ENTREPRENEUR/STARTUP SPECIAL...LESSON NO.3 FROM REAL EXAMPLES
K CHANDRASHEKHAR Co-founder, Forus Healthcare
Healthcare, Better but Cheap
Twosenior Philipsexecutives quittheir cushy jobstofoundForusHealthcare, a company providing innovative medicaltechnology products. KChandrashekhar and Shyam VasudevaRao hadoften seen the gapbetween thedemandfor medicaltechnology anditssupply withthe mismatchlargely a resultof highcosts.Tobridge this,theduohassetup a firmwhich promisesto deliver a seriesof diagnostic products. Within a year of launch,they already have 3nethra, an ophthalmology pre-screening devicein the market.Now,they plan tolaunch more advanced productsin thesamesegment andhavebegun researchtodevelop devicesfor screening of diabetes,oncology, nephrology,ear nose andthroat andcardiology ailmentstoo. The venture is built around a solid premise. India has some 12 million blind people and 80% of visual impairment is avoidable. Their device, 3nethra, according to Chandrashekhar is notonly simpletouse,butcan alsobehookedup from a remotelocation to an advancedunitin a nearby town for referrals. “Wewerelucky to have a goodstart-up team…Nowwewill needto build a greatorganisation,” Chandrashekhar says. “Wewill needtosetup a robustsales and service network,supply chain management and ensure a stream of new products.” TheForusteam can seeksomehelp from their investorsAccelPartners andIDGVentures,who havebucketsof experiencehelping young companies growtheir businesses.handrashekhar believesthefirm’sbackerscan help thestart-up hire,scaledomesticoperations, providetheir businessdevelopmentexpertise andfinally open up their portfoliotolookfor both potential customers and a follow-on roundof funding.
Twosenior Philipsexecutives quittheir cushy jobstofoundForusHealthcare, a company providing innovative medicaltechnology products. KChandrashekhar and Shyam VasudevaRao hadoften seen the gapbetween thedemandfor medicaltechnology anditssupply withthe mismatchlargely a resultof highcosts.Tobridge this,theduohassetup a firmwhich promisesto deliver a seriesof diagnostic products. Within a year of launch,they already have 3nethra, an ophthalmology pre-screening devicein the market.Now,they plan tolaunch more advanced productsin thesamesegment andhavebegun researchtodevelop devicesfor screening of diabetes,oncology, nephrology,ear nose andthroat andcardiology ailmentstoo. The venture is built around a solid premise. India has some 12 million blind people and 80% of visual impairment is avoidable. Their device, 3nethra, according to Chandrashekhar is notonly simpletouse,butcan alsobehookedup from a remotelocation to an advancedunitin a nearby town for referrals. “Wewerelucky to have a goodstart-up team…Nowwewill needto build a greatorganisation,” Chandrashekhar says. “Wewill needtosetup a robustsales and service network,supply chain management and ensure a stream of new products.” TheForusteam can seeksomehelp from their investorsAccelPartners andIDGVentures,who havebucketsof experiencehelping young companies growtheir businesses.handrashekhar believesthefirm’sbackerscan help thestart-up hire,scaledomesticoperations, providetheir businessdevelopmentexpertise andfinally open up their portfoliotolookfor both potential customers and a follow-on roundof funding.
THREE TIPS TO RAISE MONEY
Approach for funding only after you get the product prototype right. Have customer buy-in for the product right from the initial stages
Preferably get good i-banker & lawyer
Be brutally honest with the investors – you may lose in the short run but will gain in the long run
Rahul Sachitanand
ET120612
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