Having talked to Vikas Agarwal & Maulik Sailor, founders Innovify, we have explored the technology and Agile methodology side of the business. It’s time we look at the financial side of the game, so we talked to Ruchit Jani, co-founder Innovify & CFO, Innovify & AtMayfair
Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set. Performing Financial Planning is critical to the success of any organization. It provides the Business Plan with rigor, by confirming that the objectives set are achievable from a financial point of view. It also helps the CEO to set financial targets for the organization.
When failing to achieve an integrated financial plan, startups end up haywire, not understanding the importance of short term & long term planning. To understand how startups & entrepreneurs need to focus & give financial planning its due importance, Ruchit threw light on some very important aspects.
1.) What is your motivation behind being a part of Innovify?
I believe in entrepreneurship. I love listening to great startup ideas. & I believe in technology. Ever since I finished my engineering, I got involved in establishing Matangi Industries; but somewhere inside always longed to go back and start something with my friends. In partnership, you need transparency, understanding and faith, which I had in my mates, Maulik, Prakash and Vikas. I have explored the chemical industry before, and wanted to explore something more innovative, something to do with technology; when Maulik discussed digital product management, product foundry & tech startup incubation, it motivated me to join Innovify.
2.) What is your role at Innovify?
As a co-founder of Innovify, I have headed all its financial and organizational operations since its inception and continue to do so.
Innovify is a digital product management company that provides a space for new ideas and start-ups to launch value-driven products and services in the market; my vision is to see Innovify transforming into a venture capital company that supports innovative start-ups in their journey towards success.
Innovify’s strong product management capabilities coupled with my know-how of international business markets and networking skills make for the perfect mix for Innovify’s seamless functioning.
3.) In your opinion, does the current startup generation think cautiously about the financial and organizational matters?
Yes and No both. Yes, they think, but not cautiously. To overcome this, they need advisors and mentors who can understand their vision & need and guide them to create a long-term roadmap to success. That’s what we do at Innovify. We help startups understand the value of a well-planned financial management & enable them to monitor the same. Financial planning helps in determining short term & long term goals which make it possible to manage income effectively.
4.) Are financial and organisational matters important in the ideate phase, when only the founders are working on their idea?
Financial planning means deciding in advance how much to spend, where to spend according to the funds at your disposal, that’s why it is important to explore these matters well in advance in the ideate phase itself.
5.) Is it difficult to play different roles at the management level in different industries at the same time?
I have always believed in objective driven tasks & with that clarity, it’s not at all difficult. I believe in the phrase, ‘the buck stops here’ & as long as your goals are clear and you are willing to take ownership for everything you do, it’s not at all difficult to play these various different roles.
Also Read: ENCOUNTER | MAULIK SAILOR, FOUNDER INNOVIFY
6.) What is the most important aspect in business development according to you?
Innovify has always believed in creating value, value for its employees, its customers & all stakeholders. Business Development is the way of creating long-term value for an organization from every aspect.
It’s important to keep evaluating what value is being created in the process of business development. We do so by asking ourselves, from time to time, how would we create this value & sustain it, who would benefit out of this value, can this value be packaged in different ways, can we monetise this value, who would be paying for it & how.
7.) Tell us something about AtMayfair.
I loved the idea of a global portal that not only offers services worldwide but also sources its products from the world over. The uniqueness of the entire concept and the people associated with it urged me to dive into AtMayfair head first.
AtMayfair is not just another luxury e-commerce portal it’s a lifestyle in itself. A lifestyle inspired from the luxuries of the Mayfair vicinity, which is at the heart of London and its imperial culture. It brings together some of the finest designer labels and stylists to a single
platform, right from the well-established ones to the internationally upcoming ones.
8.) What’s your role in AtMayfair?
As with Innovify, for AtMayfair too, I streamlined the financial planning and business development opportunities to ensure the site functions seamlessly. Setting up the budget and ensuring all the expenses were channelized towards a systematic approach to sales and ensuring the website standards are met.
9.) According to you, what are the key resources a startup must possess?
Right place at the right time with the right people!
10.) A message you would like to give to aspiring startups.
Be innovative, passionate & responsible about what you do and success is bound to follow you.
What are your views about the topics discussed above? Do share your views in comments below!