Vinod and I have been playing around the idea of setting up our own version of EIRs (Entrepreneurs-in-Residence) at AVF (Artha Venture Fund). Vinod proposed this idea during our Monday morning pow-wow as a possible solution to the difficulty we have faced in finding an entrepreneurial teams that work in areas where we identify a significant market opportunity or wish/want to deploy funds.
So, I read about EIR programs and best practices today, and as Vinod has had previous experience with these programs, I believe we could build a similar program at Artha which will be beneficial to both, the entrepreneur and us.
EIR programs have existed for a while in the developed VC eco-systems, several CVCs and US universities have successfully utilised the EIR position for their requirements.
For Artha Venture Fund’s requirements, I found a few articles that provide a good context on what I’m looking for.
- So, What The Heck Is An ‘Entrepreneur In Residence’ Anyway?
- What Is An Entrepreneur-In-Residence?
- Time to Get Back to Work: Joining Accel as Entrepreneur in Residence
- 3 Benefits of Hiring an ‘Entrepreneur-in-Residence’
I am convinced that we should try hiring an EIR for a 6 to 12-month period and test out whether this would work for AVF.
The objective for the EIR would be to work on creating a business plan while simultaneously working with the fund team on evaluating start-ups for investments and helping the investee companies. Therefore, the program can only be for people that have been a part of a founding team (or core team) of a funded start-up, big or small.
While many of the details are yet to be worked out (and I will share them in future posts), here are some that come to mind-
- Contract period: 6 months with a mutual option to extend for 6 months
- Salary package: 8.00 L / annum (includes a 5% communication allowance)
- Work timing:
- 9 am to 7 pm
- Monday- Saturday
- Perks: laptop, cell-phone, company paid phone service and a desk
- Minimum requirement:
- Attending all evaluation sessions
- Helping portfolio companies
- Writing their own business plan
While most the EIR programs have left the choice of where to focus his/her entrepreneurial energies to the EIR, my fund (as Vinod will rightly remind me) does not have the luxury of millions of dollars coming to its coffers in management fees therefore each penny has to be accounted for to operate a sustainable VC business.
Therefore, I want to make it clear that we are looking to pick EIRs that have a tech orientation and would like to work in B2B, B2C or B2B2C start-ups (but nothing in deep tech for now).
Some of the plays that have my team and I interested are:
- PSA: On the lookout for Consumer Brands
- Who Will Save India from Bad Customer Service
- Are Capsule Hotels the Future of Indian Hospitality?
- Contact Management Solution for Gifting
If would like to apply for the EIR position, please fill out this form and attach your resume.
102/2018
