In this episode of Startup Therapy, co-hosts Sandeep Shroff and Gaurav Rastogi dive deep into the rollercoaster journey of Sandy, the founder and CEO of Innovaccer. The episode begins with a vivid metaphor comparing the startup experience to a rollercoaster ride—slowly climbing up, facing sudden drops, and the uncertainty of what lies ahead. Sandy shares his remarkable journey from starting with a Wharton-Harvard data project to achieving an impressive $180 million in annual recurring revenue (ARR) after experiencing significant ups and downs, including a drop from $10 million to $1 million.Sandeep and Gaurav, highlighting their shared connection with Sandy through their alma mater, IMA. Gaurav expresses his excitement about having Sandy on the podcast, emphasizing the fascinating nature of his story. Sandy reflects on his early career at Ingersoll Rand, where he and his co-founders began their entrepreneurial journey. They initially focused on research, helping top research organizations convert unstructured data into structured formats. However, they soon realised the challenges of scaling in that space, leading to their first pivot towards enterprise solutions.As the conversation unfolds, Sandy discusses the importance of recognising when to pivot and the necessity of being brutally honest with oneself about the business's direction. He recounts the pivotal moment when they decided to focus solely on healthcare, a notoriously difficult industry, and the challenges they faced during that transition. Sandy emphasises the significance of mutual respect and transparency among co-founders, which has been crucial in navigating the highs and lows of their journey and delve into the dynamics of the founding team, discussing how relationships evolve through challenges and the importance of having a strong support system. Sandy shares insights on recognizing personal limitations and the need for self-reflection, encouraging founders to be honest about their capabilities and to seek help when necessary.Sandy provides valuable lessons learned from his experiences, including the importance of long-term vision, the role of investors, and the necessity of adapting to industry changes, particularly with the rise of AI. He emphasizes that while the journey is fraught with challenges, enjoying the company of fellow founders and maintaining strong relationships can make the experience worthwhile.Join us for this insightful episode as we explore the rollercoaster ride of entrepreneurship, the importance of adaptability, and the value of camaraderie among founders.

Resources

Innovaccer Website

Innovaccer LinkedIn page

Sandy on Linkedin

MyStartUpCFO LinkedIn Page

MyStartUpCFO Website

Sandeep Shroff on Linkedin

Gaurav Rastogi on Linkedin

Chapters

00:00:00 – Introduction to the Rollercoaster Journey

00:01:13 – Meet the Hosts and Guest

00:02:22 – Sandy's Inception Story

00:03:00 – From Research to Enterprise

00:07:24 – The First Major Pivot to Healthcare

00:10:02 – Navigating the Healthcare Landscape

00:12:21 – Defining Success and Enjoying the Journey

00:13:10 – The Importance of Co-Founder Relationships

00:16:01 – Recognizing Personal Limits00:19:13 – The Role of Honesty in Leadership

00:20:10 – Co-Location and Communication Among Founders

00:21:06 – Rules for Healthy Disagreements

00:22:15 – Second-Guessing Decisions

00:24:39 – Investor Relationships and Long-Term Vision

00:27:49 – The Value of Trustworthy Investors

00:29:24 – Painful Lessons from Co-Founder Dynamics

00:32:07 – The Role of Luck in Co-Founder Relationships

00:33:10 – Rapid Fire Questions

00:38:11 – Conclusion and Final Thoughts#StratUpTherapy