India is home to the third largest startup ecosystem in the world. The number of DPIIT– recognized startups stands at a colossal 1,17,254 as on 31st December 2023 – an impressive 40 percentage growth from the previous year! While these numbers speak of a flourishing ecosystem, there is a contrasting reality. As much as 9 out of 10 startups fail globally, according to various reports. In India, 80-90 percent of the startups do not make it past the first five years!
Yet, India has some of the glorious success stories from the startup community. So, what really makes a startup tick? It’s a ‘billion-dollar’ question, considering that startups in India collectively raise a few billion dollars in funding every year.
To understand the nuances of building a successful startup, CIO Dimension caught up with this young entrepreneur in Bengaluru – the startup capital of India. Yuvaraj Thanikachalam, Founder & CEO of Kreatorverse – a startup venture studio, is anything but a typical Bengaluru startup founder. His company is on a mission to guide promising startups through the often-treacherous path to success and profitability.
Building on Web3 for the future
Yuvaraj emphasizes that startups need more than just a good product and funding to thrive in the market.
“New venture building exercise requires experimental infrastructure (lab), scientific methodology, entrepreneurial (tech & business savvy) talent, and seed capital. It is super rare to find all of them in one place. Building such an organization for a new venture founder or investor takes years of investment. It is a real big problem for Indian startup founders and investors,” says Yuvaraj.
A good product is often just the beginning; enduring in a dynamic market is the real test for startups, he observes.
The venture studio works with early stage startups and serial entrepreneurs to help them build products that stay relevant for a sustained period. With a strong foundation in finance and blockchain, Yuvaraj believes Web3 is the future. So far, Kreatorverse has worked with over 20 startups to build Web3 software products by applying proven methodologies and technologies. The company’s clientele include fintech startups, neobanks, digital banks, private wealth management firms, alternate investment companies, and social media startups.
All of these startups in the financial services sector stand to benefit hugely with Web3. The primary socio-economic impact pursued by fintech is financial inclusion. Inclusive, neutral, democratic internet infrastructure is a must for global financial inclusion, which is a sustainable development goal. Decentralized finance (DeFi) and real-world assets-backed tokenized economies are the best ways to do it, Yuvaraj says.
The right blend of technology and business
So, is Kreatorverse providing just the “staffing” for these startups? Yuvaraj maintains that the company goes much beyond that. Building a product requires more than just the software development understanding. It’s not just about the programming tools and skills. It’s about empathy for the customer and business. Software is not a standalone entity in a tech-first venture, it’s the core of the business, he adds.
“Just imagine, customers have no incentives for staying with a product for long. Their decisions are influenced strongly by the experience they have with a software or an app. Hence, building each customer touchpoints with experiential value is critical for startups. And that experience is the differentiation for a customer to choose a product. We help startups create this differentiation.”
The company optimizes innovation outcomes by blending business acumen with technological expertise. They establish a solid foundation through design thinking, innovation frameworks, and diverse problem-solving approaches. This method drives innovation and enables the creation of distinctive products within their studio. Kreatorverse guides businesses from concept to proof of value within 4 to 6 months, says Yuvaraj.
He observes that Web3 startup co-founders often navigate regulatory and compliance landscapes blindly due to their limited understanding of traditional finance and capital markets. Kreatorverse also offers an added advantage by combining expertise in both Web3 and traditional markets.
“Our goal is to minimize the risk of failure and significantly increasing the rate of business success for startups,” sums up Yuvaraj.
