‘Hum kisi se kam nahi!’ (We’re no less than anyone!) Dr. Arokiaswamy Velumani shared this motto in the Global Startup Summit Season 2. On the summit’s last day, Dr. Velumani energized the audience with his unique storytelling of his life and the success of his venture, Thyrocare. He shared invaluable lessons on risk-taking, financial discipline, and the importance of innovation in a competitive market. Whether you are a budding entrepreneur or an established business owner, Dr. Velumani’s insights in this keynote speech offer a blueprint for sustainable success in business and life.
Who is Dr. Arokiaswamy Velumani?
Dr. Arokiaswamy Velumani is a visionary entrepreneur, scientist, and founder of Thyrocare Technologies, one of India’s leading diagnostic chains. He built Thyrocare from scratch, revolutionizing the healthcare industry with affordable and accessible diagnostic services. With expertise in thyroid biochemistry, he transformed a small lab into a multi-million-dollar enterprise. A passionate speaker, Dr. Velumani shares valuable insights on entrepreneurship, leadership, and financial discipline. His journey from a struggling scientist to a successful business icon is a testament to resilience, innovation, and strategic thinking, inspiring aspiring entrepreneurs across the globe.
Dr. Arokiaswamy Velumani is the finest example of having a strong will, a never-give-up attitude, and humility. Despite being financially lacking in his childhood, he built his career from the ground up with support from his family and teachers. He made the best of his limited resources and proved that where there is a will, there is a way.
Dr. Velumani built his empire with Thyrocare and then existed at the peak. He embarked on the journey to help other entrepreneurs with this Scale A Zero initiative for startups with 10 cr turnover. In Scale A Zero, he helps them create scalable startups and add a zero at the end of their valuation amount in the market.
Tips for Startups from Dr Arokiaswamy Velumani
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The comfort zone is a danger zone.
Dr. Velumani emphasizes how a comfort zone is the most dangerous zone a person can stay in. They might feel right. However, it limits your beliefs and potential. In the words of Dr. Arokiaswamy, ‘There are two types of people in the world, successful ones that take risks and others are the KPM (Khaya, Piya, Margaya (ate, drank, and passed away)).’ You must take risks because the possibility of winning might be minute, but it is better than zero.
Dr. Velumani shares his story of how he had a secure job, and so did his wife. However, on a random day, he left his comfort zone and resigned from his government job. His wife was unhappy with the decision and threatened to leave her SBI job if he didn’t go. Both of them decided to leave their secure jobs at 2 am! Most people will think it was a rash decision. Still, Dr Arokiaswamy Velumani thought it was the best decision because he is now one of the trusted thyroid testing companies in the Indian healthcare industry.
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Focus on customers & your business.
When Dr. Velumani left the job, he used his PhD to create an efficient thyroid test at one-fifth of the cost in India. He invested two lakhs at that time to start his product development. He had his fair share of backlash from competitors because how could he create the same test at one-fifth of the cost? Sure, he was fishy. Dr. Velumani says he didn’t spend much on marketing because his competitors were marketing his service enough. So, he focused on building a scalable startup and refining his offering by focusing on customer satisfaction. That took him a long way.
Furthermore, he was keen on hiring freshers to run his company and relied on using revenue from his business to finance the operation cost. Therefore, he never had to take external investment and remained private for a long time.
He shares that investing in employees is of the utmost importance in business tasks. You need to pay the right amount to your employees for better results and keep them in your company. Dr. Velumani said, ‘If you don’t keep your employees happy, your competitors will!’
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Quality Cost & Speed!
Dr Arokiaswamy Velumani shares that the secret to a startup’s success is based on the quality, cost, and speed of your product and services. Quality is the utmost important factor for the success of your startup. If you lack quality, you will lack loyal customers. The startup ecosystem in India is still struggling with the right prices. You must identify your target audience and the appropriate price they’ll willingly pay; don’t be mindlessly optimistic about higher prices! Giving customers efficient and speedy services is important, or they will switch to your customers.
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Do what you excel in
There is a popular misconception that entrepreneurs must be a one-person army to stand out and save cash. While it is ambitious, it can be exhausting and prone to failure. The startup ecosystem in India is equipped with diverse industries and entities to help you carry out your operation by outsourcing. Dr Velumani says he excelled in biochemistry and focused on the production and outsourced marketing channels to sell his offerings. Likewise, the startup founder should focus on doing what they excel in and outsource the other aspects necessary to keep their startup afloat for longer.
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Don’t be afraid of losing!
Decision-making in startups is one of the most critical tasks for entrepreneurs. Dr Velumani says those who overcome their fear of losing have more chances to succeed. His motto is based on the belief that those with nothing to lose take more risks and give it their all rather than those with something to lose. So, the day you overcome your fear of losing, you’ll find more opportunities and success.
He shares his story of giving his middleman a 60-70% commission so they will sell his testing kit more. Such a marketing strategy was yet to be seen in the Indian healthcare industry. Dr Arokiaswamy put his profitability aside to create a name for himself and sell his products and services across India.
You can find the video of Dr. Arokiaswamy Velumani’s insightful speech at the Global Startup Summit Season 2 here.
21By72 aims to help entrepreneurs, investors, and industry experts connect and build a supportive startup ecosystem. The Global Startup Summit is a startup event that holds startup exhibitions, pitching events, fireside chats, panel discussions, and insightful keynote speeches to secure deal funding and get guidance on diverse subjects like managing finances, work-life balance for entrepreneurs, and more.
Whether a startup, business owner, or investor, you can expand your network and learn from industry leaders throughout summits! The good news is that we are returning with our Global Startup Summit Season 4 after three consecutive successful seasons in Surat. Check our website for more information and secure your seats and stalls now!
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