CXOTi day has engaged in an exclusive interview with Tanul Mishra, Founder and CEO, Aphthonia Labs.
- How did the idea of starting a startup incubator strike you?
Prior to creating Aphthonia, I co-founded Eatelish, an artisan-focused food startup that traded across 35+ modern outlets in India. While setting up and developing Eatelish, I realized the importance of having a support system to help you grow faster. After our conclusion in 2018, I had to think about what next and that’s when I took a deeper look at India’s startup ecosystem and realized that while India’s startup ecosystem is the 3rdrd largest in the world, the support system for incubators and accelerators is comparatively much smaller. 3 years ago USA had 2500+ incubators, China around 1500+ and India had 500+ incubators. In more mature ecosystems such as the US, there are also specialized incubators that ensure access to domain knowledge, networks and capital. It was this understanding of and existing gaps that led me to set up an incubator to give startups access to people, knowledge, networks and capital, the four pillars of a successful business.
- Aphthonia is India’s first fintech startup incubator, what are the challenges when setting up in a fintech space?
The magic of Fintech is combining finance and technology, and when you combine two powerful forces, the impact is enormous. The biggest challenge is getting the startups to understand why it is important to focus on a responsible solution that keeps the consumer at the forefront. The evolving regulatory landscape and its impact on startups can sometimes mean that an incubated startup can become irrelevant or have to pivot.
- Are there any challenges you face as a female founder?
I’ve always considered myself a founder first, and gender doesn’t cross my mind. And in my view, gender should never be a basis for judging someone’s talent and skills. Gender defines the body, not the mind. But during my Eatelish days, an investor like my co-founder and I (both women), what about kids? We told him that we don’t believe in child labour
- How does Aphthonia aim to help the fintech startups in the incubation process?
Our program is a tailor-made, personalized program. During the shortlisting process, we create a blue print for each startup that is shared with them at pre-incubation. Once they are on board, this plan is at the center of incubation. The goal is to help them reach the next inflection point. Each startup is assigned a mentor who helps them in each business area. We have a global panel of mentors that give startups global access. We have a pool of investors access to the investor ecosystem that helps raise funds and at the right stage with appropriate valuations.
- What is one piece of advice you would share with budding startups?
Remember why you started the business in the first place. It was to solve something, to build something. It is not about valuations.
- What is one piece of advice you would share with investors?
Give feedback on what the startups can do better even if you don’t invest, it will help them do better. Invest in them your time, your knowledge together with the money. With the right guidance and motive, the results will be beneficial for you too.
- What are the myths surrounding startups that you want to debunk?
Only one, if you raise capital, you succeed and will succeed. That’s just the first step. Capital is a liability, indeed. The amount of funding is never the potential a startup has.
- How is the startup ecosystem shaping the future of entrepreneurship in India?
India houses the third largest startup ecosystem in the world after the US and China. With the significant growth of startups from Tier II and III cities, the year also marked the introduction of many new startup programs that further contributed to the development of the new breed of startups and entrepreneurs. From guidelines, to incentives, grants, talks globally, everything happens. There are specialized incubators and accelerators such as Villigro and Uppekka that help startups grow.
- As a woman, a person has multiple roles to play at work and private life, how do you balance both?
I’ve accepted that there is no balance, you can’t do everything, one day work life takes priority and one day private life takes priority. It’s about taking one day at a time and not feeling guilty about which one you don’t prioritize.
- What is one piece of advice you would share with other female professionals?
Put yourself out there, don’t fear rejection. If you don’t ask for what you want, someone else will. It is important to value yourself and your dreams and ambitions. Never let your gender get in the way of your goals. Yes, it is a fact that although times have changed and people are working towards a better world for women, but equality is one thing and gender equality is another. But we have to stop shouting at the problems and start working towards the solution. Women must take the first step for themselves and the world will follow.
