Dhanada K Mishra, Hong Kong, 8 February 2024
When the cryptocurrency exchange FTX Trading Limited – a hot shot startup, failed in December 2022, and its founder, Sam Bankman Fried (SBF), got arrested on fraud charges, no one could have predicted the impact it would have on the startup world. As it turned out, 2023 proved to be the annus horribilis for startups, with 47% failing in 2022 in the US, which was already nearly double that of 2021 – the following year proved to be far worse still. In India, 2023 saw a 73% decline in funding at around 7 billion USD – the lowest in the last five years. Major failures like the Silicon Valley bank, famous for supporting startups, had a significant domino effect downstream. Founders scrambled to downsize and cut costs; investors had to perform triage in deciding which startups to save and which to let die. In the same time frame, Artificial Intelligence or AI has been making a splash and finally delivering a big way with the launch of Open AI’s ChatGPT, followed by many such as Google’s Bard, etc. In a way, the AI frenzy has sucked up the bulk of the investor’s funding at the cost of thousands of startups.
Life is a journey filled with unexpected twists and turns, and for me, that journey has been intertwined with the exhilarating world of startups for some time now. From my undergraduate studies in civil engineering in India to my current stint at RaSpect.AI, a Hong Kong-based startup, I have experienced the roller coaster ride of entrepreneurship first-hand. This article weaves together the moments of triumph, setbacks, and resilience that have defined my journey, highlighting the transformative power of education, industry experiences, and the pursuit of AI innovation.
My journey began with a late-blooming passion for civil engineering during my undergraduate studies at the then-Regional College of Engineering (REC), now known as NIT at Tiruchirapalli – a town far from my native Bhubaneswar in Odisha. Competing with the best students from all over the country was the first challenge I had to overcome. Those formative years were filled with the excitement of learning about structural engineering, construction management, and sustainable development. Pursuing knowledge became my driving force, fueling a desire to contribute meaningfully to the field and make a lasting impact. The cultural exposure to a different world away from familiar surroundings regarding food, language, music, dance, etc., was a significant part of my learning experience. It prepared me well for my subsequent journey in many foreign lands.
Empowered by my undergraduate education, I embarked on a new chapter by pursuing my higher studies in the United States, culminating with a PhD from the University of Michigan, one of the top universities in the world. This period broadened my horizons, exposing me to cutting-edge research, collaboration with renowned scholars, and a global perspective on engineering challenges. Armed with my doctorate, I ventured into the industry in the 1990s, just as India opened up with the liberalised economic policies under Dr Manmohan Singh, which created a buzz among the youth towards entrepreneurship. I chose to work for prominent companies such as ACC in India and Rocla in Australia instead of IITs or public sector research laboratories to experience the corporate sector first-hand. These experiences provided invaluable insights into real-world engineering practices, project management, and the importance of innovation within the industry.
Driven by a desire to bridge the gap between academia and industry, I transitioned back to the world of academia, where I could nurture young minds and contribute to the development of future engineers. This led to my first entrepreneurial venture, which involved turning around a rural engineering college in Paralakhemundi, which is now a vibrant Centurion University. Later, I worked for the Sambad group’s educational institutes under our state’s well-known entrepreneur – Sri Soumya Ranjan Patnaik. These institutions aimed to provide holistic education, emphasising practical skills, entrepreneurship, and social responsibility. It was a fulfilling period, witnessing these institutes’ growth, success, and impact on countless students’ lives.
In 2017, I took a short sabbatical break to visit the Hong Kong University of Science and Technology, which initially brought me to the vibrant city. Little did I know that this temporary stay would play a pivotal role in shaping the next phase of my journey. The outbreak of the COVID-19 pandemic extended my stay, providing an unexpected opportunity for reflection and exploration. During this time, I delved deeper into AI and its potential applications in various industries, including building inspection.
As my curiosity for AI grew, I was drawn to RaSpect.AI, a startup at the forefront of AI-driven solutions in building inspection. Joining the team, I brought my engineering expertise and passion for innovation to a group of AI and software nerds much younger than me. RaSpect.AI became the platform where my dreams and aspirations converged, and my entrepreneurial journey took flight. However, I had to work hard to keep pace with my younger colleagues. I learnt quickly that there was no place to hide in a startup. In a large corporate or public sector organisation, one may get some room to learn and adapt. One may take a relaxed route, foregoing quick promotions and moving up the ranks. But, in a startup, you either perform or perish, which is fast-paced. It often reminded me of my days in Michigan when I tried to compete with much better players on the basketball court. Just being able to run with them or the opportunity to play was an honour enough.
At RaSpect.AI, moments of triumph became defining milestones on our startup journey. Early during my tenure, securing a significant funding round from a renowned venture capital firm provided the financial boost needed for expansion and validated our vision. The successful launch of our flagship product, Inspectica™, received excellent reviews and solidified our belief in the potential of our solution.
In every startup journey, there are moments of despair and near-catastrophe. We are no exception, especially during the recent lean period. While it has been challenging to survive a prolonged period without additional venture funding, it has also taught us valuable lessons in cost control and working towards profitability.
From the dreams of an aspiring civil engineer in India to the cutting-edge world of AI innovation in building inspection, my journey has been a testament to the transformative power of education, industry experiences, and the resilience required to navigate the startup ecosystem. Earlier in India, I admired our social workers who built non-profits or NGOs with a passion for a cause and created value through micro-entrepreneurship. Today, the need of the hour is to create a different kind of entrepreneurial spirit that has taken root in our country. It certainly has the power to shape our youth into entrepreneurs equipped to tackle the challenges and seize the opportunities that come with the roller coaster ride of entrepreneurship.