Business Ideas, Innovation, Mentoring, Motivations, People / Stories, Social Entrepreneurship

The blind CEO who built a 50 crore company

December 22, 2015 09:12 IST

 

Srikanth Bolla is standing tall living by his conviction that if the “world looks at me and says, ‘Srikanth, you can do nothing,’ I look back at the world and say ‘I can do anything’.”

Srikanth Bolla

When he was born, neighbours in the village suggested that his parents smother him.

It was better than the pain they would have to go through their lifetime, some said.

He is a “useless” baby without eyes… being born blind is a sin, others added.

Twenty-three years later, Srikanth Bolla (pictured left) is standing tall living by his conviction that if the “world looks at me and says, ‘Srikanth, you can do nothing,’ I look back at the world and say ‘I can do anything’.”

Srikanth is the CEO of Hyderabad-based Bollant Industries, an organisation that employs uneducated disabled employees to manufacture eco-friendly, disposable consumer packaging solutions, which is worth Rs 50 crores.

He considers himself the luckiest man alive, not because he is now a millionaire, but because his uneducated parents, who earned Rs 20,000 a year, did not heed any of the ‘advice’ they received and raised him with love and affection.

“They are the richest people I know,” says Srikanth.

Underdog success story : Click here to continue reading… 

 

Business Ideas, People / Stories, Social Entrepreneurship

Sell Waste Online

This IT engineer is urging people to sell waste online.

Did you know that you could use Facebook and Whatsapp to sell your household waste online? And also make some money off it?

Find out how a young engineer from Bhopal is doing it and urging others to follow suit.

Anurag Asati is an IT engineer who hails from Bhopal and knew at the onset that he wanted to create some impact in the world with the skills he had.

It all started one day when Anurag was asked to get a kabadiwala home to collect some newspapers.

“I started working on this, but this simple task proved pretty cumbersome. In the process, I found out everything about the waste management cycle and how the process works. at the end of it, I had come to a conclusion this is purely a gap an something needs to be done,” says the young entrepreneur.

Click to continue reading

Business Ideas

Photocatalytic composite and Sunlight to Clean Water

A Mighty Girl

On family trips to India as a child, Deepika Kurup often saw kids like herself forced to drink dirty water — as a result, at age 14, this Mighty Girl became determined to find to a way to ensure that everyone has access to safe drinking water. For an 8th grade project, the Nashua, New Hampshire teen invented a water purification system that uses a photocatalytic composite and sunlight to clean water — an invention which earned her recognition as America’s Top Young Scientist in 2012. Three years later, the now 17-year-old scientist has spent several years improving her purification system and is currently one of the finalists for the 2015 Google Science Fair!

According to Deepika, access to clean water is a global crisis; “one-ninth of the global population lacks access to clean water,” she explains “and 500,000 children die every year because of water related diseases.” On the trips to India, her immigrant parents’ native land, Deepika saw the struggle for clean water first hand: “[My parents] would have to boil the water before we drank it. I also saw children on the streets of India… take these little plastic bottles and they’re forced to fill it up with the dirty water they see on the street. And they’re forced to drink that water, because they don’t have another choice. And then I go back to America and I can instantly get tap water.”

Her early investigations into water purification methods found that many of them were expensive and potentially hazardous. “Traditionally, to purify waste water, they use chlorine, and chlorine can create harmful byproducts,” she points out. “Also, you have to keep replenishing the chlorine, you have to keep putting chlorine into the waste water to purify it.” She wanted to invent a new way to clean water that would be both cheap and sustainable.

Deepika came up with the idea of using a photocatalyst — a substance that reacts with water’s impurities when energized by the sun — that also filters the water. The combination of the reaction and the filtration can remove most contaminants for a fraction of the cost of chlorine purification. She determined that her system reduces the presence of coliform bacteria by 98% immediately after filtration and by 100% within 15 minutes. Another advantage is that her catalyst is reusable: “a catalyst doesn’t get used up in the reaction,” she says. “Theoretically you can keep using my composite forever.”

Deepika’s efforts have already by widely recognized — in addition to being named America’s Top Young Scientist in the Discovery Education 3M Young Scientist Challenge, she was also the recipient of the 2013 President’s Environmental Youth Award and the 2014 U.S. Stockholm Junior Water Prize, and she was named one of Forbes Magazine’s 2015 “30 Under 30 in Energy.” She’s also excited to meet the other finalists at next week’s Google Science Fair’s Finalist Ceremony — even if it means missing a few days of classes at her new school, Harvard University, where she plans to study neurobiology. Most of all, she’s looking for forward to taking her research from the lab to real life: “It’s one thing to be working in a lab, doing this, and another thing to actually deploy it and see it working in the real world. So that’s one of my steps in the future.”

To learn more about Deepika’s research, you can visit her Google Science Fair project page at http://bit.ly/1NjpQIq

If you’d like to encourage your own Mighty Girl’s interest in science, we showcased our favorite science kits and toys in our blog post, “Science At Play: Top 20 Science Toys for Mighty Girls” at http://www.amightygirl.com/blog?p=7692

For several stories to inspire your Mighty Girl’s spirit of discovery — all for ages 4 to 8 — check out “Rosie Revere, Engineer” (http://www.amightygirl.com/rosie-revere-engineer),”11 Experiments That Failed” (http://www.amightygirl.com/11-experiments-that-failed), and “I Wonder” (http://www.amightygirl.com/i-wonder).

To inspire children and teens with more stories of girls and women in science — both in fiction and real-life — visit our “Science & Technology” section athttp://www.amightygirl.com/…/general-int…/science-technology

Source : https://www.facebook.com/amightygirl/photos/a.360833590619627.72897.316489315054055/903392809697033/?type=1&theater

And, if your Mighty Girl loves to show off her love of science and technology, visit our STEM-themed t-shirt section at http://www.amightygirl.com/clothing?clothing_themes=146

People / Stories, Social Entrepreneurship

The Man Who Single Handedly Converted A Washed Out Land Into A 1,360 Acre Forest

May 29, 2014

Almost three decades ago, a teenager, after noticing the deaths of a large number of reptiles due to a lack of a tree cover, started planting Bamboo in an area that had been washed away by floods. Today, that same land hosts 1,360 acres of Jungle called Molai Forest, named after Jadav “Molai” Payeng, the man who made this possible single handedly!

That forest is now home to Bengal tigers, Indian rhinoceros, over 100 deer and rabbits besides apes and several varieties of birds, including a large number of vultures. There are several thousand trees. Bamboo covers an area of over 300 hectares. A herd of around 100 elephants regularly visits the forest every year and generally stays for around six months. They have given birth to 10 calves in the forest in recent years

Click to See more.

Business Ideas, People / Stories

From Failure to a 62 Crore Firm

How a guy who failed in 6th grade, went on to build a Rs 62-crore food company

While growing up in an illiterate farmer’s family in a remote part of Wayanad, Kerala, P.C. Mustafa did not have a lot of expectations.

By Venkatesha Babu | India Today Group – Mon 15 Jun, 2015 1:06 PM IST

P C Mustafa, founder, ID Special Foods.

P C Mustafa, founder, ID Special Foods.

While growing up in an illiterate farmer’s family in a remote part of Wayanad, Kerala, P.C. Mustafa did not have a lot of expectations. “I grew up in a remote village. There was lack of basic facilities. I was poor in studies and failed in Class VI.” This was just the shock he needed. As the reality of having to work on a farm if he did not study struck him, he decided to take another shot at educating himself. This time, he succeeded, and a few years later managed to join an engineering course at National Institute of Technology, Calicut. His first job was with Motorola in Bangalore. After some time, the company deputed him to the UK on a long-term project. “Maybe it’s my background, or whatever, I couldn’t live on a diet of potatoes there,” he says.

Click here to continue reading

Business Ideas, Innovation, People / Stories

26 Innovative Ideas By School Students

A young mind is the sharpest mind. It learns quick and acts quicker. The education system today focuses on books and rote-learning, but times are changing as these young geniuses, who chose to take a different path, have proved. They have picked machines over books and ideas over words.

The IGNITE competition held by National Innovation Foundation – India is a platform that is giving these young minds a place to experiment and innovate, and come up with something extra ordinary. Having started with receiving less than 1,000 entries five years ago, the competition now receives over 20,000 entries from 301 districts in India.

These 26 interesting and impressive innovations by students of various schools across India are worth knowing and applauding-

Click here for the inovative ideas

Courtest : Cyrus Contractor

Business Ideas, Innovation, Social Entrepreneurship

Jamshedpur’s Plastic Roads

Disposal of waste plastic is no longer a problem in the steel city with Jamshedpur Utility and Services Company (JUSCO) using bitumen technology on waste plastic, ranging from polybags to biscuit packets, for constructing roads.
Tata nagar roads jamshedpur
JUSCO, a 100 per cent subsidiary company of Tata Steel which maintains and provides municipal services in Tata command area of the city, has constructed 12-15 kms road in the steel city as well as Tata Steel Works besides widening 22 roads using the environment-friendly technology of utilising waste plastic.
Tata nagar roads jamshedpur -jusco
“As far as we know, Jamshedpur is the only city in eastern India where bitumen technology (Dry Process) patented by Thiagarajar College of Engineering (TCE), Tirupparanku ram, Madurai, has been implemented on accumulated waste plastic for the first time”, Gaurav Anand, Senior Manager (Quality Assurance) of JUSCO, said today.
Claiming that there is no maintenance cost involved for the first five years, Anand, who is an environment engineer, said that for every stretch of such one km long and four metre wide road, one tonne of bitumen costing Rs 50,000 is saved.
The use of bitumen has been reduced by 7 per cent ever since JUSCO began using waste plastic in road construction work, he said, adding that the quality and longevity of roads made of waste plastic-aggregate-bitumen was two times better than bitumen road.
roads made from plastic by JUSCO
Describing plastic tar road as a “new pathway”, Pratyush Dandpat, Deputy Manager (Quality Assurance) of JUSCO, said that the technology turned out to be successful.
Besides being water resistant, it has better binding property, higher softening point, can withstand high temperature and higher load, has lower penetration value, costs less as compared to bitumen road and has no toxic gas emission, Dandpat said.
Though there is great demand for the technology, including from Chattisgarh, Himachal Pradesh, Uttarakhand and Jharkhand governments, but “we do not have any plan to commercialise it but to serve society. We have even received a request from Nigeria, which wants to replicate it in their country”, Anand said.
Courtesy : Havovi Homavazir

o the JUSCO initiative, the city will now have strong, durable, eco-friendly roads which will also relieve the residents from the ugly & frightening sight of heaps of plastic waste!!
Startups

6 Common tax mistakes that most startups make

01-05-2015

by : CA Pratik Anand

These days there is a flurry of new businesses or start-ups being launched. As a start-up, you won’t want to get into a legal tangle especially with a very aggressive tax regime and a long incorporation process. To make sure your new business is handling its regulatory, tax obligations properly, run through these common mistakes that most start-ups make:

 

  1. Choosing the Wrong Legal Entity

Your startup’s legal structure affects your legal reporting requirements and your tax filings and how much you pay as tax, so it’s important to choose the right entity.

There are a number of entity structures that you could choose such as a Registered Company (Public/Private Limited), LLP, proprietorship, partnership etc.

While the proprietorship mode of business could lower your tax pay out to an extent but a registered company is more formal and widely accepted way for doing business especially with foreign clients which generally want to do business with registered companies. Also venture backed startups generally require registered companies for funding.

Also if you do not want personal liability for the losses/liabilities of your startup than you could opt for either a Limited liability partnership or Limited Company, but if you don’t mind your personal assets being used for settling the business losses/liabilities then you could opt for proprietorship or partnership.

Remember that not choosing the right form of a legal entity can get you into a legal tangle and can also result in a higher tax outgo. A discussion with a tax advisor or CA can help you figure out which structure is right for your situation.

  1. Not Keeping Track of All Your Expenses

From the moment you launch a business, you’re able to deduct all “ordinary and necessary” business expenses (e.g. office supplies, event fees, kilometers driven to meet with partners).

The biggest mistake start-ups make is not keeping track of these expenses throughout the year and trying to gather every receipt when it’s time to file the tax returns. Always remember, you can’t deduct what you can’t document, and failing to record expenses as you go most likely means you’re leaving money on the table.

Find a method for documenting expenses that works for you. There are accounting softwares, such as QuickBooks, Tally, Busy, FreshBooks etc which let you record and manage expenses. You can hire services of an accountant to record all your expenses. You can also get all your accounting outsourced from a professional such as a CA.

 

  1. Mixing Capital Expense with Revenue expense

First-time business filers get tripped up as to which expenses are considered assets /capital expenditure and which are revenue expenses deductible in the P&L A/c. Capital Expenditure/ Assets/ Equipment are typically higher-value items that will last significantly longer than one year. For example, a new computer, server, office chairs. The expenses on their purchases are not deductible as revenue expenses in the P&L A/c but only the depreciation/amortization on them is deductible over a period of time.

Revenue expenditure includes things that you use/consume during the year (e.g. printing paper, pens, toner cartridges etc.).

If you mistakenly deduct your equipment or capital items as revenue expense, the tax department can determine that you improperly characterized the expense and that you’re not entitled to the deduction.

 

  1. Mixing Personal and Business expenses

New startup founders and small business owners often invest so much of their time and money in the company that their personal and business expenses become indistinguishable. This practice can lead to major confusion come tax filing time, and in some cases, can lead to deductions being disallowed on an ad-hoc basis by the revenue and higher tax outgo as a result. Avoid trouble by establishing a company financial account from the start and maintaining separate records for the business.

  1. Not Paying Your Taxes Regularly

Businesses, including self-employed sole proprietors, are required to pay taxes on a advance basis i.e they have to determine their taxes for the year in advance and pay as prescribed instalments in Advance. Not paying the taxes deducted from payments of suppliers/ service providers can land you in big trouble. Take a stock of your profit/loss statement at each quarter and pay your advance taxes accordingly. A CA/Tax Consultant can help you estimate these payments if you need some help.

 

  1. Not asking for professional tax help

Once you get established and incorporate, find a tax advisor to make sure you are following all the regulations. Your job is to get your company up and running, to focus your energy on creating your product, forming strategic relationships, and other big-picture ideas. The last thing you want to think about is taxes. It’s essential to hire a tax advisor to accept liability, and make sure you follow all regulations.

Above all, any startup or small business owner must think of taxes as a year-long obligation, not just something to revisit once a year.

(The author is a Chartered Accountant in practice and has wide experience of working startups/new businesses right from incorporation to compliance related filings. He is also founder at taxraasta.com which deals in setting up businesses for startups in India.)

– See more at: http://taxguru.in/income-tax/6-common-tax-mistakes-startups.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+articlenoticejudiciarynews+%28TaxGuru.in+%3A+Legal+%26+Tax+Updates%29#sthash.FbAbQfxK.dpuf

Business Ideas, Innovation

Solar Car

Good news everyone. We could be one step closer to commercially viable solar cars!

Tata Power Solar and Manipal Institute of Technology recently unveiled a prototype called SERVe (Solar Electric Road Vehicle), a car ready for exploring commercial viability.

Designed by students of SolarMobil team, with an intention of commercial usage, the vehicle has been fitted with solar panels designed by Tata Power Solar.

Run purely on solar energy and weighing 590 kgs, this two-seater solar car can clock upto 60 kmph with a cruising speed of 30 Kmph. Keeping in mind the commercial viability, the solar panels have been customised to fit the car’s curved surface thus improving the aerodynamics of the vehicle.

The Logical Indian strongly supports the use of technology to build products that can make our lives easier without impacting the environment. A big thumbs-up to the designers and creators of this prototype for their efforts to make this goal a little easier.

Courtesy :
Parsi Zoroastrian Anjuman of Secunderabad and Hyderabad

shared The Logical Indian‘s photo.