Dr. Ritesh Malik - The 26 Year Old Start-Up King Who Made It To Forbes Under 30 Achievers List.
Ritesh Malik, a DPSite got selected in All India Pre-Medical Test ( where 300 students compete for a single seat) and went to study in one of the most backward villages in India called Theni in Theni Government Medical College under Dr MGR Medical University. Hailing from a family of 37 doctors, the choice of medicine was but of course, obvious and expected. Dr. Ritesh clarifies “I love medicine & my final goal is to become a teacher but as of now, I wish to create the next wave of responsible entrepreneurship in India”.
The entrepreneurship bug was always there in Dr. Ritesh, dormant albeit but it was itching to crawl out and seize the world. And it did. Ritesh broke stereotypes and shackles and bunked an entire semester at his medical school to study at LSE Summer School to learn about entrepreneurship & start-up culture under the guidance of his now mentor professor Dr Vishal Talwar.
Speaking on his interest in entrepreneurship, Ritesh says “It’s all about passion. I was always inclined towards impact & scale. I realised at an early stage that as a doctor I could see 70-100 patients a day but through technology I could impact millions; that inspired me as hell”.
Ritesh was just 23 when he started Adstuck with his pal Abhishek but luck was not on their side and their first product flopped hook, line and sinker. They subsequently relaunched it as Alive App which was sold to TOI in less than a year of its launch in 2013, Ritesh shares “It was all Abhishek’s vision to create the largest augmented reality company in India. I helped him realise that. Print media was on a downward spiral & we went on to develop the Alive App. TOI really liked the idea, & things went well for us”.
Post the sale, Ritesh set out for Harvard for an Executive Program on Management of Technology & Innovation and PE/VC at Harvard Business School. After his return, he started working on macro entrepreneurship goals and worked on Startup Village (Kerala) and started investing after exiting from Adstuck. Dr. Ritesh subsequently started working with the Government of India for innovation propagation.
With Colleagues.
On being quizzed on the need for people to go to the likes of Harvard and the necessity and value add of doing so, Ritesh says “No, it is not at all necessary to go to these places. Everything is available online. For me, it was worth it as I met my mentor there. These places are great for networking. Period”.
Soon after his return, Ritesh started working on his second startup, Innov8 Coworking with Sumit Ranka in June 2015.
Dr. Ritesh has invested heavily into hardware and is bullish about it. Through his company Guerilla Ventures, he has invested in Fin robotics, Asimov robotics, Flip technologies, SectorQube, DIY hacking, Mashinga, Bisko Labs, Comet core and Exploride. He opines “Hardware is a space which has not been touched in India, no one invests in it. We’re revolutionising the hardware space in India. It gives an extra edge as we only focus on hardware & we’ve learnt from our failures & can now turn around any hardware company. We focus on impactful ideas and social entrepreneurship. The future of hardware is amazing; it covers so much - virtual reality, smartphones, laptops…Things are set to change in the future and I see immense potential”.
Of all his investments, his favourite is Ketto (Crowdfunding Startups). He shares “ I love crowdfunding as a concept, & Ketto is making an impact through that. It has become the largest crowdfunding platform in Asia”.
About ‘Startup India Standup India" and Project Guerilla.
Dr. Ritesh is very passionate about his work with the government and says "We have collaborated with the government for innovation propagation through ‘Startup India, Standup India’. It’s a great initiative for the country as it inspires the youth. Just two years ago, the same government thought the start-up industry to be a private phenomena and did not want to “interfere”. However, thankfully, they realised that the only way to stop unemployment was to further and boost the start-up space. Project Guerrilla which I launched with Sumit Ranka whom I met at Harvard, is our investment & thought leadership wing wherein we teach entrepreneurs the PIL theory - Profitable, Innovative, Lean. Start-ups need to be profitable and bleeding should be minimal. Innovation should be the heart of startup story. And finally, it has to be lean and efficient. Efficiency should be the core of operations".
On Meeting Prime Minister Modi.
Ritesh shares “ It was amazing meeting him and we discussed about start-ups and how entrepreneurship can influence the next generation of growth in India. He’s young at heart and he radiates energy. I asked him for a selfie after that, and he said 'I love taking selfies & I am a big fan of social media too’!
Flying High With Sumit Ranka.
Though Ritesh is only 26 and apparently has tasted success at a very young age with investments in a mind boggling 26 start-ups, his life was not free of challenges. He shares “ Since in our extended family of 40, there are 37 doctors, pursuing anything other than medicine was nothing short of a crime in our family! I was the so-called ” black sheep" of the family as I dared to dream and follow my passion. Convincing my family to let me pursue my passion was initially not easy. Of course, now they are happy that I am the first tech doctorpreneur of India! On the professional front there were plenty of investment challenges in India as we are a very immature market when it comes to start-ups and only 38 angels have made a profitable exit; that’s a very weak number. India needs to focus on building value than valuations. Valuation is just a number. Eventually it is all about sustainability & management of the top/bottom lines".
It may be hard to believe that Ritesh who loves public speaking today and is invited to many fora to deliver lectures was actually a timid child who got bullied and battled with speech problems & was rejected by many girls in school! He states that his dad is an inspiration and motivation and over time, he overcame his problems.
On His Ability To Take Risks And Building Brand Value
Dr. Ritesh has taken risks, albeit calculated ones and says of his risk taking appetite and ability “I am a risk taker. My needs are very limited & I am a very simple person. I don’t drink or smoke or party, am happiest when with my family. I don’t need much money to survive, that makes it easy for me to take risks”. “I invest in a particular business regardless of the college degree or the idea or market. What gets me interested is the entrepreneur’s vision & attitude. We focus on revenues; we have failed quite a bit but overall very happy with our investments”.
Ritesh feels that the future of start-ups is very bold and there is a revolution waiting to explode. He says “It’s all about not bleeding & focussing on building actual value & solving problems for customers than just raising money from investors & being covered by media for raising funds. Media should cover start-ups when they’re actually solving a problem & creating an impact. The problem with the nation is the fact that entrepreneurs have wrong goals. When I ask people what do you want to build they say, a 100 million dollar company, that’s so stupid! One shouldn’t have a goal to build a 100 m $ company but should focus on building value for customers. Also, there is this very stupid concept of LTV (Lifetime Value of Customers). India is a discount hungry market and there is no brand affinity. So actually customers are oscillating between Flipkart, Amazon & Snapdeal and wherever they find a deal, they take it but not because they love a platform over another. Building actual value through research & development is what makes brands successful”.
Regarding the start-up bubble bursting, Ritesh opines “There is nothing called as a bubble, it’s just a cycle, whenever there is downfall the subsequent cycle is more optimistic & at a higher value than the previous one”. Regarding his favourite sector, he adds “I love real estate& technology, we’re trying to amalgamate both with Innov8. The sectors which excite me are, hardware, real estate, infrastructure, bitcoin, wellness and health tech”.
Ritesh - Touching Peaks.
On being listed on the Forbes 30 under 30 in the Finance and Venture list (Asia) 2016.
Ritesh says of the achievement “ It surely is an amazing feeling; its not about recognition but about the fact that it helps people who are caught in a field which doesn’t excite them to pivot. After being featured in the list, I received about 2,000 mails from people saying that they wanted to change their fields but could not garner the courage to do so. These stories inspire them to do that. That feels good”.
Ritesh With Fiancee Shruti.
Dr. Ritesh - The Family Man.
Ritesh is very attached to his family and adds “ I have amazing grandparents, parents & sisters, My sisters Ridhima, Athira & Sakshi are my best friends. My dad is my mentor & my mother gets the best out of me”. He is family man who does not party but loves reading books, public speaking, traveling, building models & systems and of course, playing and watching cricket!
And girls, hold your heart! Ritesh is hooked to be married to a fellow doctor Shruti in February, 2017. He says warmly of his fiancee “ Shruti is not into business but she loves what I do. She’s one of the nicest humans I have ever met”.
Happy Childhood Memories.
Future Plans
Ritesh intends to scale Innov8 Coworking and wishes to work closely with the government & focus on changing the mindset of people towards sustainability & growth than just raising funds His focus will be on agriculture, healthcare & real estate.
On His Advice To Aspiring Entrepreneurs
Dr. Ritesh feels that one must be driven by passion rather than money. Money should be secondary. He states “ Focus on building value for customers and that will make you invaluable. Build value, not valuations”.
