“The only thing worse than starting something and failing is not starting something at all.”
One of the greatest examples of these words can be seen today, in a doctor-turned angel investor, philanthropist and entrepreneur, Dr Aniruddha Malpani.
Dr Aniruddha Malpani is the founder of an angel-investment firm, Malpani Ventures which is based in Mumbai.
The status and growth of startups in India is a tough topic and many people are aware of it as well. Taking into consideration economic growth and other external factors, every entrepreneur expects a rocky road towards having a successful business plan, especially in our largely populated and highly competitive country.
Today, at Eureka Moment, we have Dr Aniruddha to share his thoughts and experiences with us.
First, let us understand, what is an angel investor?
An angel investor is an individual who owns a high net worth who funds start-ups at an early age, usually with their own money. Angel funding is usually the primary funding for startups. These types of investments are often quite risky as well.
As Dr Malpani says, “The reality is that startups are quite fragile, and the reality is that 90% of them are not going to do well.”
He compares the work of a doctor to the work of a businessman using the analogy of a lens. He says, “Being a doctor, you need to look at everything through a microscope. But as an entrepreneur, as a business person, you need to look at everything through a telescope.”
A good angel investor should be willing to lose money in what he is investing.Aniruddha Malpani
He further adds that running a business requires a person to have an overall, holistic perspective to each decision that needs to be made.
Dr Aniruddha has a soft corner for investing in social causes, mainly focusing on healthcare and education.
“Everything can be taught, everything can be learnt at any point in time only if you’re interested in doing it.”
Dr Malpani was inclined towards becoming an entrepreneur due to this philosophy. As his daughter pursued an MBA from Stanford University, he wanted to be more relevant and connected to her career and her field of interest. This motivated him to produce a paradigm shift in his work and career. This was the Eureka Moment in his life. He thought it would be a great idea to spend more time with the youth, the younger age group of society and try to understand how they think, how they work and so on.
His message to the budding entrepreneurs is, “Nobody has the right answers. Not your parents, not your teachers. The right answer comes from within.” He further shares his wise thoughts saying that the youth should not be afraid to make mistakes, to learn, to explore and to widen their horizons.
He dreams that every medical college should have opportunities for medical innovation creativity, as well as an entrepreneurship cell. He also feels strongly about creating a trusted and reliable platform for entrepreneurs to obtain funds and investments without the fear of getting cheated and being trapped due to the ongoing fraudulent activities nowadays. He also thinks that it is important to call out those defaulters in the field and make sure they face the consequences and more importantly, prevent them from cheating more people.
Dr Malpani also talks about the advantages of being a twitter influencer. He says that he learnt many new things just by going through the comments he received.
We have heard of many cases of fraudulent and dishonest doctors and medical practices happening in our country- be it prescribing incorrect medicines, or performing unnecessary surgeries- the list does not end. Malpani also says that the medical field in our country is broken- nobody is willing to trust anybody. That is where the concept of patient education and its propagation comes into play. He says that it is necessary to empower patients so that they can differentiate between good doctors and bad doctors. He also believes in the digitalization of the medical field by creating websites for each and every doctor.
Dr Malpanis has beautifully bridged the gap between the world of medicine and the world of business and entrepreneurship by introducing the concepts of creativity and involvement of technology in this field, which can revolutionise medicine as a whole.
His message to the youth would be, “Count your blessings that you’re here, as a citizen of this country, there are so many opportunities that you have in front of you, there is so much to learn. Just make sure you learn something every day- no matter what it is about. This is what will make you realise that this world is an exciting place and that is what will motivate you to make this world a better place to live in.”
For an Entrepreneur, The biggest worry is not raising funds but raising funds from the wrong investor.Aniruddha Malpani