Do Not Chase Vanity Metrics
There are no shortcuts to success. It requires years of persistent hard work, an unbeatable belief in your vision, and immense patience. It is about puddles of sweat and working towards your goals one day at a time
Photo Credit :
ABHISHEK AGARWAL, 32, CEO, CreditVidya
Success mantra One quality that attributes to our success at CreditVidya is grit — the relentless pursuit of a dream. The most important thing is to have faith in your vision and continuously work towards long-term goals.
The driving force behind your journey We strongly believe that the next wave of consumption will be driven by credit in India. India is home to over 350 million first-time borrowers. But the current lending ecosystem is not equipped to serve the new-to-credit segment. By providing risk scores to first-time borrowers through the assessment of their digital footprint, we are allowing lending institutions to give these individuals access to affordable credit. The enormity of the problem and the potential impact that we can make drives us towards this endeavour. The vision to build a product that will impact hundreds of millions of Indian consumers is the driving force behind our journey.
Business advice A very valuable advice that I got was, “Do not chase vanity metrics”. It taught me the importance of being brutal while assessing business performance, in order to take correct and well-informed decisions.
Tips for budding entrepreneurs There are no shortcuts to success. It requires years of persistent hard work, an unbeatable belief in your vision, and immense patience. It is about puddles of sweat and working towards your goals one day at a time.
In recent times, the government of India has taken a lot of initiatives to build the digital infrastructure. Introduction of Aadhaar application programme interface for identity verification and unified payments interface for payments are some examples. However, India still lacks robust Internet infrastructure and the true test for most of these initiatives will be benefitting individuals at the bottom of the pyramid.
The team This is possibly the single most important aspect of running a successful startup. It starts from choosing the right co-founder. We always aim to hire someone who is smarter than us, resonates our core values and brings complementary skill set to the table.
Inspiration Rahul Dravid, Elon Musk and Subhash Chandra Bose.
What next We aim to partner with over 50 lending institutions and assess profiles of over 20 million consumers by 2020. Further, we are excited about other ecosystem players like e-commerce, wallet, rental companies who are leveraging our alternate data solutions for driving their business goals. We look forward to multiple tie-ups with diverse set of players for our AI-based platform.