Entrepreneurship

By Nitish Sharma (lllume Fellow) Imagine giving utmost importance to academic qualifications and grades for multiple years but still not be able to land a job, despite strenuous efforts. Difficult to understand, isn’t it? I was in this boat not long ago. Despite graduating from one of the most reputed Universities, I found it difficult to land up a job, especially as an international student. I attended several interviews but none of them converted into a job. I went through Illume Startup Fellowship towards the end of my degree. Through Illume I was able to meet other students and felt instantly connected. They were international students like me and all navigating their career journey. I had the opportunity to intern at Boobobutt, a Melbourne-based startup revolutionising parenting for new parents. My role as a marketing intern was to understand the startups’ customers, come up with marketing plans, content writing and social media strategies. This role helped me take my theoretical marketing skills from university to apply directly to a startup environment. I had to learn a few new tools like Mailchimp, understand Google SEO and content writing and social media strategies. One thing that struck me was that having a degree is not so much more important than what you can actually contribute to a startup. Through my university course, I had a high level strategic understanding but I was lacking a practical skill set. I had to learn these new skills and tools if I were to add value to a company. I found startup experience as a great way to do that. In addition, the guest speakers at Illume sessions brought fresh perspectives to look at my career. I could feel that I was no longer in my own bubble but that the guest speakers started somewhere too. I could now relate to them and to my cohort members. During the program, we had to come up with a startup idea of our own and I loved collaborating with my cohort members to come up with the idea and to pitch it at the end of the program, developing my communication skills which is a must for a Marketing person. My 1:1 interaction with Laxmi helped me refine my career strategies as well as the opportunity to interview with a couple of companies. I just landed up a role in Marketing now and I credit this to my experience at Illume. I do encourage any students or graduates to gain work experience before graduating like I did and esp to marketing students- it’s a competitive field and the only way to stand out is to have skills and know your tools to add value to a company. By Nitish Sharma (Illume Fellow)

I believe that professional programs serve as bridges between aspirations and accomplishments. In this article, I will delve into my illuminating journey within the Illume Foundation’s Startup Fellowship Program. From hands-on experiences to entrepreneurial skills, this program allowed me to immerse myself in the world of startups and learn invaluable lessons. 📝 Learning and Growth  One of the most profound outcomes of this fellowship has been the acquisition of knowledge and skills. Stepping out of my comfort zone became a norm, enabling me to embrace new learning opportunities. Key lessons that resonate with my professional aspirations include: · Project Hustling: The ability to independently secure and manage projects has become a valuable asset, opening avenues for freelancing opportunities. · Confident Communication: The fellowship empowered me to communicate confidently with new individuals, enhancing my networking skills and session participation. · Stretching Boundaries: Simultaneously handling multiple projects pushed me beyond my comfort zone, fostering growth in adaptability and time management. · Vocalising Ideas: The most impactful lesson learned was to voice ideas, needs, and actions assertively — a practice that aligns with my future goals. 🤝 Mentorship and Guidance Mentorship in this program played a dual role in my journey, offering insights to support my industry endeavours and envisioning an entrepreneurial path. Two valuable pieces of advice stood out: · Emotional Detachment: Entrepreneurs emphasized not getting emotionally attached to ideas and focusing on user needs over what we can provide them; a principle that parallels my user experience design training. · Balancing Business and Satisfaction: Striking an equilibrium between sustainable business and customer contentment was an essential lesson to bridge the gap between my academic UX knowledge and industry demands.  💪 Embracing Collaboration, Overcoming Challenges, and Achieving Confidence My fellowship experience was defined by collaboration, highlighting the significance of teamwork through startup internships and joint projects. We tackled challenges, including communication hiccups, through open dialogue and shared objectives, reinforcing unity’s power in pursuing common goals. Among other challenges, multitasking emerged as a significant hurdle. Juggling diverse tasks within tight deadlines posed initial difficulties. However, strategic planning and efficient time management strategies enabled me to conquer these challenges, leading to streamlined task completion. Above all, my journey highlighted newfound confidence as the most remarkable achievement. Whether fearlessly sharing ideas, actively pursuing opportunities, or confidently networking with strangers, this newfound self-assurance has proven transformative in both personal and professional spheres. 🙌 Nurturing Bonds and Reflecting on Growth Reflecting on the impact of the Illume Foundation Startup Fellowship, I find that this journey forged invaluable friendships and professional ties. It not only demonstrated the lasting significance of maintaining connections beyond the fellowship but also equipped me with indispensable skills, insights, and unwavering confidence. This experience has undoubtedly charted a new course for my career, and I am grateful for the transformative growth it has sparked. As I step into the future, I carry forward the lessons learned, eagerly anticipating their application to novel challenges. To fellow professionals, I extend a call to action- Embrace the potential influence of fellowship programs within your domains. Embrace opportunities that can reshape your journey and propel your growth to unprecedented heights. Written by: Tanuj Aggarwal (Illume Fellow’ ‘23) Connect with Tanuj on LinkedIn.  

I am Riddhesh, a Finance enthusiast, currently completing my CFA. This winter, I dived into the world of Venture Capital. While I have had exposure to investment landscape through by degree at the University of Sydney and an internship at an investment fund, I never really had much explore to the early-stage startup investment. Thanks to Illume Foundation, I had the opportunity to experience as an Investment Analyst at Illume Ventures, where I explored the world of VC investing. It helped me understand and apply various financial models, interpret how VC’s approach investments and some key criteria and metrics that VC’s use to evaluate the startups and investments. I’d like to share some of the key concepts I learned through my experience. Understanding what is Venture Capital and who are Venture Capitalists. Venture capital, a dynamic subset of investment, that propels innovation and growth in budding startups. Venture capitalists (VCs) are the driving force behind this ecosystem, playing a pivotal role in shaping the entrepreneurial landscape. Venture capital involves investing in early-stage companies with high growth potential in exchange for equity. These startups often lack the capital needed to transform their groundbreaking ideas into viable products or services. This is where venture capitalists step in, offering not just funds, but also strategic guidance, mentorship, and networking opportunities. VCs are typically seasoned investors with an appetite for risk. They seek startups with disruptive ideas, scalable models, and robust market potential. In return for their investment, VCs acquire ownership stakes in these startups, aligning their success with the company’s growth. The venture capitalist’s journey begins with meticulous due diligence. They analyse a startup’s business plan, market opportunity, technology, team, and competitive landscape. If convinced of the startup’s potential, VCs provide funding in exchange for equity. This infusion of capital enables startups to refine their products, expand their customer base, and scale operations. However, venture capital is not a one-size-fits-all approach. It’s a high-stakes game where risk and reward go hand-in-hand. Many startups fail, but those that succeed can yield substantial returns. VCs diversify their portfolios to mitigate risks, investing in multiple startups across various industries. In conclusion, venture capital is a dynamic investment strategy that fuels innovation and supports the growth of startups. Venture capitalists are risk-takers who provide not only capital but also mentorship and expertise. They play a critical role in nurturing early-stage companies, turning visionary ideas into reality and driving economic progress. What I learnt during the Fellowship? During the Fellowship Program, I had the opportunity to learn about the startup life, VC insights from guest speakers like Andrew Loh from Ecotone Partners as well as founders and assess in Due diligence for a startup raising Series A funding. Andrew touched upon various topics like the role of VC’s, how they determine startups while making investments and some of the key metrics used by VC’s to evaluate investments, emerging trends in the VC world, his views on ESG integration into investments and how early startups can be investment ready. Andrew and most VCs for early stage startups look at the ‘Team’ or people behind the startup. Understanding how the founders started the company, their vision can tell a lot about founders and help us in DD process. Other things included, market opportunity (TAM, SAM, SOM) which is the potential market that the startup can capture and the market available to them. It is also important to understand the future of the opportunity and the ‘potential risk’. While startups are by default risky. It is important to identify if they are existential risk or things that startups have not validated yet. As the founders shared their founding story, it was clear that startups are constantly ‘pivoting’ and they might start with one thing but land up building a very different thing as they get to understand their customers more. These were all very valuable lessons. And of course working with the company that was fundraising allowed me the dive into data room that provided further knowledge on what VCs look for into those data room. I also researched on ‘Valuation’. How do you value a startup? a SaaS? I came across lot of knowledge articles and frameworks but one thing is that there is no RIGHT or WRONG valuation. How you value your company might be different to how VCs value and as an Analyst, I had to ensure that I used industry knowledge, insights and numbers to back the valuation. I enjoyed this process a lot as it gave me opportunity to learn new framework but also apply financial theory into practice. Why did I choose investment management as a field? I chose investment management as my field of focus due to its blend of analytical rigour and strategic decision-making. This dynamic field allows me to merge my passion for finance with my aptitude for critical thinking. Investment management is a captivating realm where every decision is guided by comprehensive research and analysis. The challenge of dissecting complex financial data to identify trends and opportunities is intellectually stimulating. It’s a field that demands constant learning and adaptation, ensuring that I am always at the forefront of market dynamics. Moreover, investment management offers the chance to make a tangible impact on individuals’ financial futures and the overall economy. Crafting effective investment strategies can pave the way for financial growth, security, and the achievement of long-term goals. The ever-evolving nature of global markets keeps me engaged and curious. The pursuit of optimal investment outcomes requires a blend of quantitative skills and the ability to navigate the intricacies of risk and reward. In essence, investment management aligns with my thirst for knowledge, my affinity for strategic thinking, and my desire to contribute positively to individuals’ financial well-being. It’s a field that not only offers professional growth but also empowers me to play a significant role in shaping financial success stories. How did I get a job in this field? Securing a job in the investment management industry as a fresh graduate was a journey marked by

Hi, I’m Amber, a recent Design graduate. When I walked across the stage at the University of Melbourne to receive my degree in Architecture Design, it felt like a culmination of years of hard work and dedication. Little did I know, however, that my path would soon take an unexpected turn towards a different passion: User Experience (UX) Design. My journey into UX design began with a simple realisation that while I loved the creative and structural aspects of architecture, I found myself drawn more towards the user-centric approach to design. I was fascinated by the idea of crafting digital experiences that not only looked beautiful but also worked seamlessly to improve people’s lives. That’s when I decided to pivot towards UX design. One of the remarkable aspects of the UX field is that it’s accessible to self-learners. Armed with determination and a thirst for knowledge, I embarked on a journey of self-teaching. I devoured online courses, and joined UX communities to absorb as much as I could. It was a challenging but immensely rewarding process. As my UX skills evolved, I knew I needed real-world experience to truly understand the intricacies of the field. That’s when I stumbled upon Illume Foundations, a platform that connects aspiring students, graduates and early entrepreneurs with startups. It was the perfect opportunity for me to bridge the gap between my architectural background and my newfound passion for UX. I had the opportunity to work with startups from Farmers2Founders Program. Working with agritech startups opened my eyes to a world of innovation and entrepreneurship. I was privileged to meet inspiring founders and their startups such as Favoom, an agri-food startup, and Certmate, a bio-security app startup. The founders were determined to revolutionize the agricultural industry through technology. Their dedication was contagious, and I felt privileged to be part of their journey by improving the web user experience of their platform. Seeing how my designs enhanced their product and made it more user-friendly was incredibly satisfying. However, my growth during this journey wasn’t limited to just my professional skills. I also honed my soft skills, such as teamwork, communication, and problem-solving. Working closely with diverse teams taught me the importance of effective collaboration and adaptability. In retrospect, my transition from architecture to UX design was not just a career change; it was a journey of self-discovery. I found my true passion in UX, and I’m grateful for every step of the way that led me here. So, here’s to embracing change, following your heart, and continuously learning. Who knows where your own journey might take you, but one thing’s for sure — it will be an adventure worth taking. By Amber Chen (Illume Fellow’ 23) Connect with me on LinkedI