46
AUG 2021
BUSINESS MANDATE
fountainhead of excellence
I
don't know how it all happened.
wanted to build a little brand for me. So
called NextGen. We built a biogas plant
It just happened and nothing was
I did parttime gigs in Jaipur. I
which powers telecom towers. We did a
planned. Before 2009, I lived in
anchored a live show with Bhaskar TV,
pilot in Mehboob Nagar in Andhra
five cities in India—from the north to
a local television channel in Jaipur. I
Pradesh. That was my first startup, from
the south. I was in Kerala, UP and MP.
used to be a parttime radio jockey with
Jan 2009 to Feb 2014, in the renewable
It gave me an opportunity to interact
93.5 Red FM. I just kept myself busy
energy space.
with and be sensitive to different
apart
cultures. It made me more adaptive to
experiencing different facets of life.
from
studies,
keen
on
different circumstances. As a kid, I tried my hand at multiple things in school. I became a seasoned debater because I liked to speak. My mom sent me to dancing, singing, painting and other classes, but I liked public speaking and became a debater. I was also an NCC cadet and I enjoyed that the most. In college, I just didn't want to keep
Powering Telecom Through NextGen As a kid, I wanted to do something in life that would put my name in history books. So when I came to the final year of engineering, I wanted to do something different which would push me
to
my
limit.
I
The venture capital ecosystem in India then was very nascent. Ours was not a typical business that VCs would prefer. We managed to get a grand capital from Royal Bank of Scotland Foundation since our startup was in the renewable energy segment. For CSR, it is Goodera
thought
We also came into the whole circuit
entrepreneurship was probably the
of
route to it. That's what led me to start,
sustainability and things like that. We
along with my cofounder, a startup
hived off NextGen and did a technology
myself to engineering studies and BUSINESS MANDATE
fountainhead of excellence
foundation
money,
CSR,
47 AUG 2021
no tangible output, the impact of a company’s CSR initiatives cannot be As an entrepreneur, it is always very difficult to let go of
measured. We tried to do this through
something that you have built from nothing. That is a big
Goodera by bringing in technology to
learning that I had.
this ecosystem. Letting Go after Building By 2019, we had a good leadership
transfer to Mahindra. We pivoted into a
business and we got access to the
technology company. We started a
boardrooms since the Board was
company called Goodera. It is basically
responsible to take decisions on CSR.
a technology and enterprise SAS
We started off in India and
company which helps large enterprises
expanded to the American market and
measure and manage the impact of their
later to the European market. We raised
CSR sustainability and volunteering
about 18 million dollars in Venture
initiatives.
Capital from Omidyar Network, SAIF
In 2014, the Companies Act 2013
Partners and Nexus Venture Partners.
came into effect and CSR was made
Through CSR, companies were
mandatory wherein companies had to
doing good to the society and there is so
spend 2% percent of their profits on
much of capital spent. Often, as there is
CSR. That acted as a catalyst for our 48
AUG 2021
BUSINESS MANDATE
fountainhead of excellence
team in place. I was in my comfort zone. I wanted to push myself again and test my limits. So, I resigned from my CEO role and also from the Board and decided
to
move
out.
As
an
entrepreneur, it is always very difficult to let go of something that you have built from nothing. That is a big learning that I had. I spoke to my Board a year ago to do a proper transition so that the company continues to grow. Goodera is now being run by my cofounder and a brilliant
The 7 Key Attributes of an Entrepreneur
T
hese are some of the key aspects one should keep in mind before starting the journey of entrepreneurship. Entrepreneurship makes you strong as an individual and broadens your horizon and perspective about life. So it is a path worth taking, if you have these attributes.
the iceberg. Statistics say that only 0.1% of startups are successful. There is a huge, long trail of startups which are not successful. You must have the courage to fail, because it's not an easy journey.
Thriving in Uncertainty
You must have the strength to accept that something may not work. You should have the courage to fail but at the same time, there should be an intrinsic optimism to keep yourself motivated, because as an entrepreneur you are just not responsible for keeping yourself motivated but keeping your entire team motivated. You are building an organisation; it can't be built alone. So that intrinsic optimism is very critical when you start on the journey of ownership.
The greatest attribute that is required of entrepreneurs is the ability to thrive in uncertainty, because they build something from nothing. It is a journey from 0 to 1. The journey from 0 to 1 is very different from that of 1 to 100. There are lows and highs. Think, Try, Learn
You should be able to think. You must enjoy the think‐try‐learn‐ rinse‐repeat cycle. When you build something, you will not get the product‐market fit on day one. You will have to continuously evolve, be agile and listen to your customers and your market. Sense of Purpose
You can evolve only when there is a sense of purpose and you are a purpose‐driven founder. Purpose must be the core reason as to why you have taken the path of entrepreneurship. It is not about earning a monthly salary. The purpose must be about solving a problem. Courage to Try and Fail
We hear all success stories about startups. That is just the tip of
management
team.
I
wanted
to
experiment new things and letting go helped me evolve as an individual. After moving out of Goodera, I was exploring my next adventure and that's when I landed in London. So what best to do while taking a break? I needed to keep myself active and give fodder to my brain. So I joined the London Business School. Though I joined the Business School, I was restless at times.
Intrinsic Optimism
Constructive Criticism
You should be willing to take criticism of your ideas. It is important for you to hear the feedback. There will be a lot of noise coming at you. You should take the decision and move ahead but be ready to consider constructive criticism and be your own judge of what you are trying to do. Ability to Wear Many Hats
Being a startup entrepreneur, you are doing the jobs of a janitor to a CEO. You should feel comfortable even if it is pushing you out of your comfort zone. You must have the ability to wear many hats and in fact, enjoy living outside the hat.
Back to Business in the UK As I was studying, I thought of
spectrum of the finance world, which is about
buying
and
selling
stable
exploring things in London. I joined
companies. I got an opportunity to work
Creator Fund that backs studentled
with Blue Knot Partners, which acquires
startups in the UK region. I got an
small companies in the UK, runs them
opportunity to be a part of the team,
and turns them around in four to five
evaluating various startups and taking
years. I tried to pick up different
investment decisions. I was amazed to
experiences.
see the kind of innovation that was happening.
Working with Creator Fund and Blue
Knot
Partners
was
pretty
At the same time, from a VC
interesting and that motivated me to
ecosystem, I also wanted to see the other
start Campus Fund in India, a micro VC.
BUSINESS MANDATE
fountainhead of excellence
49 AUG 2021
More and more students and youth can now take the path of entrepreneurship and can see themselves being job creators rather than job seekers.
Its objective, like that of Creator Fund,
means the answer is always no. Knock
Things
is to support student entrepreneurs in
doors; some will open for you and some
consequence of many small events.
India. We invest in young entrepreneurs
will close.
It is good to think of the future but
and students who can build viable businesses of the future. I launched this in July 20 and built a team of students across the country who work with me while they are studying. We have backed a couple of student entrepreneurs who are doing great. This is what I am currently doing.
and
can
trying to build the fund and venture into the finance ecosystem was ‘asking for
grateful to the entire tribe of people who
help.’ I have been an entrepreneur
have supported me.
raising money. Now I am turning into an investor. The whole financing world
•
definition of success. Success is in your mind and it is subjective.
into this. That is when I learned about
Don't let the world define your
asking for help.
success; define your own success.
When you ask for help, what is the
That is what will make you happy
maximum response that someone can
respond at all. But at least you have asked. If you have never asked, that 50
AUG 2021
is a lonely journey. You build your team as you move along, but yes, it's a lonely journey. •
and proud about yourself. •
Whatever you have seen in my journey, nothing was planned. So don't try and plan your whole life. BUSINESS MANDATE
fountainhead of excellence
Do it for the right reasons and for what you are passionate about. You must
strongly
believe
in
the
purpose of what you are doing. Only then, you will have the
Everybody is running a rat race to just be busy; there is no particular
the all the folks who helped me venture
and resource to help you or they won't
highs and lows. Entrepreneurship
Some Key Takeaways
was new to me. I am highly grateful to
give you? Sorry, I don't have the time
have been in stress. I have seen
This has been my journey. I am on I am learning. I am thankful and
Entrepreneurship is tough. Believe me, I've cried nights together. I
than job seekers.
The biggest learning that I have got
sitting on the other side of the table,
•
see
a quest. I still don't have many answers.
a
which might just amaze you.
themselves being job creators rather
Ask for Help
is
You might get certain surprises
student entrepreneurship ecosystem in
entrepreneurship
It
relax and let life happen at times.
building and trying to develop the
youth can now take the path of
happen.
don't get bogged down by it. Just
Campus Fund is still a baby we are
India. More and more students and
will
intrinsic optimism in yourself. •
Recall what is said in the movie 3 Idiots, “Go after learning, go after entrepreneurship,
if
everything
will
else
you
like;
follow.”
Financial freedom and various other things are byproducts of doing something that you are completely passionate about. Once an entrepreneur, always an entrepreneur and that's how it is.
Initial days of startup and dependency on money
have to time it right. If you are either too early or too late,
•
If you are young and have to financially support your
horse is the business or the product that you are building.
family, it is tough to start a business. If you don’t have that
For VCs to invest in your business, they will look at the
constraint, it is easier to start a venture. You can survive
combination of all the three—turf, jockey and horse.
very frugally. My cofounder and I decided not to ask money from our parents and if we had to do that, we would rather take up a job. •
you may fail. As an entrepreneur, you are the jockey. The
Understanding culture in different countries •
all countries are human. We have to understand their
In your initial years, if you lead a frugal life, you will
culture and operate in their environment. For example, in
understand the value of money. If you start an enterprise
the west, people are individualistic and in the east, we
after getting married, then you have to pool in capital from
prefer to operate in a community. Invest enough time to
friends and family and they must believe in you. You must
understand the cultural nuances and have local people in
have a kitty to take care of your basic needs. When you are
your team. That helps you to build credibility and gain
building something, money should not unduly bother you.
confidence in that country.
If it does, it will stop you from giving your hundred •
percent.
Key factors to kick start a promising startup
Invest your capital properly to beat the inflation.
•
I had a lot of fun in my college days. But once I became an
•
the toughest of times. The team must be complimentary in
little social life. When I took a break from Goodera in 2019, I started sleeping at the right time and eating the right amount of food. These two habits alone helped me to
skills. •
treat people as stepping stones to your success. If you take
life. Given a chance to go back, I will definitely tweak my
them with you, they will stand by you in the toughest of the
routine to have more of social life along with business.
times. Care for your employees, give them freedom to
Recruiting seniors and dealing with them with people senior than yourself and delegate work to them, rather than doing everything yourself.
Culture is important in a startup. In every startup, you build a tribe. Remember, it is family that you are creating. Don’t
reduce my weight by 50 kg! Now I am having a good social
As you evolve as an entrepreneur, you must learn to deal
The cofounding team is an important element of an enterprise; it must be cohesive and should stay together in
entrepreneur, it was work on my mind 24 x 7 and I had very
•
As an entrepreneur, don’t try to solve a utopian problem. It has to be a real problem that you are trying to solve.
Entrepreneurship and social life •
Human emotions are universal. Understand that people in
operate, trust and empower them.
On business valuation •
Don’t get carried away by valuation. If your business is providing good value, it is bound to get a good valuation.
Three things: The race analogy
Provide value to all your stakeholders. I have great regard
•
For a successful enterprise, three things are important and
for Sridhar Vembu who raised a startup from a village in
we can use the racing analogy of turf, jockey and horse.
Tamil Nadu, without raising any venture capital. That is the
Turf is the market. They say market beats everything. You
kind of startup culture that we need to build in India.
BUSINESS MANDATE
fountainhead of excellence
51 AUG 2021