Solving problems, staying nimble are key to unlocking new business opportunities

In a rapidly evolving business landscape, identifying and seizing untapped business opportunities is the key to entrepreneurial success. 

At YourStory's flagship event, Techsparks, Ritesh Srivastava, Founder and CEO of Freed, and Bhavik Koladiya, CEO of OTPless, shared their valuable insights on what it takes to break into uncharted territories with a strong business idea.

Srivastava said it is important to identify and address real problems. 

“A business idea should ideally tackle a problem that has not been previously addressed. It should also be scalable, with good unit economics and the potential for profitability,” he said.

He also highlighted the dual nature of entering new markets. While it offers the opportunity to set the rules, it also comes with the risk of late entrants capitalising on a great idea if not executed effectively. Being nimble and efficient in execution is key to staying ahead in unexplored territories.

Koladiya stressed the significance of staying focused and disciplined, especially in the early stages of a startup's journey. 

“It is easy to get distracted or deviate from the core problem you set out to solve. Maintaining a clear focus on your mission is crucial,” he said.

Srivastava also highlighted the importance of understanding and contextualising the local market. Simply copying successful models from the West may not work, as every market is different, he said. In India, where customers are highly value-conscious, catering to their specific needs is vital.

Disruption in every industry

Koladiya identified fintech as a sector with substantial untapped potential. Many problems exist in the financial sector that traditional banks are not adequately solving. Collaborations between fintech startups and banks can lead to the creation of innovative solutions, he said.

Srivastava pointed out that disruption can happen in any industry. “Every sector offers unique opportunities for innovation. In this rapidly changing business landscape, being innovative is not just an option but a strategic necessity,” he said.

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Talking about mitigating risks, Koladiya emphasised the importance of building a strong founding team and staying focused on the value proposition and target customers. 

Staying relevant in a constantly changing regulatory environment and being forward-thinking are also crucial aspects, the speakers said. 

Real-world solutions: Freed and OTPless

Ritesh Srivastava shared how Freed was born out of the observation of gaps in retail lending and the rising defaults in unsecured loans. By offering to settle unsecured loans for financially distressed customers, Freed has catered to 20,000 customers, providing a win-win solution for debtors and creditors.

Bhavik Koladiya explained how OTPless emerged to solve the struggle of entering OTPs and passwords. Recognising India's mobile-first nature, OTPless observed that merchants focus on verifying mobile numbers as customer identities. With 19 million customers, OTPless has swiftly become a significant player in the authentication space.

“Adhering to regulations while providing a seamless user experience is crucial. In a world where privacy and data security are paramount, we ensure that customer data is handled responsibly,” Koladiya said. 

In conclusion, identifying untapped business opportunities requires a combination of innovation, market understanding, and the ability to execute effectively. As the business landscape continues to evolve, entrepreneurs must remain adaptable and customer-focused to succeed in breaking new ground and making a lasting impact.