In the digital age, our concept of property has changed. Our businesses not only have physical spaces of operations but also occupy spaces on the Internet. Like real-estate in the physical world, the real-estate of the virtual one has its own nuances and prices. Axsiom, founded by BITS Pilani alumi, Prakhar Bindal is India’s first and only private open-ended alternative investment fund that invests in domains: the Internet´s real estate. We chat with him about his venture- Axsiom.com
An excerpt from the interview:
- What made you start your venture?
I would attribute it largely to the entrepreneurial culture in BITS Pilani, and the existence of a very good support system to encourage and foster a startup mindset. In particular, I had taken a course in creating and leading an entrepreneurial organization (CLEO) which inspired me greatly and taught us the art of the startup. After that, it was just a question of finding the right idea/niche which we did and launched Axsiom.
- What has been the key to your business’s success?
The key has been to use technology and data analysis to explore and mine a niche which was largely an unchartered territory in India. Also, I have been lucky to have worked with some brilliant people who joined Axsiom and contributed every bit to it.
- What are the major challenges in your line of business and how did/do you overcome them?
The major challenge was to convince customers to pay for a service which was relatively unheard of in India. Most businesses in India settle upon a second grade domain name when going online, as their first choice isn’t available. Convincing them to not compromise on their brand but pay a premium and secure it, has been our biggest challenge till date. We overcame it initially by expanding into other markets where the concept was understood and then coming back with learnings and success studies to convince the Indian businesses.
- Do you have a mentor who guides/advices you on matters of the business?
I haven’t particularly had a single mentor, but I have taken advice from different people, mostly alumni from BITS Pilani and IIM Calcutta, at different points in time.
- Have you benefitted from the use of any specific technology for your regular operations?
Yes, we benefitted in our processes by using Sale CRMs and also by writing custom VB-Macros for Excel. We also used several cloud based tools to streamline our day to day operations, like Slack, NaturalHR, Dropbox etc.
- What strategy do you follow for Customer Satisfaction & Expansion?
Communication is the key. Keeping them updated with the progress of their project, proving dedicated key account managers who provide personalized support and reaching out to them every few months for repeat business has been instrumental in bringing new business.
- What, according to you, are the top 3 skills needed to be a successful entrepreneur?
Leadership, Good Risk Appetite and Perseverance.
Visit their website: http://axsiom.com/
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