Companies need to have a degree of patience when scaling the S-curve, while also making sure to avoid common mistakes that could throw the business off course, Licious’s Abhay Hanjura and Shiprocket’s Saahil Goel warned at TechSparks 2022.
The S curve represents how a company’s product or business model evolves over time and matures. Generally, a progressive curve indicates profitability.
“Shiprocket has made pivots and micro pivots more than twice and has achieved the S-curve several times over the years. But we realized it was too soon,” said Saahil, co-founder and CEO of logistics startup Shiprocket, while speaking with Your history Shradha Sharma, Founder and CEO, at the country’s most influential emerging technology event.
Saahil noted that the company’s many pivots had helped her redirect focus on internal aspects of the organization, including employees, investors and customers.
Abhay Hanjura, founder of meat-delivery unicorn Licious, shared a similar sentiment, saying startups need to shift their focus to things that founders often leave behind.
“Focus on building a strong founding team and better communication within the organization. S-curves will follow,” Abhay said, drawing applause from the audience.
Licious achieved unicorn status in October of last year, while Shiprocket joined the coveted $1 billion valuation club in August of this year.
Pranjal Kumar, CFO and Head-Corporate Development at Eruditus Executive Education, joined the candid conversation with excerpts from his own experience of starting a business. “Founders must learn to think in the medium and long term and ensure better governance,” he said.
The panel of founders and investors also delved into what it takes to build a unicorn.
Pankaj Makkar, CEO of Bertelsmann India Investments, emphasized creating a strong product as well as ensuring a business with a sustainable economic unit. He also highlighted the importance of maintaining a constructive relationship with investors.