Innov8 Co-working is a Y Combinator backed co-working space provider in India committed to offering quirky and comfortable workspaces that are collaborative in such a way that co-workers can be at that best productive self. In addition to an exciting workspace, Innov8 also offers community services in legal, tax accounting etc. Dr. Ritesh Malik, Managing Director, Innov8 was named as a contender to the BW Disrupt 40 Under 40 list in 2017.
In an interaction with BW Disrupt, Dr. Ritesh Malik talked about his venture.
Success mantra - I have got three — risk taking, building relationships ethically and thinking big. Honestly, when I see my team I see people from IIT, IIM, Harvard, etc. I feel I am the least skilled among them. But I have realised more than skills what matters is your mindset, your ability to create teams and your ethics and fundamentals.
The driving force behind your journey - As a child, I was bullied to extremes. Therefore, I always had this innate desire to carve a niche for myself. Also, hailing from a humble Punjabi family, I wanted to make my family proud.
Business advice - Never ever use people for your personal gain. Always build long-term win-win outcome relationship, that’s the key to success. Tips for budding entrepreneurs - Focus on creating the best product possible. Be the best, be different. Add value to consumer’s lives. Dream big! People don’t fail because of lack of aptitude/knowledge or skills but because of lack of dreaming big. Insane ambitions are a common ingredient of all the might in the world! One should have freedom from the controlled mindset, freedom from thoughts of self-doubt, fear should be controlled and checked. The only thing that founders need is ‘grit’. Once you are done with the product, sell, sell, sell.
Government support - The government is showing some positive inclination towards encouraging startups. A lot more can be done; but by the end of the day if an entrepreneur believes and conceives that he wants to succeed, whether the government is pro startups or not, he will succeed. Governments can help create ecosystems, entrepreneurs need to build their vision themselves.
The team - The most important asset, you can’t win the game without your best jockeys. As the founder of the company, my only job is to focus on getting the smartest people to work on my mission and make my mission their mission. Give them the ownership to create my vision together.
The inspiration - My dad, Ravi Malik and Paytm’s Vijay Shekhar Sharma. I am Sharma’s biggest fan.
The next step - No one knows what’s next. Launched in November 2015, Innov8 started with two centres and will end 2017 with 11. The busiest centre in Koramangala, Bengaluru, is 35,000 sq. ft and can house over 500 people. The waitlist to work there stretches beyond 200; the wait list for people wanting to get into the Connaught Place, Delhi, work place stands at 140. I just know two things as the founder, I need to constantly improvise my product and focus on my cash flows.