Most Critical Decision
I was extremely keen from the beginning on disruptive innovation which can create unexplored market to be tapped. I have lined up few niche products to be created and patented and implemented with life cycle. While ensuring a sufficient funding and bringing in right resources to produce them is extremely critical for expansion before anyone else can think of bringing them. I had to take bold steps in doing so and ensuring it happens in planned way within specified timlines.
Difficulties Faced
Ensuring sufficient funding for the resources is key while building any state of art products. Although we come across funding crunch, has to ensure there is search out for Clients and projects in time for filling the gaps and get going. This is important while not diluting the equity of the startup before creating products and increasing the valuation.
Mistakes Made and Lesson learned
I see the core team should be small(may be 2 to 3) yet it should be effective. Any deviation to this may cause problems while ensuring the core team believes in the same Vision and Mission constantly and consistently.
I Wish I had Done This
If I rebuild the company from scratch all over again, will ensure the core team is optimal as first and then will ensure well thought out approach laid out on couple of innovation products in the area of focus.
My Motivation
Am always keen on disruptive innovation as it really changes the society across bringing in lots of synergies and new markets/avenues. Also impacting the under served/under explored society including rural areas is a full filling thing wherein while running an organization, it also improves the lives of the societies. Few such innovations(like mee-Com product we are trying to bring in) can bring in social revolution across the demographics.
Motivating Team
Keeping the core team and team below more empowered, accountable, freedom to think and involve in the progression of any organization while contributing individually and as team towards disruptive innovation is key. Bringing in excellence and creating vibrant and innovative teams significantly contributes to the organizational growth.
Spotting Right Talent
As a startup, attracting talent is not easy task. The main approach goes towards individual references within which there needs an identification of right attitude, ambition, talentetc for a startup environment.
First Customer
Myself and other 3 founders (Ratna Kumar Mallubhotla, Rama Krishna Raju and Jameel Ahmed Syed) were worked together in a company called BASIX Sub-K iTransactions Limited (Sub-K) for 2 years. I had designed their patented system called ViTranSP (Virtual Transaction Service Provider) as 2nd employee of that startup company established in August 2010. When we 4 of us made a descision to setup Sollet, agreed with Sub-K to support them as our first Client. We had faced challenges before getting into agreement initially as has to face internal tussle and politics not allowing it to happen.
Reaching Out Investors
Currently we have invested as 4 founders individually but approached individual known investors for the rest of the needs. As we know each 4 of us and individual investors personally, we have not faced huge difficulty in convincing and get going.
My Role
Sollet has evolved pretty fast having the core team already worked in similar industry for 2 years together. This has given immense advantage to set the vision and mission pretty focused. Sollet has defined it’s areas of focus in a very short period of time that can attract bigger area in Payment industry. It has also understood that it has to strategically collaborate with small players in IT industry in various other verticals like Telecom, Payments etc to expand it’s portfolio which can cover end 2 end implementations. This will ensure a Customer can avail pool of services by just trying to with Sollet as one front end Service Provider in related verticals.
Avoiding Mistakes
I always prefer to listen and understand all perspectives and implement what is good for the organization as a whole rather than individual interests. The focused approach on value creation for the organization ensured the right dots are connected at the right time.
Crtical Things in Entrepreneurship
I see 3 key areas as the most critical things to be successful in any entrepreneurship:
- Vision & Mission with a clear focus
- Core Team which can achieve the set Vision & Mission by deriving the appropriate business plans
- Timely funding and plans to ensure the startup keeps rolling in right direction at right pace
Company I Admire
I admire Google, Apple etc who nurtured disruptive innovation and tapped into unexplored market which were not visible prior to them. Disruptive innovation is extremely key for any startup which can only put it into right track while keeping away the competition and making it big while impacting the society for good.
Advice to Entrepreneurs
My advice to the fellow entrepreneurs is to think big towards disruptive innovation in any area of interest and focus on achieving the same with right ingredients. Focus on Vision and Mission can surely direct one to the success path.