered social constraints, thatcan limit womens access to informationand resources. In the UK, 78 per cent ofinternet users are women, compared withless than 7 per cent in India and Uganda.

Gender-GEDI research demonstratesthat the determinants of success for femaleentrepreneurship are not just personal

strengths and aspirations, but a result ofthe environment in which they operate.

Te research clearly supports theassertion that key things need to be fixedin order for female entrepreneurship tosurvive and flourish, said Karen Quintos,chief marketing officer (CMO) and seniorvice president, Dell. Increased access toknowledge, networks, capital and technol-ogy are critical if countries are to empowerfemale entrepreneurship and create a cul-ture of success.

GENDER-GEDI Rankings

1 USA 10 Russia

2 Australia 11 Turkey

3 Germany 12 Japan

4 France 13 Morocco

5 Mexico 14 Brazil

6 UK 15 Egypt

7 South Africa 16 India

8 China 17 Uganda

9 Malaysia

90

80

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40

30

20

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Unite

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Austr

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Germ

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SouthA

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China

Malay

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Russ

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Turk

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Moro

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Braz

il

Egyp

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Gender-GEDI

Environment

Eco-System

Aspiration

Gender-GEDI Overall Country Scores and Sub index Scores

Source: Gender-GEDI Index (2013)


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Q: A leaders every word and action is deeply scrutinised. In

that context, how should a CEO make sure her ability to take

tough decisions is not hampered by her fear of being judged?

A:Leadership expert Warren G. Bennis once saidmanagersare people who do things right; leaders are people who do theright thing. By virtue of their position at the top of the totempole, CEOs are easy targets for judgment, irrespective of whatthey do. But a leaders goal should only be to chalk out asustainable path for the organisation and align her thoughts,

words and decisions with it. A good leader has the internalstrength to understand that she cannot control peoplesperceptions of her. Only 10 out of 100 CEOs really understandleadership, in my experience. I call it the leadership deficitthedifference between the quality of leadership that needs to bedelivered and the actual quality of leadership delivered. In mostorganisations, there is a huge gap between the two.

Q: How much does the right attitude to making mistakes

determine what kind of a leader one is?

A:Mistakes are an inevitable step towards the growth of anyindividual but most CEOs are not able to handle it well when acolleague makes a mistake. Te first thing a CEO needs to do isseparate the person from the behaviour. In other words, itsimportant to sayI love you. But I wont tolerate you cominglate again. Secondly, when a mistake happens, dont questionthe integrity or competence of the person who has made themistake. If you do that, you will completely demoralise theperson and rob her of all initiative and creativity because she

may never try anything new again, for the fear of making amistake. Tirdly, when a mistake is made, instead of asking whomade the mistake, ask what happened, how it happened andhow to prevent it in the future.

Q: Every organisation suffers from the dilemma that when you

are at the top, people only tell you what you want to hear. How

does a good leader bridge that gap?

A:Most leaders are not aware of this dilemma. Tey go withwhat people tell them as the gospel truth because they are notreally listening. A good leader understands that everyone who istelling her something is coming from a different angle and has

different concerns and interests. Also, to understand theirperspectives, you have to learn to listen very carefully. I have yetto come across a CEO who is a fine practitioner of the art oflistening. Te more you succeed, the less you tend to listen. Likeeverything else, the less you use this faculty, the more you lose it.I call it the alk-Listen Ratio. Tis ratio could be a powerfulmetric to help one become a good listener. It refers to theamount of time that you talk in a conversation relative to theamount of time you listen. Ideally, I would recommend aalk-Listen Ratio of around 0.25 i.e. spend about 25 per cent ofthe time you spend listening on talking.

Leadership DilemmasA mentors guide to

personal growthAccording to management expert and mentor V.K. MadhavMohan, a leader is always treading the subtle boundarybetween what is right, expedient, necessary and sustainable.His book Lonely at the op: Reflections of a Mentorprovidesvaluable insights into dealing with the common dilemmasentrepreneurs face every day. Deeply rooted in Indian philoso-phy, the book lays down tips and tools to build an environ-ment of trust and collaboration at the workplace. Here aresome excerpts from our conversation with the author.

Ira Swasti

Executive coach VK Madhav Mohanreflects on his experiences ofmentoring over 100 entrepreneurs.


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ALL THINGS PEOPLEBYHARI TN

Hari TN is the global head of human resources atAmba Research, a Bangalore-based investmentresearch outsourcing firm.

One of thequestions that has botheredsenior managers in most high-growth,scale-up firms iswhat is the right way tostructure the firm? Debates around organ-isation structure ofen go around in circlesbecause other parameters that play a role inorganisational effectiveness such as strat-egy, quality o people and processes and

incentive plans are brought into thesedebates without a sufficient understandingo the interplay between these parametersand structure.

For one, organisational structures arenot cast in stone. Tey need to be dynamicand reflect the current situation and theproblems the company is grappling with.For instance, structuring or growth is verydifferent rom structuring or efficiency orinnovation. Whatever the imperative, it ishelpul to have a working knowledge o the

principles o organisation design. In myexperience with working with a range oorganisations, our dimensions o organ-isation structure come up most requently:

Span reers to the number o directreports that any role holder or individualcan manage effectively. So, what is anappropriate span? Is there a number thatone should aim or or does it, as mostthings in management science, dependupon a host o other actors? Te spandepends primarily upon how a team is

A Sound StructureAmbitious CEOs must be supported byright-fit organisational structures

expected to be managed (hands-on versusdelegation) and the quality and capabilitieso the direct reports. I the approach tomanaging the team is hands-on, involvingintense supervision and review, the spanshould be small. I the team comprises

individuals who need constant coachingand decision support, the span should besmall. On the contrary, i the team com-prises people who are competent, requireand ask or a lot o head room and inde-pendence, but need support on an excep-

14 | INC. | SEPTEMBER/OCTOBER 2013 ILLUSTRATION BY MANAV SACHDEV


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ALL THINGS PEOPLE

tion basis, the span could be very large. Italso depends upon what a company is try-ing to accomplish. I efficiency and profit-ability is a key goal, the trade-off is in avoro a larger span. I the goal is rapid growth,

then the bias should be to keep smallerspans, hire direct reports who are indepen-dent and thus orce the senior managers toget out o day to day management to findthe time to think and execute strategically.

Secondly, all companies start smallwith simple structures which invariablyget larger and more complex. Dual report-ing is very common, as are the issues thatsurround itor instance, should aregional finance manager have a firm lineto the regional business head with a dotted

line to the country finance manager, orvice-versa? Questions like these get moreimportance than they deserve simplybecause most people involved in designingorganisation structures would like tobelieve that o the two alternatives, one isright and the other is wrong, and thereore,i you can figure out the right one, then allproblems would disappear. Nothing couldbe urther rom the truth. It is true that oneo the two alternatives may be superior tothe other in a particular situation, but even

this superior alternative calls or getting alot o other things right or it to work. Inact, the less superior alternative is likely towork better i one can get the other thingsright. What really happens in most compa-nies when it comes to dual reporting rela-tionships is that the two managers (in theabove case, the country finance head andthe regional business head) ofen dont seri-ously stay in touch with each other on theircommon reportee. So, each is likely to havea view (at times divergent) and they will

carry their respective views without both-ering to actually veriy or compare noteswith their colleague. In reality, the managerto whom there is a firm line o reportingends up appraising her reportees peror-mance without seeking serious inputs romthe other manager. No structure will obvi-ate the need or regular eedback to theindividual by the two managers and cali-bration between them on all importantissues relating to their direct report. I thisis addressed, the firm line versus dotted

line reporting becomes relatively insignifi-cant. I these issues are not addressed, noamount o tinkering between the firm lineand dotted line will solve the problemsbecause the problem does not lie in the

structure at all.Another key decision when it comes to

structuring is whether to structure by capa-bilities, or client segments. Companies inthe services space especially ace this situa-tion. Tere is no right or wrong answerwhich is why I will just lay out the differentphilosophies and the subsequent trade-offsinvolved. What kind o companies shouldstructure according to capabilities? As abroad guideline, organisations that rely ondeep expertise or specialisation in different

capabilities (such as hospitals divided ondifferent departments, or consultingorganisations structured around practices)to deliver customer satisaction are betteroff structuring around practice or capabil-ity. On the contrary, when customer satis-action is driven by an integrated responseand an overall point o accountability ortheir problems rather than the depth oexpertise, the company is better off struc-turing primarily around clients and addingan overlay o expertise at the back-end that

may not be visible to the client. Whicheverstructure one might choose, as organisa-tions scale up, they may not have a choicebetween capability ocus and client ocus.Tereore, there is a primary dimension oorganisation and a secondary dimension; ithe primary dimension o organisation iscapability the secondary dimension is cli-ent segment and vice-versa.

Finally, as a firm scales up, one o thekey choices as ar as structure goes is ofenabout sharing o resources. Should you go

the business unit way, where each unit isairly autonomous and usually does notshare resources? I the firm is ocused ongrowth, and has already achieved a certainscale, a structure centered round autono-

mous business units is a smart choice.When it comes to organising around busi-ness units, scale is crucial because withoutthe advantage o scale, a company isunlikely to have the management calibrethat can navigate a business independently.Its always good to remember that auton-omy supports growth only when yourbusiness units have the right leaders. Tereare several advantages to having businessunits, including aster decision making anda more vigorous entrepreneurial culture.

On the flipside, cost inefficiencies owing toexcess capacity in one unit, and shortage inanother do crop up in this organisationdesign. So, i youre redesigning to improveprofitability, this is not the right structureand it is helpul to move to a unctionalstructure where resources are shared asmuch as possible.

In summary, keep the structure simplewherever possible. Introduce complexityonly when you cant do without it. Under-stand that a sub-optimal structure with

the right commitment to making theother parts work smoothly (eedbackloop, communication between the tworeporting managers wherever dual report-ing is involved etc) is more likely to suc-ceed than an optimal structure without anunderstanding o what it takes or a struc-ture to succeed.


A sub-optimal structure with theright commitment to making theother parts work is more likely tosucceed than an optimal structurewithout this understanding.

Contact Hari TN at [email protected].


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I do mosto my grocery shopping at a place called Olivias Mar-ket, a small grocer in my neighbourhood. In act, I stop in at leastthree times a week, so Ive gotten to know the owner, Bill Mah-eras, airly well.

Now, Im not saying were best riends, but over the years wevetraded a bunch o emails and had coffee down the street, and heseven offered me some choice Bulls tickets. Good guy, this Bill.

We also enjoy talking shop. o say that the grocery business iscut-throat would be a major understatement. Every day, Bill has tocontend with slim margins, lots o competitors, scores o suppliers,and high inventory costs. No surprise, then, that Bill always tells mehow lucky I am to run a sofware company. With high margins, nospoilage, and no inventory, our businesses are polar opposites.

But I always remind Bill how in at least one respect, he is arluckier than I: He actually knows his customers.

In todays hundred-data-points-on-your-customer world oonline business, Bill has one data point that really matters: He canrecognise a customer i he sees her walking down the street. Canyou say that about your company? I know I cant.

We owners o web-based businesses love to gloat about howmany customers (make that users) we have. But do we really knowany o them? Sure, we can calculate their l ietime value and figureout how many times theyve logged in over the past 90 days, whatbrand o mobile phone they use, and how much they spend amonth. But we wouldnt know who they were i they walked inour ront doors.

Te owners o such locally based businesses as Olivias dontget glossy magazine covers, and industry websites never claimthat they are changing the world. But I am more convinced thanever that we can learn a lot rom the Bill Maherases out there.

Why dont I know my customers the way Bill does? Obviously,

Do You Really Know Your Customers?I dont know mine. But now Im determined toget up close and personal

scale is one reason: We have tens o thousands o individual pay-ing customers. Another is geography; we have users in more than50 countries, and its not so easy to strike up individual relation-ships with them.

But the main reason is that our business is built on sel-service.Customers buy Basecamp without ever having to interact with us. Ithey do have a question, we handle everything via email. Weve been

in the business o automation. Weve never really valued ull service.Tere is nothing wrong with this. Our customers love our product.

And they love that they dont have to talk to sales people, make anyphone calls, or wait or someone to approve their purchase to sign up.

But what i we tried to run our business more as Bill does? Is itpossible to create a model in which we get to seeor at leasthearour customers on a regular basis; in which we know theirnames, their businesses, their stories; in which we might even rec-ognise them i we bumped into them on the street?

I want to see i we can do this kind o thing at 37signals. Howmuch better can we be i we know our customers or real, not justas data points?

So thats what were going to do with our next product. It wontbe sel-service; itll be ull service. Rather than no touch, itll behigh touch. I you want to buy it, I want to get to know you a littlefirst. A phone call, a videoconerence, whateverI just want toknow who my customers are so I can really understand why theywant to buy. I want to know i I can really help them.

Whats this product? Well, thatll have to wait or my next col-umn. Until then, go meet your local grocer, dry cleaner, and shopowner. Really talk to them. And let them inspire you.

Follow Jason Fried on Twitter: @jasonfried.

18 | INC. | SEPTEMBER/OCTOBER 2013 ILLUSTRATION BY MANAV SACHDEV

GET REALBYJASON FRIED

Jason Fried is co-founder of 37signals,a Chicago-based software company.He is a man, not a machine.


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2 0 | INC. | SEPTEMBER/OCTOBER 2013

INNOVATION Companies on the Cutting Edge

We aim to solvethe problem of

waste segregationin India byhandling waste at

its source.Sreekrishna Sankar, co-founder, GPS Renewables


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From waste to energyAs Sreekrishna Sankar and Mainak Chakraborty were scouting or ideas to start aclean energy business afer graduating rom IIM Bangalore, they learnt that morethan 60 per cent o all waste-to-energy plants in India are deunct. Tere is just noprovider with the biotechnology know-how to run these systems efficiently, saysSankar. It was then that they stumbled upon the high-temperature biogas plants atAsian Institute o echnology, Tailand. Based on that model, the duo builtBioOrja, a waste-to-energy reactor fit or Indian conditions. It took the duo overone and a hal years to come up with the patented heating system that makesBioOrja 40 per cent more efficient than conventional biogas plants (at room tem-perature). Also, BioOrja requires absolutely no water to run, unlike conventionalplants which are water guzzlers. Tis has drastically reduced the reactors opera-tional cost and size. It offers other advantages tooeasy on-site assembly; portabil-ity and zero-odour which makes installation viable in apartment complexes,hospitals, corporates and restaurants. BioOrja can be customised to handle 100 kg

to 5,000 kg o biowaste. Since its commercialisation in September 2012, BioOrjahas been deployed in five locations. Price:`6-40 lakh, depending on its size.

Recognitions received

50 Most PromisingStart-ups, KauffmanFoundation

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AdvantagesAllows customisation2.5 times faster wastedigestion

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to 20 sq metres No civil work required

GPS RenewablesBioOrja

REPORTED BY SONAL KHETARPALPHOTOGRAPH BY PAULOUMI


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e frameERPbizwww.essindia.com

Business grows

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TWO BRANDING EXPERTS BREAK IT DOWN FOR US

BY IRA SWASTI

NAME?

WHAT MAKES A

SEPTEMBER/OCTOBER 2013 | INC. | 2 3

Most brand names o traditional businesses in India can bebroken down into three categories: the owners amily name,some combination o her sons, daughters or spouses name

and a God or Goddess name. More ofen than not, these names areollowed by more uninspiring and cumbersome words such as con-struction equipmens, textiles and industries or banquets andhotels. Names that leave no scope or imagination or innovativebrand communication. Ten, there is a new breed o e-commerce and

young tech entrepreneurs who usually rely on riends and amily tocome up with a name that is catchy, sounds nice and has a domainname available. But theres no clear method to this brand naming pro-cess and even less thought goes into how the name may be perceivedby potential customers. So how does one go about naming a brand?

While parameters or good brand names vary across categories,there are some qualities that are common to all good brand names. Aname with reshness, communication possibilities, evocativeness andease o pronunciation can work wonders, says PC Muralidharan, co-ounder o the Chennai-based naming consultancy Albert Dali. Itmay or may not cue the service or the product. I a ashion brand canbe named Diesel, a tech company be named Yahoo and both work so PH

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WHAT MAKES A BRAND NAME?

well, we have something to learn rom that,he says. His brand naming philosophy isclearly visible in his companys name itsel.Albert Dali comes rom the combination

o the names o Albert Einstein and Salva-dor Dali, to highlight a perect blend o thelef and the right brain. It is complementedwith a logo o Dalis iconic moustache andEinsteins pulled-out tongue.

But, just as names are subjective; so isthe approach to naming. K Pradeep,ounder o the brand identity consultancyNiyati believes that it is better to have aname that reers to the product or service.I the brand name could convey what theproduct or service does or at least convey

the values o the company, it becomes eas-ier or people to catch on to it, he says. Tebrand naming business o his company iscalled Nameow!; a pretty straight orwardname with a logo o a cat next to it.

ypically, or agencies such as these,the brand naming process begins with aclient brie, which can be as short as a one-line e-mail saying We need a name. Werestarting a company to one with a moredetailed description that outlines the spe-cifics o the company, its products, and

even what letter the name should startwith (or those into numerology).

Yet, most entrepreneurs underestimatewhat all needs to be considered beorecoming up with a suitable name, Muralid-haran and Pradeep say. So they send theirclients questionnaires containing up to 50questions such as why the company is di-erent rom its competition, what the com-petition is, what the companys core valuesare, whether the business is offline oronline and whether the owner aims to take

it global or keep it local.Afer this detailed interrogation, names

are legally vetted or trademarks and avail-able domain names and this entire processmay take up to 10-15 days or small com-panies or a ew months or bigger ones.

At the end o the day, while theapproach to naming brands may differ(there could be 600 styles o naming, i theDali ounders were to believed), a memo-rable brand name is one that evokes emo-tion and has a story to tell.

BRAND: IRA THINGTHE PRODUCT: Its a budget educa-tion tablet that supports course mate-rials for CBSE, ICSE and IIT JEE inEnglish, Hindi and other regional dia-

lects of the country.

FOUNDERS TAKEMilind Shah, founder, Wishtel (makersof tablet Ira Thing):Ira is another namefor Goddess Saraswati, the Goddess ofknowledge, in Sanskrit. As we werebuilding a knowledge product, wewanted a name that symbolised that.We also needed a name that was short,sounded trendy, was easy to identify andcould be associated to an IT prod-uct. Once Ira was identified, we wanteda suitable brand extension for our entrylevel product as it was targeted towards

the youth. The word thing is a slangused by youngsters these days, so wethought it made a good brand extension.We wanted people to talk about that newIra Thing in the market.

EXPERT TAKEK Pradeep, founder, Niyati:Ira is great.But the Thing doesnt really go well fora brand name. I did like their rationale toconnect with the in-thing of todays gen-eration. May be a hyphenated name Ira-Thing would have helped, although I

would still prefer something more jazzy.Moreover, Ira works when it is small let-ters or mixed case, but not when it is inall caps, as IRA abbreviates to a lot ofinstitutions and organisations that aremisleading (about 67 crore matches forIRA on Google and Goddess Saraswati isnot on the top of those matches). A nicefusion of mythology (Ira for GoddessSaraswati), and modernity (Tab, Social,Connect etc) could have worked, some-thing like Tabira comes to mind.

Easy to rememberConveys brand valueHints at the service/productInnovative

PC Muralidharan, founder, Albert Dali:An ethnic name such as Ira works rea-

sonably well here as it clearly targets theIndian market. While Ira seems to bepretty fresh, the addition of Thing, how-ever much they try to portray it as ayouth lingo, somehow brings theuniqueness level down a tad bit. Butoverall, the name is fairly decent toevoke curiosity.

FreshnessCommunication possibilitiesEvocativeEasy to pronounce


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We decided to put these wordsmiths to work bygetting them to evaluate five live brand names. obe air, we gave the owners o these brands anopportunity to tell their stories too. Te stand-off isready. Well leave it up to you to judge:


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BRAND: JOOGNUTHE SERVICE: Its an online plat-form where parents can savememories of their child from thetime she is born till she grows upin the form of photos, videos, diary

entries and more. Parents can thenshare the password as a gift on thechilds 18th birthday.

FOUNDERS TAKEAnirvan Dam, founder, Joognu:Joognu means a firefly in Hindi. It isthe only bioluminescent known tomankind, the one which glowswithin. We believe that when par-ents share the childs memorieswith her as she grows up, theyspread the glow of happiness intheir child, thus becom-

ing Joognu themselves in the childslife. We think the name is catchy.Since its a single word, brand recallis good and it communicates theessence of the idea, even if not inthe literal sense.

EXPERT TAKEK Pradeep:Jugnu sounds betterthan Joognu, but probably thedomain name wasnt available.Their analogy to a firefly and its sci-entific properties seems to be aforce fit to the rationale. I believe

there are more creative names tocall this unique photo memorytimeline service. The plus that I sawwas the firefly character sittingsomewhere in the footer of the webpage. I wonder why this mascot

was not taken seriously into thebranding. The name and the mas-cot together could be a cartoonblockbuster, but definitely not anonline photo album service.

Easy to rememberHints at the service/productConveys brand valueInnovative

PC Muralidharan:For starters, thename is fresh. Its interestingenough for people to connect to theservice they provide. The pitfall isthat its a vernacular name. Vernac-ular names may not be the best bet,especially if ones business model isto operate out of the World WideWeb. The name needs to have aglobal appeal. For that matter, evenin India, it will resonate only with theHindi-speaking audience.


BRAND: V RESORTSTHE SERVICE: A chain of budget resorts that pro-vides elegant but limited services to its guests

such as no service after 10pm, only buffet-styledining and no promise of an intercom or WiFi.

FOUNDERS TAKEVaibhav Dayal, founder, V Resorts:The resortsare not named after my initials. The brand namestands for three things that describethe resorts. View: All our properties promise agreat view from each room. Value for Money:These are budget category resorts. Vacation: Allour properties are in offbeat locations that prom-ise a unique vacation with various adventurousactivities.

EXPERT TAKE:

K Pradeep:The name cant get any shorter. Whatworks is that its simple and straight to the point.The rationale of the three Vs (view, value, vacation)also goes well. The logo could have been better. Inall, it adds to another V for Victory. The flipsidehowever is that there is competition and copycatsin all sizes. V Holidays, V Travels, and V for Virgin(the big daddy of branding in airlines, travel).


PC Muralidharan:Ill call this a bland name, not abrand name. It achieves nothing. Its not memora-ble. It neither has communication possibilities nordoes it evoke a feeling inside you. The fact that aletter V can convey all these multiple things is justin the minds of the founders. Moreover, the possi-bilities of coming up with absolutely splendidnames is high in the category of leisure and travel.They should have taken advantage of that.




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BRAND: VOONIK

THE SERVICE: An online personal stylist service that hand-picks the best clothes for customers, based on their bodytype and style preferences. It provides instant recommen-dations from stylists on what kind of clothes, jewellery andaccessories will suit the buyer, how to wear them, and whatto pair them with.

FOUNDERS TAKE:Sujayath Ali, co-founder, Voonik:We got Voonik as a playon the word unique and quite liked it. We wanted a namethat was a single word, unique, memorable, had a domainname available, preferably not a dictionary word, had a bit ofcoolness when pronounced and the ability to become averb (like Google). We had a few fashion related namessuch as shopmirchi.com but we rejected them because

they did not allow us to pivot if our initial business modeldoesnt work out.

Expert TakeK Pradeep:Good thinking! The name matches the require-ments laid out by the team to the T. It also has a globalappeal. It is a good idea to bring the name into the function-ality of the websiteas in Vooniked by customer name.What would work is if their products and delivery culture isas voonik as its online service.

Easy to rememberConveys brand valueHints at the service/product

Innovative

PC Muralidharan:How is Voonik reminiscent of unique,even if it is a laborious play on the word? In any case, thepopular Japanese apparel brand Uniqlo does the job tadbetter. They promise unique clothing. In fact, Voonik offersmuch more as a business idea. They appear almost as abespoke stylist offering their services online. With Voonik,its a fabulous idea clogged inside a tenuous brand name.


FOUNDERS TAKEChaitali Bajaj, owner,Gelitalia:Gelitalia sellsgelatosice creamswith little or no air

and Italian gelatos. Soif you break down thename, gel comes fromgelatos and Italiacomes from Italy.Gelato in Italianalso means icecreams. So itsan apt name forour ice creamparlour whichhas an exten-sive variety ofgelato flavours.

EXPERT TAKEK Pradeep:Noamount of ratio-nale can actually con-vince (forget justifying)that it is not genitalia,but gelitalia unless theclient intentionallywanted to bring a sex-ual connotation totheir brand. Even then,it is unacceptable. Ifthey did want to pur-

sue the story aboutfine Italian gelatos,they should have triedbetter word-matchingthan zero in on this

one. Something likean iGel or Gely, or anabridged versionGelita would havebeen better, ifavailable.


PC Muralidharan:Mysuspicion is that theowners have come up

with this coinageknowing fully well thatit would rake up someissues. There are cer-tain categories where

such play-on-wordnames can makesense and would workwell. But food is notone of them. One

always needs tocheck the conno-tation of a namefrom every possi-ble angle beforefinalising it. Else,it may backfirebadly and affectthe brands long

term growth orvision.

FreshnessCommunication pos-sibilitiesEvocativeEasy to pronounce

Google:Its common knowl-edge that the name Googleevolved from googol. Butnot many people know thateven before that, the search

engine ran as BackRub for ayear until the founderschanged the name in 1997.

St George Umbrella: Thefamous umbrella brandfounded over five decadesago in Kerala changed itsname after the family busi-ness of umbrellas splitamong the founders twosons. One son changed thebrand name to Popy and theother to Johns.

Oracle:Earlier known as

Relational Software, thecompany officially switchednames to Oracle Systems in1982. The change wasprompted because the com-

panys most successful prod-uct, the Oracle Database, hadbecome more popular thanthe actual company.

Pepsi-Cola:In 1893, CalebBradham, the young phar-macist from North Carolinabegan experimenting with avariety of soft drink recipesone of them made of carbon-ated water, sugar, vanilla,rare oils and cola nuts. Hecalled it Brads Drink. In1898, Brads Drink wasrenamed Pepsi-Cola.

SOME FAMOUS BRANDSTHAT CHANGED NAMES

BRAND: GELITALIATHE SERVICE: A popular ice cream parlour in Mumbai that sells gelatos.


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No one said building a company

was easy. But its time to be honestabout how psychologically brutal itreally isand about the price somany founders secretly payBY JESSICA BRUDER

ILLUSTRATIONS BY SHIGIL NARAYANAN

THE PRICE

By all counts and measures, Bradley Smith isan unequivocal business success. Hes CEOo Rescue One Financial, an Irvine, Calior-niabased financial services company thathad sales o nearly $32 million last year.Smiths company has grown some 1,400 percent in the last three years, landing it at No.

310 on this years Inc. 500. So you mightnever guess that just five years ago, Smith wason the brink o financial ruinand mentalcollapse. Back in 2008, Smith was workinglong hours counseling nervous clients aboutgetting out o debt. But his calm demeanormasked a secret: He shared their ears. Likethem, Smith was sinking deeper and deeper

into debt. He had driven himsel ar into the red startingo all thingsa debt-settlement company. I was hearing how depressed and strung out my clientswere, but in the back o my mind I was thinking to mysel, Ive got twice as muchdebt as you do, Smith recalls.



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THE PRICE

He had cashed in his 401(k) andmaxed out a $60,000 line o credit. Hehad sold the Rolex he bought with hisfirst-ever paycheck during an earliercareer as a stockbroker. And he had

humbled himsel beore his athertheman who raised him on maxims suchas money doesnt grow on trees andnever do business with amilybyasking or $10,000, which he receivedat 5 per cent interest afer signing apromissory note. Smith projected opti-mism to his co-ounders and 10employees, but his nerves were shot.My wie and I would share a bottle o$5 wine or dinner and just kind o lookat each other, Smith says. We knew we

were close to the edge. Ten the pres-sure got worse: Te couple learned theywere expecting their first child. Terewere sleepless nights, staring at the ceil-ing, Smith recalls. Id wake up at 4 inthe morning with my mind racing, thinking about this and that,not being able to shut it off, wondering, When is this thing goingto turn? Afer eight months o constant anxiety, Smiths companyfinally began making money.

Successful entrepreneurs achieve

hero status in our culture. We idolize theMark Zuckerbergs and the Elon Musks.And we celebrate the blazingly ast growtho the Inc. 500 companies. But many othose entrepreneurs, like Smith, harborsecret demons: Beore they made it big, theystruggled through moments o near-debili-tating anxiety and despairtimes when itseemed everything might crumble.

Until recently, admitting such senti-ments was taboo. Rather than showing vul-nerability, business leaders have practiced

what social psychiatrists call impression managementalso knownas ake it till you make it. oby Tomas, CEO o EnSite Solutions(No. 188 on the Inc. 500), explains the phenomenon with his avor-ite analogy: a man riding a lion. People look at him and think, Tisguys really got it together! Hes brave! says Tomas. And the manriding the lion is thinking, How the hell did I get on a lion, and howdo I keep rom getting eaten?

Not everyone who walks through darkness makes it out.In January, well-known ounder Jody Sherman, 47, o the

e-commerce site Ecomom took his own lie. His death shook thestart-up community. It also reignited a discussion about entrepre-neurship and mental health that began two years earlier afer the

suicide o Ilya Zhitomirskiy, the 22-year-old co-ounder o Dias-pora, a social networking site.

Lately, more entrepreneurs have begun speaking out about theirinternal struggles in an attempt to combat the stigma on depressionand anxiety that makes it hard or sufferers to seek help. In a deeplypersonal post called When Death Feels Like a Good Option, BenHuh, the CEO o the Cheezburger Network humor websites, wroteabout his suicidal thoughts ollowing a ailed start-up in 2001. Sean

Percival, a ormer MySpace vice president and co-ounder o thechildrens clothing start-up Wittlebee, penned a piece called WhenIts Not All Good, Ask for Help on his website. I was to the edge andback a ew times this past year with my business and own depres-sion, he wrote. I youre about to lose it, please contact me.

Brad Feld, a managing director o the Foundry Group, startedblogging in October about his latest episode o depression. Teproblem wasnt newthe prominent venture capitalist had strug-gled with mood disorders throughout his adult lieand he didntexpect much o a response. But then came the emails. Hundreds othem. Many were rom entrepreneurs who had also wrestled withanxiety and despair. I you saw the list o names, it would surprise

Its like a man riding a lion.People think, This guysbrave. And hes thinking,How the hell did I get on alion, and how do I keep from

getting eaten?



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THE PRICE

you a great deal, says Feld. Tey are very successul people, veryvisible, very charismaticyet theyve struggled with this silently.Teres a sense that they cant talk about it, that its a weakness or ashame or something. Tey eel like theyre hiding, which makes thewhole thing worse.

I you run a business, that probably all sounds amiliar. Its a stress-ul job that can create emotional turbulence. For starters, theres thehigh risk o ailure. Tree out o our venture-backed start-ups ail,according to research by Shikhar Ghosh, a Harvard Business Schoollecturer. Ghosh also ound that more than 95 per cent o start-upsall short o their initial projections.

Entrepreneurs ofen juggle many roles and ace countless set-backslost customers, disputes with partners, increased competi-tion, staffing problemsall while struggling to make payroll. Tereare traumatic events all the way along the line, says psychiatrist andormer entrepreneur Michael A. Freeman, who is researching men-tal health and entrepreneurship. Complicating matters, new entre-

preneurs ofen make themselves less resilient by neglecting theirhealth. Tey eat too much or too little. Tey dont get enough sleep.Tey ail to exercise. You can get into a start-up mode, where youpush yoursel and abuse your body, Freeman says. Tat can triggermood vulnerability.

So it should come as little surprise that entrepreneurs experiencemore anxiety than employees. In the latest Gallup-Healthways Well-Being Index, 34 per cent o entrepreneurs4 percentage pointsmore than other workersreported they were worried. And 45percent o entrepreneurs said they were stressed, 3 percentage pointsmore than other workers.

But it may be more than a stressul job that pushes some ounders

over the edge. According to researchers, many entrepreneurs shareinnate character traits that make them more vulnerable to moodswings. People who are on the energetic, motivated, and creativeside are both more likely to be entrepreneurial and more likely tohave strong emotional states, says Freeman. Tose states mayinclude depression, despair, hopelessness, worthlessness, loss omotivation, and suicidal thinking.

Call it the downside o being up. Te same passionate disposi-tions that drive ounders heedlessly toward success can sometimesconsume them. Business owners are vulnerable to the dark side oobsession, suggest researchers rom the Swinburne University oechnology in Melbourne, Australia. Tey conducted interviews

with ounders or a study about entrepreneurial passion. heresearchers ound that many subjects displayed signs o clinicalobsession, including strong eelings o distress and anxiety, whichhave the potential to lead to impaired unctioning, they wrote in apaper published in the Entrepreneurship Research Journal in April.

Reinorcing that message is John Gartner, a practicing psycholo-gist who teaches at Johns Hopkins University Medical School. In hisbook Te Hypomanic Edge: Te Link Between (a Little) Craziness and(a Lot of) Success in America, Gartner argues that an ofen-over-looked temperamenthypomaniamay be responsible or someentrepreneurs strengths as well as their flaws. A milder version omania, hypomania ofen occurs in the relatives o manic-depressives

OUT OF THE DARKNESSInc. 500 CEOs share some of their mostemotionally trying momentsand theiradvice for getting through tough times.

CINDY TYSINGERGSATi (No. 170 on the Inc. 500)When cash got tight, Tysingers son invested $250,000 in her company.That was the hardest thing ever, going to my son to borrow money, shesays. Humbling yourself to that point is difficult. I just want to take careof everybody, you know? Around that time, anxiety made it hard to sleepand blunted her appetite. She lost 30 pounds. Her family tried to make hertake breaks by unplugging the home internet connection.What shes learned:Get outside. I love to walk, she says. Even if I

was thinking about things I needed to do, I was in fresh air, nature.

TOBY THOMASEnSite Solutions (No. 188)Thomas started his company with two partners who, he claims, did not dotheir share of the workload. Six months later, he bought them out. Thatwas a very scary point, he recalls. When you go into a business withpartners, youre spreading the risk out. But when you suddenly dont havethat support system, its like youre in a black hole.What hes learned:Find a CEO support group. Thomas is a member ofEntrepreneurs Organization, a global nonprofit founders network. Itsvery Skull and Bones, he says. People completely open up. You have tosign a constitution that says you cant even tell your wife about whatyou talk about.

GRIER ALLENBoomTown (No. 433)A publicly traded company bought Allens main competitor and rebrandedits entire business around that companys technology. Allen tried to staycalm and focus on the market segment where BoomTown was strongest, astrategy that later paid off. But the stress was getting to him and shorten-ing his temper.What hes learned: Jog it off. Running releases a lot of stress, he says.It clears my mind and lets me detach from the digital world for a littlewhile. If I dont get out and run at least twice or three times a week, I juststart feeling crazy.

YISROEL BRUCE KRINSKY

Renegade Furniture Group (No. 127)Krinskys first venture, at 21, was importing dried-fruit energy bars fromSouth Africa. He got the product into 200 stores, but there were no repeat

orders, and the company flopped. It was heartbreaking, he says. Everytime I went to check on the product with a big smile on my face, it was allstill sitting on the shelf. I was really upset, and I felt kind of like a loser.What hes learned:Play the long game. If you can think of any problemyou have today, picture your reaction in seven years, he suggests. Will itbe affecting you then?

ANDREW LAFFOONMixbook (No. 177)Mixbook nearly ran out of cash three times before getting venture capitalfunding. We were pitching VCs day in and day out, Laffoon recalls. Wegot a lot of soft nos. I was sick to my stomach for weeks.What hes learned:Remember that youre not the business. If youridentity is all wrapped up in this company youve built, says Laffoon,when someone rejects it, theyre rejecting you.



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THE PRICE

and affects an estimated 5 per centto 10 per cent o Americans. Iyoure manic, you think youreJesus, says Gartner. I youre hypo-manic, you think youre Gods gif to

technology investing. Were talkingabout different levels o grandiositybut the same symptoms.

Gartner theorises that there areso many hypomanicsand somany entrepreneursin the USbecause our countrys nationalcharacter rose on waves o immi-gration. Were a sel-selected pop-ulation, he says. Immigrants haveunusual ambition, energy, drive,and risk tolerance, which lets them

take a chance on moving or a bet-ter opportunity. Tese are biologi-cally based temperament traits. Iyou seed an entire continent withthem, youre going to get a nation oentrepreneurs.

Tough driven and innovative,hypomanics are at much higherrisk or depression than the generalpopulation, notes Gartner. Failurecan spark these depressive epi-sodes, o course, but so can any-

thing that slows a hypomanicsmomentum. Teyre like bordercolliesthey have to run, saysGartner. I you keep them inside,they chew up the urniture. Tey gocrazy; they just pace around. Tatswhat hypomanics do. Tey need tobe busy, active, overworking.

Woeppel stopped leaving his house. Anxious and low on sel-esteem, he started eating too muchand put on 50 pounds. Some-times he sought temporary relie in an old addiction: playing the

guitar. Locked in a room, he practiced solos by Stevie Ray Vaughanand Chet Atkins. It was something I could do just or the love odoing it, he recalls. Ten there was nothing but me, the guitar, andthe peace.

Trough it all, he kept working to develop new services. He justhoped his company would hang on long enough to sell them. In2010, customers started to return. Pinnacle scored its biggest-evercontract, with an aerospace manuacturer, on the basis o a whitepaper Woeppel had written during the downturn. Last year, Pin-nacles revenue hit $7 million. Sales are up more than 5,000 per centsince 2009, earning the company a spot at No. 57 on 2013 Inc. 500.

Woeppel says hes more resilient now, tempered by tough times.

Entrepreneurs have struggled silently.Theres a sense that they cant talk aboutit, that its a weakness.

o matter whatyour psychological makeup,big setbacks in your business can knock you flat.Even experienced entrepreneurs have had the

rug pulled out rom under them. Mark Woep-pel launched Pinnacle Strategies, a managementconsulting firm, in 1992. In 2009, his phonestopped ringing. Caught in the global financialcrisis, his customers were suddenly more con-cerned with survival than with boosting theiroutput. Sales plummeted 75 per cent. Woeppellaid off his hal-dozen employees. Beore long,

he had exhausted his assets: cars, jewelry, anything that could go. Hissupply o confidence was dwindling, too. As CEO, you have thissel-imageyoure the master o the universe, he says. Ten all o asudden, you are not.



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THE PRICE

I used to be like, My work is me, he says. Ten you ail. And youfind out that your kids still love you. Your wie still loves you. Yourdog still loves you.

But for many entrepreneurs, the battle wounds never ully

heal. Tat was the case or John Pope, CEO o WellDog, a Laramie,Wyomingbased energy technology firm. On Dec. 11, 2002, Popehad exactly $8.42 in the bank. He was 90 days late on his car pay-ment. He was 75 days behind on the mortgage. Te IRS had filed alien against him. His home phone, cell phone, and cable V had allbeen turned off. In less than a week, the natural-gas company wasscheduled to suspend service to the house he shared with his wieand daughters. Ten there would be no heat. His company wasexpecting a wire transer rom the oil company Shell, a strategicinvestor, afer months o negotiations had ended with a signed 380-page contract. So Pope waited.

Te wire arrived the next day. Popealong with his company

was saved. Aferward, he made a list o all the ways in which he hadfinancially overreached. Im going to remember this, he recallsthinking. Its the arthest Im willing to go.

Since then, WellDog has taken off: In the past three years, salesgrew more than 3,700 per cent, to $8 million, making the companyNo. 89 on the Inc. 500. But emotional residue rom the years otumult still lingers. Teres always that eeling o being overex-tended, o never being able to relax, says Pope. You end up with aserious confidence problem. You eel like every time you build upsecurity, something happens to take it away.

Pope sometimes catches himsel emotionally overreacting tosmall things. Its a behavior pattern that reminds him o posttrau-

matic stress disorder. Something happens, and you reak outabout it, he says. But the scale o the problem is a lot less than thescale o your emotional reaction. Tat just comes with the scartissue o going through these things.

Though launching a company willalways be a wild ride, ull o ups anddowns, there are things entrepreneurs cando to help keep their lives rom spiralingout o control, say experts. Most impor-tant, make time or your loved ones, sug-gests Freeman. Dont let your business

squeeze out your connections withhuman beings, he says. When it comes tofighting off depression, relationships withriends and amily can be powerul weap-ons. And dont be araid to ask or helpsee a mental health proessional i you areexperiencing symptoms o signiicant

anxiety, posttraumatic stress disorder, or depression.Freeman also advises that entrepreneurs limit their financial

exposure. When it comes to assessing risk, entrepreneurs blind spotsare ofen big enough to drive a Mack truck through, he says. Teconsequences can rock not only your bank account but also your

stress levels. So set a limit or how much o your own money youreprepared to invest. And dont let riends and amily kick in more thanthey can afford to lose.

Cardiovascular exercise, a healthul diet, and adequate sleep allhelp, too. So does cultivating an identity apart rom your company.Build a lie centered on the belie that sel-worth is not the same asnet worth, says Freeman. Other dimensions o your lie should bepart o your identity. Whether youre raising a amily, sitting on theboard o a local charity, building model rockets in the backyard, orgoing swing dancing on weekends, its important to eel successul in

areas unrelated to work.Te ability to rerame ailure and loss can also help leaders main-

tain good mental health. Instead o telling yoursel, I ailed, thebusiness ailed, Im a loser, says Freeman, look at the data rom adifferent perspective: Nothing ventured, nothing gained. Lie is aconstant process o trial and error. Dont exaggerate the experience.

Last, be open about your eelingsdont mask your emotions,even at the office, suggests Brad Feld. When you are willing to beemotionally honest, he says, you can connect more deeply with thepeople around you. When you deny yoursel and you deny whatyoure about, people can see through that, says Feld. Willingness tobe vulnerable is very powerul or a leader.

If youre manic,you think youreJesus. If yourehypomanic, youthink youre Godsgift to technologyinvesting.



36/112


Slow,but Steady


37/112


In the gloomy din of todays economicenvironment, our 2013 batch of honourees

offer a ray of hope. The average growthmight have been conservative this year,but these companies know battling on ishalf the war won.

3D 500 AND IMAGING BY PETERSON PJ


38/112

of CelebratingEntrepreneurshipAt 37.55 per cent, our 2013 winners have registered the slowestrate of growth among all five Inc. India 500 rankings. Thatmight not seem a great peg for an anniversary celebration but

the resilience and robustness of these companies still make fora great source of inspiration.


YEA5

ranking campaign is that it provides a vivid snapshot o the rela-tionship between individual company growth, and the economyat large. Each year, our list mirrors the countrys economic cli-mate, and equips us with a deeper understanding o it. Expect-

edly, an important observation in this years ranking is theslowdown in the average growth rate o our Inc India 500. From41 per cent in 2012, the average growth rate has allen to 37.55 percent this year. Tis is the lowest growth rate rom the five years,and a huge mark down rom the high o 2010 when the averagegrowth rate was an impressive 143.66 per cent.

Consequently, the share o real estate and other sectors thatflourished during the high growth years has dropped in conse-quence. Steel & Ferrous Metal has maintained its place though,and the extiles sector continues to do even better. In this yearsranking, the extiles & Garment sector tops with a total o 59companies. Interestingly, almost hal (43 per cent) o the Inc.

e are proud to present ourfifh annual ranking oIndias astest growingmid-size enterprises.

When we launched theranking in 2009, we hadno idea how ourentrepreneur readers, orthe larger community

would respond. But, our past winners have shown us that therankings have slowly grown to be an industry benchmark thatentrepreneurs aspire to be a part o. As our two-time winner VijayShekhar Sharma, chairman and MD o One97 Communicationsputs it, Te Inc. India 500 is to high growth mid-size companieswhat the Fortune 500 is or large enterprises.

As a researcher, though, what is most ascinating about our

SLOW, BUT STEADY


39/112


RS

India 500 all under the op 5 perorming sectorsextiles &Garment, Food & Beverage, Steel & Ferrous Metal, Chemicals,and I&IeS. Tese sectors also contribute 42 per cent o the totalsales o the Inc. India 500 honourees.

Pincon Spirit, a Kolkata-based liquor manuacturer, and ourNo. 1 company this year trumps some o the moderation that the2013 edition o our ranking stands or. Pincon has a whopping2,200 per cent CAGR over the past three years. Interestingly, theNo. 1 company has belonged to a different sector in each o ourfive lists so ar.

As always, this years ranking also represents the dynamismprevalent in Indias mid-size segment. So, even while as manyas 158 companies rom last years rank ing continue to be on the2013 list, the list has witnessed some substantial changes. Forinstance, the number o companies in t he lowest revenuebracket (between `50 crore and `100 crore) has gone down by

20 per cent when compared to our 2012 ranking. Tis offers aglimmer o good news, and suggests that several o thesecompanies have grown bigger and moved up the revenuecategory. In keeping with the good news, the number o

companies in the `501 to `1,000 crore category has upped by 13per cent rom last year.

Te fifh anniversary o the ranking also prompted us to lookat the loyalty actor. We werent disappointed. An incredible 126companies have appeared on our list three times, 47 companiesour times, and there are 23 companies that have made an outingin each o our five rankings.

As each year, we try to bring orth a new insight into the rank-ings, this year we have a special category or women-led busi-nesses. Tere are only five such companies on the list this year (seepage 80) but we hope to see more o these hidden gems in theyears to come. Aman Shukla

Average Growth Rate (%)Over Five Years

Growth rate of Top 5sectors comparedGrowth rate in % 2012 2013

62.45

143.66

52.741

37.55

4222

2679

3340

4545

3233

Textiles &Garment

Food &Beverage

Steel &Ferrous Metal

IT & ITEs

Chemicals

2009 2010 2011 2012 2013

150

90

60

30

120

SLOW, BUT STEADY


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1 Pincon Spirit 2204.09

2 Techno Electric & Engineering Company 556.07

3 Urja Global 507.74

4 4G Identity Solutions 379.14

5 VMS Industries 332.37

6 Ashok Alco-Chem 271.11

7 Nouveau Global Ventures 244.01

8 AdLift Marketing 200.00

9 Arya Iron & Steel Company 185.45

10 VKS Projects 141.42

11 Easy Trip Planners 122.60

12 Edserv Softsystems 116.22

13 Lite Bite Foods 110.86

14 Mohan Steels 107.51

15 Southern Ispat & Energy 102.98

16 Tree House Education & Accessories 95.90

17 Rishiroop Rubber (International) 90.96

18 Shree Surgovind Tradelink 87.21

19 Harvel Agua India 80.53

20 DSMAX Properties 76.83

21 Oberoi Realty 76.73

22 Arcotech 76.15

23 Hythro Power Corporation 75.32

24 Sumeet Industries 73.53

25 Taksheel Solutions 73.08

26 Bhanot Construction & Housing 72.11

27 AISECT 70.52

28 CE Info Systems 68.78

29 Aarey Drugs & Pharmaceuticals 67.98

30 Veritas (India) 66.90

31 Vakrangee Softwares 66.24

32 Vikas GlobalOne 66.11

33 Pentokey Organy (India) 65.81

NO. COMPANY CAGR (%)

31per cent is the

average growth rate ofInc. India 500

companies in the `50to `100 crore revenue

category.


The Class

of 2013The Honourees500 reasons to be optimistic aboutIndias growthstory

1

THE CLASS OF 2013


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34 Kothari Industrial Corporation 65.76

35 Ontrack Systems 62.23

36Commercial Engineers & Body BuildersCompany

61.12

37 Shelter Infra Projects 60.89

38 Vijay Shanthi Builders 60.76

39 India Steel Works 60.73

40 SRL 57.18

41 Linkson International 54.99

42 Walsons Services 53.79

43 Surin Automotive 53.34

44 Texmo Pipes & Products 53.23

45 Eastern Gases 52.96

46 Enaltec Labs 52.96

47 Hariyana Ship Breakers 52.29

48 Oswal Green Tech 52.12

49 Veer Energy & Infrastructure 51.75

50 BS Ltd 50.72

51 Unique Organics 50.17

52 Gravita India 49.94

53 Synergy Property Development Services 49.60

54 Coastal Corporation 48.95

55 Parekh Aluminex 48.15

56 Cameo Corporate Services 48.1457 Shree Global Tradefin 47.82

58 Vikas Granaries 47.69

59 Enzen Global Solutions 47.61

60 Tirupati Inks 46.94

61 Sharp Industries 46.88

62 Stovekraft 46.85

63 Sequent Scientific 46.35

64 Ganesh Housing Corporation 45.92

65 Elder Heath Care 44.96

66 New Delhi Centre for Sight 44.9567 Kaveri Seed Company 44.61

68 Kejriwal Bee Care India 44.53

69 Astral Poly Technik 44.22

70 Himadri Chemicals & Industries 44.14

71 Winsome Yarns 43.57

72 Omnitech InfoSolutions 43.28

73 Marsons 43.12

74 V-Guard Industries 42.99

75 Vidhi Dyestuffs Manufacturing 42.85

76 Vikas Wsp 42.82

77 Net 4 India 42.41

78 NILE 42.26

79 MakeMyTrip India 42.08

80 Ganesha Ecosphere 41.74

81 Globus Spirits 41.61

82 Adi Finechem 41.55

83 Indag Rubber 41.52

84 b4S Solutions 41.44

85 Smruthi Organics 41.38

86 SOM Distilleries & Breweries 41.14

87 Pondy Oxides & Chemicals 41.07

88 Gayatri Bio Organics 40.79

89 Mayur Uniquoters 40.27

90 Spectacle Infotek 40.05

91 First Winner Industries 39.94

92 Sankalp Engineering & Services 39.76

93 Supreme Tex Mart 39.61

94 Shekhawati Poly-Yarn 39.35

95 Karma Industries 39.21

96 Ozone Overseas 39.06

97 Aurionpro Solutions 38.89

98 Infinite Computer Solutions India 38.84

99 Neha International 38.61

100 Tirupati Sarjan 38.32

101 Bafna Pharmaceuticals 38.23

102 Dr Lal Pathlabs 37.71

103 Shri Jagdamba Polymers 37.68

104 Nitin Fire Protection Industries 37.67

105 Kanani Industries 37.24

106 Emmbi Polyarns 37.03

107 Sarthak Industries 36.85

108 Rainbow Papers 36.76

109 Bothra Metals & Alloys 36.71

110 Prakash Constrowell 36.68

111 Atul Auto 36.50

112 Shree Ajit Pulp & Paper 36.41

113 Keerthi Industries 36.37

114 CORE Education & Technologies 36.33

115 Real Ispat And Power 36.26

116 Vivimed Labs 36.22

In my wholejourney ofsetting up Arya,land acquisitionin Orissa wasdefinitely thehardest thing Ihad to do. Puneet Arya,Arya

Iron and Steel Company

See full story on page 48


People find itstrange but itstrue. So far,weve never hada sales team inour company. Prashant Puri,AdliftMarketing


THE CLASS OF 2013


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117Technofab Engineering 36.21

118 Apcotex Industries 36.13

119 Manjushree Technopack 36.09

120 Vishnu Chemicals 36.04

121 Sakuma Exports 35.91

122 Kemrock Industries & Exports 35.87

123 Camlin Fine Sciences 35.87

124 Responsive Industries 35.85

125 Narayana Hrudayalaya 35.69

126 India Techs 35.68

127 Tirumala Milk Products 35.51128 Texplast Industries 35.36

129 MBL Infrastructures 35.25

130 Gateway Rail Freight 35.22

131 Real Strips 35.21

132 Kamadgiri Fashion 35.13

133 Tera Software 34.90

134 Orient Bell 34.57

135 Modern Denim 34.44

136 Catwalk Worldwide 34.20

137 Orbit Exports 34.02

138 eClerx Services 33.91

139 Mittal Corp 33.79

140 Bhagwati Banquets & Hotels 33.71

141 Flexituff International 33.55

142 Elitecore Technologies 33.28

143 Tulsi Extrusions 33.25

144 Vinati Organics 32.93

145 Regency Hospital 32.93

146 Parabolic Drugs 32.77

147 Setco Automotive 32.53

148 Suprajit Engineering 32.31

149 Rungta Irrigation 32.28

150 Southern Online Bio Technologies 32.22

151 Arshiya International 32.15

152 Galaxy Surfactants 32.03

153 Shaily Engineering Plastics 31.95

154 Annik Technology Services 31.93

155 Anjani Portland Cement 31.85

156 J Kumar Infraprojects 31.85

157 Interport Global Logistics 31.57

158 Camson Bio Technologies 31.45

159 Mantri Developers 31.10

160 Diamines & Chemicals 30.68

161 Radhakrishna Foodland 30.50

162 Neo Corp International 30.49

163 Inani Marbles & Industries 30.48

164 DFM Foods 30.34

165 Rishabhdev Technocable 30.19

166 KIC Metaliks 30.06

167 Phoenix Mills 30.00

168 HSIL 29.93

169 Ramkrishna Forgings 29.82

170 Tab Marketing Services 29.69

171 Anil Ltd. 29.65

172 Jaihind Projects 29.50

173 Raj Rayon Industries 29.48

174 Future Focus Infotech 29.29

175 Syncom Formulations (India) 29.23

176 Sicagen India 29.06

177 Wim Plast 28.97

178 Aseem Global 28.70

179 Eastern Treads 28.55

180 Relaxo Footwears 28.51

181 Mandhana Industries 28.32

182 Shilpa Medicare 28.29

183 Indian Wood Products Co 28.25

184 Modison Metals 28.17

185 Universal Starch Chem Allied 28.12

186 Lotus Chocolate Company 28.08

187 AcroPetal Technologies 28.05

188 Arch Pharmalabs 27.94

189 Midfield Industries 27.89

190 Nissan Copper 27.87

191 Kewal Kiran Clothing 27.82

192 T & I Global 27.79

193 Asahi Songwon Colors 27.55

194 Seed Infotech 27.51

195 Aarvee Denims & Exports 27.44

196 Premier Ltd. 27.36

No. COMPANYCAGR (%)

Acting in

movies and TVshows hastaught me

patience, whichis very useful in

running abusiness.

Anuj Saxena, ElderHealth Care



44per centis the average

growth rate of Inc. India500 companies in the `101to `500 revenue category.

THE CLASS OF 2013


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197 Donear Industries 26.92

198 Richa Industries 26.90

199 Stylam Industries 26.58

200 Paladion Networks 26.50

201 Jocil Ltd. 26.49

202 Kovai Medical Center & Hospital 26.31

203 Symphony 26.28

204 Samkrg Pistons & Rings 26.22

205 Samrat Pharmachem 26.15

206 Jyoti Ltd. 26.12

207 Bliss GVS Pharma 26.11

208 Arvind Remedies 26.07

209 Cera Sanitaryware 25.98

210 Easun Reyrolle 25.98

211 Action Construction Equipments 25.92

212 Satra Properties (India) 25.91

213 North Eastern Carrying Corporation 25.70

214 V-Mart Retail 25.58

215 Micro Technologies (India) 25.46

216 Twilight Litaka Pharma 25.38

217 Beekay Steel Industries 25.32

218 GPT Infraprojects 25.06219 Nila Infrastructures 25.00

220 Siddhartha Tubes 25.00

221 Century Extrusions 24.99

222 GTN Industries 24.90

223 Banco Products (India) 24.80

224 Ajanta Pharma 24.72

225 Sterling Tools 24.69

226 JSL Industries 24.64

227 Damodar Threads 24.61

228 Tasty Bite Eatables 24.58229 Advanced Enzyme Technologies 24.56

230 Marvel Vinyls 24.40

231 JMT Auto 24.40

232 Cerebra Integrated Technologies 24.34

233 KL Rathi Steels 24.33

234 Lovable Lingerie 24.30

235 Kisan Mouldings 24.26

236 Eka Software Solutions 24.19

237 San Engineering & Locomotive Company 23.99

238 Kalptaru Papers 23.98

239 Sah Petroleums 23.91

240 ARSS Infrastructure Projects 23.91

241 Total Logistics (India) 23.80

242 Gandhi Special Tubes 23.77

243 Sangam (India) 23.73

244 Chartered Logistics 23.71

245 Frick India 23.70

246 TPL Plastech 23.68

247 Milton Cycle Industries 23.66

248 Taparia Tools 23.63

249 Tilaknagar Industries 23.61

250 Insecticides (India) 23.52

251 Aparajitha Corporate Services 23.51

252 Himalya International 23.47

253 Modern India 23.40

254 Kanpur Plastipack 23.38

255 Ecoplast 23.36

256 Anuh Pharma 23.36

257 Hexaware Technologies 23.34

258 Associated Soaptone Dist Co 23.33

259 Lux Industries 23.32

260 Sharon Bio-Medicine 23.20

261 Talwalkars Better value Fitness 23.13

262 Bharat Serums and Vaccines 23.11

263 Poly Medicure 23.07

264 CCL Products (India) 22.86

265 Empire Industries 22.85

266 Steelcast 22.85

267 PI Industries 22.83

268 Shiv-Vani Oil & Gas Exploration Services 22.78269 Kavveri Telecom Products 22.76

270 Ram Ratna Wires 22.67

271 Autocomp Corporation Panse 22.56

272 Jindal Cotex 22.55

273 Triton Valves 22.46

274 Vadilal Enterprises 22.40

275 IRM Offshore and Marine Engineers 22.34

276 Amar Remedies 22.24

31per centis the averagegrowth rate of Inc.India 500 companies inthe `501 to `1,000

revenue category.

Over the pastyear and a half,this is the firsttime I have hadan executiveassistant whocalls me by my

first name.Now there are10 people inthe companywho do that. Ilove it. Madhur Daga,Orient Bell



THE CLASS OF 2013


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277 Gloster 22.19

278 Tara Jewels 22.16

279 DTDC Courier & Cargo 21.93

280 Shakti Pumps (India) 21.84

281 Nectar Lifescience 21.73

282 Ashoka Buildcon 21.70

283 TCPL Packaging 21.69

284 Hindustan Hardy Spicer 21.56

285 Tulsyan NEC 21.52

286 Sri Chamundeswari Sugars 21.51

287 Balaji Amines 21.32288 L G Balakrishnan & Bros 21.26

289 Gyscoal Alloys 21.25

290 Career Point 21.14

291 Polson 21.13

292 Jyothy Laboratories 21.11

293 Control Print 21.04

294 Sanghvi Forging & Engineering 20.93

295 Ruchira Papers 20.87

296 Plastene India 20.82

297 Time Technoplast 20.79298 CHD Developers 20.78

299 Aries Agro 20.77

300 Geodesic 20.75

301 Veto Switchgears & Cables 20.74

302 Lakshmi Energy & Foods 20.52

303 Rajasthan Tube Manufacturing Co 20.49

304 Rushil Decor 20.44

305 VRL Logistics 20.42

306 Mold-Tek Packaging 20.39

307 Sukhjit Starch & Chemicals 20.38

308 K G Denim 20.35

309 Bheema Cements 20.32

310 Venkys (India) 20.27

311 Precision Wires India 20.22

312 Apollo Sindoori Hotel 20.14

313 Hitech Plast 19.87

314 MSP Steel & Power 19.76

315 Siyaram Silk Mills 19.74

316 Solar Industries India 19.73

317 Walchandnagar Industries 19.68

318 Raunaq Automotive Components 19.54

319 Josts Engineering Company 19.37

320 Cords Cable Industries 19.35

321 Hi-Tech Gears 19.31

322 Rupa & Co 19.27

323 Soma Textiles & Industries 19.22

324 T T Textiles 19.13

325 Haldyn Glass 19.11

326 Pioneer Embroideries 19.10

327 Dynemic Products 19.08

328 Suryav

Documents

Inc. India - September-October 2013