“It is necessary to set up your mind for failure. As an entrepreneur there is no incoming supply of money like an ordinary job. And once there is no supply you have to ration out the spend.”
– Samvit Majumdar, Founder and CTO, Airim
A group of enthusiastic students gathered for the Create & Connect @ Chai session organized by ENI to listen to Samvit Majumdar and Sujoy Chaudhary, the founders of Airim. Their entrepreneurship story was full of ups and downs and there was a lot to learn from it. Airim is a smart FAQ- driven website navigation platform that shortens the time taken to make high ticket purchases online. They struggled in the initial years, trying out a couple of ideas and then decided to go with what they were really good at – analytics. They combined analytics with marketing, because they believed that increasing revenue is a better option than decreasing costs. Airim is incubated in NSRCEL and it has played a key role in its success. Infact, Airim first started out by building their Beta version for the NSRCEL website and later went on to acquire their first customer by showing the same demo. The first customer acquisition wasn’t an easy one. After putting in weeks of effort for the initial version, they expected their client to be stumped and were eagerly waiting for a reply. Although they did not hear from them for the first three weeks, the client eventually got back and was quite happy with their work. After that there was no looking back. Today, a website that uses Airim makes 8 times more profit as compared to the ones that just have “Contact Us”. An important piece of gyaan that they had to share was that one should never start building a product immediately. As Indians we are too keen on implementation and get right onto it. On the contrary, in the Silicon Valley all startups run on the concept of prototypes and do not go on to build full blown products till the time is right. The idea is to build a Minimum Viable Product in the early stages (rings a bell?).
Post the introductory chat, the floor was open to questions and students had numerous queries about how exactly does Airim work and their start up journey as a whole. They described how Zoom Car uses it in the platform where people give their cars for rent. Airim shows the top 5 questions that the user might have. The logic behind having a fixed set of questions was simple, most people do not want to type out questions on their own but find it convenient to click on the existing set. Airim has resulted in a much lower bounce rate for its clients which means that they have successfully managed to keep the customers engaged. As a matter of fact, they cannot afford to be down even for a single minute. On a parting note, Samvit and Sujoy mentioned that it is important not to give up. Most entrepreneurs tend to burn out, but the ones that keep going are certain to find their way. Perseverance is the key. All in all, it was a Sunday evening well spent!