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<ul><li><keyword id="137600" type="COMPANY" weightage="20" keywordseo="Mindshare">Mindshare</keyword> recently collaborated with Cosmic Information and Technology Limited to launch an Audio Conferencing Bridge called ‘<keyword id="8435774" type="UNKNOWN" weightage="20" keywordseo="msamvaad">mSamvaad</keyword>’.</li><li>The solution helps connect leading brands of the country to the audience in <keyword id="8435773" type="UNKNOWN" weightage="20" keywordseo="media-dark-areas">media-dark areas</keyword> on the largest <keyword id="8435775" type="UNKNOWN" weightage="20" keywordseo="voice-conferencing-infrastructure">voice conferencing infrastructure</keyword> with a capacity of 25,000 concurrent calls.</li><li>The idea behind mSamvaad, shares <keyword id="7511847" type="UNKNOWN" weightage="20" keywordseo="niraj-ruparel">Niraj Ruparel</keyword>, National Head – Mobile, Mindshare India, is to use the power of telecom as the key channel to engage, educate and create awareness through SMS, chat rooms and voice calls for one-on-ones as well as conference connections.</li></ul> Mindshare recently collaborated with Cosmic Information and Technology Limited to launch an Audio Conferencing Bridge called ‘mSamvaad’. The solution helps connect leading brands of the country to the audience in media-dark areas on the largest voice conferencing infrastructure with a capacity of 25,000 concurrent calls. A large section of the country cannot be reached through traditional or the new-age mediums. Therefore, it becomes difficult for brands to get over the roadblocks of communication to reach out to this population, that forms a large part of the country. In such a scenario, telecom becomes an effective medium to reach out to this target population. The idea behind mSamvaad is to use the power of telecom as the key channel to engage, educate and create awareness through SMS, chat rooms and voice calls for one-on-ones as well as conference connections. Mindshare recently rolled out a high-scaled engagement program for Horlicks using mSamvaad, to reach out to mothers in the media dark areas of Bihar for its new variant that improves nutrient absorption among children. The aim of the program was to generate awareness on the brand's scientific credentials through an audio message recorded in the voice of legendary Bhojpuri star, Ravi Kishan. Mindshare says that the initiative saw a great response from the consumers. The Horlicks nutrient absorption communication reached 4 million unique users. The 10-minutes conference bridge saw a breakthrough of 29% completed listenership. Close to 81% recalled the new variant for its emphasis on nutrient absorption in children. Horlicks observed an increase of 33% TOM and 12% of L3M usage. We recently caught up with Niraj Ruparel, National Head – Mobile, Mindshare India, who spoke to us about the scope of this innovation and how brands can effectively use mSamvaad to reach out to media dark regions. Edited excerpts: Q) What is the primary idea behind mSamvaad? Every one of us prefers verbal communication over any other medium as it provides flexibility to express views very easily. Till now, there was no such platform available which could connect masses through this most preferred medium - voice. Most of the other platforms require stable internet connectivity which is another challenge in addition to the restriction on the number of participants on a live call. To address all these challenges, we decided to develop a platform through which large number of people can be connected and addressed live, even on a feature phone having no internet or smart features. That’s how the mSamvaad platform evolved over a period of time. Q) Are brands realizing the power of voice? Do you see more brands open to experimenting with voice? As I mentioned, voice is the most preferred medium of communication; especially in media dark areas. We have been working with top brands and advertisers in India and all of them use voice in some or the other form of communication with their TG. Brands are always looking for innovative ways to engage with the audiences and whenever we are able to create novelty in the voice space, they are always open to adopting it. In the past we have created tons of device-agnostic platforms on IVRS ranging from voice based prank call/tambola/gaming/riddle/humor station/music station, to name a few. In 2019, we have created a lot of engagement using voice skills on Google Assistant/Amazon Alexa for smart internet enabled devices. Q) Can you explain how the technology of mSamvaad works? The most important element of mSamvaad is the telecom infrastructure, that is, the calling lines and high-end data and application servers. mSamvaad has the capacity to connect 25,000 concurrent users on a live call and hence the infra plays a significant role. As a process, the conference moderator uploads the mobile database of these participants in the system to dial-out calls to all of them in parallel. Within seconds, maximum audience is connected on the platform along with the speaker who can be a celebrity, brand ambassador, or a leader. Now the speaker can interact with all of them. To have a controlled environment, by-default, all the participants except the keynote speaker are in mute stage so there is no noise. There is a live MIS Panel which keeps showing the attendees count along with their name and numbers, so the speaker and the conference moderator can view who all are connected on the call. Once the speaker’s address is over, the moderator invites questions; anyone can press any key on the mobile keypad to show the interest in asking question. Randomly, moderator unmutes a few participants, one by one, so that they can ask the question which everyone can hear. The speaker answers the question and takes the next question; likewise, few questions are taken. And in this entire process, internet or any other special app/feature is not required. Q) What are the benefits brands can derive from using mSamvaad? Personalization is the most important benefit of mSamvaad. Through mSamvaad, brands can connect with their consumers directly, one-on-one to address their queries and provide important information. Also, this is done at a large scale, so time and cost of this personalized communication is significantly less.

How Mindshare is using the power of voice to connect brands to media-dark markets

India’s flourishing start-up culture implies people here are increasingly interested in starting their own venture. But most of them accept defeat even before starting one. “Where am I going to get the funds from?” – the thought plagues their minds and keeps them away from taking that giant leap. Leaving a stable, secure and smooth life in service to jump into a risky business affair is not an easy decision after all. Lack of funds, therefore, is the plight of every new kid on the block wanting to foray into the world of <keyword id="428085" type="UNKNOWN" weightage="100" keywordseo="start-ups">start-ups</keyword>, more so in India. 
 
With no social security like in the US, difficulty to get loans from banks until one has collateral and with venture capitalists not ready to invest less than Rs 7-8 million, where can Indian start-ups today raise money from? 
 
The answer is: Angel investors or angels as they are better known as. A group of angels invest nearly 2-3 crore in a start-up if they see potential and future proposition in their business plan. 
 But it’s not that simple is what we realized after talking to one of India’s first angels and now a key player in the entrepreneurial eco system, <keyword id="164919" type="PERSON" weightage="100" keywordseo="Padmaja-Ruparel">Padmaja Ruparel</keyword>. 
 
 She is the first to have set up an angel network in India, which is now called the <keyword id="328347" type="ORGANIZATION" weightage="100" keywordseo="Indian-Angel-Network">Indian Angel Network</keyword>. It comprises over 350 investors including the who's who of successful entrepreneurs and dynamic CEOs from India and overseas who bet their money on start-ups. She claims of having invested in 20 start-ups out of which merely 2 have failed so far. Business Insider spoke to Padmaja to bring you five things angel investors look for in start-ups before parking their money in them. Here's what they are: 
 
MASS APPEAL OR NICHE? 
 An angel investor is more likely to invest in your company if you are a <keyword id="6357823" type="COMPANY" weightage="100" keywordseo="Big-Bazaar">Big Bazaar</keyword> than a <keyword id="667" type="PERSON" weightage="100" keywordseo="Ritu-Kumar">Ritu Kumar</keyword> sort of fashion label. That means companies catering to large and high growth market are what angel investors look at, because mass appeal equals to high returns. 
 
“We look at need value over aspiration value. So start-ups catering to the needs of large section of people would be our choice over those who are targeting a niche segment and are more of aspiration value to masses,” says Ruparel. 
 
INNOVATION 
 
Innovation attracts angel investors for sure – be it a product design innovation, improvement in a current product’s performance, in its delivery system or a complete new innovation in what you have for your target audience. It should be a crucial innovation that either solves your customer’s pain point, makes things easier for them or gives them a new experience altogether. 
 
“When mobile phones came, they corrected the reception quality of landline phones and also helped people in moving around easily while talking. It was not only improvement but also value addition for customers. Another example is companies today have outsourced several business processes to BPOs. These third party service providers have created that space for themselves. So, innovation either needs to be something different or a business done differently,” explains Ruparel. 
 
FOCUS ON SETTING UP BUSINESS OR RAISING MONEY? 
 
If you want to build and run a successful business, an angel investor is interested in you, however, it’s not if you simply aim to raise money from them. 
 
“Raising money should be one of the milestones in your journey to establishing a full-fledged business. Only then will investors, who are themselves at high-risk in investing in start-ups, come to you,” says Ruparel. 
 
IDENTITY, OBJECTIVE AND A CLEAR BUSINESS PLAN 
 
Get your basics clear if you seek angel investment. So before pitching, ask yourself “am I a product or a service, what is my differentiator in the market, who is my competition, who is my target audience, am I addressing a pain point of the target customers or am I adding value, what’s is my business proposition.” If you have clear-cut answers to these questions, you are in! 
 
TALENT 
 
A talented and passionate team to drive your start up and make it a success – this is one of the most crucial things you need to impress angels. Ruparel says 75 per cent of her evaluation is usually on the talent of the team and their ability to pull off the plan. 
 
“Start-ups don’t have a large team. The small pool of resource that they have needs to be a talented lot. It’s tricky because talent comes with money and start-ups don’t have the money. That’s a challenge but if you can work it out, you are good to go,” says Ruparel. 
 
“I’d personally prefer an A grade team with a B grade business idea than a B grade team with an A grade idea, because great ideas are only great when they are implemented well and you need a fantastic team to do that,” she concludes. 
 
(Image credits: BCCL)

No funds for your start-up? Here are 5 things you need to attract angel investors

<ul class="summary-list"><li>A former UK <keyword id="6355333" type="UNKNOWN" weightage="60" keywordseo="brexit" source="Orion">Brexit</keyword> adviser warned that the gap between the EU and UK over Northern Ireland was getting "larger, not smaller".</li><li>While the "atmosphere and tone has improved", neither side has moved from their respective positions taken last year.</li></ul>The gap between the UK and EU's positions over Northern Ireland is getting "larger, not smaller," a former UK Brexit adviser has warned, as Foreign Secretary <keyword id="13013008" type="UNKNOWN" weightage="60" keywordseo="liz-truss" source="Orion">Liz Truss</keyword> began a new round of talks with her European counterpart.The UK government wants to introduce significant changes to the <keyword id="13023697" type="UNKNOWN" weightage="60" keywordseo="northern-ireland-protocol" source="Orion">Northern Ireland protocol</keyword> — part of the Brexit deal which governs how goods move across the Irish border — but talks with Brussels remain deadlocked.Raoul Ruparel, who advised former Prime Minister Theresa May on Brexit, said that while the "atmosphere and tone has improved", neither side had shown any willingness to compromise, leaving negotiators without much hope of reaching a deal. "I'm increasingly of the view that these discussions will be overtaken by events regardless of what is or what is not agreed by the two sides," he added. "Gaps between the two sides are actually probably if anything larger not smaller given differences over process as well as substance."The forthcoming elections in Northern Ireland could make an agreement even harder, Ruparel added. "Sinn Fein look likely to be largest party, with response from unionist parties very unpredictable. At best we may not see an NI Executive being formed for some time, at worst the institutional power sharing arrangements under GF/Belfast Agreement could be thrown into doubt," he tweeted.Sam Lowe, a trade policy expert who has given evidence to MPs on the post-Brexit challenges, agreed with Ruparel."The combination of Stormont elections and a potential Conservative leadership challenge makes a speedy resolution to the Protocol issues unlikely, alas," he said. Their comments come as Liz Truss, who took over the Brexit brief from Lord Frost after his shock resignation from government in December, arrived in Brussels for the latest round of talks with Maroš Šefčovič, vice-president of the European Commission.Under the current terms, the protocol keeps Northern Ireland in the EU's single market for goods, which means lorries and goods passing into Northern Ireland face extensive checks when entering from Great Britain, which critics argue risls underminig the Good Friday Agreement and the UK's constitution. Both the UK and EU have been trying to renegotiate the protocol since last year, with Downing Street repeatedly threatening to trigger Article 16 and up-end the entire agreement if a solution is not found.The EU has refused to agree to the UK's proposals, but <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_21_5215">in October put forward its own proposals</a> to ease problems with checks in the Irish Sea.Truss and Šefčovič have agreed to try and secure a deal over the protocol by the end of February before campaigning starts for Northern Ireland Assembly elections in May. They <a href="https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_22_362">met in the UK previously in January</a> and agreed to "intensify" talks over the protocol. Following Monday's talks, Sefovic said at a press conference after a bilateral meeting with Truss: "'If political goodwill is maintained our discussions could lead to a timely solution that would immediately and significantly help operators on the ground," <a href="https://twitter.com/nickgutteridge/status/1485616886654066688?s=20">The Sun reported</a>.He said the EU wouldn't set "artificial deadlines" but would "act with a sense of urgency."Mary Lou McDonald, the Sinn Fein leader, held talks with Truss earlier in January and said she had been assured the protocol "is here to stay." However unionist leaders, who have called for the protocol to be ripped up and redrawn from the start, believe their concerns will be addressed. Truss on Sunday urged the EU to agree on "practical solutions" during talks and said there was a "deal to be done." She added: "Fundamentally this is about peace and stability in Northern Ireland. Whether you voted Leave or Remain, represent the UK or EU, the focus must be on protecting the Belfast Good Friday Agreement and fixing the protocol."

Gap getting 'larger' between UK and EU over Northern Ireland protocol, as both sides dig in over post-Brexit deal

REUTERS/Piroschka van de WouwBritain's Prime Minister Boris Johnson leaves after a news conference at the European Union leaders summit dominated by Brexit, in Brussels, Belgium October 17, 2019.<ul class="summary-list"><li>Boris Johnson's government is not "match-fit" for the next stage of Brexit talks.</li><li>That's according to Raoul Ruparel, who was Theresa May's top Europe adviser.</li><li>Ruparel said that Johnson's UK government could secure a "narrow and shallow" trade deal with the EU but only if it learns from the mistakes of May's government.</li><li>Johnson has vowed not to extend the transition period beyond December 2020, a move which Labour has warned will lead to a no-deal Brexit.</li><li>Senior EU officials have also expressed doubt that the UK can secure a comprehensive deal within 11 months.</li></ul>The United Kingdom government is not "match-fit" for the next stage of Brexit talks, according Theresa May's top adviser on leaving the European Union.Raoul Ruparel said that while it was possible for Boris Johnson's government to negotiate a "narrow and shallow" free trade deal with the EU in the 11-month transition period, it currently is not ready to take on the challenge."As it stands, the UK does not yet appear 'match-fit' for the next phase of negotiations," Ruparel said <a href="https://www.instituteforgovernment.org.uk/publications/getting-uk-ready-next-phase-brexit-negotiations" target="_blank" rel="noopener">in a report for the Institute of Government think tank.</a>"There is a huge amount of work to be done to flesh out the detail of what the UK wants from its future relationship with the EU, and Whitehall is not yet ready to negotiate such a complex and wide-ranging agreement, nor implement it."Ruparel, who helped design the Northern Ireland solution which allowed Johnson to secure a Brexit deal with the EU, said the best that the prime minister could realistically secure in less than a year is a speedy, bare-bones trade deal - but only if he learns from the mistakes of his predecessor, May.Ruparel said that Johnson's government could secure a limited trade agreement if there was "central political direction from Downing Street" rather than conflicting power bases in different government departments."There has been a lot of work done within various government departments, but much of this was done under Theresa May's government and often without any central coordination or direction," he said in the report."This means much of it may not, in the end, have much bearing on reality, or may actually conflict with the work other parts of government have done."He added: "There urgently needs to be central political direction and decisions on the detail of the future relationship and the overarching strategy for the next phase - this should all then be turned into legal text as soon as possible (to help the UK get on the front foot)."Ruparel called for the Department for Exiting the European Union to be closed, with a new unit leading negotiations in Number 10 or the Cabinet Office or in a beefed-up Department for International Trade.YouTube/Open EuropeRaoul Ruparel.<h2>EU's top negotiator Michel Barnier said 'we will not get everything done in 11 months'</h2>The UK is currently scheduled to leave the EU in January and exit the transition period, or "implementation period," where it remains closely aligned with the EU, in December 2020.Johnson vowed not to extend it beyond then during his successful general election campaign.Any extension beyond then would anger many Conservative MPs, particularly because Britain would be required to make extra contributions to the EU budget and follow EU rules.Senior EU officials have privately expressed doubt that the UK can secure a comprehensive deal within 11 months.Michel Barnier, the EU's chief negotiator, was caught in a leaked recording saying that "we will not get everything done in 11 months" and said only a "vital minimum" deal was possible."With regards to this agreement, we will not get everything done in 11 months. We will do all we can - we won't do it all," he said in audio <a href="https://www.independent.co.uk/news/uk/politics/brexit-delay-boris-johnson-deal-general-election-eu-barnier-leak-deadline-a9242346.html">published by the Independent</a>.The Labour Party has also said Johnson would not be able to secure a deal in 11 months. The party's campaign chief said during the election campaign that Johnson's "sell-out Brexit deal will put us on the fast-track to a cliff-edge no-deal Brexit."The report came as Michael Gove insisted Johnson would be able to secure a trade deal with the EU next year.Speaking on Sky's Sophie Ridge on Sunday, the Chancellor for the Duchy of Lancaster said: "Quite a lot of the details that we need to negotiate is already laid out in the political declaration, so a lot of work has been done."And as a number of people have pointed out, there are areas where the European Union's interests and the United Kingdom's interests are already closely aligned, so I'm confident that we will be able not just to leave the EU on 31 January but also to conclude all the details of a new relationship in short order."Asked whether Mr Johnson would break his promise not to extend the transition period beyond 2020, Gove said: "Nope."Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/amazon-prime-members-spend-more-money-sneaky-ways-2019-9">From Cyber Monday deals to Prime-only steals, this is how Amazon gets you to spend more money</a></h3>

The UK government is not 'match-fit' for the next stage of Brexit talks, says former Downing Street adviser

<ul class="summary-list"><li>The UK will leave the EU's trading rules in less than five weeks' time.</li><li>With or without a trade deal with Brussels, <keyword id="6355333" type="UNKNOWN" weightage="60" keywordseo="Brexit">Brexit</keyword> will inflict a significant hit on the UK economy, the Office for Budget Responsibility said this week. No deal would reduce long-term output by 6%, it said.</li><li>However, the cost and disruption that awaits the UK didn't feature in <keyword id="221875" type="PERSON" weightage="60" keywordseo="Rishi-Sunak">Rishi Sunak</keyword>'s Spending Review.</li><li>The Chancellor and the rest of Boris Johnson's government are reluctant to talk about Brexit due to its associated costs, Theresa May's former Europe adviser told Business Insider.</li><li>Experts agreed that the government's refusal to be upfront about Brexit was hindering preparation.</li></ul>The UK will break away from the European Union's trading rules in less than five weeks, and significant disruption and economic pain awaits. However, to the frustration of opposition politicians, British business, and Brexit experts, the issue was barely mentioned in Chancellor of the Exchequer Rishi Sunak's Spending Review this week.The Office for Budget Responsibility — the independent public body that provides the UK government with economic forecasts — in its most recent <keyword id="6357018" type="DEFINITION" weightage="60" keywordseo="Analysis">analysis</keyword> of the country's finances, expressed in stark terms the damage Brexit was set to do to the UK, after a year in which British economy has been left battered and severely bruised by the coronavirus.If the UK leaves the Brexit transition period without a free trade agreement on New Year's Eve, its long-term economic output will be reduced by six percentage points, the ORB said <a href="http://cdn.obr.uk/CCS1020397650-001_OBR-November2020-EFO-v2-Web-accessible.pdf" target="_blank" rel="noopener">in its report.</a> New tariffs on goods and barriers to doing business with the EU — the UK's biggest trading partner — will lead to prices rising 1.5% by the year 2026.The damage caused by leaving the EU without a trade deal will delay the UK's recovery from the coronavirus pandemic, the financial body said, warning that trading on costly World Trade Organisation terms would "have the effect of delaying the point at which output regains its pre-virus peak by almost a year to the third quarter of 2023.""The OBR made it clear that leaving without a deal or on WTO terms would have a huge economic impact," Rachel Reeves, Labour's Shadow Chancellor of the Duchy of Lancaster, told Business Insider this week. "Yet with 36 days to go until the end of the transition period, there was not one word from the Chancellor on this."This government seems determined to ignore their lack of preparedness and keep their heads firmly in the sand when it comes to the impact no deal would have on already stretched businesses."Even if UK and EU negotiators manage to strike an eleventh-hour deal in the next week or so, the UK's long-term economic output will be reduced by four percentage points, the OBR said. That's because while a trade agreement would remove tariffs, it would not eliminate an array of new checks on goods moving between the UK and the EU.Such bleak and urgent figures would normally headline a government statement on the economy — or at least make some notable appearance.And while the coronavirus pandemic is understandably Prime Minister Boris Johnson's top priority, his government's refusal to acknowledge the scale of the challenge posed by Brexit is dishonest and hindering preparations, according to Brexit experts."The government cannot bring itself to be honest about it," Anand Menon, Director of the UK in A Changing Europe think tank, told Business Insider following Sunak's statement to the House of Commons."If you want Brexit to happen and pay dividends, the best thing to do is be honest about the short-term disruption."But this government is locked into this denialist attitude that the economy will be fine and there'll be no downsides, and the fact they won't be honest will make the impacts of it worse."<h2>Coronavirus will not hide the impact of Brexit</h2>Johnson's government is already fighting a losing battle in helping the UK's small-to-medium-sized businesses be fully-prepared for January 1. Trader readiness is currently category "red," the Cabinet Office's Alex Chisholm told Members of Parliament this week, meaning thousands of companies are not expected to be ready on time.<a href="https://www.instituteforgovernment.org.uk/blog/check-change-going-nowhere-government-brexit-communications" target="_blank" rel="noopener">Criticized</a> for not being frank with the country about the changes Brexit will bring, the UK government has recently ramped up its Brexit communications campaign, urging people and businesses to take the necessary action now.However, Sunak "not using a high-profile moment like the Spending Review to try to double down on that message is somewhat of a missed opportunity," said Raoul Ruperal, the former Europe adviser to ex-Prime Minister Theresa May.He told Business Insider that the UK government was reluctant to discuss Brexit due to the costs associated with Prime Minister Johnson's plan to negotiate a limited free trade agreement with the EU. "The view in government is that they don't want to talk about the economic impact of Brexit, and that's been the case for a while," he said."Sunak, from a personal point of view, wants to stay clear of it because he doesn't feel that there's a lot to be gained."Maddy Thimont Jack of the Institute For Government think tank agreed, telling Business Insider: "The government just hasn't been willing to communicate the difficult messages around the political decision it has made."It's all well and good saying there'll be lots of great opportunities with Brexit, and there may well be, but what they need to acknowledge is that it will bring with a lot of red tape for business with our biggest trading partner."<div type="image" title="Kent traffic Brexit" height="749" width="1498" msid="79461587" hostid="261"></div>Ruparel, a leading commentator on the UK's EU exit, <a href="https://twitter.com/RaoulRuparel/status/1273571799247314945?s=20" target="_blank" rel="noopener">has sought</a> to debunk the idea that Brexit's negative economic effects will be lost in the larger financial wreckage left by the coronavirus. One UK minister in June <a href="https://news.sky.com/story/brexit-this-month-is-a-crucial-moment-if-the-uk-and-eu-are-to-agree-a-trade-deal-12003668" target="_blank" rel="noopener">told Sky News</a> that the pandemic would make even the worst-case Brexit scenario — a non-negotiated outcome — "almost irrelevant."Service industries that have been acutely affected by the coronavirus like travel, tourism, and retail are likely to be among the industries less-affected by Brexit, Ruparel said. However, those that avoided the harshest effects of COVID-19, like manufacturing, the pharmaceutical sector, and professional services, are set to be hit hardest by leaving the EU.Or, as Thimont Jack put it, "the combined impact [of the coronavirus and Brexit] means that most of the economy is going to take quite a significant hit next year... We see the government talk about these two issues in isolation, and that is happening in public debate too, but what we are going to see in January is those two things collide."Responding to those two enormous will pose a challenge of historic proportions, she said."How does the government organize itself to ramp up test &amp; trace, deliver the huge logistical challenge of rolling out a vaccine, while at the same time try to manage disruption that comes from Brexit, both in a deal or no-deal scenario?"Business Insider has asked the UK government for comment.

The economic shock Brexit is about to unleash was a glaring omission from Rishi Sunak's Spending Review

<ul><li><keyword id="328347" type="ORGANIZATION" weightage="20" keywordseo="Indian-Angel-Network">Indian Angel Network</keyword> has closed its fundraising for the <keyword id="6129174" type="UNKNOWN" weightage="20" keywordseo="IAN-Fund">IAN Fund</keyword> after raising at ₹375 crore.</li><li>The fund over exceeded its target by ₹25 crore. </li><li>It currently has 34 companies in its portfolio, including the recently turned unicorn startup Druva.</li></ul>Seed and early stage investment platform Indian Angel Network closed its capital raising activity for the IAN Fund as it overshot its target by ₹25 crore. The fund raised ₹375 crore in all. “The fact that we have achieved and exceeded our capital target underlines our impressive growth trajectory and highlights the faith that investors have in our vision. Moving ahead, we aim to scale newer heights and play a bigger role in transforming and nurturing India’s entrepreneurial landscape,” said Padmaja Ruparel, founding Partner of the IAN Fund. Some of the fund’s participants include Institutional investors like SIDBI’s Fund of Funds for <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">Startups</keyword>, IIFL, Wadhwani Foundation, Yes Bank, Max Group, Gray Matters Capital, and Hyundai. Individual investors like Kris Gopalakrishnan, Sunil Munjal, Rajan Anandan, Kanwal Rekhi too invested in the fund. IAN fund was founded in 2017 and since then it has been an active angel investor. It has 34 companies in its portfolio, including Druva which recently turned a unicorn. The other startups it funded includes the QSR chain Wow Momo, wedding platform WedMeGood. The sector agnostic fund primarily invest in AI and machine learning, augmented and virtual reality, biotech, cleantech, fintech, agritech and healthtech.

Indian Angel Network closes its fund after raising ₹375 crores

<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="BBC / screengrab" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/57fe18f5dd0895e3338b47ef-960/150505-oe-impact-brexit-ge20151-1024x577.jpg"></a>BBC / screengrab</div></div></div>One of the newest advisors to the Secretary of State for Exiting the European Union warned earlier this year that Brexit would be a "dead weight" on the British economy creating a "permanent cost" of up to 1.2% of GDP every year.Brexit minister <a href="http://order-order.com/2016/10/07/raoul-ruparel-new-davis-davis-spad/">David Davis hired Raoul Ruparel earlier this month</a> as a special advisor on his mission to extract Britain from the EU. Ruparel was previously a co-director of the Open Europe think tank. He is pro-Brexit, but according to a blog post and a policy paper he cited earlier this year, he believes leaving the EU will hurt the economy.<a href="http://uk.businessinsider.com/david-davis-comments-on-treasury-brexit-figures-2016-10">Davis has complained that leaks from the Treasury</a> suggesting that Brexit will damage the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> economy are making his job as the government's chief negotiator harder. But his appointment of Ruparel suggests that he is getting similar advice from his own people.In July 2016, a month after the EU referendum, Ruparel wrote that <a href="http://openeurope.org.uk/today/blog/post-brexit-leaving-customs-union-no-brainer/">there will always be a "negative cost" to Brexit "no matter what is negotiated:"</a>"What we found is that, in the long run (up to 2030), there will be a permanent cost to leaving the customs union. This cost is around 1% to 1.2% GDP ..."The cost comes in the form of the imposition of new time and out-of-pocket expense on cross-border trade, for example time spent at customs and the administrative cost of getting through customs."... Importantly, nearly all of this is a cost which will occur no matter what is negotiated between the UK and the EU and it is a dead weight cost for the economy (not a transfer as with tariffs). This goes someway to explaining why there is always likely to be a small negative cost to leaving the EU in the long run."He cited this chart from Open Europe's research, which estimates that leaving the EU customs union would add £25.63 billion ($31.4 billion) in annual costs for UK businesses, and a £22 billion net cost after payments to the EU are factored out:<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://openeurope.org.uk/today/blog/post-brexit-leaving-customs-union-no-brainer/">Open Europe</a></div></div></div> In some years, 1.2% of GDP would be the difference between growth and recession: <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.tradingeconomics.com/united-kingdom/gdp-growth-annual">Trading Economic</a></div></div></div>Ruparel argued that it is a price worth paying:"But this cost is clearly not prohibitively high. Furthermore, as shown above, both Norway and Switzerland are outside the EU's customs union and do significant levels of trade with the EU - over 70% of Norway's total trade is with the EU for example. So while it will take some adjustment, it is far from impossible to adjust to."In March 2016, in a paper cited by Ruparel, <a href="http://openeurope.org.uk/intelligence/britain-and-the-eu/what-if-there-were-a-brexit/">Open Europe concluded that Brexit might result in a "worst-case scenario"</a> that would wipe 2.2% off GDP. Open Europe estimates for post-Brexit GDP<ul><li>Worst-case scenario: -2.2%</li><li>Best-case scenario: +1.6%</li></ul>Only if the UK managed to win a favourable free-trade agreement from both the EU and the rest of the world, would the UK economy see a benefit from Brexit, the report said:<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://openeurope.org.uk/intelligence/britain-and-the-eu/what-if-there-were-a-brexit/">Open Europe</a></div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/mrs-doubtfire-house-market-over-four-million-dollars-san-francisco-2016-9">The 'Mrs. Doubtfire' house is on sale for $4.45 million - here's what it looks like 23 years later</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1iMHU1NjE6e0PbyF1bQrwA459-C-jWWP" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

David Davis's own advisor says Brexit is a 'dead weight' that carries a 'permanent cost' of 1.2% UK GDP

Here is what you need to know.1. <a href="https://markets.businessinsider.com/news/stocks/trump-weak-paul-krugman-attacks-us-china-trade-deal-2019-12-1028764979">'Trump has made us weak' - Paul Krugman says the US-China trade deal achieved almost nothing, and consumers and farmers paid the price</a>. "However Trump may try to spin this, he lost," the Nobel Prize-winning economist tweeted.2. <a href="https://www.businessinsider.com/china-november-industrial-output-growth-beats-expectations-2019-12?r=US&amp;IR=T">China's industrial-output growth in November beats expectations</a>. Industrial output grew by 6.2% year-on-year, an acceleration from 4.7% growth in October, official data showed.3. <a href="https://www.businessinsider.com/johnsons-government-not-match-fit-for-brexit-trade-talks-says-ex-may-adviser-2019-12?r=US&amp;IR=T">The UK government is not 'match-fit' for the next stage of Brexit talks, says a former Downing Street adviser</a>. Raoul Ruparel said it was possible for Prime Minister Boris Johnson's government to strike a "narrow and shallow" free trade deal with the EU in the 11-month transition period, but it's not currently ready for the challenge.4. <a href="https://www.businessinsider.com/cineworld-tops-north-american-box-office-with-cineplex-deal-2019-12?r=US&amp;IR=T">Cineworld tops North American box office with Cineplex deal</a>. The British cinema group has agreed to buy its Canadian peer for $1.65 billion in cash, creating the biggest cinema operator in North America.5. <a href="https://www.businessinsider.com/hms-sales-grow-5-in-fourth-quarter-in-local-currencies-2019-12?r=US&amp;IR=T">H&amp;M's sales grow 5% in the fourth quarter</a>. The world's second-biggest fashion retailer blamed a smaller-than-expected rise in sales on Black Friday falling later this year.6. <a href="https://www.businessinsider.com/iff-to-merge-with-duponts-262-billion-nutrition-unit-2019-12?r=US&amp;IR=T">IFF to merge with DuPont's $26.2 billion nutrition unit</a>. International Flavors &amp; Fragrances has agreed to merge with DuPont's nutrition and biosciences unit to create a $45 billion company.7. <a href="https://www.businessinsider.com/oil-prices-fall-but-hold-near-three-month-high-on-trade-deal-agreement-2019-12?r=US&amp;IR=T">Oil prices fall but hold near three-month high on trade deal agreement</a>. "We are going to need further news if we are going to push through the important (technical) resistance that is just ahead of crude oil," one analyst said.8. Stocks are mostly in the green. US futures underlying the Dow (+0.2%), S&amp;P 500 (+0.4%), and Nasdaq (+0.4%) are up, signaling a positive open. European stocks are rising with the DAX (+0.6%) and the Euro Stoxx 50 (+0.8%) higher and the FTSE 100 up sharply (+2.2%). Asian stocks were mixed at the close, with the Nikkei (-0.3%) and Hang Seng (-0.7%) both down, while the Shanghai Composite (+0.6%) rose.9. <a href="https://markets.businessinsider.com/earnings-calendar?utm_source=markets&amp;utm_medium=ingest">There's a raft of earnings out today</a>. Nike and Scholastic are among the companies reporting.10. <a href="https://markets.businessinsider.com/economic-calendar?utm_source=markets&amp;utm_medium=ingest#date=12/16/2019&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">It's a big day for data</a>. IHS Markit PMI and NAHB housing-market data are scheduled for release.

10 things you need to know before the opening bell

<keyword id="2057257" type="PERSON" weightage="20" keywordseo="Bhavin-Turakhia">Bhavin Turakhia</keyword>, the serial entrepreneur who found five companies is a role model for a number of aspiring entrepreneurs. Starting his first company as early as 17 years, he rose up to create a list of firms driven by his belief, “It is our moral obligation to make an impact that is proportionate to our potential”. Through a series of technology-led innovations, he strove through his ventures to solve problems and maximizing efficiency, which he kept as the watchwords behind every achievement. Some interesting facts about Bhavin Turakhia that will inspire you. He founded three companies at the age of 17 Bhavin Turakhia co-founded Resellerclub, Logicboxes and BigRock at the age of 17. In 2014, all these companies were sold in a deal worth $160 million. At present, he heads Radix, a leader in registry for top-rated extensions, Flock, a portfolio of productivity apps, and Zeta, a platform for digital payments. Education and childhood He attended the Arya Vidya Mandir school in Bandra , Mumbai and later, enrolled himself DG Ruparel College only to drop the course midway. In an <a href="https://www.bbc.co.uk/programmes/n3ct5grl">interview with the BBC</a> , he said he discontinued the course since he learnt most of the syllabus himself. He then moved to complete his bachelor’s degree in commerce from Sydenham College of Commerce and Economics. As a child, he dedicated a lot of time to coding. Their father bought the first coding book at the age of eight. “ I would spend all of my short breaks, lunch breaks, several hours after school every day. My dad would buy me tons of programming books, and I would go through them one after another. I went through more than 25, 30 different books to learn programming and GW-BASIC, Visual Basic, and CC++ on MS-DOS back in the day. Turakhia is worth $1.3 bilion In 2016, Forbes ranked him along with his brother Divyank Turakhia as the 95th richest person in India credited with a net worth of US$ 1.3 billion. The World Economic Forum honored him as Young Global leader in 2011. According to Forbes, the Turakhia brothers were millionaires even before they were 20 years old. Their networth rose to $300 million in their mid-20s. They are among the youngest billionaires in the country. His mantra for success The billionaire entrepreneur says his mantra for success was a quote which his father often used to say, ‘You can achieve anything you set your mind to’. Turakhia says this mantra ringed in his ears all the time steering his journey towards success. ‘Family matters a lot’ Turakhia has a strong opinion that family plays a big role in shaping every individual. Talking about his father, he says, “Everything I am today is in many ways thanks to my father. He used to work from nine to nine everyday just to make ends meet. But this is what he used to say. Sometimes we’d be like, ‘Dad, we know’. But the number of times it was repeated, you really internalize it.” Future plans to venture US with ZETA The four-year old Zeta, started with Indian banks, and subsequently branched out to countries like Brazil, the Philippines, and Vietnam. But now Turakhia has plans to take Zeta to US and other European markets like Italy and Spain. See Also: <a href="https://www.businessinsider.in/paytm-founder-vijay-shekhar-sharma-unknown-facts/articleshow/69941150.cms">Paytm Founder Vijay Shakhar Sharma</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-gautam-adani-that-you-should-know/articleshow/69900616.cms">Interesting facts about Gautam Adani</a> <a href="https://www.businessinsider.in/thelife/personalities/news/interesting-facts-about-binny-bansal-the-co-founder-and-former-ceo-of-flipkart-to-inspire-uou/articleshow/74474891.cms">Interesting facts about Binny Bansal</a>

Interesting facts of Bhavin Turakhia, Founder and CEO of Directi

Frank Augstein - WPA Pool/Getty ImagesUK Prime Minister Boris Johnson.<ul class="summary-list"><li>UK Prime Minister Boris Johnson's chief Brexit negotiator sets out the UK's hardline trade position in a speech on Monday.</li><li>David Frost warned the European Union that the UK would not sign up to EU rules in any future trade agreement.</li><li>He reiterated Johnson's position that Britain would rather not have a trade deal than follow Brussels rules.</li><li>"That isn't a simple negotiating position which might move under pressure - it is the point of the whole project," Frost said in a lecture on Monday night.</li><li>British and EU negotiators will begin talks over a free trade deal next month.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>UK Prime Minister Boris Johnson's chief Brexit negotiator has warned the European Union that Britain will neither follow EU rules nor extend the transition period in a hardline speech setting out the UK government's position on future trade.David Frost, who is leading the UK government's talks with Brussels, delivered a lecture on Monday evening at the Université libre de Bruxelles, Belgium, in which he accused EU figures of missing "the point" of Brexit. He said the UK would not under any circumstances sign up to EU rules in a trade deal with Brussels, and would prefer to trade with the EU without a trade agreement, reiterating the message <a href="https://www.businessinsider.com/johnson-uk-will-not-follow-eu-rules-in-brexit-trade-deal-2020-2?r=US&amp;IR=T" target="_blank" rel="noopener">from Johnson's speech on trade last month.</a>"It is central to our vision that we must have the ability to set laws that suit us - to claim the right that every other non-EU country in the world has," Frost told the university on Monday."So to think that we might accept EU supervision on so-called level playing field issues simply fails to see the point of what we are doing.""That isn't a simple negotiating position which might move under pressure - it is the point of the whole project," he said.REUTERS/Francois Lenoir/File PhotoDavid Frost.Frost also relayed Johnson's position that the government is prepared to trade with the EU on "Australia-style terms" if Brussels continues to insist on the UK signing up to EU rules, or what is known as a "level playing field."Australia does not have a free-trade agreement with the EU, and trades largely on World Trade Organization terms. <a href="https://www.insider.com/brexit-business-leaders-urge-boris-johnson-ditch-australia-no-trade-deal-threat-2020-2" target="_blank" rel="noopener">Business leaders have warned</a> that this would create swathes of new border checks and cost billions of pounds.However, Frost said the UK government was aware of the "trade-offs" involved in this approach to trade with Brussels."We are clear that we want the Canada free-trade agreement-type relationship which the EU has so often said is on offer - even if the EU itself now seems to be experiencing some doubts about that unfortunately," Frost said."If those doubts persist, we are ready to trade on Australia-style terms if we can't agree a Canada-type FTA.""We understand the trade-offs involved - people sometimes say we don't but we do - and we will be setting out in written form next week actually how we see the shape of the future relationship in more detail."He added: "That's also why we will not extend the transition beyond the end of this year. At that point we recover our political and economic independence in full - why would we want to postpone it?"British and EU negotiators will begin talks on a possible free trade deal next month. Both sides aim to reach some sort of agreement by the end of the year, when the 11-month Brexit transition period comes to an end.However, several senior EU figures <a href="https://www.businessinsider.com/eu-phil-hogan-impossible-to-agree-brexit-trade-deal-2020-1?r=US&amp;IR=T" target="_blank" rel="noopener">including Phil Hogan, the bloc's head of trade</a>, have expressed doubts that something can be agreed in so short a timetable.GettyFrost's speech highlighted the gulf between the UK and EU's negotiating positions ahead of talks getting underway.Raoul Ruparel, a former Brexit adviser in the UK government, <a href="https://twitter.com/RaoulRuparel/status/1229545817175928839?s=20" target="_blank" rel="noopener">tweeted</a> that the speech "should be a clear challenge to those in EU (&amp; UK) who think the Govt will eventually bow to their view of economic rationality."Jean-Yves Le Drian, France's foreign minister, <a href="https://www.insider.com/britain-eu-rip-apart-brexit-trade-talks-french-minister-2020-2" target="_blank" rel="noopener">on Sunday</a> predicted that negotiators would "rip each other party" once talks get underway.Stewart Hosie, the Scottish National Party's trade spokesperson, said Frost's speech was a "worrying sign" of where Johnson's government was taking the country's relationship with the EU."Rather than working to maintain the high standards in place in the EU, the Tories' insistence on diverging on rules risks a race to the bottom in standards that will hit our businesses and vital industries," he said."With trade talks set to get underway, the UK government must step back and put the country's interests ahead of the Tories' narrow self-interest.""The UK government must commit to maintaining the high standards and rule out a devastating No-Deal Brexit."Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/martin-greenfield-presidents-tailor-2018-5">How this Holocaust survivor became a tailor for US presidents and celebrities</a></h3>

Boris Johnson's chief Brexit negotiator says Britain will never sign up to EU rules in a blunt warning to Brussels

LONDON - The government is sending out one of the most interesting mass-mail letters of the year: The annual breakdown of how much tax you paid, and what the government spent it on.Everyone in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> who pays tax receives a personalised copy, so that you can see how much the government took from you in total and how the government spent that, down to the penny. It includes the amount of cash that went to the European Union.The <a href="http://budgetresponsibility.org.uk/fsr/fiscal-sustainability-analytical-papers-july-2016/">government spent about £755 billion ($917 billion) in total last year</a>, according to the most recent numbers from the Office for Budget Responsibility.Here is what that looks like in percentage terms. Only 1.1% of all government spending goes on the EU:<div class="KonaFilter image-container display-table"><div><div class="image on-image">Business Insider / HMRC</div></div></div>That 1.1% was the equivalent of <a href="http://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN06455">about £8.5 billion in 2015</a>, the most recent number available. While £8.5 billion is a lot of money on its own, it is a tiny portion of total spending.Here is the same data presented a different way: <div class="KonaFilter image-container display-table"><div><div class="image on-image">Business Insider / HMRC</div></div></div>The EU budget is an even smaller part of the UK economy as a whole, which had a GDP of £1.9 trillion ($2.3 trillion) in 2015. And, ironically given the anti-immigrant sentiment that drove the Brexit vote, the UK spends more on overseas aid than it does on the EU.Having said that, £8.5 billion is money the UK will get to keep after Britain leaves the EU in 2019. It adds up to about £163 million per week - less than half the amount claimed by the Leave campaign (£350 million) prior to the vote <a href="http://www.independent.co.uk/news/uk/home-news/brexit-vote-leave-wipes-nhs-350m-claim-and-rest-of-its-website-after-eu-referendum-a7105546.html">that would be available for Britain to spend on the NHS every week</a>.Of course, while the country saves the £8.5 billion it sends to the EU, it will incur extra costs in the form of barriers and tariffs that Europe is likely to impose on trade with the UK. Those barriers will probably be in the region of £22 billion annually, <a href="http://uk.businessinsider.com/david-davis-adviser-raoul-ruparel-brexit-customs-union-gdp-2016-10">according to estimates by Raoul Ruparel</a>, an advisor to Secretary of State for Exiting the European Union David Davis. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/excel-what-if-analysis-data-tables-2016-12">This is the Excel trick that will change everything about how you work with data</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="h2bzJudDphyVLhOx4BBk5EthBy0FqKaI" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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