Dhananjay Nagarkatti (Co-founder & Chief Operating Officer at Innovsol) was born and brought up in Delhi where he completed his schooling at St. Columba’s School. He hold an engineer’s degree in Electrical and Electronics from Manipal and have also completed Executive MBA from IIM Calcutta.
Innovsol startup journey began after Dhananjay has quit his corporate job with a product idea. While he was having high hopes with his product and its possibilities, for some reason, it did not work out. It was after the failure of his first product when he realized that to keep the ship sailing, it was important to get in revenues. This is the pivot from where the brand repositioned itself as a consulting and services organization. And within a year of this pivot sometime in 2016/17, he came across this new technology called RPA (robotic process automation) during a NASSCOM event.
RPA was a new technology and Dhananjay saw the impact it would have on the industry in the coming days/years early on. So, his team leveraged the entry and invested time and resources in this technology and partnered with the top two leading RPA product leaders to provide consulting and implementation services. Since then, Innovsol has moved to other new technologies such as Cloud, Data & Analytics and a little bit of AI.
Innovsol is a new age consulting and services firm that leverages digital technologies to create innovative curated solutions for businesses of all shapes and sizes. Company brings out the best of commerce and technology by integrating the tech expertise and business intelligence. This way, Innovsol catalyze change and deliver results towards enabling the enterprise goals by harnessing the power of emerging technologies.
Driving force to become an entrepreneur
Dhananjay has always been an entrepreneur at heart. The thought process around innovating new and better solutions was straightforward, he wanted to give back to the society. Further, technology is something that always fascinated him as he believe that technology revolution is creating silent disruptions across industries and digitization is the key to better prospects in the future. This is where the driving force comes in, an opportunity to take India a step ahead in digitization.
Funding of startups is often a result of products involved. Currently, Innovsol is a Consulting & Services based startup that’s completely boostrapped. They haven’t raised any capital for this venture so far.
Propelling the thought of automation amidst the industry was a major challenge that startup came across as a platform. The thought of replacing their manpower with automated workforce was an idea not appreciated by many. While Innovsol team were centered towards reducing human errors by letting software bots do the complex extent of work in an efficient way, selling the idea was a challenge. However, thanks to the latest change in the industry and the introduction of cloud, we are now able to stand a firm ground with our product.
Factor that has helped you to be successful
Clients – Similar to any other startup, Innovsol clients have been the cornerstone for their brands success. They’re perhaps the biggest reason why startups have the zest to work on something new in the first place.
Sound plan – Another major factor that pushes you to success is a sound plan. Only once you have a sound plan, you can work effectively and bring out the decided results for your business. This way, the plan of action falls into place and once things work out, the motivation to do better continues.
The hardest decision
For any startup which has scaled recently, the pandemic has been one of the worst hits for every industry. The events of the Covid pandemic wreaked havoc for all businesses and Innovsol was not any different. Following the events of every other big and small-scale startups, startup had their fair share of difficulties for which they needed to take very hard decisions to survive.
“A hierarchy often confuses startups. Therefore, we at Innovsol try to maintain a flat structure where everyone is a part of operations ground up. At our startup, everybody does everything and though I’m a COO, you can see me taking over regular operations around the finance and HR department if needed. For us it’s not a rigid structure, we work together as a team”.
Innovsol target audience would be the FSI sector, insurance, banking, and retail. Basically, every industry which has a lot of backend and is repetitive processes needs them.
Advice for Students
If you have an idea and you genuinely think that it might make a difference, work on it until it’s actually transformed into a product. But the hardest test will be the hustle to realize your dream, don’t give up midway. All the best!
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