What is the cost of Failure?

Seth Godin once said, the cost of failure is dwarfed by the huge cost of not trying.

This is absolutely very true. Most of the times we do not even take the next step because we are afraid as to what will happen next. We are in our comfort zone and we wish to be there.

At work or even when starting up, the moment you start trying to make something happen, you change yourself and also make a difference in what you believe in and do.

So, instead of spending time on planning the execution or writing a fool-proof plan, just try. It will give you success else a beautiful learning.

Experience

A very good friend of mine and I once walked into Audi showroom in Bangalore. We just wanted to inquire about their Q3 offering. We initially planned that we would go there, inquire and be back in 30 minutes. After we entered, we were greeted by a receptionist and she then put us to the Executive who was in-charge for Q3. Since the time he introduced himself and till the time we left the showroom after more than 2 hours, the complete experience was just impeccable. He ensured we test drove each of the cars available and during each of the drives he explained in detail as to how you would feel the difference and what should we look out for to understand what the car has to offer. Even after more than a year of visiting the showroom, I remember each detail he spoke and what we did each minute while we were in the showroom. If any day, I can afford a Audi, am sure going back to the very same showroom.

I guess this is what Experience is all about. Never judge your potential consumer of anything. Provide the best experience for each and every client of yours. This is what people look for. They do not buy your service for any other reason other than experience.

I do go through wonderful experiences in my grocery shop and barber shop and probably that is the reason I go back to the same shops again and again for anything I want.

While offering your service, consider yourself to be recieving the similar service. Give the same exact experience of how you would like to receive and am sure that will make all the difference.

Remember, people remember you and your service not because of Quality or superiority, but because of the experience you provide.

Disruptive Innovation

There is a little bit of Innovation in our lives each day. We consciously strive to do something new in whatever we do.

Disruptive Innovation is something we do unknowingly or many a times, we re-invent the innovation to make it easier considering the circumstances.

For instance, Telephone is an innovation and Mobile phone is disruptive innovation. Car is an innovation, sports car is disruptive innovation and the list goes on.

Is there a framework or formula for Disruptive Innovation? There are theories on this and various frameworks to define it. But, disruptive innovation mainly focuses on enhancing the innovation which currently exists.

Internet is innovation and what follows is Disruptive. In today’s world, what we mostly see are improvisations of Innovations and most of these are disruptive.

What should we do to be Disruptive? No particular formula, but the first thing we need to look at is understand the subject/domain completely even before thinking how you can ease a solution. For instance, to create the best of the eCommerce site, first you need to understand all the details of Internet and the eCommerce domain. When you understand the subject and then start looking at it objectively coupled with a futuristic view, then you can get disruptive.

Simple as it sounds.

The art of building relationships

Let us accept it, in this world everything depends on how you build your relationships. Be it with your parents, friends, spouse, children, boss, co-workers, subordinates and your buddies, every relationship needs to be nurtured and built upon.

What happens most of the times is that our expectations in each of the relationships decides how much we get out of each of the relationship. The key here is our expectation.

Recently, Matthieu Ricard, a 69 year old Buddhist Monk is hailed to be the happiest person alive by scientists who have conducted a 12 year study on his brain. The thing what Matthieu Ricard says is that one should train their brain to be benevolent. Very simple, as it sounds.

In building relationships what we tend to do is that over periods of time we unknowingly start building our expectations and with this, the sense of insecurity and instability start creeping in. When insecurity and instability start to play a bigger role, the relationship gets hit.

We need to make conscious efforts to carefully examine our relationships from time to time and look at how they are impacting our lives. If you gain happiness with one of your acquaintances, ensure you nurture the relationship. If you feel strained about the person, understand why you feel strained and see if you can mend the relationship. If you cannot, then you must reconsider.

What is important to understand and accept is that not all relationships give you the best of the feelings. So, identify those which do and build on those relationships.

Few relationships are very important, family, spouse, boss and your client. Ensure you spend time periodically asking the tough questions to yourself and build on what you have been observing.

Each time you build a new relationship, keep evaluating on your expectation.

How to know if your idea is worth starting up?

When you are ready to take your idea forward, the first thing you will need to work on is finding your true clients who buy into your idea.

How do you get real time data to see if you truly have a path breaking idea?

The first thing you do is set up a website (choose the best and the easiest domain name which represents your idea). Setting up a website these days does not cost much and you can register a domain and setup a landing page for not more than Rs.1,000 (~$20).

On this page, provide information of your idea and ask people to register for knowing more details. For this, simply use Google Forms.

Start spreading out the word about your startup. Add a link to your website in your email signature and keep posting on Social Media (Facebook, LinkedIn, Twitter etc)

Monitor the signups. If you are not getting as many as you expected, then either the message is not reaching the right audience or people are not interested.

You will need to identify metrics to evaluate what the exact reason is. Once you have the right kind of data, then evaluate if your idea is worth taking it forward or not.

After people signup, send an email blast (use services like TinyLetter) to all your subscribers and share your idea at a high level and also ask questions about what they liked in the idea and how they are going to use your end solution. Based on the feedback, start working on your idea.

After all, what is more satisfying than having people buying your product/service without even seeing it?

Wearable Technology – Future of Healthcare

Wearable Technology has been in existence for over last 5 years. However, in India, it is slowly gaining acceptance. People have started using Garmin, Apple Watch, Fitbit and now GoQii (Home grown Indian startup in wearable technology space). Garmin has predominantly been in use with sports persons (Running, Golf and Cycling) and Fitbit has also come to India few years ago.

Wearable technology can help motivate people to exercise, add friends and see how they are comparing with others. Also, these devices gather a load of data for personal monitoring. These days, these devices even gather your heart rate all through the day.

If you ask me today, this data is predominantly for personal use. But, this data can be used to consistently monitor your health and also your Doctor can see a live day-to-day analysis of how you are managing your health. Also, with apps like MyFitnessPal which help you in monitoring your food and water intake, this data becomes very valuable to your Doctor who can better judge your Health.

I have been using wearable technology for over 2 years and I have all the data with me, I am waiting for startups to focus on building interfaces with these wearable tech apps so that I can understand and decimate what the information is telling me.

This technology is at nascent stage and I am quite sure in the next decade, it will become mandatory.

This is the third Part of my future of Healthcare thoughts. Read Part 1 and Part 2

3D Printing – Future of Healthcare

This is the second post on this series of what I think will be the future of Healthcare. In the first post, I talked about Personalized Medicine.

Joint replacement, Prostrate legs etc are gaining acceptance worldwide. 3D Printing definitely brings down the cost and hence more and more people can afford them. However, this is just one piece to the puzzle. There are other components which are required for 3D printing to become more affordable and acceptable.

There are two companies which are working on pushing the need for Joint replacements. Stryker Corporation and Zimmer Biomet. They using 3D Printing along CT Bone Scans to develop personalized designs.

This is a long way to go, but organizations like these are changing the game.

Remember how Aravind Eye Care changed the game for Cataract operations by producing lens which cost $5? Aravind Eye Care played a crucial role in bringing down the costs of Cataract surgeries and making it affordable for many people.

2 Questions before you Startup

I don’t even want to start with the list of question you would need to answer to family, friends and yourself before you startup.

In the long list of questions, there are 2 questions which stand out and answering these two questions with clarity will help answer all the remaining one’s in a breeze.

So, what are the 2 questions?

– What is the trend of the Industry you wish to startup for the next at least 5 Years.
– Proof of your demand.

The questions are self-explanatory.

Personalized Medicine – The future of Healthcare

This is one common question which comes frequently in my conversations. What is the one big thing which will change the landscape of Healthcare in the next decade or so. With my experience, I personally feel it is going to be Personalized Medicine.

Recently, I met a founder who is working on this idea at a different level. Their idea is to combine various forms of medicine to personalize the treatment. For instance, if you have a backache (common in today’s world), just popping a pill might give you instance relief, but what is the long term treatment? In the long term, one should be sincere in developing a discipline to ensure this is proactively taken care. Doing Yoga and sitting in proper posture while working and sleeping are certain ways of dealing with this kind of a problem.

What I foresee is that the regular medication which you take also will be personalized based on your DNA and other vitals.

In summary, I might not be taking Vicks Action 500 for my cold and headache, but I might walk into the pharmacy, provide my vitals and other information required and I will get personalized medicine which will address the issue much better and also ensure I develop some kind of resistance to the ailment.

Why, What, How of Predictive Analysis in India 

Enough is said about the Healthcare infrastructure in India. All what we have is problems. Doctor to Patient ratio is very less, Population to Hospital beds is less, Manpower is less. Everything is on a downward trend.

Healthcare startups are focusing on bridging various aspects in Healthcare – Delivering medicines, connecting Doctors, Virtual consultation, Telemedicine etc. However, there is one thing Startups are not focusing on – Preventive Care.

Why?

The answer is simple, for Preventive Care, we need data and in India, that is what we lack. We do not have historical data to predict the future. The other aspect which is worrysome is that, there are very few (countable on fingers) that are focusing on automating the care delivery. This can be attributed to not so strong Healthcare Management in India. 70% is private care and out of pocket expense and 30% is the Public model.

What?

I personally do not believe that Government has to do everything, but in the current context, Government has to focus on at least structuring the Healthcare laws and delivery model in the country. Startups should focus on data collection and developing algorithms for using this data to predict the future course of action.

How?

Hospitals are ready to work with Startups to provide the data. Initially, hospitals might not allow public sharing of the algorithms, but if the Quality of Care increases, more and more will be forced to adapt to the model.

What we need today is just one case study, which can use the existing data, utilize technology to design predictive analysis and then, the ball starts rolling.