As they say, it takes a village to raise a child. Similarly, transforming a revolutionary idea into a flourishing organisation requires community effort.
You may have a winning idea and may even procure the required funds, but there are factors apart from these that contribute to the success of a startup.
Currently, India is emerging as one of the strongest hubs for startups and is home to 92,683 startups, becoming the third largest startup ecosystem in the world, as per reports.
The Government of India has taken many initiatives to boost and encourage entrepreneurs to set up new ventures. In conjunction with the various government efforts, startup credits are a valuable resource that can help a new business get off its feet and provide support through its journey.
In this blog, let us learn more about startup credits and how you can make the best of them.
Startup Credits: Explained
Startup credits are like coupons a startup can use to save expenses and avail of various services free of cost or at a discount.
New businesses require the latest technology, employee training, and access to knowledge centres and mentors. However, accessing these could be challenging due to a lack of capital (of course) and accurate information.
It is kind of like a partner that not only has the right network but also lets you avail of these services and access the resources free of cost or at discounted prices.
Demystifying Startup Credits: Understanding How They Work
Multiple platforms offer credits to founders as subscriptions, startup kits or individual deals. These platforms have tie-ups with experts and appropriate service providers across industries who can offer valuable assistance to new businesses.
Startups can redeem credits for a wide range of services. These platforms can be imagined as a marketplace which provides essential tools for businesses to grow.
Depending on the company policies, the startup may have to purchase some deals individually, or they can access the entire deals catalogue by applying for membership. Credits are offered in chunks and can be used to offset the current month's bills, not the previous month's, as they have an expiry period.
Why Startup Credits Matter: Understanding Their Value
Credits help startups save costs; founders can use the capital for other initiatives like marketing activities, hiring talent, managing supplies, etc.
These credits have utility for a wide range of applications. Providing credits also encourages startups to use other services offered by the platform and be comfortable with it.
Available perks vary as per the partner policies. Some may offer discounts on subscriptions, while others may provide premium access to a specific number of employees. Partners may also offer incubation and accelerator support, cloud infrastructure for startups to scale their businesses and corporate insurance advisory services, to mention a few.
Thus startup credits can help businesses in various domains like finance, software, and infrastructure and provide mentorship and advisory services.
Maximising Startup Credits: A Comprehensive 5-Step Guide
Startup credits are a valuable resource that can help your business immensely in various ways. Here’s how you can gain maximum benefits:
1. Choose Startup Credits Wisely
This is the first step; platforms offer numerous credit options, each with unique benefits. While all credits may appear helpful, analyse your requirements and then choose as per your requirement.
2. Know What You Have Chosen
Startup credits may come as bundled services, and often what you opt for may have additional benefits apart from the core service you are looking for. Supplementary services can also be of great value to a startup.
3. Monitor Expiry Dates
Startup credits may come with expiry dates; they become worthless if not used within the stipulated time. So whether it is training or a discount on a service, ensure the credit is utilised most before it goes out-of-date.
4. Be Cost Conscious
A startup can choose startup credits from multiple partners. Some credits may require you to buy some startup kits and pay some amount. Compare benefits with the cost and if buying individual deals or complete subscriptions is better.
5. Do Not Ignore Training and Mentor Programs
Often discounts on services or free apps may sound more attractive. Still, you cannot ignore the importance of training programs that provide practical insights into diverse business functions. Similarly, community programs or workshops for mentoring are invaluable resources.
The time is ripe for a startup to take off and thrive through startup credits. You have government policies supporting new businesses. To accelerate your growth, startup communities and platforms like Scalix can help you.
Scalix: The One-Stop Platform for Early-Stage Founders
Software platform Scalix is a go-to platform for early-stage founders to assist them in the legal, hiring, banking, technology and other domains. The platform brings together the community of founders and offers concierge services like office management and banking kits to support founders at the start of their journey.
Scalix has tied up with many relevant service providers in the market to offer discounts and credits worth over $250K that can help you optimise your cash flow. A few examples include:
- DigitalOcean LLP simplifies cloud computing so builders can spend more time creating software that changes the world. Perks include benefits up to $30k by applying with them.
- Google Cloud which can help startups supercharge growth with their Startups Cloud Program
- CleverTap, the world's number one Retention Cloud, helps app-first brands personalise and optimise consumer touch points to improve user engagement, retention, and lifetime value.
Scalix, through its various products and programs, makes scaling startups easy. We also offer a bouquet of services like cap table management, fundraising kits, perks and discounts, startup mentors and more.
Get in touch with our experts to learn more!