Introduction to Shashank’s Startup Journey

You need to fall in love with the problem and then you need to fall in love with solving the problem through your solution and your craft. If you’re in that zone, then startup is a great idea. Should you do it for wealth creation? If that was the case, then many startups will not be born because there will be lots of ups, but there’ll be many more downs. The downs will be really bad, heart-wrenching downs.

The Early Days of Entrepreneurship

My name is ABAB. I represent the Vadani Foundation. Today, I have Shashank with me, who’s the CEO and founder of Practo. Shashank comes from the era of entrepreneurship when Flipkart, Snapdeal, and eBay were the talk of the town.

From Coding to Entrepreneurship

Shashank, were you the stereotypical coder who’d stay up late through the nights in your dorm room sipping chai and figuring out what’s next to code?

The Birth of Practo

Absolutely, I was doing computer science, the same course. After the first year of college, it felt like a repeat, so I got into entrepreneurship. Day and night, I’d ideate and figure out which ideas could be implemented. Coding through the night was common for me, and that’s how Practo began.

Discovering Healthcare as a Startup Focus

Why did you choose to start a business, and what led you to healthcare?

The Catalyst: Personal Experience with Healthcare

It all started with an entrepreneurship meetup in my hostel. I met a senior who had returned from Stanford and had set up an entrepreneurial cell. I joined the cell, and that’s where my co-founder and I got introduced to entrepreneurship.

A Personal Connection to Healthcare

My father was undergoing knee replacement surgery, and I spent a lot of time in the hospital. I noticed many problems in healthcare. A doctor gave me my father’s report on paper, and I wanted it emailed to another doctor, but the software was too old to support email. That led me to create a software solution.

The First Product and Bootstrapping

The product was sold multiple times before I graduated, and that’s how I got into healthcare and entrepreneurship.

The Early Days of Growth at Practo

Initially, I never envisioned Practo to be a marketplace, but curiosity led me to healthcare.

Bootstrapping vs. Raising Funds

We bootstrapped for the first 1-2 years, keeping the focus on building a solid product. We didn’t depend on funding at the start. Funding was never a milestone for us; it was about the product and customers.

The Importance of Product Over Funding

We started with minimal funds and bootstrapped by selling enough to fund the next month.

Focus on Execution, Not Funding

The focus should always be on good ideas and execution, not funding.

Wealth Creation Through Problem Solving

Don’t chase funding, chase solving real problems. Wealth will come as a by-product of solving important problems.

Advice to Aspiring Entrepreneurs

Advice for young entrepreneurs: Focus on the problem, not the funding or status symbol. Stay passionate about solving the problem for the long haul.

Resilience in Startups

If you’re not passionate about solving a problem for the long run, startups aren’t for you.

Wealth Should Not Be the Primary Driver

Wealth should not be the primary driver. Focus on the problem and wealth will follow.

The Role of Capital in a Startup’s Journey

Capital doesn’t solve everything. Focus on solving real problems, and money will follow naturally.

The Importance of Showing Progress

To get funding, focus on showing real progress, no matter how small.

Mistakes Made Along the Way

The biggest mistake I made was raising too much capital.

Learning from Capital Mismanagement

I deployed capital poorly and it almost brought the company down.

The Importance of Focus and Sensibility

In hindsight, I should have been more sensible with capital raised and not gotten distracted from the problem I was solving.

Building for the Long-Term

Don’t focus on raising capital obsessively. Build a company for the long term.

The Need for Good Mentors

The key to raising capital sensibly is to have good mentors and avoid getting distracted from your core mission.

Avoiding Organizational Complexity

Too many layers in an organization can create distance from the customer. Stay close to the action and the feedback loop.

Staying Grounded and Close to the Customer

Focus on solving the real problems, stay grounded, and don’t create unnecessary complexity in your company structure.

Money Follows the Work

You don’t need to obsess over funding, focus on the work and the money will follow.

Finding a Co-Founder

Finding a co-founder: Step 1, ideate on areas that interest you and then find people who are aligned with the vision.

The Process of Eliminating the Wrong Co-Founders

I eliminated people who weren’t ready for the long run, and eventually, I found the right person to be my co-founder.

The Long Road to the Right Co-Founder

Sometimes co-founders may not start as co-founders, but their contributions over time can lead to them being considered co-founders.

Building the Right Team

Finding a co-founder requires a process of elimination and showing your dedication to the problem.

Testing Ideas in the Market

You need to test your ideas in the market. Start small, gather feedback, and adjust.

Validating Ideas Through Customer Commitment

The healthcare idea stood out because I got 100 people to commit to paying for it, which validated the demand.

AI and Opportunities in Healthcare

AI in healthcare is a huge opportunity. Look at AI-based solutions in healthcare for diagnostics, treatment options, etc.

Leveraging AI for Future Growth

AI can revolutionize various sectors, and healthcare is one of them. We at Practo are building an AI doctor.

The Long-Term Vision of Practo

Even if someone offered to buy Practo, I would redeploy the resources to continue solving the problem.

The Importance of the First 100 Customers

The first 100 customers should always come from the founder. This is key in validating your product.

The Importance of Being Involved in the Ground-Level Sales

My initial go-to-market strategy involved doing it myself: coding, selling, and directly interacting with customers.

SEO from Day One

SEO was a critical channel for Practo from day one. We invested in it because it brought free traffic.

The Role of Operations in SEO Success

SEO, while evolving, remains important. Even with AI tools like ChatGPT, the fundamental principles of SEO remain valuable.

AI and the Future of SEO

AI will continue to evolve SEO, but the core principles will remain the same.

Conclusion and Final Thoughts

Thank you to the Vadani Foundation and everyone listening. Focus on building great products and services.