 One, this is Sonali. Thank you all for coming out some time for attending the episode nine of VxAcademy Business Excellence Mentoring and Coaching. Today's episode is on how to make your business funding ready. To all the attendees out there, please type in any questions you might have in the Q&A section, and we'll try to answer as many as possible at the end of the session. I would now like to welcome our speaker, Mr. Gaurav Marra, chairman and founder of the Franchise India Group. A very warm welcome to you, sir. Thank you. Thank you, Sonali. Thank you for hosting these webinars every week. And this has now been running for almost about a year. We have done one series earlier and now the business excellence and coaching and mentoring series going on. This is part of our Franchise India Group has a separate company called BusinessX, which was launched about seven years back. And this company is actually designed to help startups and early stage companies to raise capital. We also have a business in this company called Business Equity, which is our fintech tool to really value our businesses. And also we work on a lot of exit planning, businesses which are now looking to exit their businesses. That also we work upon that. So today, looking at a lot of feedback which keeps coming in. The series I have actually done earlier, but a lot of feedback was coming in that especially from startups and now because the markets are coming back and people are coming back in the market for raising capital and so on so forth. So a lot of feedback is that how do you really make yourself funding ready? Before you go to funding, how do you make yourself ready? And I've felt that this might be a elementary topic, but it is not a bad idea to really take it because our community has a lot of startups. While we have taken a lot of complex subjects in the last series, which all are available on our Facebook page, you can go and see any of the series and in a lot of other topics we have really discussed on. So today I would really go to basics again and really talk about how do you really make yourself funding ready? And that's very, very important aspect because I think a lot of ideas have now born in this whole COVID era. A lot of older ideas are now ready to go out and raise capital for their scale story. A lot of businesses are in a different stages of raising capital because they might have raised in a certain round and now they want to go back to your round. So this might be a helpful. So what we will do is we'll make it this time more interactive so you can ask, keep asking questions. I'll put up a little more time or taking up your question this time. So use the Q&A box or a chat box to go out and do that. So one of the areas which is very important for everybody to understand there is a capital for every business, that's a rule. And that's what I tell everybody that if you have a business or a business model which can work, there is somebody who can fund you. That's very, very important to have a mindset, right? That there is enough money. You need to really define who really you want. I mean, is it just somebody strategic who can bring more than just a capital in that which is more to me, sometimes you need distribution, right? And like for example, one of the companies I'm advising they need to distribute very strong part of their scale story is distribution. And I'm saying just don't chase the capital here. Let's bring in somebody strategic who can also complement the distribution part of it. And sometimes you just need a financial investor. That's something which is required and that's also important. So very clearly define who you need. You need somebody who's very strategic or somebody who is just a financial investor. Then you need to really define where you want to really locate them. Who are these people? Why would they be interested in your business? Is there anything of a historic data which you know exist for those investors who have actually liked businesses like yours? That's very, very important. And also going back and really defining which we'll touch upon a little further is that how much you want to really raise? How much capital is your requirement and so forth? But one of the areas which I would say the starting point for today's webinar is that two things are very important if you are in market to raise capital. Second, first thing is allocate enough time. It's a time-taking process. It takes a lot of time from our founders or entrepreneurs when they are in market to raise capital. Maybe 50, 60% of your time would actually be devoted for you to really go out and chase investors and get this done. So it is a very active process. It's not just that you have an aspiration to raise and you don't go. Second, have a strong belief system on your business. Belief actually makes you bring halfway through in your capital reason. That's what there's a quote saying that believe you can and you are halfway already. So that's something which is very, very important. So you need to allocate enough time for this piece and then put yourself into that belief system that you will be able to do that. Very important aspect would be that how much you want to really raise and that's very important. And I would say be very clear about these money which you want to raise. Sometimes raising too much is not good because you don't know what to do with that capital and raising too less is also very dangerous because you might run out of gas too fast before your next round already happens or you will not be able to make any kind of serious impact in this period if you raise a very less. This happens with a lot of early stage companies which get to angels and angels give you some little survival money or so to say a seed money, so to say. And that's not enough. That's not enough for some products or services to commercially make financial sense and get to a certain size of the business and so on. So in just to get there and get started if you are raising too little, that's not good enough. Another thing which is very important, your first investors are very important. One of the companies I'm really powered which has now become a very large company and I think they're going and becoming a unicorn is a company which I actually advise at the early stage. They worked with me on their business plans and models and so forth. And I was very clear that who I really wanted as an investor in that company because I knew that if that investor really I'm able to bring in while I gave him very sweet evaluation at that time. But I knew that his profile would attract a lot of other people to come in. So the early investors are your foundational investors and if they are right and the profiles are right you will be able to attract future investors on their credibility and they work with you on that because they also have to find their exit. They need to also make some logic of their investment cycles and so forth. So very carefully choose your early investors. Stay away from doing these family rounds and a lot of these situations because sometimes you will invite some investors which should not have been there in your center. I think and then taking them out is becomes even more difficult part of it. So I've seen this a lot of started things. I'm doing a family round, family friends round and so on and so forth. So sometimes they would bring in not the best profiles just for getting some early investment in the business and that's not good for the health of your future rounds which you need to do and so on and so forth. So be very, very careful about who you really bringing in the foundational round which is very important. And let's understand the investment cycle. What is the investment race cycle? So first is the right valuation. What, how do you set your valuation right? Then you need to reach out to what I got relevant investors. How do you really negotiate? How do you negotiate with them? And finally, how do you demonstrate that you will do a better than the industry performance? That's very important because you would be benchmarked on your industry. And if the industry was growing at X and how can you demonstrate that you will do a 2X or a 3X or a 4X on that industry? So comparatives would always come from that industry. So that's the cycle of investment. Now let's get into making yourself franchise, the funding ready. So how do you really make yourself funding ready? That's the topic today and we will talk about the 15 different steps which I would say makes you a funding ready. First and foremost, validated business plan. That's very, very important. Validated business model or a plan is extremely, extremely important. A lot of time ideas really reach us. We get so many ideas which are coming to us and I feel that they have no commercial success, no pilot. You know, so I will tell you, there's a company which called me from US actually and they had actually a patented product which they have scientifically developed and a patented product for a cooker. It was just a cooker which we use and he called me because he felt that India was the market for cookers, everybody is using at homes and they wanted to really create that. This company actually went to a Chinese manufacturer, spent about $100,000 to do a prototype to demonstrate their patent and say, this is now available in the markets if you really see there is now a two-body cooker which can simultaneously cook different heat sections in different kind of structures, now it's available. This was a patent actually done by a US company and they actually went and spent a lot of money in China to do a prototype to sell to Indian OEMs and say this is an idea because the market for cooker was actually India was one of the largest markets for a cooker. So that's how they actually commercialized the business. They really had this prototype which is running now as a business. It's sometimes called for initial investment to get your so to say proof of concept. That's very important because if you don't have a proof of concept, you don't have any kind of commercial data, you might have five customers, 10 customers, 15 customers, but somebody really bought something from you. Some services were offered a rendered which can be demonstrated. So that's very, very important. Create your validated business plan. The second is show a little bit incremental improvement in your business for the last few months, how your business has incrementally improved over the time, right? It depends on what stage you are in, but if I'm able to show incremental improvement on the business which has happened in the last six months, maybe month on month, how the business has improved, that's very important. That's the point number two. Third, be very clear and sharp about your big idea. What is your big idea? And that doesn't have to be original. This is a myth. This is the one myth which I get people come and say, I have a very original idea. Actually 99% of all fundings which has happened has no original idea, right? So they have actually chased the same business model which has been done by somebody else in some part of the world and has got success, right? So there are 50 companies in co-working have got funding, right? So maybe more. I'm just talking about the companies which are probably in India or every country would have somebody who was about to go and I think whenever idea really sparks up any market in every market, they would have people following that idea and chasing that idea and investing in that idea. So don't really run into creating this whole originality piece to it and overdoing that part. 99% of businesses are same and they will continue to get funded, right? Fourth point, how do you really drive your business plan? That's also very, very important. You need to tell a story. You need to tell a story. It should be sharp. It should be straight. I have a rule of calling the eight page business plan. Eight page, not beyond that. I will just structure an eight page and say, let's talk about that. And I will, any founder or any entrepreneur would come to me. I'll just say, just do an eight page. Put your executive summary, define your objectives, what objectives you are doing. That's point number two. Third, talk about your product and service, whatever needs to be done, very sharp because pretty much this is a page the investor would lead to step up. Talk about fourth is your market opportunities. What are the market opportunities? How you can really unlock those opportunities very clearly, again, very sharp. Pretty much these two pages are the real meat of the entire thing. Next is how do you go to market? What is your go-to market plan? What is your sale strategy? What is your marketing strategy? Or whatever that strategy is can demonstrate that you have a three month go-to market plan. What is your competitive advantage or the overall competitive landscape? Anything which can be similar or a competitive your management team, who are you? Who is running this business? What is the management team and structure? And finally, a very sharp financial analytics. How you want to do that? I will again repeat, this is a eight page plan. Don't go beyond that. Put your executive summary, put very clearly objectives you have in the business for the larger purpose you want to really chase or something like that. Product or a service, market opportunities. How do you do go-to market? Competitive analysis, your management team and your financial analytics. Now let's go into the fifth point. I will do 15 points of you being funding ready. So it's a fifth point which we are doing. So define why you want to raise. Now this is a very big problem I've seen especially in founders and startup guys and they come in and want to raise money. They've set the valuation but they are not able to articulate why they want to raise, where the money is going to go. And the answers would be very vague. I want to expand the team and I want to spend more marketing and money marketing money or this and that. You're not very clear about why you want to raise and where is the deployment of fund. This is something which needs to be extremely, extremely sharp, very, very sharp. What is the impact this money is going to do in near future? Where is going to be done and what impact it is going to do? How much time this money which you're raising is going to run you? What time frame this is ready for and you know you will be able to sustain you might have some internal accruals and you have balanced money which to do that. When is your next funding and what are you doing for it? What are your next funding round and when you plan to do that? And till that time you will have enough sustenance in the business. How would you improve your valuation where you are currently to when you do the next round? Because please try to understand the investors don't come for dividend. They come from the equity multiple of their value they entered them. So if I know I have entered at X and you can demonstrate to me that I will be X plus plus at a certain stage then that's what I'm looking at. I'm not looking for the bottom line. I'm not looking for dividends and so on and so forth. So people are looking for the valuation multiple which they would be able to do that. So how do you really define that? And what would be changing that valuation from where you are today to where you would be in say six months when you do the next round and so forth. That's very, very important. And also what is your plan B? If you don't get that kind of things whatever you planned on that what is your plan B? Because that's also a corrective measure investor would look at if the things don't go the way you're helping in what is an alternative which is available. That doesn't mean that you change the model or you want to really do a different strategy and so forth. That's not the idea but essentially you need to have a plan B ready in that thing. So because hedging of some bit of risk for investors is also very important. The sixth point, sixth point is how do you validate your claims? Because when we put the business plan we put the projections we put them in and I think we have a lot of assumptions we have really thrown in the business. So there are a lot of assumptions we're doing there. How you validate that? This also in a problem I've seen when I'm listening to pitch decks people are not validating their claims. It's very driven from their own wish list. So to say that this would happen and this would happen and this would happen but it's not being validated. Is it backed by some kind of a market research which you have done? It is backed by some kind of a competitive data which one can really do that or any other cross industry function which you can tell me that oh, this because it happened there in the same way this can happen here also in the same way. So unless I can understand your claim and validate your claim I'm not going forward. Another trying to understand that investors are not smarter than you are in your business than your industry. They need to be informed. They are not. I mean, if you were actually somebody who's been investor and have actually invested into a hundred different companies but I can tell you is still 10% of the next company is going to invest even not have that knowledge. So unless and until you are able to really validate all the claims and demonstrate that it will not build the confidence of the investor. Seventh point, what is your scale story? What do you, how do you really want to scale? You know, this question I really tell that if a company comes in and say I want 30 crores and I will take five years to spend that money and this can give me a scale and the second company comes and say I need 300 crores and I can spend that in next six months. Where is the money going to go? This. How do you really sweat out the capital and how fast you can churn that capital out? It's very important. So it's actually other way around. You know, people think that I would be conservative and not spending that money and so on so forth but the real truth is how you sweat out the money fast enough because money would get you money back in the system and how do you want to sweat out that piece is very, very important. So understand that what is your scale story? What is your scale story? And money only chases when you have a very strong capability to sweat it out faster. You obviously have to do it right away but you need to have a very strong plan for it. The eighth point is about the founders and the management team. Sometimes the founders are good and they have all the qualities to lead the company and so on so forth. Sometimes the founders don't have that complete capabilities and they would have a management team along with that. Very clearly say for example, you have a business which needs tech but you're not somebody who has a tech background but you would bring somebody in in your management team as a tech background but then how you are locking that person because that's an integral part of your business model that you are dependent on tech but you are not having somebody who's a foundationally technology person but then you have somebody who comes along with you but has to be also locked in. That's very, very important. How do you get your experience team which is a leadership team being also locked in in the business model? The ninth point is also very important is about defining your small wins. There's no big win. Please try to understand there is no one big win which would happen. You need to define your small wins. The success is actually series of small wins. So if you go to investor and say this is my five different wins I would like to put in this year and this are my milestones and this time frames it would really come in then I can measure it. I can measure that we are in the right track. So which means that my first win is I will reach to 10,000 subscriber base or whatever that number is on whatever the business is. My next win is I will improve my margin profitability to this parameter where it is today to this. My next win is I will have another product line being ready to be launched in the market and expand that. So whatever your small wins are and what are the milestones are that's also very, very important to do that. 10th point is very, very important. And this I've seen many times happen. I did actually a road show where I went to about 30 odd cities and I created this investors who wanted to be pitched and work with a lot of these angel forums and networks and so forth. And I found that whenever a investor is sitting there and he will start dragging you to the business change of business model, the lot of them by the interest because they feel that the investor has interest in funding you but he wants to look at the business differently. Say for example, you were an offline business and somebody said, no, no, no I would like to see this more online play rather than display because that's more structured and you feel that it might be right to really agree with that point. Biggest plan though, if you change the plan if you're not sticking to your plan you are not going to be interested in them because investors don't like that if you want to really even the first pitch itself you're going to change the plan itself. And a lot of people actually do that. This is a big mistake and never do that always stick to your plan because that your plan is what you want to really pursue. That's your plan to do that. Another area which is very important which is the 11th point is chase the purpose, not the path. For example, like look at this company called Fasos. Now Fasos started as a small QSR or convenience store business they're used to do wraps and rolls and they got funded and then that model was redundant, right? That model was not very I didn't think that they have any kind of physical stores left and if you have seen those physical store they're not so great looking stores in Bombay and Pune and places like that and I used to sometimes wonder that what is their business model and why would they invest into a company like Fasos which has a very poor executed model and not so great product and so it's poor. But they quickly realized that this they are in the convenience food business but they are not going to work on this brick and mortar kind of a format. So they converted them into a dark kitchen that took some cycle for them to dark kitchen and then they realized that dark kitchen are fine but they still don't have brands so they started creating their brands. Now they're working on creating a lot of partnerships which are bringing the best brands in the category so because they understand now consumer has evolved over the time and consumer is just not going and asking for a cheapest FISA or a cheapest Biryani or cheapened I think. So they are very clearly asking and their preference is to follow a particular brand. So they've evolved over the time. Now the business model is coming together but if you really see the business model has evolved so much that from the original format which was there as a single brand physical store to now what Rebel Food is which is a holding company is a very different offering and different structure. But if you go and step backward and say I'm still do what I was supposed to do which means deliver great convenience food at a great value. That's something which has stayed been the honest part of it. So if you are somebody who's chasing the purpose not the path because things would change and the consumer the way it would but it may a priorities today would be very different what it would do from say two years from now or six years from now or 10 years from now. So you need to evolve your business model in that and that's very, very important. That's very, very important. The problem is that a lot of times we don't really get out of our old ideas to accept freshness. You stay very focused on the purpose itself don't really chase the path. Another 12th point which is very important rather than investors choosing you you need to choose the investor. Very importantly clearly define who you want who's your ideal investor in your business? That's very, very important. Just don't go everywhere. Just don't go everywhere very clearly and research is available today. There is enough research. Any good a company or a founder or a startup who's going in the market can spend maybe two days two working days is enough for you to really research out and find out who you really want. And then you can hire professionals like us to link you up and help you to really go out and pitch that but you need to be very, very clear. Almost every assignment now I'm doing it before I do that I'm very clear who I want to take this asset to because I don't want to really put into market rather sometimes the like I'm doing one exit planning for a company where I'm actually trying to sell that business to somebody and the seller is after my life to really go out quickly in the market and tell everybody and this and that. He's a little bit of bent on doing this in very, very fast period but actually I've stepped back and said look I know I'm who I'm chasing and I'm not going to talk to more than these two people unless and unless I get declined by them I'm not even opening up a dialogue with anybody else. So there is sometimes we have not so much similar argument but I feel that that's the best way to do it and I've actually saw my success also as you know in this business purely because whenever I chase the right investor group and very clear about that our results were much better than just going out and distributing and putting in the market and things of that. So 13 point what is your innovation story? What is your innovation story? That's a very, very important part. How do you really bring in your business the intellectual property? What is that intellectual property? But that would really create the unlock value and that's become very important now in any business which needs to be done. If I really see what is the innovation story in this? What is the real innovation they're chasing on? And it can be through not necessarily from just a tech play, it can be something else. Anything which is creating a differentiator in them. And sometimes these are very small innovation stories which are binded together in the business model and that has to be reflected very clearly. And some of the investors should really see that value of that innovation or the intellectual property which has been sitting in the business model and so on. Now the 14th point which also is a big reflective and when you are closer to getting somebody interested in your business, he wants to really see your personal goals. What is your personal goals? What is your path? Where are you chasing that path? And a lot of times I would say the young startups have very unrealistic personal agendas, right? So, and they have to be extremely honest about what really they are for and what are they trying to chase and what is their strength area? What are the weaknesses and so on. So it's very important that more you are truthful on your own personal goals and what you want to really do that, it'll reflect your investors much better. And finally, which is the last point, which is the 15th point and I'll quickly do the summary also for somebody who's not picked up earlier. Is the, what is the most important thing which you want to really see when you are getting funding ready, what do you want to really kind of give or take home to any potential investor? Very clearly, show him the future. Show him the future. Second, set common sense. Very clearly, common sense would give that it makes sense. That's the exactly outcome you need to really make out of your investor. And third, that you will be able to give him profitable exit. Only these three things matter. Outside of that, nothing matters. So quickly, 15 things validate business model. Second, incremental improvement on the last five, six months. Third, spell out your big idea. Fourth, show your eight page business plan. Fifth, why are you raising where you want to deploy? Sixth, validate your claims. What are your claims? What are we validating? Seventh, how is your scale is going to happen? How fast you can scale up? Eighth, about founders and your management capability. Ninth, what are the small wins and milestones you want to do and how do they are timed? Tenth is you are sticking to your plan. You're not deviating for anybody. Eleventh, focus on the purpose, not the path. It would evolve, but by that time, you're serious about the purpose, very what you stand for. It would become structured. Choose your investor, not the other way around. You need to choose the investor who you really want and so forth. Thirteenth, what is your innovation story? Fourteenth, what is your personal goal? And fifth, what does it take home? You want to show the future, show common sense and finally a profitable exit you will be able to give to the investor. So this is something which I wanted to share, Sonali, over to you. If you have any questions, I can answer that. Thank you so much, Gaurav sir, for another wonderful session. We have already exceeded the time for this session, but I would like to quickly take up some questions that we have. The first question that I would like to take up is, how is the funding scenario being since COVID in your opinion, has investor interest increased or decreased overall? So answer is that I would say the investor increase is increasing in India. We all know what is going on in the startup space in India. I mean, we had in the last year, the largest number of unicorns been done from this country, then any part of the world. So obviously the investor interest is increasing, but you also have to understand that at this stage, investors are looking at businesses which are more robust. So that's something which has in that. So I would say the overall investment bite has increased, but it's now getting consolidated towards more serious investment cycles, more foundationally right businesses. So good would actually get even more invested. So that's what is happening. So and that would continue because we are getting into a little bit of maturity cycle and I think the lot of a foundational work would be have to be done before you can really impress any good investor. Because the choices have become big for them. Every investor has so many choices and they are choosing it smartly now. Absolutely. The next question is, which are the most interesting sectors to investors these days? I remember it was EdTech at one point. Is there any other favorite now? No, they are all favorite. You know, Indian consumption story is favorite. I mean, I will always say that by the time you can do anything with this whole population around, it is interesting with EdTech or FinTech or PropTech or this tech or any kind of tech because tech means scale and it makes reach to larger audience and that's what the whole ability is. So it's a combination of what I call addressing the largest, you know, communities. Tech brings in scalability. So it's combination of these two would get more attractive. Right and based on the similar question, there's a question saying, are investors serious for investment in the manufacturing segment specifically industrial products like welding domain? Sure. So there is a, this, you know, I didn't get what sector was this? Industrial sector like welding domain. Welding. Welding, yes. Okay. So I need to understand a little more business is welding. Normally it's very job work businesses. That's what I understand. So while there would be investors interested, but they would be predominantly on your balance sheet, how it balance sheet looks like, how much profitability you're doing and how many clients you have and so on so forth. But there is a lot of interest in manufacturing, direct to consumer businesses. So all these are, it's a welding equipment, business welding tables. Yeah, there is an interest absolutely, why not? There is absolutely interest. Again, you need to really validate your size of business, how the size of businesses, what is the demand and why you versus any other manufacturer available in the market. Is there any intellectual property you built in to deliver that? So there is a opportunity on that part. Right. The next question is, how does the food tech industry look in the eyes of investors given the current pandemic situation? Food tech is strong. Food tech is very, very strong and would continue to be very strong in India. Agri-tech and food tech, I'm personally very bullish about these two markets. Very little has been done in the country. A lot has to be done. I think we're not even 1% of what market opportunity looks like. And I feel that hundreds and hundreds of startups should come in this space. And this is something which is, and we need to really find our soul also as Indian entrepreneurs. So really, sometimes we start chasing just looking at a Western world. We have different problems and we have different problems and different opportunities really speaking. And our problem and opportunities both by population. So if you really see, it is a problem because like when COVID happened, we had the biggest problem. Even if you vaccinate the maximum number of days and we still know high percentage in any form. I think so we still have the risk of the third wave and fourth wave and fifth wave because our vaccination cycles are much, much larger than any other country, right? So, but it's also an opportunity. It's also an opportunity on many things. So the valuations of companies which are in medicine and PAMA and things of that, you all have seen what has happened to their valuations and so also because clearly they are addressing a large segment and that opportunity is much bigger. Absolutely, sir. The next question I would like to take up is, what if a startup idea, the founders and everything in the business is great, but the valuation is not that high. Will investors see beyond the numerical value and try to understand this and still be ready to fund the business? Yeah, yeah, obviously, most of the times, and I've done this a lot of sessions like this and you can really go out and check those sessions which are available, how to set your valuation and valuation is a combination of science and art, right? So it's not just the numbers. Well, eventually you need to demonstrate numbers and it's not maybe current numbers, maybe three years from now or five years from now, what it would look like and that's something which needs to be done. I mean, look at, I mean, I always say that foundationally, if you see the most valuable company these days is Tesla, but how many cars you've seen in Tesla are people driving now? I mean, people are driving Toyota, but Toyota is not valued as Tesla. So if this was a myth, then every argument has failed in this part, right? So no legacy, no market share, nothing really, just about a future, it's about future and that's what he does. I mean, this guy comes in and puts in the scooter thing and the stock market goes crazy about him what he needs to do, because he's clearly understood, he's very sharp thinker, he's just, Elon Musk has now become, he understood that people are buying into future and he's only showing the future. Absolutely. Another question I would like to take up is, with COVID backdrop, what is the sentiment for investment in integrated healthcare infracreation from primary, secondary, tertiary, for tinary with aggregation of the services and service providers? Yeah, so it's a very strong category to really look at it, but to really integrate is a big ask, big, big ask. I am also becoming a little bit fan of doing one thing, but doing it very specialized rather than trying to address some much bigger canvas. So if you're from a primary to secondary, tertiary and for wellness, if you really want to integrate all that is, it becomes a very difficult part of it, but well, I mean, if somebody is able to do it, then you have the full market share, you know, so it can be a very strong, but healthcare is strong, healthcare is very strong. Yeah. The next question that we have is, how can we validate the market equity of our current business? You know, so again, I've done a full session on this. Actually, how do you really get your equity defined? There's a session which is a very detailed session and I think Sonali can send you a link of that. So I have actually series of valuation, actually about five or six series I've done on different valuation. So there are different methods which you can really do that. So we'll be more than happy to share that content. And just quickly, the last question that I would like to take up is, is not having a management guy in the founders a drawback for his startup? Not having a management guy in the founders. I didn't understand the question, but it's a, you're having somebody who's... Someone from the management background as well. Okay, no, not at all drawback, not at all drawback. You know, so the strength is to know your weakness. So if you, as a founder of a business, know where you need external help because you are not good at that part, then you are having the best strengths. You know, the strength is actually to know your weakness. That's something which is very, very important in your process. And that's what people chase. The smartest people who get funded that you look at this guy, Ritesh Agarwal, he's not a Harvard, he's look at his education background, he's a very modest education background, not something that you, but he's chasing his goal. So not really, and that's what has happened. Yes, obviously if you have the pedigree, that some kind of a background which always helps you, but otherwise you can obviously look at the great ideas were not really bound by people who came from Harvard or IMS, great ideas came from entrepreneurs who saw a problem on the street and say, I can fix this. That's what real entrepreneurship is. You know, if you can see a problem on the street and say, I can fix this problem, you know, then you have a great business partner. Absolutely, sir. So with this, I'll just wrap up the Q&A session. Thank you so much Gaurav sir for very patiently answering all of our questions, like always. And anything you would like to say in the end, we also have a lot of requests from people asking how they can contact you, so if you can add a comment. Sure, you can contact me and I know a lot of questions needed much more elaboration and a lot of people still would be asking questions. And in the interest of time, we've not be able to do that because we're 15 minutes over the session and I have another webinar from French as India starting. So I will put my email ID, it's gm at gauravmaria.com. If you have something which I can answer, send it to me tomorrow is Sunday, I will give you a elaborate answer on that. I'm more than happy to really send you any information you want. There are over a hundred series I've done in different webinars and structures, so all are available. Anything which you want to review or anything which you need further from us. And if I'm not somebody to use a specialist for it, maybe I will guide you through a specialist who can answer those questions for you. Thank you very much. Thanks for your time. And if you are interested to scale your business, raise capital or looking at next it, reach out to Sonali and we'll be more than happy to assist you from BusinessX. Thank you very much. Thank you so much, Gaurav sir. Once again, thank you to all our attendees. We really hope you were able to add some value to your lives through this session. And if you would like to discuss any things in details, if you would like the recordings of any of our sessions related to business plans or business valuations or this session particularly, please reach out to me and I'll be happy to share the link with you and help you out. And thank you so much. We'll see you next Saturday at 11 a.m. with another session in the Business Excellence Academy series. Thank you so much.