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4 Keys to Reining in Social Media Overload

by Paul Joseph February 9, 2012 Featured

Most businesses understand that they need at least some kind of social media presence nowadays. But what about those who are too deeply entrenched in Facebook status updates and tweets? Or those that can’t keep up with LinkedIn invites and Tumblr reblogs? What about entrepreneurs who are finding it harder and harder to manage all of their social media profiles and run a business at the same time? It’s easy to get overloaded with social media, but if you feel like you’re drowning, it might be time to start simplifying your routine and finding ways to cut back on your time spent without sacrificing your level of community engagement. 1. Pick a Management Tool Balancing all of your social media accounts sometimes comes down to switching back and forth between different applications and websites. This can waste your time, especially if you have to manually go to the Facebook and Twitter websites to see if you’ve received any comments or mentions. To combat this, download a social media management tool like HootSuite or TweetDeck. These applications allow you to monitor and use all of your social media profiles from one convenient interface. Of course, the constant messages popping up on your desktop to inform you that you’ve received a new comment or mention can be distracting. To save time, turn off these notifications. 2. Focus Your Efforts While the primary thing you should be doing on social media sites is being social, don’t let this distract you from your overall goal: to interact with customers and market your business. Your first priority should always be to relay a specific message to your target market. Don’t try to speak to everybody, everywhere. Speak only to those that would be interested in purchasing your product or service. Seriously, generic status updates and tweets are the bane of businesses. Be specific and you’ll be interesting. Also, avoid checking social media sites over and over again each day. Set aside a specific time to check them and post updates. Schedule them if you have to. Just don’t cut away from your business tasks every five minutes to check comments on Facebook. That’s a super productivity killer. 3. Use What Works If you have no need to use Tumblr or Pinterest for your business, don’t. There’s no law saying you have to use every social media site out there. Instead, only use the sites that work for your company and that are easy to manage. You should be getting more out of your social media efforts than what you’re putting in. If that’s not the case, it may be time to reevaluate your approach or ditch that specific site. 4. Take a Break If you still feel up to your ears in social media, it may be time to take a break. We have a tendency of being connected to our networks too often, in both our personal and business lives. To cut down on the noise, set aside 30 minutes a day to shut off your phone and close your browser. Take some time for yourself to think uncluttered thoughts. It can do wonders for your productivity once you switch your connections back on. Adam Toren is an Award Winning Author, Serial Entrepreneur and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Matthew. Adam is co-author of the newly released book: Small Business, Big Vision: “Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right” and also co-author of Kidpreneurs .

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Unitus Seed Fund Launches with Three Social Enterprise Investments in India

by Paul Joseph February 6, 2012 Featured

New Unitus Labs Initiative Seeks to Accelerate Development of Innovative Startups Which Have the Potential to Significantly Benefit Families Living on Less Than $2 Per Day Seattle , WA and Bangalore, India, February 6, 2012  - Unitus Labs, an international non-profit focused on reducing global poverty through economic self-empowerment, is launching today the Unitus Seed Fund, a new seed stage venture fund that invests in Indian startup businesses with potential for large-scale poverty impact.  Unitus Seed Fund is also announcing its first three investments in Indian startups Bodhicrew Services, Hippocampus Learning Centres, and Milaap Social Ventures. “After a decade of helping accelerate and scale the Indian microfinance industry, we are excited to launch the new Unitus Seed Fund initiative in order to support development of more new pro-poor businesses,” said Dave Richards, CEO of Unitus Labs and Managing Director of Unitus Seed Fund.  “We are seeing a new group of highly capable and socially motivated entrepreneurs who believe that they can realize more wide-scale and sustainable poverty impact by operating as a business rather than as a non-profit.  The Unitus family of entities has always been willing to invest on the cutting edge of economic empowerment concepts and projects.” Unitus Seed Fund targets investments in companies meeting the following criteria: Businesses serving Indian markets Potential for scaled impact on 800 million people inIndialiving on less than $2 per day Strong, experienced management team Business developed beyond the concept stage Clearly differentiated value proposition Strategies to build effective distribution and marketing programs “Unitus Seed Fund addresses an important gap in the social impact venture ecosystem by funding and supporting businesses which are beyond bootstrap but not yet far enough along to receive growth capital,” said Vineet Rai, Founder and Chief Executive at Aavishkaar Venture Management Service and a pioneer investor for inclusive economic development inIndia. “If they can find and nurture more businesses to the point of readiness to scale rapidly, it will allow other social venture funds to focus on realizing the impact potential of these businesses.” “Unitus Seed Fund is providing a critical role as a supplier of very high risk, flexible capital to entrepreneurs who are trying to improve the lives of poor families in many important sectors including education, healthcare and livelihoods,” said Samit Ghosh, Managing Director at Ujjivan Financial Services and investee of Unitus Lab’s Unitus Equity Fund. “We received very valuable funding and management support from Unitus during our vulnerable early stages of our history.  Today, we are recognized as one of the best microfinance institutions in India providing financial and microfinance plus services to over million customers and their families across twenty states in India, thanks to our friends like Unitus.” Announcing First Three Seed Investments Unitus Seed Fund has made its first three seed investments — all in India — in three sectors: skill development and job placement services, affordable rural education services, and new areas of microcredit financial services. Bodhicrew Services:   Skill development for those working in the unorganized sector “We are very pleased to have Unitus Seed Fund as an investor in Bodhicrew because this is not only testament to our commitment to promote skill development of those working in unorganized sector in India but also to our business model and vision”, said Vivek Kaushik, CEO of Bodhicrew Services Pvt. Ltd. “With this investment from Unitus Seed Fund, we will be able to provide a truly integrated employment and skills services to the most disadvantaged in the labor market in a sustainable way.” Bodhicrew Services provides skill development for those working in the unorganized sector. Bodhicrew provides a complete domestic work solution to the rapidly growing middle class of India. Bodhicrew offers a one-stop solution to employers for an ethically sourced and well-trained workforce. To the workers, Bodhicrew offers technical training and guarantees safe placement and fair wages. It also supports legislative, administrative and policy changes which contribute to the employability, dignity, and welfare of the workers and their families. Bodhicrew is based in New Delhi, India. For more details on Unitus Seed Fund’s investment in Bodhicrew Services,  click here Hippocampus Learning Centres:   Improving learning outcomes for children in rural India “We are excited to have Unitus Seed Fund as a seed investor in Hippocampus Learning Centres because it vindicates our project, the first of its kind to provide affordable education services to remote rural populations”, said Umesh Malhotra, CEO of Hippocampus Learning Centres. “With this investment, we will be able to expand our reach into 100 villages, reaching out to more than 5,000 children and employing nearly 300 women by June 2012.” Hippocampus Learning Centres (HLC) believes that one of the sure shot ways out of poverty is education. HLC’s work focuses exclusively on the 700 million rural Indians with the aim of improving the learning of children. HLC establishes learning centres in villages offering preschool and after school programs to age groups from 3 years to 10 years with the aim of improving a child’s capacity to learn and do better in school. The fees at these centres are between Rs.60-Rs.100 (USD$1-$2) per month, which is affordable for poor families. The curriculum is centrally developed to cater to mixed age groups and is largely teacher facilitated. HLC hires woman from the local community as teachers, trains them to run the centres and provides them ongoing support. HLC intends to make these ongoing sustainable community enterprises and also achieve financial sustainability as an organization. HLC is based in Bangalore, India. For more details on Unitus Seed Fund’s investment in HLC,  click here Milaap Social Ventures :   Online platform to make microloans to India’s working poor “We’re excited to have Unitus Seed Fund as an investor in  Milaap  as they bring with them years of knowledge and experience in the microfinance and fundraising space,” said Sourabh Sharma, CEO of Milaap Social Ventures. “We look forward to their support and guidance as we try to help thousands of people get out the vicious cycle of poverty.” Milaap is an online microlending platform which enables anyone around the world to  lend money to the working poor  in India through the website  www.milaap.org . Milaap was founded in 2010 by a team of young and passionate entrepreneurs from premier institutions in India and Singapore. Milaap envisions a world where the poor are valued as dignified consumers, suppliers, and producers as opposed to mere borrowers. The loans aim to provide the poor with access to basic amenities including clean drinking water, toilets, education, renewable energy as well as income-generation opportunities. So far, Milaap has raised USD $200,000 for borrowers in various parts of India with 100% repayment rate. Milaap is based in Bangalore, India. For more details on Unitus Seed Fund’s investment in Milaap Social Ventures,  click here About Unitus Seed Fund Unitus Seed Fund is a seed stage venture investor in businesses which impact poverty.  Unitus Seed Fund identifies startups with strong entrepreneurial teams who have a mission to build large sustainable businesses which improve the lives of those living at the base of the economic pyramid (income of less than $2 per day.)  Unitus Seed Fund makes small equity investments and provides support to these social entrepreneurs to expand beyond their initial pilot to refine their business model and operations understanding to prepare for significant future growth and impact. Once solid progress has been accomplished, Unitus Seed Fund assists social entrepreneurs in raising growth capital to expand further.  Unitus Seed Fund is a project of Unitus Labs and is currently focused on the India market.  Unitus Seed Fund has offices in Seattle and Bangalore.  See unitusseedfund.com  for more details.

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YCombinator vs. 1M/1M at 114th 1M/1M Strategy RoundtableForEntrepreneurs

by Paul Joseph February 6, 2012 Featured

Today’s roundtable, as usual, was an international affair, with entrepreneurs presenting from different parts of the US, India, Israel, and many other geographies. Before I share what we heard from them today, I want to highlight an important aspect of 1M/1M that is repeatedly underscored in these roundtables: the international, inclusive, democratic nature of the initiative. In fact, one of the best ways we can delineate this phenomenon is by contrasting 1M/1M with YCombinator. This short video explains how the two programs differ: Bottomline: YC, superb incubator, is a program that applies to less than .01% of entrepreneurs, whereas 1M/1M is an inclusive, global program. The businesses we will discuss today will put this distinction in perspective. Hooduku First, Sudhendra Seshachala from Houston, Texas pitched  Hooduku , a professional services business that already has significant revenue from cloud integration work. Hooduku is a 1M/1M premium member and is interested in moving away from pure services toward a product+services model. Sudhi presented the idea of a platform that bridges between Microsoft Azure customers who are also using RackSpace and other Infrastructure-as-a-Service providers for their content management and delivery. He uses a classic and highly successful mode of building products, that of being deeply immersed in customer situations through services projects and using that domain knowledge and relationship to identify opportunities for building products. A major example of such a company is Appirio, which went on to get funded by Sequoia Capital and has since built a strong product-services company in the cloud integration domain. My advice to Sudhi is to not position his company as a ‘platform’ but rather pitch the value proposition as an ‘integration framework’. These subtle wordings make a huge difference in how a company is viewed. Buy Or Boycott Next Doug Lowenthal from Jacksonville, Florida presented  Buy Or Boycott , which he came up with at the recent Startup Weekend program. Buy Or Boycott wants to offer consumers an easy way to avoid buying products that have major issues, be it political or environmental. However, the user experience that Doug described to deliver this was not convincing. He proposes to offer a mobile app with which to scan every product in your grocery store shopping cart. I don’t believe consumers would do this. When we stand on grocery store lines after a long day or week, the last thing we want to do is scan a bunch of products with our mobile phones. NXI Group Then Kaushik Mitra from New Delhi, India, pitched the  NXI Group of Companies , a custom hardware vendor that presented itself as a laptop and tablet company. It took me a bit of time to parse through the details and figure out that NXI is NOT a laptop or tablet vendor competing with HP, Dell and Acer. Rather, it is developing custom hardware for consumers with specific needs. For example, they are in the midst of developing RFID-enabled tablets for the universal ID effort by the Indian government. Kaushik’s company already has $400,000 in revenue, and while the business is not a typical venture-fundable one, I see no reason why the company cannot continue to grow in its niche. Koolaring Last, Edoe Cohen from Tel Aviv, Israel pitched  Koolaring , a SaaS solution for building private alumni networks a la LinkedIn. I have seen numerous startups with this general idea. It makes perfect sense for universities to have their own private alumni networks, and it is only a matter of time before they do. Whether Koolaring will be the winner in that space or not will depend on execution. So you see, I just shared with you four businesses, none of which would suit YCombinator for a variety of reasons outlined in the video. However, 1M/1M is delighted to help any and all of them. If you want a deeper relationship with me, you are very welcome to  join the 1M/1M premium program . If you have any questions about the program, please, first study the website, especially  What to expect from the 1M/1M premium program  and the  FAQs . If you have additional questions, please email me, and I would be very happy to respond. Please note that I work exclusively with 1M/1M entrepreneurs.

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Did Online Marketing and Social Media Change 4 P’s of Marketing?

by Paul Joseph February 6, 2012 Featured

All MBA students, marketers, advertisers are taught the 4 (important) P’s of marketing. Invented in 1960s, these P’s have formed integral part of marketing education since then. All elaborate marketing plans for brands and businesses are (or were?) based on Price, Promotion,  Place and Product. But, with the growing influence of social media and online marketing, have these 4, well at least 3, P’s of marketing changed? Let’s look at each of those in this light: Price: This P of marketing says that you should price your products or services competitively across distribution channels. But do you really think you can do that when there are so many deal sites and comparison sites? Today, price is one of the major factors because of which consumers join social media sites – especially in case of travel. Aren’t companies forced to let the market decide the price? Additionally, with Internet, mobiles, social media, it has become very easy for consumers to identify inconsistency in pricing if you have introduced any. This can be very dangerous for the brand image because consumers will immediately find that out and even worse, talk about that more openly and to a wider audience. So Price can rarely be of marketing advantage. Promotion: With rising costs of traditional advertising and lack of ways for measuring effectiveness, many companies are turning away from costly advertising media like TV commercials or billboards. In past as well, many brands have succeeded without costly advertising and marketing. For example: With its umbrella marketing strategy, Amul spends only around 1% of turnover for marketing. When around 3.5% of revenue is being spent on advertising by fashion retailers, the popular Zara brand spends just 0.3%! Ferrari, the Italian sports car manufacturer does not spend a single penny on advertising space. They rely completely on special exclusive events, word of mouth and of course social media as their marketing weapons. Google started advertising only recently and Facebook also did not reach the valuation to the tune of $100B with advertising. But, with Internet and social media, word of mouth and forming a close connection with customers and users seem to be the key to promotion. Conventional promotion mechanisms are no more being banked on when the world has become such a smaller and well connected place with Internet. Place: Does place really matter in the Internet age? With so many online shopping sites, eCommerce sites, reviews and social shopping sites, aren’t consumers going on web for shopping? Most of the large stores like Shoppers Stop also have special offers for online buyers. I think, therefore, the ‘place’ parameter has seized to have significant place in the strategic marketing planning. Product: So we are left with last P –Product. ‘Product’ definitely has not have changed. No matter what you use for promotion, what price you keep and where you sell it – you got to have a great product. Yes, but one thing has changed. In this age of social communication and connection, you have to not only make products that meet the needs of consumers but also make them newsworthy. Today the verdict about product on social media reaches the consumer before the company’s advertisement. So make sure your product delivers the value beyond the expectations of the consumer. Users did not want an iPad until it was built but now they wonder how they lived without it for so many years. The key here is building great products, newsworthy products and enjoyable user experiences. I think Kotler’s conclusion “ The best way to hold customers is to constantly figure out how to give them more for less. ” holds very true – even today! : – )

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Have You Made a Movie Out of Your Facebook Timeline Yet? Facebook Presents timelinemoviemaker.com

by Paul Joseph February 4, 2012 Featured

For those of you who are still getting used to the ‘timeline’ feature on Facebook, here is a way to visualize the feature in a movie format. Timeline makes it easy for you and your friends to browse through your updates and activity. Facebook along with marketing agency Definition 6 has launched timelinemoviemaker.com which enables you to watch your previous status updates, images and activity in a movie format with background music. Take a walk down Facebook memory lane by flying across your timeline: http://www.timelinemoviemaker.com/  and do not miss the updates you get when it renders and loads your movie!

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Dell Social Innovation Challenge for Young Social Innovators

by Paul Joseph February 4, 2012 Featured

The Dell Social Innovation Challenge identifies and supports promising young social innovators. They provide university students with teaching and training, as well as with startup capital and access to a network of mentors and advisors. The 2012 challenge will present 27 awards, more than $140,000 in cash prizes and more than $500,000 worth of in-kind prizes. Five Finalists will be flown to Austin, Texas, in June for a Finalists Weekend full of networking and mentoring with social innovation leaders. They’ll pitch live in front of the judges for these Grand Prize Awards:  $50,000 Grand Prize  $20,000 Second Prize  $10,000 Third Prize Two Expertise Award winners (selected by judges) will also attend Finalists Weekend: $15,000 Best Innovation in Environmental Sustainability presented by Tomberg Family Philanthropies $10,000 Best Innovation Leveraging Technology presented by Dell 200+ Semi-Finalists (selected by judges) will receive: 1:1 Mentoring from DSIC-Certified Mentor to refine their project page and required Finals  materials (video pitch and project roadmap) People’s Choice Awards 17 People’s Choice Award Winners will be selected via online voting. $1,000 Each 11 Focus Awards 6 Regional Awards February 13 is the deadline to enter grand prize awards of the Dell Social Innovation Challenge . Teams are encouraged, but not required, to create and enter projects in the Competition. Students 16 years of age or older, who are actively enrolled as a student at an accredited educational institution that grants college/university (or equivalent) degrees at any time between January 1, 2012 and May 31, 2012, or have graduated with a degree from an accredited educational institution in the fall semester of 2011 are eligible to take part.

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Harvard Business School (HBS) Angels India Chapter Cofounders RajChinai and Ramesh Shah on the Early-stage Fund’s India Plans

by Paul Joseph February 4, 2012 Featured

Harvard Business School Angels started in 2007 as a special interest group of the HBS Alumni Association of Northern California. Similar groups formed around the world and HBS Angels became a global alumni organization in December 2010. Today, the HBS Angels organization is comprised of Harvard alumni interested in investing in high-potential early stage companies. HBS Angels is open to all Harvard alumni and others affiliated with the university, not just HBS graduates. The mission of HBS Angels is to provide an educational and networking forum for Harvard alumni who are interested in researching and investing in early stage companies on an individual basis. HBS Angels has many chapters all over the world including one in India started by Raj Chinai and Ramesh Shah. Ramesh is the Chairman & Managing Director at RK Group while Raj works with IndoUS Venture Partners. YourStory caught up with Ramesh and Raj to learn more about their investment strategy and future plans. YourStory: How has the response been since the launch? What kind (sector-geography-stage) of startups are you looking at? Can we expect investment news from you soon? Raj Chinai Raj Chinai: The response has been overwhelmingly positive, with strong support from various groups across the start-up ecosystem, including entrepreneurs, angel investors, VCs and industry executives. We are evaluating start-ups across all sectors and geographies within India. Most of the business plans represent the tech sector and most companies are based in Bangalore, Mumbai and Delhi. We are beginning to interact with several interesting entrepreneurs from smaller cities and non-tech sectors, and we hope this momentum will continue. We have a healthy pipeline of deals and we are in the process of evaluating a handful with a high degree of interest from our angel investors. YS: How does HBS Angels India integrate into HBS Angels globally? Can funded startups tap into the HBS Angels network globally?  Raj Chinai: We are a part of the global organization in which we selectively share deal flow and learn from our peer chapters on aspects of the investment process that have worked well vs. those that need to revised. We also share our network of contacts as needed, across industries and geographies, with our peer chapters. We maintain a close collaboration. For instance, we will be participating at our annual HBS Angels conference in Silicon Valley in a few months, whereby all global chapter leads will have a chance to meet and interact on various topics of common interest. Yes, our global network is one of the unique advantages that our portfolio companies are encouraged to avail of. YS: As a chapter do you have any plans for the near future (events, programs)? Ramesh Shah Ramesh Kumar: Yes, we will be organising pitch event and also the first meet of angel shortly. YS: Raj, Specifically to you: As part of IUVP you were already active in investing and startups, what motivated you to start HBS Angels chapter in India? While I am actively evaluating early-stage investment opportunities at IUVP, there is still a gap in the market for investing in companies that have smaller capital requirements ($250K to $500K) and business plans that are mostly unproven or require greater validation than would be suitable for most venture firms. While we now have more angel networks and venture firms that invest in these types of “very early-stage” companies than a few years ago, there still remains a sizable gap between entrepreneurs who are seeking this level of start-up capital and mentorship, and those who are able to effectively provide it. Ramesh and I are motivated to address this need. We are building the HBS Angels platform to enable entrepreneurs to launch their businesses while receiving sufficient support and guidance from our angel investors. We have a network of angel investors based in multiple cities, including Bangalore, Delhi and Mumbai, and we are actively evaluating business plans from across the country. Our core team, however, is based in Bangalore, which has so far been lacking an organized angel network. Visit HBS Angels website by clicking here.

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Robin Sharma, the leadership guru, comes calling

by Paul Joseph February 3, 2012 Featured

The best-selling author will speak on “Leader Without Title” on Feb 29 at Bangalore   Robin Sharma doesn’t like the title of a guru. But still his books enjoy a celebrity status in major Fortune 500 corporations invariably leading to his position as a leadership guru. The Monk Who Sold His Ferrari brought this Indian-origin Canadian author into prominence. From then, he has authored 16 books and has given new meaning to leadership. By default, he looks at life through a leadership lens, in a way democratizing it and infusing confidence in every individual on this earth. “If you breathe oxygen, you are a leader,” proclaims Robin in one of his many podcasts, filled with punch and panache. His 21-day exercise in habituating any practice reverberates in every ancient text. You could say then he takes the help of ancient texts and scriptures. That’s what he did with The Monk. … The stressful corporate life found a solace in the teachings of sages in the Himalayas. The rediscovery of a corporate lawyer in perfect harmony perhaps found the young audience searching for life and leadership taking to the book like flies to a nectar. He has time and again created best-sellers dishing out leadership mantras that found a ready audience. His lifestyle techniques such as learning something challenging every day vibe with stressed out souls wanting honest advice. The best-selling author is ready to infuse more enthusiasm into your life and give toast your life by making you a leader in every right at Bangalore on February 29, 2012 (Wednesday). Clichés apart, the talk on “Leadership without Title” could be life-changing for you. Rang De, the microcredit company helping many poor enterprising women and men find a livelihood through small businesses in rural areas, is hosting the leadership guru. By your participation, you are also helping someone poor find a livelihood. For those of you longing to make a difference to someone’s life as well as yours, don’t miss this unique opportunity! Register here for the event. YourStory.in is the online media partner for this talk hosted by Rang De.

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Business Center in Bangalore for Startups @ Rs 5000

by Paul Joseph February 3, 2012 Featured

Mantra Business Center has launched a very economical option for startups in Bangalore to get a shared office space at a good IT Grade facility. The facility is located in HSR Layout in Bangalore & can be a good options for entrepreneurs located in Hosur Sarjapur road, Koramangala and JP Nagar area. Check out more details at this link

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An engrossing account of publishing by a daring publisher-entrepreneur

by Paul Joseph February 3, 2012 Featured

For a mundane copyeditor like me in publishing outsourcing industry for 14 years, André Schiffrin’s Business of Words is like wisdom transferred to progeny from a gutsy insider who did not get swept away by the sweeping changes in publishing that he witnessed over the years. Schiffrin instead found a way out of the situation by bringing in a new business model that is an inspiration to independent publishers across the world. That this book Business of Words is a combined volume for Business of Books (published in 2001) and Words & Money (published in 2010) in its Indian edition brought out by Navayana, an independent publisher giving voice to the marginalized, is one of the thirty publications appearing in different countries in the world holds testimony to the author’s indispensable presence in publishing world in which he is leaving his indelible mark after decorating it for 50 years. The full import of Schiffrin’s pioneering efforts in founding Free Press as a non-profit business to preserve the freedom of the press from overambitious corporate entities bent on increasing only the economics of the business and laying by wayside the real objective of publishing in bringing out diverse points of view in-depth cannot be appreciated without the backdrop of changes taking place globally. Herein lies an act of daring of a publishing veteran standing up as an entrepreneur and learning what it entails to run the publishing business on his own terms. André Schiffrin’s father Jacques Schiffrin, born in Russia, moved to France, where he started as publisher and translator of his own publishing house Editions de La Pléiade. After German occupation of France during the Second World War, Jacques, being a Jew, was forced to flee. He travelled to the United States and joined Pantheon Books founded in New York in 1942 by Kurt Wolff. Many immigrants had started publishing in the US and left their mark in that period. Jacques died in 1950 when André was fifteen. In 1959, André joined New American Library and in 1961 Random House purchased Pantheon Books for less than $1 million. The same year, André was invited by new owners of Pantheon Books to join them. At twenty-six, with publishing absorbed during growing up, André entered a tumultuous phase of his life, what you call baptism by fire into publishing. André landed in challenging situations after a few changes at Random was named managing director of Pantheon Books within a year of his joining it. At the helm, he was to institute an intellectual culture that reverberates even today for its fascinating depth and number of copies taking an obscure place. “Above all we were looking for new works that brought the kind of intellectual excitement that American life in the 1950s was lacking,” comments Schiffrin in perhaps the first hint of a stifle in America during McCarthy years that prompted Schiffrin to move to Europe to look for diversity and open minded views. Despite being part of a big corporation Random House, Pantheon Books remained fiercely independent under Schiffrin and he built an incredible back-list and a vibrant team of editors. A firm believer in bringing several voices to the debate, Schiffrin concentrated on authors who would breathe fresh air into politics and culture and later diversified into many interesting titles in economics and psychology. There is an interesting twist here in the history of publishing. Allen Lane, founder of Penguin Books, was getting older and in 1970, he sold Penguin to Pearson, one of the major British conglomerates. He was persuaded by some of his editors to make Penguin a public trust when on his deathbed, on which Schriffin says, “Had Lane agreed to this proposal, the future of British publishing might have been very different. Penguin would have continued to set high standards for paperback publishing and, by being able to buy books from other publishers, would have encouraged the rest of the trade to do the same.” But as Schiffrin later says, Penguin was lucky to pursue its own course, but Pantheon Books was hit by the ugly face of American capitalism. Through the years, publishing changed from enlisting titles for its content to glamorous advances to “celebrity” authors. Then profitability was the focus as increasingly corporates who had interests in communications and media took over publishing, for example, Rupert Murdoch taking over HarperCollins. Random House in the meanwhile underwent another change of hands. S.I. Newhouse, the new owner who was running newspapers his father had founded, ostentatiously announced no change of course but eventually that promise was broken. After a fascinating journey, in 1990, Schiffrin encountered Albert Vitale, who succeeded Bob Bernstein, his rock solid support at Random. Vitale was instrumental in setting unreal targets for Pantheon and bringing in profit-per-book and such distasteful practices that left Schiffrin unable to hold on to his beliefs of back-list feeding unprofitable acquisitions and some titles taking time to become best-sellers. By sad turn of events, Schiffrin quit Pantheon Books in 1990, the publishing house he nourished and saw it grow from strength to strength, along with his team of editors. Random House seemed to have followed some dubious accounting practices that never gave Pantheon Books its due. Surprisingly, Pantheon Books remained profitable despite cries of profitability enveloping the publishing business of the 1980s, a fallout of Reagan/Thatcher economic policies of that period. He reminisces, “Newhouse and Vitale had achieved the remarkable result of lowering the intellectual value of the firm, cheapening its reputation, and losing money, all at the same time.” Bertelsmann, the German firm, eventually bought Random House in 1998, to the rude shock of publishing industry. Faced with many options and offers, perhaps, Schiffrin took a daring decision here in 1990 that showed the character of the man to preserve the careers of many young editors who resigned from Random House with him. With the strongest possible distaste for profit that publishing industry was bent upon, he chose to go the non-profit route in founding Free Press, which was eventually taken over by Simon & Schuster in 2001. What is fascinating is the make-over of Schiffrin from an editor looking for manuscripts from authors of all hues to shifting from boardrooms to boardrooms making presentations of his ideas to foundations run by businessmen. He did find that money and took off. Free Press built on Schriffrin’s tradition of not looking only for best-sellers but also books for its intellectual depth that didn’t sell well. Looking back, it is doubtful how many would have taken the gamble that André Schiffrin took to follow his conviction rather than join yet another big publisher with a glamorous title and its attendant benefits. If American entrepreneurism is defined by likes of Steve Jobs, Bill Gates, and Mark Zuckerberg, who made millions through technology at times not employing straightforward business practices, André Schiffrin stands out as an entrepreneur who treaded a path less travelled, inspiring perhaps an army of independent publishers around the world through his intellect and intelligence and not following dubious practices that characterized the industry as a whole. Like a pearl in the depth of oceans. This review is biased in favour of Schiffrin’s personal journey that will inspire entrepreneurs but the book weaves the history of publishing in Schiffirin’s voice and in the latter part of the book Schiffrin discusses the issues of the publishing industry in depth and draws parallels with Norwegian and French experiences. He advocates radical measures to preserve the falling standards and his account gives an overall picture of the publishing industry, of which bookstores is an important component. The book is unputdownable for those in publishing and for others, it is an inspiring story of a publishing veteran who wrote new rules of the game. André Schiffrin, Business of Words , Indian edition, Navayana Publishing, 2011, 296 pp. with index, Rs. 295. Distributed in South India by IPD Alternatives, ph: 91-11-26492040. Also available from Navayana, ph: 91-11-26494795. Flipkart link to purchase online. –Venkatesh Krishnamoorthy, curator of Books Reviews on YourStory and chief evangelist

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