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Kylie Jenner- Model, Star, Entrepreneur, Billionaire!

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Kylie Jenner,Entrepreneur Kylie Jenner, Billionaire Kylie Jenner,Startup Stories,American reality television show,youngest self made billionaire in world,Star Model Kylie Jenner Latest News,Kylie Jenner interesting Story,Kylie Jenner Success Story


When Kylie Jenner first appeared on Keeping Up with the Kardashians (2007,) an American reality television show, she was just a 10 year old kid.  Fast Forward to 2019, no one in the world would have in their wildest dreams expected Kylie to become the youngest self made billionaire in the world.  Kylie Jenner made sure to capitalise on her fame and popularity to turn her name and herself into a brand that is desired by millenials everywhere.

Beginning

Kylie Jenner first appeared in Keeping Up with the Kardashians, a reality show that focussed on the professional and personal lives of the Kardashian clan.  The show became wildly popular with viewers and Kylie Jenner even ended up getting a mini series of her own named, Life Of Kylie.  Ever since  social media applications like Instagram and Snapchat were launched, call it luck or foresight, the Kardashians were quick to realise the power of social media and Kylie was no exception.  Kylie launched a clothing brand with her sister Kendall named Kendall and Kylie in 2012. Later on Kylie launched Kylie Cosmetics in 2015. A business which would go on to make money and crown Kylie Jenner as the world’s youngest billionaire.  Kylie Cosmetics revenue climbed to 360 million dollars in 2018 fueled in part by the partnership with Ulta Beauty. As of 2019 Forbes estimated Kylie Cosmetics to be valued at 900 million dollars.

 

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💗

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Becoming A Billionaire

When Kylie Jenner launched Kylie Cosmetics, she used $ 250,000 of her own money from brand sponsorships and modelling jobs as an investment to create an initial line of her $29 lipsticks.  However her rise in fortune did not begin until Kylie signed an exclusive distribution deal with Ulta Beauty. The deal let Kylie distribute and sell her lip kits through Ulta Beauty’s 1000 plus stores.  Once the partnership took off, Kylie sold $ 54.5 million worth of goods. Another reason for the growth of Kylie’s fortune can be attributed to the minimal overheads available. Kylie Cosmetics has six full time and five part time employees.  As for marketing, Kylie has at her disposal a whopping 150 million followers on Instagram, 34.1 million followers on Twitter and 22.5 million followers on Facebook, where she shares news related to her products and new launches. According to a market research it is found Instagram to be the top platform for brand discoverability, YouTube for shopping recommendations, and Snapchat to document their shopping experiences. Kylie makes sure she focuses on those channels with her brand and sales strategy to generate her profits.

 

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this moment 💕 thank you @theellenshow for helping me make this day possible. tune in now to watch #EllenShow

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champagne and skittles anyone? #KylieHQ

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Out of the box marketing by Kylie 

The most important factor is perhaps Kylie’s mother and manager Kris Jenner, who manages public relations and finances in return for a 10% management fee.  Manufacturing and packaging is outsourced to Seed Beauty, a private-label producer in Oxnard, California. Sales is outsourced to online outlet Shopify, finance is managed by mother Kris Jenner.  These contribute to minimal overheads for Kylie Cosmetics.

Kylie Jenner was crowned as the world’s youngest self made billionaire  with a net worth of 1 billion dollars in 2019. Kylie’s almost religious fan following, coupled with shrewd marketing and Kris Jenner’s oversight, she now sits at the head of the table.  Kylie Jenner will surely be studied in marketing schools as a case study for how to leverage social media.

ALSO READ: Most Followed Influencer Accounts On Instagram

 

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All You Need To Know About Patents In India

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All You Need To Know About Patents In India

India is home to the third largest startup ecosystem in the world trailing behind America and China which rank first and second, respectively.  The startup ecosystem is a rapidly evolving mechanism with more and more new ideas coming to life year after year. Imagine having a unique idea which solves a problem and can be converted into a business model.  If the individual who comes up with the idea fears the idea might be stolen by another person to be replicated into a business model, the individual could apply for a patent to safeguard the idea. A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, selling and importing an invention for a limited period of years, in exchange for publishing and enabling public disclosure of the invention.

The Indian Patents Act was established in 1970 and came into effect from 1972.  The Patent Act establishes what kind of inventions can be patentable and non patentable.  

Patentable Inventions:

For an invention to be established as a patented invention, it needs to satisfy the criteria listed below

  1. The invention should be a one of its kind.  This means the invention shall be completely new and there should be nothing similar of its kind.
  2. The invention should be unique in itself which means if the invention is making an existing technology or design better, it cannot be classified as a patentable invention.
  3. It should be useful by developing and improving the life of the common man without the use and support of illegal things.

An additional thing to remember would be discovery of laws of nature could not be quantified as patentable inventions.  Examples of this would be Newton’s discovery of Gravity or Einstein’s Theory of Relativity.

Non Patentable Inventions:

According to the Indian Patents Act 1970, Section 3 and 5, there are certain types of inventions that cannot be patented as inventions and are listed below

  1. A frivolous invention or any claim which contradicts known laws of nature.
  2. Anything which is used for commercial purposes but contradicts public order and morality or which is prejudiced and causes harm to humans, animals and plant life.
  3. Discovery of a new or unknown form of substance which does not enhance the known efficacy of the substance.
  4. A method of agriculture or horticulture.
  5. Any process or discovery relating to medicine, surgery,  curative, prophylactic diagnostic, therapeutic or other treatment of human beings or similar treatment in animals.
  6. Discoveries pertaining to atomic energy.

Patent Application Process In India

In order to apply and obtain a patent in India,there are certain steps to be followed.  The steps for the patent application process are given below.

  1. Collect and Journal all the important and relevant information pertaining to the invention with as much detail as possible. Information related to how and why the patent works, the advantages and description of the invention should be present.
  2. Include drawings or designs related to the invention which explain the working of the idea/invention.
  3. Check if the idea qualifies as an invention for the patent application.
  4. Check if the invention meets all criteria and requirements according to Indian Patent Act 1970.
  5. Draft a patent application. A provisional application can be filed if the invention is in the early stages of research and development.  Filing for a provisional application grants a person twelve months to come up with complete specifications.
  6. Upon filing the complete specification along with the application for patent, the application is published after 18 months of first filing.
  7. The application is examined only after the submission of a request for examination (RFE.)   Upon receiving this request the controller gives the patent application to a patent examiner who examines the patent application for various criteria and submits a first examination report which is shared with the patent applier.
  8. Majority of patent applications would be subject to objections and the patent applicant should ensure all objections are resolved.
  9.  After resolving all the objections the application would be placed in order for grant once it is found to be meeting all patentability requirements.

Owning a patent will help in prevention of theft of intellectual property, gives the right to exclusivity, right to commercialize the idea and increase the marketability and monetary value.  

Although the patent application process in India is a very long process and is susceptible to slow bureaucracy, it is important to remember that in the end, owning a patent will be a worthwhile investment.  There is also the possibility of the application process being made digital as well due to the technological advancements in digital security.

 

ALSO READ: Coronavirus Pandemic Testing Startups By Disrupting Supply-Demand

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Coronavirus Pandemic Testing Startups By Disrupting Supply-Demand

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Coronavirus Pandemic Testing Startups By Disrupting Supply-Demand

When the news about Coronavirus slowly broke on to the world, countries were totally unaware about what was about to happen. The virus which originated in the Wuhan province of China, spread so rapidly that China had to lockdown the entire province in order to combat the virus.  However,the virus,which was later classified as a pandemic, quickly spread across the world at an exponential rate bringing countries to a standstill. Many countries had to declare national emergencies in order to cope up with the rising number of positive cases and in some places,  high fatality rates. The impact of the virus was not restricted to just the quality of life, rather the economies all over the world were affected. Stock exchanges plummeted so low that it is being compared to the great American economic depression.

Needless to say, once the economy was impacted by the virus, investors started pulling out of  the stock markets and startups along with small businesses were the worst hit. India is home to the third largest number of startups in the world ranking behind America and China.  When the stock market was taking a tumble and news of the lockdown reached the public, startups in aviation, hospitality, events and transportation took a big hit. The lockdown completely disrupted the supply and demand with people staying at home on government orders.  Companies like Uber, Ola, Rapido and Bounce in transportation, airlines along with hospitality startups like Oyo and Treebo, did not see any business during the last month. Sales teams which rely on travelling on ground are now grounded and many startups are being forced to let go of employees or withhold salaries.

However, this time of crisis has been a boon to startups in the healthcare, food, logistics and digital marketing/news sectors that are seeing heavy growth.  Startups like Swiggy, Zomato, BigBasket, 1mg, Practo and Dunzo are able to operate even during the lockdown as the government orders allow them to do so.

Most often startups work on a lean organizational structure which means, employees have to often take up cross functional roles.  At stressful times like these, work productivity will take a hit. Logistics supply chains across the world are unable to keep up with the demands of the population.  This is leading to large delays in deliverables and with vendors unable to operate there is an obvious reduction in revenues.Venture capital firm Sequoia warned of an impending recession following on the backdrop of the pandemic and has asked startups in its portfolio to dig in. Because they see this impending recession may only be contained after several quarters and it may take even longer for economies to recover and become stable.  Sequoia even urged companies to rethink their business models and consider cutting jobs.

However the startup ecosystem is coming together to help their stakeholders in this time of need.  Zomato raised more than 10 crore rupees in a crowd sourcing funding round to support its driver partners.  Ola group and its employees will contribute 20 crore rupees to support its driver partners. This entire phase would be a litmus test for startups to see how they can adapt and boost their immunity to the economic aftereffects of the Coronavirus.  Many startups will struggle but if they make it to the end of the tunnel, there is no doubt there would be a wealth of learning and opportunities gained.

 

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Enactus – Student Run Organisation Uplifting Marginalised Individuals With Project Syahi

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Enactus - Student Run Organisation Uplifting Marginalised Individuals With Project Syahi

Most businesses and organisations in the recent years have realised the importance of hiring talent with entrepreneurial mindsets.  However, in India, which churns out millions of graduates every year, the stark reality is that companies are unwilling to hire them, mostly for lacking entrepreneurial and business skills.  

However undergraduate students always have the option of joining in student run organisations.  Many student organisations nowadays are not for profit organisations and have clear hierarchies and democratic ideals.  The working model of these organisations are designed in such a way that students develop competitive and entrepreneurial skills and at the same time help contribute to the betterment of the society along with developing a sense of strong sense of social responsibility and sustainability.

Enactus is one such global organisation founded by Robert T. Davis in 1975 and is currently operating in 37 countries worldwide in the form of student chapters.  Enactus Kirori Mal is one such student chapter located in New Delhi, India.  

Project Syahi:

Project Syahi launched on September 19th,2019, is one of the three projects taken up by the Enactus Kirori Mal Chapter which aims to combat and reduce the usage of single use plastic pens by introducing hand made paper pens by marginalised women.  The whole project aims to uplift the marginalised community of women based in Tilak Nagar, Delhi. Project Syahi offered the students a chance to analyze a prevalent problem in the community and come up with a sustainable business model after thorough research, prototyping and testing.  The whole project also aligns with the sustainable development goals laid down by the United Nations.

 

Handcrafted by indigenous women, the pens come in three different models and can be customised.  The pens are made from recycled paper and help reduce plastic usage but another unique feature is that the pens carry a seed in the rear end of the pen, which lets the user plant a sapling after disposing of the pen.

 

These pens have already gained popularity due to collaborations with CNBC, IBM and the All India Institute of Medical Sciences (AIIMS.)  The pens are also available in various stationary shops in Delhi and have even managed to reach the Northern city of Ludhiana.

Project Syahi rightly lives up to its motto Scribble. Sow. Save.

 

      

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