Brains, Bravery And Hardwork
In an interview with BW Businessworld,Nishith Rastogi, Founder & CEO, Locus, shares tips for budding entrepreneurs
Success mantra As the famous quote goes, “The hard thing about hard things (startups) is that there is no pattern, so you have to gauge each situation uniquely and react accordingly. Thus, the ability to conduct controlled experiments, with clear measurable KPIs, and then learn and adapt from it, is key to our success.
The driving force behind your journey Working on solving the unsolved. We wish to establish the best multi-disciplinary technology team in the world, and build technology with an unprecedented depth in transportation and logistics.
Business advice “If you want to scale the team, align the decision making process and not the decisions,” one of the early investors of Locus gave me this piece of advice.
Tips for budding entrepreneurs The most important part of starting-up is to start. Starting a new business takes brains, bravery, and what will seem to be endless hours of hard work. When you own a company, there is always something that has to get done. Don’t get too attached to your idea, and don’t wait for a genius inspiration to strike. Stand, walk and run.
Government support The current administration is definitely playing an active and impactful role in shaping and building the right kind of ecosystem for startups. One way to further improve it, is if all decisions made by any committee are instead automated based on Data points. For example, there are a lot of benefits like taxation for a startup, but it is a human committee which decides if your company is a startup, that application process should be automated.
The team Having the right team in the right setup is important, apart from timing, it is the single most contributing factor. While it might not be a sufficient condition for success, it is definitely a necessary condition.
The inspiration Elon Musk and Masayoshi Son. Their plans have the defining quality of being simple and grand. They think in decades instead of years, and work on projects so impactful that they drive the human race forward.
The next step Being the co-founder of a smart logistics automation platform, which has developed a solution to help businesses dispatch, track and manage their on-field workforce, in product, now along with the best routing engine, we are offering our proprietary GeoCoding (Address to Lat/Long) engine as an external service as well, and it outperforms Google for industrial use. We are now looking to replicate this in South East Asia in 2018.
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