Meet 5 entrepreneurs, who have learnt vital lessons from
India to fuel their global startups
"They really think big. And this combination of thinking big [that the US teaches] and thinking frugal [that India teaches] is deadly," adds Mirchandani.
Tibrewal agrees. The startup's core idea itself came to him while he was steering Pantaloon. One fine day, when struggling with myriad Excel data printed on paper sheets spread out on the floor for analysis, the idea of building a product to analyse Excel data better struck him. So while still working at the retailing company he built a crude tool to do that. And that's when he realised he could productise it for mobile devices. "In India, the problems — and opportunities — stare at you everywhere," says Tibrewal.
The location, though, wasn't to be India. As he turned entrepreneur, Tibrewal decided to shift to Silicon Valley in March 2013. "That's the place for global startups.
It has a very well-oiled startup ecosystem," he says. Having worked in the US, he was also very well networked there. His app, out last month and available for iPad (currently free), has got an encouraging response in both developed and emerging markets. The startup has raised $4.5 million from Shasta Ventures and has got fivestar ratings on the Apple store. It is getting roughly 1,000 downloads every day, about a fifth of them from the US and the rest from countries such as Mexico, India, Thailand, the UK, Spain, Taiwan, Germany, says Tibrewal.
Meanwhile, he is tapping into his corporate network to pivot two startups (they are still in the development stage and Ray wants to keep them under wraps). On the other hand, he is partnering with ex-colleagues in Finland for research and development work.
"They are very good with 3D technologies and are keen to explore emerging markets. But a complex market like India overwhelms them," Ray says.
With Singapore as his base, Ray is exploring options for contract manufacturing in China even as he is tapping into his India network to get programmers to do some coding on the side. "Hiring them full time would have required time and money," he says.
The wearable devices he is thinking of, with safety as their focus, are specially being developed keeping India in mind, although they would be relevant for other markets such as Vietnam, Thailand and Cambodia too. While his overseas stint helped him get the big picture and learn about strategy, it was in his operational role in India when the rubber hit the road. "It tickled my brains, showed me opportunities and gave me the confidence that I could handle scale, speed and chaos," he says.
In India, he worked with the Network18 Group in different capacities before deciding to turn entrepreneur. "I was here earlier in the '90s but it's only when you're a little older — Thomas was 39 when he moved back to India — that a stint here can make a whole lot of difference," he says.
In early 2014, Thomas moved to Silicon Valley. His startup, WizRocket Technologies, has built a user-behaviour analysis and targeting tool that helps web businesses interact with their users — both offline and online. It has raised $1.6 million funding from Accel Partners. It was different for Sanjay Kakkar.
It is a fertile ground for thinking of new ideas as there are so many problems that need to be solved," he says. Fortunately or unfortunately, many of those problems have already been solved in developed markets like the US.
And many of those solutions are relevant for other global markets. "Because you are constantly dealing with problems, you also get better at problem solving," he says.
For some like Anu Duggal, 35, founder of F Cubed (Female Founders Fund), India teaches resilience. "It is a very difficult place to do business. You encounter problems day in and day out — from corruption to infrastructure-related," she says. In India, she first dabbled in business with a venture called The Tasting Room in 2005 for a year. Erratic power and water supply, and getting business permits were all real issues.
Pankaj
Tibrewal, 45, straddles two worlds. The co-founder of Chartcube, a
California-based startup, divides his time between Silicon Valley and
Mumbai — six weeks here and six weeks there. "My family is
still in Mumbai so I work remotely when in India," he
says.
Shuttling between the US and India is something that Tibrewal has done a lot over his two-decade career. The engineer first moved to the US in the late 1990s where he steered his first business intelligence startup Ellianz. It wasn't long before he shut it down as the dotcom bubble burst. He then went on to pursue an MBA from Kellogg after which he took up a job with McKinsey, US in 2004.
In 2008, as the global financial crisis roiled the US economy, Tibrewal moved to India, betting his career on the big dreams of organised retailing pioneer Kishore Biyani. It wasn't a spectacular career move. After four years at Future Group, some of it as chief operating officer of Pantaloon Retail India, he did a brief stint at HT Media. In late 2012, Tibrewal quit to think startup again. "I was brimming with ideas," he says.
Shuttling between the US and India is something that Tibrewal has done a lot over his two-decade career. The engineer first moved to the US in the late 1990s where he steered his first business intelligence startup Ellianz. It wasn't long before he shut it down as the dotcom bubble burst. He then went on to pursue an MBA from Kellogg after which he took up a job with McKinsey, US in 2004.
In 2008, as the global financial crisis roiled the US economy, Tibrewal moved to India, betting his career on the big dreams of organised retailing pioneer Kishore Biyani. It wasn't a spectacular career move. After four years at Future Group, some of it as chief operating officer of Pantaloon Retail India, he did a brief stint at HT Media. In late 2012, Tibrewal quit to think startup again. "I was brimming with ideas," he says.
Looking
back, this back-and-forth shift between India and the US may not have
given Tibrewal's corporate career a big leg up. But it has helped
enormously in shaping him as an entrepreneur.
"What
I like about some of these people is they have a global mindset,"
says angel investor Sasha Mirchandani, founder of Kae Capital. They
have their networks in Silicon Valley as much as in India. They know
how a mature market like the US works. They are also alive to the
opportunities and challenges that an emerging market like India
throws up."They really think big. And this combination of thinking big [that the US teaches] and thinking frugal [that India teaches] is deadly," adds Mirchandani.
Tibrewal agrees. The startup's core idea itself came to him while he was steering Pantaloon. One fine day, when struggling with myriad Excel data printed on paper sheets spread out on the floor for analysis, the idea of building a product to analyse Excel data better struck him. So while still working at the retailing company he built a crude tool to do that. And that's when he realised he could productise it for mobile devices. "In India, the problems — and opportunities — stare at you everywhere," says Tibrewal.
The location, though, wasn't to be India. As he turned entrepreneur, Tibrewal decided to shift to Silicon Valley in March 2013. "That's the place for global startups.
It has a very well-oiled startup ecosystem," he says. Having worked in the US, he was also very well networked there. His app, out last month and available for iPad (currently free), has got an encouraging response in both developed and emerging markets. The startup has raised $4.5 million from Shasta Ventures and has got fivestar ratings on the Apple store. It is getting roughly 1,000 downloads every day, about a fifth of them from the US and the rest from countries such as Mexico, India, Thailand, the UK, Spain, Taiwan, Germany, says Tibrewal.
Unique
Vantage Point
Initially, the criss-crossing of continents felt random. And the trips were often borne out of either crises — or, sometimes, opportunities.
Over the last decade, a booming Indian economy and the global economic crisis brought home many natives in search of opportunities. While most came from the US and the UK, Singapore and other western European countries too contributed to the return of the expat Indians. The jury is still out on how these executives have fared in climbing the corporate ladder in India (not many seem to have really made it).
The Indian sojourn though has contributed richly to the entrepreneurial journey of the likes of Tibrewal. And driving a startup from a developed economy as well as an emerging one gives them a unique vantage point and perspective. "This B-to-B [Bengaluru to Bay Area] movement has been happening for some time but is now reaching a crescendo. It is also a big boost to the startup ecosystem in India," says serial entrepreneur K Ganesh who is also an angel investor.
Initially, the criss-crossing of continents felt random. And the trips were often borne out of either crises — or, sometimes, opportunities.
Over the last decade, a booming Indian economy and the global economic crisis brought home many natives in search of opportunities. While most came from the US and the UK, Singapore and other western European countries too contributed to the return of the expat Indians. The jury is still out on how these executives have fared in climbing the corporate ladder in India (not many seem to have really made it).
The Indian sojourn though has contributed richly to the entrepreneurial journey of the likes of Tibrewal. And driving a startup from a developed economy as well as an emerging one gives them a unique vantage point and perspective. "This B-to-B [Bengaluru to Bay Area] movement has been happening for some time but is now reaching a crescendo. It is also a big boost to the startup ecosystem in India," says serial entrepreneur K Ganesh who is also an angel investor.
The
B-to-B Movement
Ramashish
Ray, 42, has been a working professional for over two decades. He
left India in 2005 to work with Nokia in Singapore and Finland before
returning to India to join Samsung India. He recently quit to turn
entrepreneur and is preparing to shift to Singapore.Meanwhile, he is tapping into his corporate network to pivot two startups (they are still in the development stage and Ray wants to keep them under wraps). On the other hand, he is partnering with ex-colleagues in Finland for research and development work.
"They are very good with 3D technologies and are keen to explore emerging markets. But a complex market like India overwhelms them," Ray says.
With Singapore as his base, Ray is exploring options for contract manufacturing in China even as he is tapping into his India network to get programmers to do some coding on the side. "Hiring them full time would have required time and money," he says.
The wearable devices he is thinking of, with safety as their focus, are specially being developed keeping India in mind, although they would be relevant for other markets such as Vietnam, Thailand and Cambodia too. While his overseas stint helped him get the big picture and learn about strategy, it was in his operational role in India when the rubber hit the road. "It tickled my brains, showed me opportunities and gave me the confidence that I could handle scale, speed and chaos," he says.
It
was something similar for Sunil Thomas, co-founder, Wiz-Rocket
Technologies. Thomas was working in Seattle till 2009 as the chief
technology officer (CTO) of online search engine firm InfoSpace when
he decided to relocate to India for both personal and professional
reasons.
"There
are only three places in the world critical to hone your skills —
the US, China and India. I had worked in the US and then wanted to
come back for an India stint," he says.In India, he worked with the Network18 Group in different capacities before deciding to turn entrepreneur. "I was here earlier in the '90s but it's only when you're a little older — Thomas was 39 when he moved back to India — that a stint here can make a whole lot of difference," he says.
In early 2014, Thomas moved to Silicon Valley. His startup, WizRocket Technologies, has built a user-behaviour analysis and targeting tool that helps web businesses interact with their users — both offline and online. It has raised $1.6 million funding from Accel Partners. It was different for Sanjay Kakkar.
Born
and raised in the UK, he studied at King's College London and
Harvard. He worked for MNCs and startups, in the process moving from
the UK to the US to Italy and Germany before coming to India in 2010.
Kakkar wanted to establish a healthcare enterprise, keeping in mind
the high incidence of heart disease in south Asia. "My biotech
experience and medical background provided an ideal opportunity to
build my next venture in India," he says.
Today, as Kakkar steers his startup Jai Medica, he has shifted base to the UK, and shuttles between Europe, North America, India and the Far East. But it's the India stint of the past that "completely changed my perspective," he says.
Straddling Two Worlds
For one, the spell in India introduced Kakkar to the desi virtue (not always a virtue, though) of frugal innovation, or jugaad. "I had to learn to innovate with very few resources and to think carefully about how end users of healthcare technologies make buying decisions," says Kakkar.
In India, consumers pay their own healthcare bills at the point-ofdelivery, unlike advanced economies where third-party payers such as government and insurers reimburse costs. However, in those economies the cost of healthcare is becoming unsustainable and individuals will have to soon face the prospect of paying at the point-of-delivery."Therefore, India is an ideal place to develop healthcare technologies designed to cater directly to the consumer," he says. Once established, such technologies and services can be modified and deployed internationally.
For
many, like Thomas, an India spell brought them face to face with
myriad problems — giving them little option but to find solutions
in quick time.Today, as Kakkar steers his startup Jai Medica, he has shifted base to the UK, and shuttles between Europe, North America, India and the Far East. But it's the India stint of the past that "completely changed my perspective," he says.
Straddling Two Worlds
For one, the spell in India introduced Kakkar to the desi virtue (not always a virtue, though) of frugal innovation, or jugaad. "I had to learn to innovate with very few resources and to think carefully about how end users of healthcare technologies make buying decisions," says Kakkar.
In India, consumers pay their own healthcare bills at the point-ofdelivery, unlike advanced economies where third-party payers such as government and insurers reimburse costs. However, in those economies the cost of healthcare is becoming unsustainable and individuals will have to soon face the prospect of paying at the point-of-delivery."Therefore, India is an ideal place to develop healthcare technologies designed to cater directly to the consumer," he says. Once established, such technologies and services can be modified and deployed internationally.
It is a fertile ground for thinking of new ideas as there are so many problems that need to be solved," he says. Fortunately or unfortunately, many of those problems have already been solved in developed markets like the US.
And many of those solutions are relevant for other global markets. "Because you are constantly dealing with problems, you also get better at problem solving," he says.
For some like Anu Duggal, 35, founder of F Cubed (Female Founders Fund), India teaches resilience. "It is a very difficult place to do business. You encounter problems day in and day out — from corruption to infrastructure-related," she says. In India, she first dabbled in business with a venture called The Tasting Room in 2005 for a year. Erratic power and water supply, and getting business permits were all real issues.
Even
the sheer number of national holidays in a year can be a big
challenge, she says. "The grind in India teaches you the art of
perseverance. You learn to keep going despite the odds. It is here
you figure if plan A does not work, plan B will," adds Duggal,
who is now based in New York.
For many executives who have done stints in the developed world, often honing their strategy skills at the headquarters, India brings them close to the operational challenges that companies often grapple with. "It helps develop a 360 degree view of the world," says Ray. During his stint in India, Ray did his bit to contribute to the rapid growth of Samsung's mobile retail network. The stint refreshed his understanding of the Indian market and helped develop connections in marketing and distribution.
India's Startup Ecosystem
Along the way, the globetrotting of these entrepreneurs is helping shape the way the startup ecosystem in India is evolving. They bring along with them rounded and balanced views of how to tackle both the developed as well as an emerging market; they are able to integrate their networks in the two worlds seamlessly to better negotiate their way through hurdles; and from day one they are able to dream big and build startups with better global relevance.
This also fits in well with the way India today figures on the global startup map. Earlier, the moment a tech startup was formed in the US, it would look to set up a development centre in India. "It was about cost arbitrage, talent, time and all that," says Jay Jaykumar, a managing partner at Netspoke Partners, a technology and risk advisory firm for earlystage ventures and venture funds. "It has changed now," he adds. India's importance as a market is rising at a global level. Today, many tech companies - including startups - are looking at India not just as a place to set up their development centre but also as a market.
For many executives who have done stints in the developed world, often honing their strategy skills at the headquarters, India brings them close to the operational challenges that companies often grapple with. "It helps develop a 360 degree view of the world," says Ray. During his stint in India, Ray did his bit to contribute to the rapid growth of Samsung's mobile retail network. The stint refreshed his understanding of the Indian market and helped develop connections in marketing and distribution.
India's Startup Ecosystem
Along the way, the globetrotting of these entrepreneurs is helping shape the way the startup ecosystem in India is evolving. They bring along with them rounded and balanced views of how to tackle both the developed as well as an emerging market; they are able to integrate their networks in the two worlds seamlessly to better negotiate their way through hurdles; and from day one they are able to dream big and build startups with better global relevance.
This also fits in well with the way India today figures on the global startup map. Earlier, the moment a tech startup was formed in the US, it would look to set up a development centre in India. "It was about cost arbitrage, talent, time and all that," says Jay Jaykumar, a managing partner at Netspoke Partners, a technology and risk advisory firm for earlystage ventures and venture funds. "It has changed now," he adds. India's importance as a market is rising at a global level. Today, many tech companies - including startups - are looking at India not just as a place to set up their development centre but also as a market.
All
the big tech companies — from Amazon, Facebook and Google to
Whatsapp and Groupon — are looking at India seriously as a market.
This is equally relevant for these budding entrepreneurs and their
exposure to both the developed and emerging markets comes handy in
targeting both.
"This
is a country that will test anybody's conviction. You need to have a
lot of patience with time horizons," says Bejul Somaia, managing
director, Lightspeed Venture Partners.
Take for example Kakkar's Jai Medica. Over the first three years of his India sojourn, he invested time in India to understand the market needs, discovered an innovative solution, validated it, then developed a proprietary web application and then set up distribution logistics backed by a robust marketing strategy.
With a solid team and successful pilots in India, Kakkar is now in the process of commercialising the technology globally. "I am now looking to expand my company internationally [into other markets]. Being in London helps," says Kakkar.
Equally comfortable operating and living in two different worlds, these executives are able to exploit the respective advantages of the two places with a lot of ease.
Serial entrepreneur Ganesh recalls the time he was setting up TutorVista in the early 2000s. He was looking for a CTO who understood US consumers and would help in developing tech products. It wasn't easy. "He was my employee No 1. I could not have moved forward without him," he says. It took Ganesh four months (a long time in a startup's freneticpaced life) to find him. In India, during those days, such talent was difficult to get.
Life is a lot easier for many of today's straddling entrepreneurs. For the Silicon Valley-based Tibrewal, hiring his head of growth — who joined as the co-founder — happened quite easily. A connection on LinkedIn, followed by a few meetings, and bingo! he was on board.
Not surprisingly, many startups today maintain a twin-country presence to steer their growth. Mirchandani of Kae Capital says of the 20-plus companies in his portfolio, promoters of more than eight today are straddling the US and India.
Not just entrepreneurs, even globetrotting investors are helping India's startup ecosystem. Jaykumar — who invests and advises startups — says Koramangala in Bengaluru is full of startups operating out of 100 sq ft offices. "Earlier, global venture funds would be scared betting on startups operating so frugally," he says. Today, they are a lot more comfortable. Just as the entrepreneurs are.
Take for example Kakkar's Jai Medica. Over the first three years of his India sojourn, he invested time in India to understand the market needs, discovered an innovative solution, validated it, then developed a proprietary web application and then set up distribution logistics backed by a robust marketing strategy.
With a solid team and successful pilots in India, Kakkar is now in the process of commercialising the technology globally. "I am now looking to expand my company internationally [into other markets]. Being in London helps," says Kakkar.
Equally comfortable operating and living in two different worlds, these executives are able to exploit the respective advantages of the two places with a lot of ease.
Serial entrepreneur Ganesh recalls the time he was setting up TutorVista in the early 2000s. He was looking for a CTO who understood US consumers and would help in developing tech products. It wasn't easy. "He was my employee No 1. I could not have moved forward without him," he says. It took Ganesh four months (a long time in a startup's freneticpaced life) to find him. In India, during those days, such talent was difficult to get.
Life is a lot easier for many of today's straddling entrepreneurs. For the Silicon Valley-based Tibrewal, hiring his head of growth — who joined as the co-founder — happened quite easily. A connection on LinkedIn, followed by a few meetings, and bingo! he was on board.
Not surprisingly, many startups today maintain a twin-country presence to steer their growth. Mirchandani of Kae Capital says of the 20-plus companies in his portfolio, promoters of more than eight today are straddling the US and India.
Not just entrepreneurs, even globetrotting investors are helping India's startup ecosystem. Jaykumar — who invests and advises startups — says Koramangala in Bengaluru is full of startups operating out of 100 sq ft offices. "Earlier, global venture funds would be scared betting on startups operating so frugally," he says. Today, they are a lot more comfortable. Just as the entrepreneurs are.
By
Malini
Goyal,
ET 21 Dec, 2014
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