2017's youngest MoU-ers seek to be biz shakers
Parth Shastri | TNN | Updated: Jan 17, 2019, 07:41 IST
CPUS the team makesAHMEDABAD: On January 12, 2017, two youths in blazers had caught the attention of many in the crowd of corporate notables at the Vibrant Summit. The two were the youngest to ink a memorandum of understanding (MoU) at the event, signing a deal worth Rs 13 crore to produce palm-sized CPUs. Two years later, Pratik Parmar (26) and Vaibhav Patel (25) are set to sign another MoU in the ninth edition of the summit beginning on Friday. Their proposal this time is to manufacture multi-layer printed circuit boards (PCB), a first for a startup based in Gujarat.
The two friends, a part of a five-member team, have already honoured their last MoU by setting up a Rs 3 crore unit in Daskroi to manufacture palm-sized CPUs and smart switches for home appliances. “The Vibrant platform opened a direct channel to government offices — facilitating the process of getting electricity to finance,” said Parmar, the co-founder and CEO of Crear Electronics. “Unbelievable as it may sound, we got the power connection for the plant on a public holiday because of our MoU tag.”
Their company created 9 jobs instead of the 25 promised in the MoU and have invested Rs 3 crore of the Rs 13 crore pledged. “Make in India and Make in Gujarat are our mottoes — the mini-CPUs are ideal for schools that don’t want to invest in full-frame computers,” said Patel, the co-founder and CFO of the venture, adding that both hardware and software are developed indigenously. “A school at Gabat in Aravalli is successfully running our system, which is fully powered by solar energy,” Patel said.
The team is now betting on multi-layer PCB — an integral part of devices running on Internet of Things (IoT). “We have already created a switch for household use which is being manufactured on an experimental basis,” said Patel. “But we have to source technology from countries such as Taiwan. Our dream is to Make in Gujarat, cutting the cost of such devices.”
Recalling how officials refused to take them seriously, the two jest that they have grown beards. “But overall the support is good,” said Parmar. “There may be reports of many MoUs not fructifying but the summit provides a platform for budding entrepreneurs to connect with the government and experts which is not easy otherwise.”
The two friends, a part of a five-member team, have already honoured their last MoU by setting up a Rs 3 crore unit in Daskroi to manufacture palm-sized CPUs and smart switches for home appliances. “The Vibrant platform opened a direct channel to government offices — facilitating the process of getting electricity to finance,” said Parmar, the co-founder and CEO of Crear Electronics. “Unbelievable as it may sound, we got the power connection for the plant on a public holiday because of our MoU tag.”
Their company created 9 jobs instead of the 25 promised in the MoU and have invested Rs 3 crore of the Rs 13 crore pledged. “Make in India and Make in Gujarat are our mottoes — the mini-CPUs are ideal for schools that don’t want to invest in full-frame computers,” said Patel, the co-founder and CFO of the venture, adding that both hardware and software are developed indigenously. “A school at Gabat in Aravalli is successfully running our system, which is fully powered by solar energy,” Patel said.
The team is now betting on multi-layer PCB — an integral part of devices running on Internet of Things (IoT). “We have already created a switch for household use which is being manufactured on an experimental basis,” said Patel. “But we have to source technology from countries such as Taiwan. Our dream is to Make in Gujarat, cutting the cost of such devices.”
Recalling how officials refused to take them seriously, the two jest that they have grown beards. “But overall the support is good,” said Parmar. “There may be reports of many MoUs not fructifying but the summit provides a platform for budding entrepreneurs to connect with the government and experts which is not easy otherwise.”
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