7 Questions About Companionship Startup!
The business mogul, former Tata Group chairman Ratan Tata has recently disclosed its valuable investment in India’s first Companionship Startup – Goodfellows an idea which is highly inspiring and generous in its own way.
What is Goodfellows?
Goodfellows is a first kind of startup, which aimed to provide a hand of companionship to the Senior citizens of the country. The founder of Goodfellows is a 30 years old general manager, employed in Tata’s office – Shantanu Naidu. As an entrepreneur it is Shantanu’s fourth venture which comes out as companionship service for the old aged population of the country.
The idea gained huge appreciation and a worthful investment from Ratan Tata, he remarked, “The bonds between the two generations created by Goodfellows are very meaningful and are helping to address an important social issue in India.
He further added, “You do not know what it is likely to be lonely until you spend time alone wishing for companionship.” Goodfellows is aiming to work as a bridge to reduce generational gap between the two generations having an intense degree of differences toward the things, they believe in. It’s more a service towards elders rather than any other profit- induced commercial business prospect.
How did the idea come into being?
Naidu said “There are 15 million elders who are by themselves right now, which gave him an idea for his newest venture.” A country like India which possess its traditionalism for ages where joint families are the only structure of family used exist has changed drastically. The urge towards globalisation and the pace of modernisation has brought severe consequences in which the eldest population has found themselves isolated and remain majorly under solitude. Goodfellows comes up as a balancing business idea which is all set to pour social welfare and entrepreneurial prosperity in a single cup.
What kind of business model does Goodfellows possess?
The business model of goodfellows is a premium based subscription model. The first month of the service is free of cost, with a goal to make Grandpals understand the nature of services provided and get them comfortable with it. From second month onwards, a minimal-charges of Rs. 5,000 is considered as a base subscription fee which is obtained on monthly basis. Also, the companions are advised to visit three times a week with 4 hours a day. As stated by the company, the charges are kept under the affordability limit of the pensioners to encourage and provide them an access toward a gentle care.
Whom Goodfellows hire as companions?
It is necessary to be mentioned here that Goodfellows was initially launched in Mumbai and has already completed working in its “Beta phase” six months ago. Now, it is aiming to expand the startup in Pune, Chennai and Bangalore in upcoming years as stated by the Shantanu Naidu, the founder. As far as the hiring companions is concerned, Goodfellows hires young graduates comprises of right empathy and emotional intelligence skills which prepares them to be a ‘trustworthy companions’ for their clients.
What sort of activities/ services the company provides?
Companions are expected to ease their clients work, being a shoulder where they can lean on and all in all make their lives better & happy. Goodfellows provides or engages with plenty of activities like- playing carrom with their clients, reading newspaper for them, take a nap with them, travel with them. Goodfellow follows a more humanistic approach by treating clients as their grandparents.
What is the driving force behind Goodfellows?
Goodfellows has an objective to bring out a social impact rather than achieving business targets. Shantanu stated, “it is difficult to fabricate, the bond between an elder and a grandchild, but the diligence with which the companions will be hired will ensure that the authentic bonds can be formed.” The 30-year-old founder is not in hurry to expand the business but believe in the sanctity of the process and desirable to attain the social transformation which lies in the company’s foundational values.
Does Goodfellows is a vibrant business idea?
In today’s entrepreneurial wave, money minting and profit-oriented industries are getting higher recognition and rewarding marvellously. But Startups like Goodfellows draws a silver lining in all weather conditions. A business idea which is socially desirable and economically feasible is the need of an hour.
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