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Start-ups mentored on Clearing Financial Hurdles

Feb 01, 2021

In its endeavour to hand hold and encourage start-ups World Trade Center Bhubaneswar as a part of Skill Development Series III held the second technical session on “Understanding Financial Basics” in association with ICICI Bank, Entrepreneurship Development Institute of India and Start Up Odisha. The session aimed at providing insights on Understanding Financial Basics, Key Performance Indicators, Capex, Source of Funds (Bootstrapping, Angel Investors, Incubators, Venture Capitalist, and Financial Institution), Margins of Safety, Projected Balance Sheet, Profit & Loss Statements, Sales Forecast and Risk & Contingency.

Mr. Pradosh Ranjan Rout, Zonal Head, Odisha & Chattisgarh of ICICI Bank in his address spoke about the categorization of MSME enterprises from the banking perspective. He explained about the need for business loan and the relevant business loan available. He further shared details about the loan schemes and instalment procedures. He explained about ICICI One Globe Trade Account, turnaround time, export import solutions – trade online, cash management system, payment mechanisms, InstaBIZ which is an instant banking and instant business instrument. He also shared the key benefits available for start-up in specific.

CMA Shiba Prasad Padhi in his presentation spoke about financial statements, Margin of Safety, Risk & contingency. He also covered essential topics such as basic provisions of taxation, financial statements including balance sheets & profit & loss statements etc., Margin of Safety, Risk & contingency and monitoring business cash flow. He also showcased a case study explaining the basic finance management structure and its crucial aspects.

Earlier Ms. Nimeshika Natarajan, Assistant Director, World Trade Center Bhubaneswar in her address took the opportunity to welcome and introduce the speakers to the attendees. She also spoke about the upcoming initiatives of the center and invited the start-ups to seek feasible assistance from the Center.

Ms. Asha Mohapatra, Asst Manager, World Trade Center Bhubaneswar proposed the vote of thanks.