Nikita and Nishita Baliarsingh
In an interview with the Co-founders of Nexus Power, Nikita and Nishita Baliarsingh, learn the ins and outs of creating a striving business.
Nikita and Nishita Baliarsingh, Co-founders of the Odisha-based startup Nexus Power, officially recorded their presence on the books in April 2019. Off to an unconventional start, the twin sisters came from a commerce background but their dedication and passion led them down the halls of various prestigious colleges like IIT Roorkee and IIT Madras, where they equipped themselves with the intricacies of electrical science. Initially, the duo had their sights set on the sphere of Electric Vehicles (EV) and motors; however, they soon realized that it was the EV batteries that were a more immediate concern. Thus, Nexus Power was born!
Nexus Power in their own words:
"At Nexus we are looking to build a future, a sustainable EV future. Here, we are looking at batteries that are non-toxic, environment friendly, and which give you a competitive edge with better performance, fast charging, and a higher energy density, as compared to any other product in the market. We are trying to do our part in contributing to the rapid growth of the EV industry."
Nexus Power uses crop remnants to create their biodegradable and fast-charging batteries. To tackle the basic problems of toxicity and high prices, the duo spent around 6 months formulating a plan, creating their prototype at home with simple household objects. Keeping natural as their main focus, Nexus utilized materials that were either underutilized or wasted by the other industries. They even generate income for the farmers that supply Nexus with their crop waste. With their zero-waste model, Nikita and Nishita have succeeded in creating a sustainable manufacturing process.
With each new venture comes its own set of struggles. Nishita and Nikita too saw some expressions turn sour when they put forth their idea of bio batteries in a male-dominated tech sphere.
When asked how it feels to work with a Co-founder who is a family member, this is what Nishita had to say,
“Nikita is the visionary, who sees the big picture, while I am the strategist, joining the dots to get to that big picture. Typically, it is a very beautiful combination that we share. It is amazing to be working with someone who knows you inside out. Although siblings fight and we do end up disagreeing sometimes, that's when we find ourselves negotiating and discussing to find common ground."
Nishita left us with a few tips that budding entrepreneurs should keep in mind as they move ahead in their journey:
When starting a company and looking to grow, it is important to keep your paperwork properly documented and organized. Especially when looking to attract investors.
Any entrepreneur should have basic knowledge of finance, i.e, numbers. "It's important to know how to calculate your monthly expenses, your burn-rate, expected revenues, churn rate, or cost of customer acquisition. These technical terms help you understand how much money you have in hand and your expenses per month."
Yet again, it is very important to become an emotionally balanced and stable person. As an entrepreneur, you cannot be too happy on the good days or terribly down on the bad ones. Keep your emotions in check, as there will be a team that relies on you to guide them through the decision-making process.
"Don't celebrate too early or make announcements too fast." Whilst in the struggling phase, things can fall apart at any time, so remember to keep things on the down-low till the deal is done and the papers are signed.