Entrepreneurs must build companies to solve real problems based on personal experiences instead of just jumping at opportunities, said Harsh Jain, Founder and CEO of fantasy sports platform Dream11.
In a fireside chat with Shradha Sharma, Founder and CEO of YourStory, at the Mumbai edition of Techsparks, Jain emphasised the need to be obsessed with solving problems that would create a strong impact and value not only for investors but also for employees and customers.
“You have to be crazy to be an entrepreneur. Right from quitting a well-paying job and facing rejections, you just can’t switch off. Every founder must do it the right way,” he said.
Jain said it was critical to get the right talent to build a startup. Culture plays a vital role in building scalable businesses, he said and advised founders not to lose sight of company culture. “Some of our best hiring is A on culture but probably B on skills.”
Jain said that every company can have a different culture that works for it. However, it was important to “write down what culture means to you.” He added that Dream11 focuses on five key points to better culture—data, ownership, perseverance, user-first approach, and transparency.
On treating employees fairly, Jain said Dream11 has rewarded its workforce, including office clerks and peons, with ESOPs for their commitment to the company. Some colleagues have ESOPs worth crores, he added.
With over 160 million users, Dream11 has raised $725 million so far from marquee investors such as Alpha Wave Global, ChrysCapital, Tiger Global, and Kalaari Capital. It is valued at more than $2.5 billion.
Its latest fundraise of $400 million was in March 2021 from TCV, D1 Capital, Alpha Wave Global, Footpath Ventures, TPG and ChrysCapital, and Tiger Global Management, and Steadview Capital.
(This is a developing story and will be updated.)
