[FFL 269] Silicon Valley entrepreneur Sramana Mitra on Why We Need To Stop Chasing Unicorns

Sramana Mitra is Founder of One Million by One Million, the first and only global virtual accelerator. She is the author of the Entrepreneur Journeys book series as well as the Vision India 2020 and Billion Dollar Unicorns books. As an entrepreneur and CEO, she successfully ran multiple businesses, including Intarka, DAIS Infotech, and Uuma, Inc. and holds a master's degree in Electrical Engineering and Computer Science from MIT.

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Sramana joins me today to explain what "unicorn businesses" are and why entrepreneurs need to stop chasing these unicorns. She shares the formula that she believes makes up a successful business, why over 99% of venture capital deals are typically rejected when seeking financing, and the parameters your business needs to meet to be considered a "fundable business." She also explains the difference between a "real entrepreneur" and a "pseudo-entrepreneur" and why she believes smaller, profitable businesses should be celebrated.

"We are trying to create fortune in the middle of the pyramid. We do not believe that excess is a requirement for success." - Sramana Mitra

Today on the Fierce Feminine Leadership Podcast:

• The impact that growing up in India had on her success and career.
• What prompted her to start her current company.
• Why over 99% of entrepreneurs seeking venture capital financing for their companies are rejected.
• Factors that must be present to receive venture capital funding.
• Challenges associated with presenting an alternative, controversial opinion and framework to venture capital funding.
• How she helps entrepreneurs with funding announcements.
• What are "unicorn businesses?"
• How Silicon Valley's views of entrepreneurs and entrepreneurship have evolved over the years.
• The difference between "real entrepreneurs" and "pseudo-entrepreneurs."
• Why technology is becoming an oligarchy and how it impacts entrepreneurs.
• How she finds time to feed her intellectual appetite, analyze trends, and be a thought-leader.

Resources Mentioned:

• Economist Magazine

Sramana Mitra's Advice for Fierce Feminine Leaders:

1. Surround yourself with smart people who are deep thinkers.
2. Read publications that will give you a broad view of what is happening in the world.

Fierce Leadership Quotes:

• "Venture capital is an optional tool of building a business."
• "I think $500,000 a year is a success; $1-Million a year is a success; $2-Million a year is a success because all of those are really difficult to do.
• "Building a business is very difficult to do. Building a profitable business is very difficult to do and whatever scale people are comfortable and successful doing it at needs to be celebrated.

Connect with Sramana Mitra:

• One Million by One Million
• Billion Dollar Unicorns book
• Entrepreneur Journeys book series
• Vision India 2020 book

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