Picture this: You are about to step up to speak at a critical meeting, pitch to an influential client, or perhaps just have a conversation with your friends in a group. Now imagine your words stumbling, halted by a speech impediment. It is not merely frustrating; it is life-changing. Around 400 million people1 globally experience this reality daily. For many, traditional speech therapy has been the supposed remedy—but it's expensive, often ineffective, and frustratingly inaccessible.
At Malpani Ventures, we've always believed in backing ventures that harness technology to solve deeply personal, overlooked issues. When we encountered Iyaso and its founder, Viraj Kulkarni, we sensed an opportunity to drive a genuine revolution in speech therapy.
The Problem: More than Just Words
Speech disorders like stuttering aren't just verbal hiccups; they affect the lives of people who suffer from them, from academic hurdles and professional setbacks to deeply personal social anxieties. Traditional speech therapy, despite noble intentions, has its shortcomings:
And so, the question beckoned—how can we radically reinvent speech therapy?
Enter Iyaso's Eloquent: AI-Powered Liberation
Iyaso's flagship app, Eloquent, offers a compelling answer.
Launched in June 2024, the app has quickly attracted over 20,000 users, validating its demand vividly.
Eloquent’s goal is to act as your personal friend/ guide to overcome stuttering. Imagine having an always-available, non-judgmental AI coach right in your pocket, ready with personalized practice sessions, real-world simulations, and insightful feedback. The app delivers scientifically validated therapy through gamified experiences, ensuring higher adherence and tangible skill improvement.
Why We're Betting on Viraj
Viraj isn’t just another passionate entrepreneur—he's walked this path personally. Having battled severe stuttering himself, Viraj intimately understands the problem he's addressing. Coupled with an impressive background (Computer Science from UC Berkeley, Chief Data Scientist at DeepTek), Viraj previously navigated the intricacies of healthcare AI to secure US FDA clearances.
His blend of deep empathy, technical acumen, and regulatory expertise positions him uniquely to succeed. His journey is not just inspiring—it's instructive
In an earlier edition, I dissected Duolingo’s journey to becoming the undisputed leader in language learning apps.
Key takeaways: Prioritizing efficacy, engagement, and organic growth before aggressive monetization. Iyaso embodies these lessons beautifully.
Monetization isn't Iyaso's immediate priority – The team is focusing first on building an exceptional product that users genuinely love. Viraj is committed to ensuring organic growth and strong user retention. Eloquent's potential for capturing a dedicated user base mirrors Duolingo’s trajectory—anchored in creating real, measurable value first.
The Market: Vast and Underserved
Globally, speech disorders represent a significant market opportunity—we conservatively estimate a $200 million market for stuttering alone, with broader digital speech therapy markets worth considerably more. Iyaso aims not just to tap but expand this market substantially, leveraging AI-first methodologies and scalable partnerships.
Our Conviction & Investment
At Malpani Ventures, while we do believe there is merit in market sizing and financial forecasts, it is ultimately the founder who makes or breaks an opportunity. We want to invest in visionary founders who blend personal passion with professional precision. Iyaso fits this ethos perfectly.
We’re delighted to lead Iyaso’s pre-seed round($500k), believing deeply in its promise. We want to work with the best minds to build a world-class product. If you would like to contribute, please write to me!
As more and more professionals cultivate impressive credentials—Masters in Data Science, AI research fellowships—it’s becoming harder to differentiate individuals based on their resumes alone. What truly makes a difference is the mindset and principles with which team members approach their work. Below are a few foundational principles that can help founders identify the right individuals and build cohesive, purpose-driven teams.
1. Practice First-Principles Thinking
What It Means:
First-principles thinking involves breaking down complex problems into their most basic elements and rebuilding solutions from the ground up. Instead of relying on assumptions or conventional wisdom, team members focus on the fundamental truths of the problem domain.
How to Encourage It:
2. Align on Purpose
What It Means:
It’s about articulating how and why your solution will solve specific problems and provide meaningful value. When the team’s purpose aligns with that of the founder, the entire company moves cohesively toward a shared goal.
How to Encourage It:
3. Embrace Curiosity over Credentials
What It Means:
With so many people sporting similar-looking AI resumes—online courses, machine learning projects, and GitHub repositories—what often differentiates a standout team member is their curiosity. They’re the ones eager to experiment with new datasets, explore niche research papers, or devise creative prototypes.
How to Encourage It:
4. Foster a Bias for Action
What It Means:
AI projects can linger in cycles of hyper-optimization or indecision. A bias for action encourages team members to test theories quickly, gather real-world data, and iterate.
How to Encourage It:
5. Collaborate Cross-Functionally
What It Means:
While technical expertise is crucial, it doesn’t exist in a vacuum. AI teams should collaborate with product designers, marketers, and other stakeholders to fully understand and serve customers’ needs.
How to Encourage It:
6. Iterate and Evolve
What It Means:
Founders and team members alike must be willing to evolve their mindset as the AI field transforms. What worked for a MVP (Minimum Viable Product) or early-stage venture might not scale as the company grows.
How to Encourage It:
In Conclusion
In a landscape where resumes are increasingly similar, these foundational principles help founders build teams that stand out not simply because of what they have done, but how they think, collaborate, and persevere. By prioritizing first-principles thinking, aligning on purpose, embracing curiosity, maintaining a bias for action, collaborating across departments, and committing to iteration, teams can build meaningful solutions that truly reflect the heart of a startup’s vision.
Remember, it’s not just about the “best” AI/Tech Talents on paper—it’s about the synergy of purpose, principles, and perspective that helps your team thrive in the dynamic realm of artificial intelligence.
In the world of venture capital, there is a widely accepted belief: more funding equals more success. However, the reality is often counterintuitive. The best startups—those that achieve sustainable growth and long-term market leadership—tend to need the least capital, at least in the early stages. This paradox challenges the conventional fundraising mindset and highlights key principles that define high-quality startups.
1. Capital Efficiency is a Competitive Advantage
The best founders understand that every dollar raised comes at a cost: dilution, investor expectations, and pressure to scale prematurely. Instead of raising excessive capital, these startups focus on capital efficiency—achieving more with less. They prioritize lean operations, customer-funded growth, and strategic spending over growth at all costs.
2. Product-Market Fit First, Capital Later
One of the most common mistakes early-stage startups make is raising large sums before proving product-market fit. Without validation from real customers, excess funding often leads to unnecessary hires, bloated marketing budgets, and a focus on vanity metrics rather than sustainable traction.
The best startups, on the other hand, focus on iterating and refining their product with minimal resources. They build a solid foundation, ensuring they truly solve a pressing problem before scaling. Once product-market fit is established, capital can be used effectively to accelerate growth rather than find it.
3. More Money, More Problems
Counterintuitively, too much capital can create operational inefficiencies. Large funding rounds often lead to reckless spending, a lack of urgency, and over-hiring. Startups can lose the scrappy, resourceful mindset that initially made them successful. Additionally, high burn rates can trap companies into raising follow-on rounds under unfavorable terms just to stay afloat.
4. Founder Discipline and Ownership Mindset
The best founders treat their startups like bootstrapped businesses, even when they have access to capital. They meticulously track key metrics, avoid unnecessary expenses, and focus on long-term sustainability rather than short-term growth hacks.
5. Raising Capital for the Right Reasons
The smartest startups don’t avoid funding—they simply raise it when it truly makes sense. Capital should be used to scale a proven model, enter new markets, or strengthen competitive advantages. It should not be used to "find" a business model, artificially inflate traction, or cover inefficiencies.
Conclusion: The True Role of Venture Capital
As investors, our role is not to fund excessive spending but to back startups that demonstrate strong fundamentals. The best founders understand that capital is a tool, not a solution. By being capital-efficient, proving product-market fit before scaling, and maintaining a disciplined approach, startups position themselves for long-term success—often needing far less funding than their competitors.
In the end, the fundraising paradox is simple: the strongest startups don’t raise the most money; they raise the right amount at the right time. And that makes all the difference.
The first year is critical for any startup. It’s a period of experimentation, learning, and rapid adjustments. However, many founders fall into common traps that slow down growth or lead to failure. Here are some of the biggest mistakes startups make in their first year and how they can approach things differently.
1. Focusing Too Much on the Product Instead of Finding PMF
Many startups spend excessive time perfecting their product before validating if there’s a real demand for it. Instead, founders should focus on finding product-market fit (PMF) early. Engage with potential users, gather feedback, and iterate quickly.
2. Targeting Too Broad an Audience Instead of Defining an ICP
Startups often try to sell to everyone, but not every customer is the right fit. Identifying an Ideal Customer Profile (ICP) helps refine marketing, sales, and product development. By understanding who benefits most from the product, startups can optimize their messaging and acquisition efforts, leading to better retention and organic growth.
3. Not Building a Marquee Client Base and Leveraging Testimonials
Securing well-known or influential customers early can create a strong foundation for trust and credibility. Startups should prioritize acquiring marquee clients, even if it means offering early discounts or additional support. Once onboard, leveraging their testimonials, case studies, and referrals can help attract more customers.
4. Ignoring Outbound Sales and Narrative Building
Many startups rely solely on inbound marketing, expecting customers to find them. While inbound is important, outbound efforts—such as direct sales, networking, and partnerships—play a crucial role in early traction. Additionally, founders should proactively build their narrative through content, PR, and social media to position themselves effectively in the market.
5. Underestimating Distribution & Go-to-Market Strategy
A great product alone doesn’t guarantee success. Startups need a well-defined go-to-market (GTM) strategy that includes choosing the right sales channels, experimenting with different distribution methods, and leveraging strategic partnerships. The key is to figure out the most efficient way to reach customers and drive adoption.
6. Not Experimenting Enough with Pricing
Pricing is often either set too low to attract customers or too high without proving value. Instead of sticking to a rigid pricing model, startups should experiment with different approaches—free trials, freemium models, tiered pricing, or value-based pricing—to see what resonates with their target customers. The goal is to find a sustainable balance between affordability and profitability.
7. Delaying Hiring Key Talent
Founders often try to do everything themselves or hire reactively when overwhelmed. The right early hires, especially in product, sales, and operations, can significantly impact a startup’s trajectory. Founders should focus on bringing in people who complement their skills and can drive growth early on.
8. Not Tracking the Right Metrics
Startups sometimes focus on vanity metrics (like social media followers or total app downloads) instead of actionable ones (like customer retention, conversion rates, and customer acquisition costs). Tracking meaningful metrics helps make data-driven decisions and ensures that the business is moving in the right direction.
Final Thoughts
The first year of a startup is all about learning and adapting. Avoiding these common mistakes can help startups build a strong foundation for long-term success. Focus on market validation, targeted customer acquisition, strategic pricing, and distribution to increase the chances of sustainable growth. The best founders are those who stay flexible, iterate quickly, and keep learning from their experiences.
Last week I had the chance to pitch my firm Malpani Ventures to founders at an event organised by WeWork Labs.
While founder pitching to VC events is common in India, the reverse is not yet prevalent, but equally important. Founders must understand the investor psyche—thesis, operating methodology, and incentives—before offering a piece of their company.
We often encourage potential investee companies to seek feedback on our firm from present & past founders. The most relevant feedback on a VC firm is one that is received from a founder who did not make it large – such a founder has no incentive to speak well about the investor and can often share his/ her honest thoughts.
I am sharing some slides and summary notes from my pitch below. If you would like to see the full video pitch, please refer here:
Overview:
Malpani Ventures is a single-family office – We manage private investments for Dr Aniruddha Malpani and his family. Personally, I joined the firm about 5 years back and we are increasingly taking bolder and bigger bets.
We come in fairly at the pre-seed and seed stage – typically we like to be the first external cheque in a company beyond friends and family. Our cheque size ranges from Rs 1 to 5 cr with significant money reserved for follow-ons.
We have been investing for quite some time now and have seen several cycles across our invested startups.
We recently saw our first IPO as well with IKS Healthcare. We stayed invested for more than 15+ years in this company and have seen first-hand the benefits of compounding over long periods of time.
Our investment thesis is very straightforward: We invest in all things B2B.
We want to back founders who are looking to dominate specific niches or categories.
One of the most persistent questions that VCs ask founders is What is your right to win?
So it is only fair that we address why you should work with us!
While patient capital and long-term focus are clichés used by most firms – in reality, most VC/ PE funds are constrained by their fund life. The harsh truth here is that Funds cannot have more than a 5 to 7-year view of your business. This means that they will encourage you to make decisions that may be wise in the short term but long-term detrimental to your business.
Given that we have a single LP with a long-term mindset, we can actually walk the talk on providing capital. Our term sheets do not have an exit period clause! We believe in staying permanently invested as long we are aligned on the outcome potential and the founder’s vision for the business. This is especially relevant in the early stage, where we believe in giving founders a very long rope to finding PMF! We don’t care about showing valuation mark-ups on paper to appease our investors but rather focus on setting the right fundamentals in a company.
Unlike some other family offices, we form our convictions and prefer to lead our investments in most cases. Additionally, our investments are not spray and pray – We make limited bets every year and our focus is on going deep with a few companies.
We reserve significant reserves for companies in subsequent rounds.
Finally, we value transparency and ethics in all our dealings and believe in offering the same to our founders. Our term sheet and standard shareholder agreement are available on our website.
Our honest answer is that we believe investors can not add a lot of value to investee companies.
We believe that the best founders will find a way regardless – We believe in being facilitators in this journey.
In summary, at Malpani Ventures we offer patient, long-term, and flexible capital. We do not have to return money within a fixed time frame allowing us the liberty to stay invested.
We respect the time it takes for founders to build their business in the RIGHT way.
I am keen to work with long-term mission led founders who want to build a business for life and want an early investor who comes in with a permanent ownership mindset!
If you are an early Indian founder, please write to me on Linkedin, X, or email.
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I look forward to hearing from you!