Note for Founders

Dear Founders,

I am sure all of you notice that the market has taken a different direction than 2021. VCs are talking of value rather valuations, asking about unit economics rather growth. Few are even renegotiating or pulling the TS.

It’s a reminder for all founders that it’s your vision, not theirs. You are responsible for running the company, so you should do what is best for your company rather than what the investor wants. They have many shots, but you have one. So time to reset if you are not running by your conviction.

Most of you don’t know that I failed in building ThinkLABs (an edtech venture, 2005–2016). The initial few years were profitable growth, and we were among the early ones to raise venture capital in India in 2007. After that game changed, losses started and not much growth. I struggled to raise Series A for 2 years, made many wrong decisions, and eventually sold to a strategic buyer. The exit was good for employees and customers but not for investors and me. I was broke down internally. Felt like Poster boy to Zero.

One VC I respect told me you are not a failed entrepreneur, only your business failed. Another one told me, “century to Tendulkar ne bhi phele match mai nahi mari the”. I couldn’t internalise it then. I decided to take a break and travel. Passively in my mind, I was thinking about what is the purpose of life, what is next and why that. During that period, I realised that happiness is the most important thing for me, and for me, it comes from building something unique, bringing value to the users and being with great people. I thoroughly enjoyed building ThinkLABS, challenges used to excite me rather demotivating. It is only the end that left a bad taste. Learnt a lot through the journey of building. I realised that lasting happiness is not in achieving the milestone but in the journey of marching towards that milestone.

I am a VC now and happy again. Early-stage investing is as exciting and fulfilling as building a company. Yes, there are ups and downs and frustrating moments, but I thoroughly enjoy this process of building from the side. I am ambitious, but this journey towards that is more important for me.

My only advice to all of you: Build to Last! Big or small should be your choice, not someone else. Fast or slow should be based on how the customer responds, not funding. Lasting happiness is in building, not the end destination.