Entrepreneurship often follows a unique path, and for tech entrepreneur Saket Modi, it began with a passion for computer science and an innate drive from his Marwadi heritage. His early fascination with technology led him to ethical hacking workshops across India, which soon grew into Lucideus, a thriving cybersecurity company. Over time, the company evolved into Safe Security, a Silicon Valley startup focusing on scalable cybersecurity solutions, where he wears the hat of co-founder and CEO. In this BW Dialogue with Annurag Batra, Chairman & Editor-in-Chief of BW Businessword, Modi discusses mentorship, strategic pivots and how passion, agility and thoughtful mentorship can drive business success globally
From Lucideus to Safe Security: A Journey Fuelled by Passion, Mentorship & Innovation
Entrepreneurship often follows a unique path, and for tech entrepreneur Saket Modi, it began with a passion for computer science and an innate drive from his Marwadi heritage. His early fascination with technology led him to ethical hacking workshops across India, which soon grew into Lucideus, a thriving cybersecurity company. Over time, the company evolved into Safe Security, a Silicon Valley startup focusing on scalable cybersecurity solutions, where he wears the hat of co-founder and CEO. In this BW Dialogue with Annurag Batra, Chairman & Editor-in-Chief of BW Businessworld, Modi discusses mentorship, strategic pivots and how passion, agility and thoughtful mentorship can drive business success globally
How did your entrepreneurial journey begin?
I hold two degrees: one in computer science and another as a Marwadi from Calcutta. The first degree is pretty self-explanatory, but being a Marwadi, entrepreneurship came naturally to me. In my third year of undergrad, I considered starting a business. While parents in India are typically risk averse and would like their children to have a safe, secure job, my father supported the idea for my business from the get-go.
And my journey of entrepreneurship began – with a passion for computer science. It was never about building a company or changing the world– that came about as a byproduct of this passion.
You make it sound easy, but you started coding and solving problems at a very young age. Tell us more about those early days.
I like depth; diving deep into topics I love. Understanding the first principles of technology and hacking started early. I was fascinated with the underlying structures of computers, networks and operating systems. During college, I started teaching workshops on ethical hacking. For a fee of Rs 1,000, I would conduct two-day practical workshops in universities across India where students could learn live hacking techniques. Due to the high demand for these workshops, starting a company became the natural next step.
Your company was originally called Lucideus. How did it evolve into Safe Security, a Silicon Valley startup?
Initially, Lucideus was a successful services company, working with companies like Google, Facebook, and UPI (NPCI). We soon realised that growing a services company meant increasing headcount significantly, which was not a scalable option. I have a lot of bad qualities, but the one I am not working on is my impatience. Since it would have taken us forever to scale a services business, I decided to pivot toward building a product company in 2018, and we transitioned into Safe Security, focusing on a SaaS (software as a service) product. With the support of John Chambers as an early investor and mentor, we completely shifted our business model and began building our SaaS Product, which we launched officially in April 2020.
The name change was a strategic move. While Lucideus had a significant meaning, it was complicated for many people to spell or remember. We wanted something simple and effective, and ‘Safe’ reflected the product we were building. To our surprise, and as luck would have it – we got the trademark for Safe Security.
If you were to predict three key trends in cybersecurity for enterprises, what would they be?
The first major trend will be the need to justify the ROI (return on investment) of cybersecurity investments. In the past, spending was largely driven by fear. But now, especially in the US, companies are being more discerning and even reducing their cybersecurity budgets when necessary, opting for more cost-effective solutions. The second trend will be the elevation of chief security officers (CISOs) to business leaders, with many sitting in the boardroom. They will play a critical role in advising on digital and AI initiatives, ensuring that technology helps accelerate business growth while managing associated risks. Finally, we will see consolidation in the cybersecurity market. There are around 4,000 cybersecurity vendors right now, but only 35 of them are publicly traded. This imbalance will lead to mergers and consolidations, streamlining the industry.
Are you planning any initiatives to educate and evangelise cybersecurity among business leaders?
Yes, we are focusing on cybersecurity education through partnerships like the one we have with the FAIR Institute, a not-for-profit body in Washington, D.C., where I serve on the board. We have collaborated with Coursera to launch specialised courses for Executives (CEOs, CFOs) to better understand cybersecurity risks and how to address them. These courses (which are of a few hours) are tailored to equip leaders with the right questions to ask and help them grasp the fundamentals of cybersecurity without being bogged down by technical jargon.
What advice do you have for aspiring entrepreneurs, especially those looking for mentors?
Mentors tend to find you when you show a genuine hunger to learn and grow. You don’t choose them; they often select you. For instance, I pursued some of the best in the business, including Patty McCord, the former Chief HR Officer at Netflix. I reached out to her persistently, and she eventually gave me her time. When seeking mentorship, focus on adding value rather than just asking for advice. Offer something, whether it is equity or anything else ‒ start by ‘giving’ before ‘asking’ ‒ what you give is not as important as the gesture itself.
Who are some of the key mentors who have shaped your journey?
I’ve been fortunate to have incredible mentors like John Chambers, the former CEO of Cisco, and several others from leading companies like PayPal, Google, Netflix, etc. These mentors have been invaluable in helping me navigate scaling, building culture, and growing Safe globally. Mentorship is not just about asking for advice but about being selective with your questions and then actioning them if you feel aligned with the advice. The important thing here is to know what you know, and more importantly ‒ to know what you don’t know.
Can you share your experience with building the culture at Safe Security?
As they say, culture eats strategy for breakfast. There have been so many companies in the world ‒ like Netflix, Hub spot, Facebook, Google etc that have had incredible cultures, which has translated into great businesses. I studied over 14 companies and their culture before working on our own culture. In 2019 we took a very conscious approach to build our own culture at Safe. We have a 120-slide culture deck, which is even available via an online search if you look for ‘Safe’s culture deck’.
What are your top book recommendations for aspiring entrepreneurs?
For me what has always fascinated me is the author and not the book. I must say though that I don’t read fiction. I love reading the biographies of people and understanding, in my limited way, what made them a certain way and their decision-making framework. So, I would recommend people to read the life stories of their five role models ‒ for me, it’s been anywhere from Steve Jobs to Elon Musk, from Shiva to Prophet Mohammed, from Mozart to Van Gogh, and from Rudyard Kipling to Rabindranath Tagore.
If you had to choose between building a business in India or globally, what would you prefer?
I believe in building a business that is ‘Made in India, made for the world’. Safe Security is headquartered in the US, but most of our engineering and product development happens in India. We aim to make a global impact while staying rooted in India.
What is the legacy you hope to leave behind with Safe Security and your entrepreneurial journey?
Legacy is overrated in my view. I am having fun building Safe ‒ and that is all that matters to me. Whether it goes down in history as good or bad does not really matter.
_20240918083333_original_image_44.webp)