‘Wait, keep your earnings going’: BigBasket’s Hari Menon’s advice to future startup founders

Menon said that future entrepreneurs should be cautious and wait until the current situation is under control before launching something new.

By Shannon Tellis, ET Bureau | Updated: May 01, 2020, 12.43 PM IST

For those who have already raised capital and are wondering how to sustain themselves, Menon says the only thing to do is to conserve.

Rajesh Sawhney, co-founder, InnerChef, believes the turmoil the startup industry is currently facing in the wake of the coronavirus pandemic could be a ‘perfect launchpad’ for new startups. In a recent tweet, he said, “Don’t hold back. This is (the) perfect time to start a new venture, old world order is breaking apart; new consumer habits are emerging. A perfect storm offers a perfect launchpad.”

Don’t hold back This is perfect time to start a new venture; old world order is breaking apart; new consumer habi… https://t.co/k908dTTjOI
— Rajesh Sawhney (@rajeshsawhney) 1588214620000

But not all founders agree with him.

In a recent webinar chat with Kalaari Capital MD Vani Kola, Big Basket CEO Hari Menon, said future entrepreneurs should be cautious and wait until the situation is more under control before launching something new.

“Say what you will, but capital is critical when you startup,” said Menon. “You can’t do without it and it’s not going to be easy for next few months. I would sincerely advise to put plans on hold right now. Think, innovate but continue with your jobs. It’s so critical to keep your earnings going, keep your savings going. Every bit of money that you have today you got to make it last.”

For those who have already raised capital and are wondering how to sustain themselves, Menon says the only thing to do is to conserve.

“I think you just need to cut back on everything that non-essential. You can’t afford to look at luxury right now. Whatever you have, if you had planned (for) it to run six months, make sure it runs twelve months or fourteen, fifteen months. That is the only thing they (startup founders) should focus on doing.”

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