Mr. Siddharth Malani, an Indian entrepreneur, started ‘Identysol’ in the United Kingdom in the year 2004 after working for more than 9 years in the field of Electronics, Telecoms and IT.
As Mr. Malani puts it, “Smart Solutions for a Smart World.”
‘Identysol’ specializes in Radio-frequency identification (RFID) and other wireless technologies which are becoming more and more relevant in today’s world. In the coming 5 years, ‘Identysol’ aspires to be a major player in the field of wireless technologies, especially cloud based wireless applications. Our vision is to simplify the solutions and make it available to a wider audience by making the technology cheaper and making solutions scalable and practical. Our mission is to make businesses more efficient using wireless technologies and save money and wastage. Mr. Siddharth Malani, based in the UK could be contacted only through e-mail. In an interview with Snehal Bangad, the content coordinator for Reflexionar, he communicated the following:
● Mr. Malani, were there any reasons why you quit corporate life?
Being an engineering graduate and having a good profile and performance what encouraged you to start your own venture? I really did not enjoy working in corporate environment where you have less scope for innovation and less time to experiment. There are few companies which give you that kind of opportunity. For me inventing and entrepreneurship was more exciting than working in a hierarchy in a nice stable job. The other issue was I had a broader experience due to the companies I had worked for during my initial years. I was lucky enough to work in Instrumentation, Automation, Telecoms and IT and entrepreneurship was the next logical step where I could combine all the accumulated knowledge-base and apply it. The other thing that I did not like about larger companies is there was too much politics.
● When did the idea of becoming an entrepreneur come to you?
I had started two small ventures before, one with a friend and then alone. Both were started because I was excited at the prospect of designing something new. Never planned for it, it just happened. One was about to take off well but then I went into a stable job due to financial issues. The first time I realized consciously was when I was laid off in 2002 from a UK based company that was poorly run. It was a startup that had funding of around $30m but still failed. That was a trigger as it hit me and brought me back to the previous ventures. The thought of working for my own company was very appealing.
● How much time did it take you to zero in on this venture?
2 years to start the venture and took another one and a half years before zeroing in on RFID.
● How did you recognize the opportunity for ‘Identysol’?
Initially I started a venture thinking of doing what others were doing, i.e. outsourcing. But it did not meet great success. Then I found RFID which was a growing prospect. There was a lot of hype around it and my skills fitted nicely. I had good hands-on experience with integration, communications and protocols etc which made it easy for me technically to decide on it.
● What are the various services you offer?
We offer solutions around RFID. We also offer integration around other wireless technologies such as Zigbee and mobile technologies for remote monitoring and controls. We are also coming up with a product icantrack.com which is a cloud based solution which will revolutionize Internet-Of-Things concept.
● Who were your team members/partners for Identysol?
The venture was primarily my own. Some friends helped me initially with some aspects of starting up. There are no partners as such but there are friends who have invested.
● What were your sources for financial assistance?
Mainly myself, but some friends have invested some money. I have never taken a business loan. Although in the UK, there are number of schemes which could make us qualified for some sort of government funding, I find it cumbersome and takes up too much time. So it’s almost entirely self funder. At the moment we are planning to grow organically.
● What was your initial investment?
Not a lot – probably a few thousand pounds. Although there was a lot of outside support by working for the company for free. If I am not mistaken the amount invested by myself in terms of unpaid work is close to £400k. i.e. the loss of income in the initial 6-7 years or so.
● What is the trigger for growth of ‘Identysol’?
The trigger is finding the right kind of application that scales up well. RFID is highly contextual so unless you are careful you can do lots of projects and make very little money. Also finding the right people (sales and technical) and getting into right projects.
● What are the resources that you need and how do you accumulate them?
I have over the years build up contacts including suppliers and people who can work for me. I consider the network to be the most important resource for business. Business is done between people, not companies. So building a good network is the key to a successful business. Business events and exhibitions are other places where you find lot of good contacts. It’s important to filter and ensure you are talking to the right guys.
● What is the biggest hurdle that ‘Identysol’ has faced so far?
Initial research and consistent sales and marketing efforts have been major challenges. The issue has been to find the correct sales person who can understand the technology and RFID as it is, is a difficult sell. The other is finding the correct projects that scale well.
● Who are your potential competitors operating in the same domain?
There are several companies such as EKAHAU, UBISENSE etc on RFID front and the bigger companies such as IBM on the Smart Planet bit.
● Who was/were your first customers? How was there response to’Identysol’?
When I started I myself did not have a clear idea. It took me almost a year and a half to hone into RFID. Before that I attempted several things such as getting projects outsourced. One of the first customers was a US based company that needed some electronics communications product to control projectors which we completed successfully. Apparently, the units are still running after 8 years.
● Presently what is on the top of your agenda?
Getting ‘Identysol’ to valued a million dollar company within the next 5 years and a staffing of 100+ people with offices in UK, US and India.
● Would you like to share anything with our readers interested in Entrepreneurship?
1 Firstly, make sure your financial base is strong and do some research.
2 Second, if your base is strong don’t dissipate it by overspending. In other words be careful how you spend money.
3 Third, find the right people for the job. Attend events and build a network.
4 Fourth, start with service and then venture into products. Service is boring but pays the bills, Products are exciting but very hard and expensive to make happen.
5 Fifth, don’t have any plan B. If you have a Plan B then you are planning to fail in Plan A to latch on to Plan B which you would have planned as a safe bet. It may take 2-3 iterations before you get everything right. Surely, it does not make sense to be reckless though, so take calculated risks. Keep the losses in control. Be ready to sacrifice and put your heart, blood and soul into your business. It takes a lot of effort. Read lots of books such as – Think and Grow Rich by Napolean Hill and How to win friends and influence people – Dale Carnegie. They are excellent books that all entrepreneurs should read!
● What would you tell an individual who is studying and wants to start his own venture?”
Do your research. Don’t listen to naysayers. Funnily, I read a great post on a blog the other day – “There are hundreds of paths up the mountain, all leading to the same place, so it doesn’t matter which path you take. The only person wasting time is one running around the mountain, telling everyone that his or her path will lead to nowhere.” If you have an idea go for it- no matter how many other similar products or services are there, you can still make a decent business. More importantly, you will learn business skills and it will be an experience. So go with full force and fail spectacularly and learn from your mistakes and do it again, until you succeed.
Snehal Bangad
BITS, Pilani
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