A great business idea can emerge from just about anywhere. For Prukalpa Sankar and Varun Banka, it was the world of data governance they decided to navigate through. Prior to founding their startup, Atlan, they were instrumental in building India’s National Data Platform known as SocialCops. Hence, crafting a data-focused venture might have seemed inevitable.
1. Cherish Your Roots
Before taking the plunge into entrepreneurship, the duo were behind one of India’s significant technological developments – SocialCops. The national data platform was their stepping stone, leading to the conceptualisation of Atlan. Their participation in SocialCops not only honed their skills but also presented a clear insight into the challenges and possibilities within the data governance realm.
2. Venture into the Unknown
While working on SocialCops, the co-founders had observed various challenges in managing data. This sparked curiosity and the potential for the business concept of Atlan. Hence, not being afraid to venture into the unknown and identify business ideas in problem areas can often be a stepping stone to creating a new enterprise.
3. Building a Business with Purpose
Atlan is not merely a business venture for the founders. The startup is a means to address challenges tied to data governance faced by multiple industries. This lesson emphasizes the importance of combining passion with purpose when developing a business model.
4. Pivot When Necessary
Even with successful involvement in SocialCops, the co-founders knew when to switch paths. Recognizing the potential of their new venture, they embraced the change and co-founded Atlan. This level of adaptability is key in the ever-evolving world of startups, emphasising the importance of knowing when to take a new direction.
5. Understand the Niche
Data governance is a specialized field. Leveraging their past experiences and knowledge, the founders focused on an area they had mastered. This core understanding allowed them to develop a business that is not only in high demand but also one they deeply understand. Therefore, run in the direction of strength and build a business in a niche you have a profound understanding of.
In conclusion, the journey of Atlan’s founders stands as an epitome of entrepreneurial resilience, resourcefulness, and innovation. From building a national data platform to launching a startup to address the challenges they encountered, their story serves as a roadmap for aspiring entrepreneurs.
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Credit: BBC. TechCrunch, Reuters
