In this chapter of Career Stories, we bring you the story of Vivek Mishra, who is the founder and CEO of Fibroheal Woundcare Pvt. Ltd. In this candid chat, he talks at length about his entrepreneurial journey, what went into building his venture and the lessons he learnt and took with himself from the Academia to the Industry.
What lessons did you learn from your undergraduate course in Pharmacy and Management and how did you incorporate both in establishing this start-up?
I was an average student with decent skills during my college days. I realised later that I was always instrumental in getting things done during my undergraduate days, even if it was something as simple as a mass bunk. I had the skill to percolate things. Now, after a decade, I can relate to it, but back then, I was unaware. With the goal of being financially independent, I wanted to pursue a masters in Pharmacy. However, an incident later led me to pursue an MBA. Even though I pursued an MBA, I ended up being in research and running a hardcore research-driven company. Looking back, probably I played by my strengths unknowingly. I was good at managing things, consequently, pursuing a management degree provided the foundation for my career. Today, my management degree enables me to make a significantly greater impact on people’s lives and address a wider range of issues, surpassing what I could have achieved with an M.Pharm. Some pivotal lessons I learned from my graduation are- identifying an area of interest, the main skill set, how to communicate effectively, and how to utilise that to create an impact in people’s lives. Engaging in such speculation at an early stage will aid in making an informed decision about choosing a career path, instead of simply succumbing to herd mentality and feeling compelled to pursue an MBA or Ph.D. just because others are doing so.
Nevertheless, at the end of the day, life is just about exploring and figuring out what you will enjoy doing. Prior to making a decision, it is essential to consider these factors with a 5-to-10-year outlook in mind. After my MBA, I worked for two other firms, British Biologicals, and Metahelix LifeSciences. Eventually, Fibroheal was established in the year 2017.
You mentioned you worked in a few companies before this start-up. What made you start something of your own venture?
My motivation was straightforward. I wanted to solve a problem. Everybody has had a wound that takes a while to recover, whether it was a cut, an injury, or a bruise. I wanted to find a solution to this problem. As a Pharmacy graduate, I have consistently been captivated by the realms of biomaterials, wounds, and surgical materials during my academic journey. These topics have continuously piqued my curiosity and kept me engaged in exploring their various facets. There’s a popular saying that action is the foundational key to all success. Similarly, the increased frequency of things in my life can be attributed to my motivation and willingness to take action. As a specific example, I began encountering more information about silk. My lack of knowledge about silk led me to explore this versatile biomaterial. When I went to buy a saree for my mother, I discovered the process of reeling and the variety of silks available. We also ran into a lot of people who were into this idea as well. For instance, we met Bharat, who had founded an animal healthcare firm, Vetcare. He shared our interest in silk and connected us with a prominent plastic surgeon; this was the catalyst for the creation of Fibroheal. It is rightly said that when people who share similar interests and energy come together it leads to fresh perspectives of solving a problem. Having worked in a professional setup, I approached Fibroheal with a solve-one-problem-at-a-time strategy. This led to the growth of Fibroheal and created an impact. During the start-up’s establishment, I was not clear where I was heading. Nevertheless, I was certain that silk is a remarkable biomaterial as supported by several publications and studies. The sole clarity we had was conducting research related to silk and, eventually, executing it. This is how we got to where we are now.
Based on your experience, can you please give us a step-by-step process of how to go about a start-up idea, especially in science?
Firstly, you have to identify in which field you’d like to dedicate your next ten years. I won’t say 30 years or a lifetime, but at least 10 years, because building a good sustainable company that offers a healthy work culture requires dedication. Fibroheal is now in its sixth year. After identifying the field, you need to ascertain whether there is a market demand or whether you possess the patience or potential to establish a new market. Every mother feels that her child is wonderful. Similarly, you may perceive your technology as excellent. However, it is essential to critically analyse the market acceptance. Identifying industry pain points is crucial for the successful adoption of your science, technology, or product. This is called the inversion strategy which involves looking at a problem backwards.
Post which you can come up with solutions for that particular problem. It can be a direct product to the customer, to hospitals, to academia or research, or even self-service. At this stage, the execution of a concept is a crucial component. Initially, how and at what speed you are executing will not be clear. Think of it like carrying a candle in a dark forest. Once you take the first step, the subsequent steps and the path forward will be visible. No mentor or expert will be able to assist you in this process since it demands a leap of faith. They will only come for the post-mortem to show you what went wrong.
Once you have a good understanding of it, you should obtain a patent or an Intellectual Property Right (IPR) to protect it.
You mentioned in a previous interview the importance of networking in start-up. What other skills are necessary at a graduate level and master’s level and how can one acquire these skills?
Networking is a crucial skill in this field, but it can be a double-edged sword, serving both as an agonist and an antagonist. In this industry, professionals are always eager to explore fresh ideas and innovative solutions. As a platform catering to students and connecting academia with the industry, I can draw a parallel with a similar experience. For instance, if either I or my HR team receives a CV (Curriculum vitae) that solely highlights previous professional experiences, we probably won’t respond. On the contrary, when individuals express their interest in your work and emphasise all pertinent facts and figures, the situation is different. In our case, the prevalence of diabetes, ulcers, and wounds in India, and how Fibroheal impacts wound healing both in India and globally creates a lasting impression. When there is a vacancy, we typically search for CVs using specific keywords. Therefore, customising your CV to match the employer’s requirements can significantly boost your chances of being accepted. However, it is essential to acknowledge that there might be an 80% gap between your past work experiences and the specific needs of the company. There is a difference between academic standards and industry standards since the industry is more practical and solution-oriented. Employers will look at the email from a fresh perspective if you include the major problems faced by the industry, market research, and if possible a potential solution to it. Even when highly qualified candidates with Ph.D. or Post-Doc backgrounds apply, some of the key criteria that industries consider may be missing in their applications.
To use the area of wound healing as an example, we know that curcumin, the active ingredient in turmeric, has been utilised for years owing to its antibacterial property. So, you can come up with some applications of it, like nanoparticles, which can be integrated into our products. This shows your inclination towards doing something which is not just a mere job. There are plenty of organisations that will give you a job, but if you want to make an impact, there are only a few, and you need to actively seek out individuals who possess these problem-solving capabilities.
It is an asset to be constantly upbeat and full of energy since employers today are seeking people with a lot of excitement and energy. When you are optimistic and energetic, possibilities will start to present themselves. Instead of boasting about your accomplishments, talk about what the firm is doing and emphasise how you will strengthen their team. After the ‘Start-up India‘ movement, there has been a noticeable rise in various industry-related events such as seminars, workshops, and conferences taking place not only in Tier-I but also in Tier-II cities. These platforms serve to address and discuss current developments within the industry. Overthere you can interact with people who are solving some genuine problems which can be environmental or even day-to-day issues like traffic-related problems. Interacting with those who are skilled at solving problems will help you acquire the skill to recognise a specific issue and come up with a logical solution. To establish a stronger connection with these people, you might also apply to volunteer as a student at a college.
What does team building for a start-up constitute? Any nuggets of wisdom on how to go about that?
Each department must be extremely transparent in order to build a team. R&D asserts that they have the solution, but production raises the question of what happens if the goods aren’t provided. Sales claims that without their efforts, there won’t be any revenue from sales. Marketing, on the other hand, takes responsibility for all marketing and communication efforts that drive sales. Meanwhile, finance asks what the plan is if they can’t secure the necessary funds. We cannot decide which department is the best. In my opinion, all the departments are like the five fingers, and if you can bring them all together to form a fist, you can create a great business. In order to achieve a shared vision, complete openness and honesty are crucial among all departments. The company’s name, reputation, solutions, and products should be the first priority over individual interests. To foster unity, transparency is essential, and regular meetings are necessary to encourage open communication and resolve any potential disputes effectively. For instance, if an employee needs to visit a bank during business hours, they can inform their respective department head and arrange to compensate for the missed time on another day. This highlights the importance of open communication within every team and organisation. Additionally, to foster a healthy work culture, it is essential to address employees’ needs, such as ensuring timely and regular compensation- an aspect that is often overlooked in many start-ups.
What does a typical day as the CEO of Fibroheal look like?
I start my day usually between 9-9:30 with a cup of green tea. On Saturdays, I am out in the field meeting customers, clients, and various vendors. Every other day, we have a meeting with the departmental heads where there is a face-to-face discussion. Production will question R&D, R&D will question marketing, and marketing will question finance. These meetings are devoid of formalities, as expected in professional set-ups. These are conducted in vernacular languages and are called scrums. As a result, any task has a two-day turnaround time since everyone is accountable to one another. For instance, if you suggested something today and it isn’t completed by tomorrow, it will be addressed in the meeting the day after tomorrow.
After this I answer emails. One of the rules I follow is to leave 50% to 60% of my time free in case any department needs me. A crucial aspect I prioritise in my daily activities is reserving time for a broader perspective. For example, currently, I oversee a team of 40 employees but aspire to expand it to 80. I understand that focusing solely on the existing 40 won’t allow for the successful integration of the additional 40. As a result, my daily schedule doesn’t follow a fixed blueprint. A significant portion of my time is dedicated to meeting people and ensuring that no problem is overlooked or left unresolved. My approach is to find solutions to challenges, and if necessary, take a decision to close the matter. I frequently have meetings with clients, customers, and vendors. I am also up to date with what’s happening in this field of study. We have to accept the fact that even the ‘Chief Everything Officer’ is not aware of everything. At the end of the day, he is also a human being who has his own shortfalls and weaknesses. To ensure progress in these areas, I actively engage with individuals who are contributing to the growth of the company. Through increased interactions, we identify weaknesses and brainstorm solutions together. Generally, we call it a day at 6 pm. We ensure nobody stays after that. Working beyond 6:30 PM implies a waste of the company’s resources. This is what a typical day in my life looks like.
What challenges do you face in your professional career and how do you overcome them?
One of the most significant challenges I encounter is effectively managing individual egos. While other issues like funding, approvals, and regulations can be addressed, dealing with human egos is a complex cognitive process that impacts everyone to some degree. It’s common for each person to firmly believe they are right, and this can create obstacles in the decision-making process. Furthermore, at Fibroheal, I encourage a culture where every individual is free to approach me with their perspectives and provide logical reasoning to challenge my choices. Additionally, if someone wishes to resign, I respect their decision, as mutual respect between everyone is crucial, and it can only be achieved through open communication.
Dealing with the complexities of human emotions and aligning everyone towards a common goal is indeed the most significant challenge we face in our organisation. And, fostering a culture of openness, respect, and constant communication can help us overcome that.
What piece of advice would you like to give college graduates who want to become an entrepreneur?
Drawing upon my personal experience, I believe that focus is paramount. Maintaining laser-like focus in all your endeavours is crucial. Sometimes, it might take six months or even a year of consistent effort before seeing tangible results. However, if you persist and continue working on the same thing, the outcomes can be exceptional, setting you apart from most people. Having faith in what you pursue and trusting your gut instincts are essential. Your passion and interests should be guided by your intuition, so follow them with confidence. As a student, it’s natural to make mistakes, and I advise those in their 20s and early 30s to embrace this phase of life and make as many mistakes as possible. Mistakes are valuable learning opportunities, and the cost of making them is relatively low until around the age of 30 to 35, after which they can become fairly expensive. When someone asserts something as true, don’t simply accept it at face value; take the initiative to verify it yourself. Even if you don’t immediately find the answer, the process of seeking knowledge is valuable and contributes to your growth. Embrace the journey of discovery, and don’t be discouraged by occasional misses along the way.
Another crucial aspect is being open to trying out new ideas and embracing the possibility of failure. It’s important not to fear failure because even when things don’t go as planned, there’s always a valuable lesson to be learned. Maintaining an optimistic outlook and learning from failures are vital traits to cultivate. As human beings, our decisions won’t always yield the desired outcomes. However, we should view failure positively as it offers opportunities for growth. In any given situation, if we attempt ten things, it’s likely that six or seven of them will be successful. The challenge lies with the two or three that may not work out as intended. Nonetheless, achieving a success rate of 60-70% is quite commendable and is what we refer to as the ‘Law of wasted efforts.‘ Until the law of wasted efforts reaches 30%, the situation remains favourable and serves as a valuable lesson. For instance, when a tiger hunts its prey, it successfully catches it only around 30% of the time. As entrepreneurs, we should understand and adhere to the law of wasted efforts. It means acknowledging that the path we choose will have its share of failures that we must accept and overcome, in order to succeed.
Furthermore, adapting to changing times and situations is essential. When I started Fibroheal, the goal was to focus on healing burns specifically. However, as we progressed, we expanded our scope to healing wounds in general, embracing a broader objective. Looking back at the initial 2017 objective, one might argue that it was not fully achieved, but that doesn’t imply failure. Unexpected events like the COVID-19 pandemic emerged, posing unforeseen challenges, yet it made our organisation even stronger. Surviving a pandemic for two years demonstrates resilience, and it gives confidence that the business can withstand and overcome future challenges. Remaining open to such situations and being receptive to new opportunities is crucial. Staying focused, committed, not letting failure deter you, and being willing to try out different approaches, even if they lead to mistakes, are valuable pieces of advice I would like to share with students and aspiring entrepreneurs. Embracing adaptability and a willingness to evolve can lead to long-term success and growth in any venture.
