Shark Tank Season 2 Success Stories Come From Non-IIT & IIM, Says Sharks

Addressing a change in India’s entrepreneurial mindset, Shark Tank India Season 2 judges interacted with ET Now. In the conversation, Peyush Bansal, co-founder, and CEO of Lenskart.com, Amit Jain, CEO and co-founder of CarDekho Group, and Vineeta Singh, co-founder, and CEO of Sugar Cosmetics, discussed some significant patterns they observed during Season 2 of the business reality TV show.

In the chat, Sharks said that 40% of business owners pitching their ideas to sharks were female. Around 89% of the deals are provided to non-IIT and non-IIM backgrounders. The Shark Tank India judges have found that the age group between 18 to 86 is more reliable for funding their business because of their grass root problems and innovation.

Jain brought up an intriguing issue when he mentioned that he believed entrepreneurs who established businesses under pressure were more creative than those who had the luxury of VC funding. Jain claimed to have heard compelling pitches from ‘two cohorts’ of businesspeople: the first group came from prestigious universities, while the other group consisted of ‘grass root founders’ who operated their companies with little funding from their homes.

He found that entrepreneurs in the second cohort were more innovative since they established businesses under constraints. Innovation has now spread to the grassroots level and entrepreneurs are identifying problems in their immediate environment and developing workable remedies.

Vineeta Singh used the example of a firm that created a water tap that whistles whenever water is supplied by the municipality after observing the issue of inconsistent water delivery. Shark Tank season 2 is a platform for entrepreneurs to demonstrate their company ideas and get a chance to secure money from a group of investors known as sharks.

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