The Man Behind India's First Unicorn | Naveen Tewari of InMobi

From Failed Ventures to Founding Wisdom

Naveen Tewari's entrepreneurial journey began with multiple setbacks that ultimately shaped his approach to building successful companies. Before creating India's first unicorn, he experienced what he calls his "minus one to nothing phase" - a series of failed startups that taught him invaluable lessons about conviction and persistence.

The Four Failed Startups:

1. VCube (VoiceOver IP Company) - His first venture focused on voice communication technology
2. Three additional unnamed startups - Each representing learning experiences in his pre-InMobi phase
3. Timeline: Started entrepreneurial attempts in 2005, before founding InMobi
4. Perspective: Views reaching "zero" as an achievement worth celebrating

Key Learning Philosophy:

• Failure as Foundation: Each failed startup contributed to his eventual success
• Community Value: Emphasizes how valuable startup communities would have been during his early struggles
• Resilience Building: The experience of multiple failures built the mental fortitude needed for later success
• Preparation Phase: These failures were essential preparation for creating India's first unicorn

Timestamp: [3:23-4:03]

The VoiceOver IP Pioneer That Almost Was

VCube was Naveen Tewari's first startup venture - a VoiceOver IP company that aimed to revolutionize phone communication by enabling free calls over data networks. The company represented his initial attempt at solving a personal pain point: the high cost of international calling.

The Technical Challenge:

• Codec Development: Built custom voice compression technology with his team
• Network Limitations: Operating during the 2G network era in the US (pre-3G infrastructure)
• Hardware Issues: Phone would overheat during operation due to intensive processing
• Quality Problems: Voice calls sounded distorted on the receiving end
• Testing Process: Spent 9 months driving around San Francisco roads testing call quality

Personal Motivation:

• Family Connection: Wanted to call parents and family in India affordably
• Cost Solution: International calls were extremely expensive at the time
• Free Calling Vision: Believed VoiceOver IP could eliminate calling costs entirely

Development Timeline:

1. 9 months of intensive product development and testing
2. Team effort focused on building proprietary voice codecs
3. Real-world testing throughout San Francisco to validate technology
4. Product maturation before seeking investor feedback

Timestamp: [4:09-4:59]

When One Meeting Changed Everything

A single investor meeting became the turning point that ended VCube and taught Naveen Tewari one of his most important entrepreneurial lessons. The harsh rejection from a top-tier venture capitalist not only killed his first startup but also fundamentally changed how he approaches external feedback.

The Devastating Meeting:

• Investor Profile: Tier one "plus plus plus" venture capitalist with significant reputation
• Prior Relationship: Naveen had connections from his previous work at a venture firm
• Warm Reception: Initially welcomed and given a full pitch opportunity
• Brutal Feedback: Investor "rammed him so hard" with criticism
• Immediate Impact: Co-founder quit at the end of that single meeting

The Investor's Logic:

• Market Threat: Telecom carriers would recognize VoiceOver IP riding on their data pipes
• Competitive Response: Carriers would build the technology themselves and eliminate competitors
• Business Model Flaw: Fundamental dependency on infrastructure owned by potential competitors
• Logical Assessment: The reasoning was sound from a business perspective

Personal Response & Aftermath:

• Initial Resistance: Tried to maintain conviction for one week after the meeting
• Ultimate Surrender: Gave up on VCube after nearly 12 months of development
• Deep Reflection: Spent time processing what the investor had told him
• Regret Formation: Later realized he should have maintained his conviction despite the feedback

Timestamp: [4:59-6:47]

The Foundation of Entrepreneurial Independence

The failure of VCube became Naveen Tewari's most valuable entrepreneurial education, teaching him the critical importance of maintaining personal conviction in the face of external criticism. This lesson fundamentally shaped his approach to building future companies and dealing with investor feedback.

The Core Lesson:

• Conviction Primacy: Must develop and maintain your own strong beliefs about your vision
• Persistence Requirement: Need to stay committed to your conviction despite opposition
• Input vs. Influence: Should listen to feedback but not be easily swayed by it
• Independent Thinking: Don't let others' opinions override your own judgment

Personal Transformation:

• Changed Mindset: "I don't listen to people anymore" - meaning he doesn't get easily influenced
• Refined Approach: Still hears what people say and processes their input
• Selective Processing: Takes feedback into consideration but maintains independent decision-making
• High Conviction Building: Developed exceptionally strong belief system and backs it consistently

The Regret Framework:

• Not About Outcome: Doesn't regret the decision because he ultimately succeeded
• About Process: Regrets giving up due to external pressure rather than internal conviction
• Authority Questioning: Realized he shouldn't have deferred to someone just because they had money
• Time Investment: Had worked 9-12 months on the project before abandoning it

Applied Wisdom:

• Investor Relationship: Should have taken the input but continued with his vision
• Decision Authority: Learned not to let others make critical decisions about his ventures
• Conviction Backing: Now maintains very high levels of conviction and supports it with action

Timestamp: [6:47-7:54]

Essential Insights:

1. Failure as Education - Naveen Tewari had four failed startups before InMobi, viewing these as essential learning experiences in his "minus one to nothing phase"
2. Conviction Over Consensus - His biggest lesson was learning to maintain personal conviction despite external criticism, especially from investors
3. VCube's Technical Ambition - His first startup built VoiceOver IP technology during the 2G era, spending 9 months developing custom codecs for affordable international calling

Actionable Insights:

• Maintain Independent Thinking: Listen to feedback but don't let others easily influence your core decisions
• Value the Zero: Reaching any level of success should be celebrated as an achievement
• Process Input Selectively: Take investor feedback into consideration while maintaining your own conviction about your vision
• Learn from Authority Mistakes: Don't defer critical decisions to others just because they have money or status

Timestamp: [0:47-7:54]

People Mentioned:

• Naveen Tewari - Founder & CEO of InMobi and Glance, featured guest sharing his entrepreneurial journey
• Prateek Mehta - Partner at SPC and podcast host conducting the interview

Companies & Products:

• InMobi - India's first unicorn company founded by Naveen Tewari, mentioned as his successful venture after multiple failures
• Glance - AI-powered platform for lock screen content, part of Naveen's current business portfolio
• VCube - Naveen's first startup focused on VoiceOver IP technology that ultimately failed
• Google - Referenced as a competitor that Naveen was competing against in mobile ads in 2007

Technologies & Tools:

• VoiceOver IP - Core technology behind VCube, enabling voice calls over data networks
• Codecs - Voice compression technology that Naveen's team developed for VCube
• 2G Networks - The network infrastructure limitation that VCube operated under in the US

Concepts & Frameworks:

• Minus One to Zero - The entrepreneurial phase of failed startups before achieving success
• Conviction Before Consensus - The philosophy of maintaining personal beliefs despite external opposition
• Tier One Plus Plus Plus Venture Capitalist - Reference to top-tier investors with significant reputation and influence

Timestamp: [0:47-7:54]

Early Venture: mKhoj SMS-Based Search

The Original Concept:

• mKhoj: SMS-based search and advertising platform
• Market Reality: The team quickly realized it wasn't the right direction
• Strategic Pivot: Changed direction when competitors received funding

Key Learning - Negative Conviction:

1. Competitor Analysis - A company called AskLaila received $10 million funding led by Lightspeed Venture Partners (with Matrix Partners as an investor)
2. Self-Assessment - Despite competitor funding, Tewari's team concluded the model wouldn't work
3. Bold Decision - Changed their entire business idea the same month AskLaila got funded

Strategic Insight:

"The conviction worked the other way but we backed it because it's okay right you can be convinced either way it's not to say I should always be positively convinced"

This experience taught them that negative conviction (knowing what NOT to do) can be just as valuable as positive conviction.

Timestamp: [8:01-9:49]

The Challenge of Finding Fellow Believers

The Startup Stigma Problem:

• Social Barrier: Talking about starting a company made you "totally unemployable"
• Hiring Challenge: Companies wouldn't hire people who expressed entrepreneurial ambitions
• Community Gap: No startup ecosystem or community existed to connect like-minded individuals

The Co-Founder Discovery Process:

1. Organic Connection - Found Abhay through undergraduate connections
2. Indirect Approach - Spent 2 hours together without discussing business plans
3. Last-Minute Reveal - Only in the final 5 minutes did they share their entrepreneurial intentions
4. Natural Expansion - Gradually brought in Amit, Mohit, and others

Core Philosophy - Survival Over Skills:

• Primary Criteria: Conviction to stay, not complementary skills
• Survival Strategy: Ensure all four co-founders don't want to quit simultaneously
• Daily Reality: "Every day you want to quit many a time many times a day"
• Success Metric: "Just try to make sure that you know there are people who can keep you alive"

Timestamp: [9:56-12:08]

The 4-Hour Compatibility Framework

The Airport Test Concept:

• Scenario: Being stuck with someone at an airport for 4 hours
• Key Question: Would you genuinely want to spend that time with this person?
• Assessment Areas: Value system alignment and personal compatibility

Beyond Skills to Chemistry:

1. Relationship Quality - Focus on genuine connection over technical complementarity
2. Long-term Viability - Can you maintain enthusiasm and energy together?
3. Stress Testing - How do you interact during uncomfortable or boring situations?

Real-World Validation:

• 18-Year Partnership - The InMobi co-founder team has stayed together since inception
• Personal Milestone - Tewari notes both his company and daughter are turning 18
• Neighborhood Test - Co-founders remain close enough to be neighbors
• Proven Success - "You're passing your airport test, man. 100%"

This simple but profound test emphasizes that personal compatibility and shared values often matter more than complementary skill sets in long-term partnerships.

Timestamp: [12:13-12:54]

The "Die Together" Philosophy

Unbreakable Bond Principles:

1. Collective Commitment - "We'll just die together" mentality during low moments
2. Synchronized Decisions - "We will all quit together whenever we do"
3. Shared Destiny - Complete alignment on staying in the journey together

Conflict Management Strategy:

• Fights Are Normal - "Do we have fights quite a bit? But I think fights are important"
• Trust Foundation - Never question each other's intentions or motives
• Intellectual Disagreement - Can think someone is wrong without doubting their commitment
• Intent Alignment - Complete agreement on fundamental goals and ambitions

Key Alignment Areas:

Shared Ambition:

• Growth Mindset - Believe they can grow 10-50x from current scale
• Global Vision - Goal to compete with Google and Facebook at a global level
• Unrealized Potential - "We have not achieved anything today" despite current success

Natural Synchronization:

• Intuitive Understanding - Can predict each other's thoughts and actions
• Independent Operation - May not talk for weeks but remain perfectly aligned
• Automatic Coordination - "I would exactly know what he's saying or doing or thinking"

Timestamp: [13:21-15:45]

Essential Insights:

1. Negative Conviction Value - Learning what NOT to do can be as valuable as positive insights, demonstrated when Tewari pivoted from mKhoj after seeing competitor AskLaila get funded
2. Survival Over Skills - Co-founder selection should prioritize commitment and staying power over complementary abilities or technical expertise
3. Long-term Partnership Secrets - 18-year co-founder relationships survive through shared ambition, trust in intentions, and synchronized decision-making

Actionable Insights:

• Use the "airport test" for potential co-founders: would you want to be stuck with them for 4 hours?
• Focus on finding people who can keep you motivated during daily quit moments rather than perfect skill matches
• Establish clear alignment on fundamental ambitions and intentions, allowing for intellectual disagreements on execution
• Build relationships where fights are acceptable but trust in motives remains unshakeable
• Create a "die together" mentality where major decisions are made collectively

Timestamp: [8:01-15:58]

People Mentioned:

• Abhay Singhal - InMobi co-founder, found through undergraduate connections, lives in the US
• Amit Gupta - InMobi co-founder who later started Yulu bike-sharing company
• Mohit - Another InMobi co-founder mentioned as part of the core team

Companies & Products:

• mKhoj - Tewari's SMS-based search and advertising company before InMobi (originally called mKhoj)
• AskLaila - Competitor SMS search company that received $10 million funding led by Lightspeed Venture Partners (with Matrix Partners as an investor)
• Matrix Partners - Venture capital firm that was an investor in AskLaila
• Lightspeed Venture Partners - Venture capital firm that led the $10 million funding round for AskLaila
• Yulu - Bike-sharing company started by InMobi co-founder Amit Gupta
• Google - Referenced as global competition benchmark for InMobi's ambitions
• Facebook - Another global tech giant mentioned as competitive target

Concepts & Frameworks:

• Airport Test - 4-hour compatibility assessment for potential co-founders and team members
• Negative Conviction - Strategic decision-making based on what NOT to do rather than positive validation
• Die Together Philosophy - Co-founder commitment strategy ensuring synchronized major decisions
• Fellow Believers - Finding team members with shared conviction rather than complementary skills

Timestamp: [8:01-15:58]

Team Longevity & Relationship Dynamics

Naveen Tewari reveals that building lasting teams isn't about complex strategies—it's about authentic connections that work at a fundamental level. InMobi has maintained remarkable stability with 15 people completing 17 years and Tewari himself at 18 years.

The Foundation of Long-Term Success:

1. Shared Low Moments - The biggest challenges become bonding experiences where team members see commitment in each other's eyes
2. Intuitive Chemistry - Like successful marriages, some partnerships simply work beyond logical explanation
3. Feeling-Based Bonds - The connection exists at a visceral level that transcends rational analysis

Company-Wide Retention Results:

• 15 employees completing 17 years in 2024
• Founder tenure of 18 years
• Multi-generational loyalty across the organization

The approach focuses on creating an environment where natural chemistry can flourish rather than forcing artificial team-building strategies.

Timestamp: [16:05-16:55]

Three-Bucket Talent Strategy

InMobi has developed a distinctive hiring philosophy that actively seeks out entrepreneurs who have experienced failure, viewing this as a competitive advantage in building high-talent density teams.

The Three Categories of Talent:

1. Outgrown Employees - High performers who believe they've surpassed the company

• Most quality ones become entrepreneurs
• 90 companies have been built by former InMobi employees
• 20-30 successful ventures from this group
• 50% of failed entrepreneurs return to InMobi

2. Growth-Oriented Performers - Employees excelling in current roles

• Receive bigger charters as company expands
• Stay engaged through increasing responsibilities

3. Family-Oriented Members - Long-term contributors who value stability

• Part of the broader "InMobi mafia"
• Continue relationships and provide business opportunities

The Failed Entrepreneur Advantage:

• Open hiring policy for entrepreneurs who didn't succeed
• Audacity over ability - Values courage to attempt over pure skill
• 500 reasons to fail but the attempt itself demonstrates character
• Life philosophy: Skills are commoditized; willingness to take risks is rare

Timestamp: [17:27-18:52]

Cultural Identity in Global Expansion

InMobi deliberately positions itself as an "Indian multinational" rather than following the American multinational model, creating a unique approach to global team building across 20+ offices worldwide.

Core Cultural Principles:

• Family-oriented competition - Balancing familial bonds with high performance
• Unique Indian ethos - Maintaining cultural identity while scaling globally
• Acceptance of departures - No resentment when people leave; open door for returns

Global Implementation Strategy:

1. Local Team Building - Hiring Japanese teams in Japan, Chinese teams in China
2. Cultural Consistency - Maintaining core values across diverse markets
3. Selective Attraction - Accepting that the culture attracts some and detracts others

The InMobi Mafia Effect:

• Continuous relationships with former employees
• Business generation from alumni network
• Office visits and ongoing community engagement
• Family atmosphere that transcends employment status

This approach creates a sustainable competitive advantage by building deep, lasting relationships that extend beyond traditional employer-employee boundaries.

Timestamp: [19:14-20:03]

Global Culture Map for Indian Multinationals

Naveen Tewari outlines InMobi's consistent hiring philosophy that has remained unchanged from day zero, focusing on specific personality traits over traditional qualifications.

Primary Talent Characteristics:

1. Ambitious People - Those who think and act at scale
2. Entrepreneurial Mindset - Individuals who can create and innovate
3. Comfort with Discomfort - People who push boundaries and challenge status quo
4. Big Thinking - Ability to envision and work toward large-scale outcomes

Supporting Framework:

• Failure Tolerance - Employees who try and fail often receive promotions
• Trust-Based Culture - Deep emphasis on building and maintaining trust
• Long-term Commitment - Valuing people who invest significant time

The Two-Year Rule:

• Nobody builds anything meaningful in two years
• Serial job-hoppers (multiple 2-year stints) considered "absolutely useless"
• Compounding outcomes for employees who stay longer
• Quality requirement - Longevity must be paired with performance

Global Application:

• 20+ offices worldwide implementing these principles
• Harder attraction outside home community but achievable
• Amazing global teams built using this consistent approach
• Selective culture that intentionally attracts few and detracts few

Timestamp: [20:42-22:44]

Enterprise Software PMF Discovery

After the strategic pivot from M-Coach, InMobi faced the challenge of discovering product-market fit in the enterprise software space, requiring a fundamental belief in mobile ecosystem growth.

Initial PMF Framework:

• Enterprise product focus - Building software for business clients
• Mobile ecosystem bet - Conviction that mobile would dominate
• Venture capital rejection - Every VC in India said no to the mobile vision

The Funding Challenge:

• Universal rejection from Indian venture capitalists
• Lack of mobile understanding in the investment community
• High conviction decision despite market skepticism

This period represents a critical inflection point where InMobi had to validate their mobile-first vision against conventional wisdom and market sentiment.

Timestamp: [23:44-23:59]

Essential Insights:

1. Authentic Relationships Drive Retention - InMobi's 17-18 year employee tenure stems from genuine chemistry that transcends logical explanation, similar to successful marriages
2. Failed Entrepreneurs Make Better Employees - The company actively hires entrepreneurs who didn't succeed, valuing audacity over pure ability since skills are commoditized
3. Indian Multinational Identity - InMobi deliberately maintains Indian cultural values while scaling globally across 20+ offices, creating a unique family-oriented competitive culture

Actionable Insights:

• Implement open hiring policies for failed entrepreneurs who demonstrate courage to attempt big things
• Build culture that tolerates failure and promotes risk-takers, even rewarding failed attempts with promotions
• Focus on long-term commitment over short-term performance, avoiding serial job-hoppers with multiple 2-year stints
• Maintain cultural identity while scaling globally by hiring local teams that align with core values
• Create "mafia" networks of alumni who continue contributing to business growth even after leaving

Timestamp: [16:05-23:59]

People Mentioned:

• Reed Hastings - Netflix CEO referenced for his work on building global teams and culture development
• Misho - Former InMobi employee who successfully became an entrepreneur after leaving the company

Companies & Products:

• Netflix - Referenced in context of Reed Hastings' approach to global team building
• InMobi - The primary company discussed, positioned as an "Indian multinational" with 20+ global offices
• mKhoj - Previous venture mentioned as the precursor to InMobi's current enterprise software focus

Books & Publications:

• Culture Map - Book by Erin Meyer about building global teams and developing cultural sensitivity for US entrepreneurs expanding internationally

Concepts & Frameworks:

• Indian Multinational Model - InMobi's unique approach to global expansion that maintains Indian cultural values rather than adopting American multinational practices
• Three-Bucket Talent Strategy - Framework for categorizing employees: outgrown performers, growth-oriented achievers, and family-oriented long-term contributors
• Failed Entrepreneur Hiring Policy - Systematic approach to recruiting entrepreneurs who didn't succeed, valuing audacity over pure ability
• Two-Year Rule - Principle that meaningful work requires longer commitments, with serial job-hoppers considered ineffective

Timestamp: [16:05-23:59]

Strategic Decision Making

The Global vs Local Dilemma:

1. Effort Comparison - The delta between building for India versus building globally was surprisingly small
2. Market Reality - Per-unit economics in India made it extremely difficult to generate sustainable revenue
3. Unprecedented Move - No Indian company had successfully built a global product company before

Key Strategic Insights:

• Series A Decision: Made the commitment to build globally right from Series A funding
• Competitive Advantage: While other companies focused on Asia-only markets, InMobi went global
• Market Validation: All Asia-focused competitors in their space eventually failed or became irrelevant

The Harsh Reality for Indian Startups:

• Most Indian companies suffer from inability to make money on per-unit basis locally
• Unless you solve something truly unique, local focus leads to failure
• Good software and ideas should always be taken global

Survival Lessons:

• Companies that stayed Asia-focused died out by 2010-2011
• Global approach provided the scale needed for sustainable unit economics
• The conviction to do something unprecedented was crucial for success

Timestamp: [24:05-26:48]

Crisis Management and Self-Reliance

The Crisis Period:

1. Timeline: 2015-2016 were the most documented difficult years for InMobi
2. Product Launch: Launched a platform called "meep" similar to current Glance concept
3. Minus One to Zero: The experience taught fundamental lessons about independence

Critical Realizations:

• No External Savior: Nobody will come to save a failing company - you're completely on your own
• Investor Reality: Momentum investors invest in flourishing companies, not failing ones
• Self-Reliance Principle: From that point forward, InMobi always maintained profitability

Strategic Response:

Financial Discipline:

• Always made money, even if less during tough times
• Maintained profitability to enable bold decision-making
• Avoided dependency on external capital for survival

Team Solidarity:

• Lowest Attrition Ever: 2016 had the company's lowest attrition in 18-year history
• Pay Reduction: Despite reducing salaries, nobody left the company
• Mission-Driven Culture: People work for mission, not just money

Long-term Benefits:

• Financial independence allowed for bold innovations and changes
• Team that survived together stayed together through future challenges
• Questioned the euphoria around constant capital raising

Timestamp: [27:02-29:03]

Personal Drive and Pain Tolerance

Core Motivational Drivers:

1. Love for Creation - Nothing is more stimulating than the act of creating something new
2. Pain Tolerance - Exceptional ability to deal with significant amounts of pain and discomfort
3. Contrarian Thinking - Thinks bigger when experiencing more pain and pressure

The Founder's Paradox:

Sales Job Reality:

• Founders are essentially salespeople selling to multiple audiences
• Must sell to: customers, investors, employees, family, friends
• Most difficult sale is to yourself - convincing yourself not to give up

Self-Talk Challenges:

• Constant internal dialogue: "I'm good, the company's amazing, don't give up"
• Selling your own "snake oil" to maintain motivation
• Fighting internal doubts while projecting confidence externally

Personal Philosophy:

• Long-term Commitment: Plans to run the company as long as possible
• Pain as Fuel: Uses discomfort and challenges as motivation to think bigger
• Gratitude for Pressure: Thankful for difficult situations that push growth

The Creation Paradox:

• Creation is simultaneously stimulating and painful
• The difficulty of creation is what makes it rewarding
• Being "wired for pain" is essential for entrepreneurial success

Timestamp: [29:34-31:55]

Essential Insights:

1. Global Strategy - Building globally vs locally requires similar effort but provides vastly better unit economics and survival chances
2. Crisis Navigation - The 2015-2016 crisis taught InMobi complete self-reliance, leading to consistent profitability and stronger team bonds
3. Founder Psychology - Long-term entrepreneurial success requires exceptional pain tolerance and the ability to think bigger under pressure

Actionable Insights:

• If your software/idea is good, take it global from early stages rather than focusing locally
• Maintain profitability after achieving PMF to enable bold decision-making without external dependency
• Build mission-driven culture where people stay committed even during pay cuts and difficult times
• Develop high pain tolerance and use discomfort as fuel for bigger thinking
• Remember that being a founder means constantly selling to yourself and others - the internal sale is the hardest

Timestamp: [24:05-31:55]

Companies & Products:

• InMobi - Mobile advertising platform that chose global expansion over local focus
• Glance - AI-powered lock screen platform, compared to the failed "meep" platform from 2015-2016

Concepts & Frameworks:

• Minus One to Zero Mindset - Philosophy of starting from failure and building back up, applied to both product launches and company crisis management
• Global vs Local Strategy - Strategic framework comparing effort required for local market focus versus global expansion
• Mission-Driven Culture - Organizational approach where employees stay committed to company mission even during financial hardships
• Pain Tolerance as Entrepreneurial Skill - Personal development concept that high pain tolerance enables bigger thinking under pressure

Timestamp: [24:05-31:55]

Finding Innovation Through Adversity

The Power of Corner Situations:

1. Historical Pattern - InMobi's boldest bets have consistently emerged during the most challenging periods
2. Fire Building Analogy - When faced with immediate danger, people naturally find creative solutions rather than fighting each other
3. Pain as Catalyst - Difficult situations force breakthrough thinking and innovation

Personal Philosophy on Pain and Creation:

• Enjoys Pain - Views challenging situations as opportunities for growth and innovation
• Thrives on Disruption - Finds energy in breaking established patterns and creating new solutions
• Scale Obsession - The ultimate motivation is building something truly significant and impactful

Entrepreneurial Reality Check:

• Admits uncertainty about alternative career paths outside entrepreneurship
• Acknowledges the addictive nature of building and creating
• Emphasizes that learning to navigate pain is essential for entrepreneurs

Timestamp: [32:01-33:07]

From Weekend Project to Major Platform

The Reality of Missed Opportunities:

• Honest Assessment - Tewari admits they likely ignored five other potential big ideas without realizing it
• Impossible to Predict - Very difficult to know which projects will become transformative
• Small Team Origins - Glance started with a very small team working on the side

The Startup Mindset Philosophy:

1. Constant Innovation State - InMobi maintains four different "minus 1 to 0" projects simultaneously
2. State of Mind Definition - Being a startup isn't about money but about maintaining an innovative mindset
3. Billion Dollar Thinking - Each new project is evaluated for its potential to become a $1-5 billion opportunity

Organizational Benefits:

• Keeps Company Young - Multiple experimental projects maintain organizational agility
• Productive Discomfort - Constant questioning and uncertainty drives better decision-making
• Multi-tasking Philosophy - Believes teams are naturally wired to handle multiple initiatives effectively

Timestamp: [33:27-35:52]

Integrating Spirituality with Entrepreneurship

The Complementary Relationship:

• Perfect Alignment - Hustle and mindfulness work completely hand in hand
• Purpose-Driven Focus - Staying centered helps maintain focus on true desires and ambitions without distraction
• Avoiding Noise - Mindfulness practices prevent external distractions from derailing core objectives

Practical Mindfulness Approaches:

1. Choose Your Practice - Whether meditation, yoga, or other methods based on personal preference
2. Self-Acceptance - Being comfortable with your own skin and acknowledging limitations
3. Weakness Acknowledgment - No longer trying to hide areas of weakness or incompetence

The Transformation Process:

• From Hiding to Accepting - Evolution from concealing weaknesses to openly acknowledging them
• Distraction Elimination - When people point out weaknesses, the response is acceptance rather than reactive fixing
• Higher Conviction - Increased confidence in areas of genuine strength and capability

Realistic Expectations:

• Human Nature - Acknowledges that perfect centeredness isn't constant
• Unstable Equilibrium - Returns to centered state after periods of imbalance
• Ongoing Journey - Continuous process rather than a permanent achievement

Timestamp: [36:05-38:02]

Finding the Balance Between Enough and Too Much

The Overbuilding Challenge:

• Common Startup Trap - Building numerous features without clear purpose or user validation
• VC Pressure - Tendency to overbuild when trying to impress investors
• Customer Confusion - Even customers can drive feature bloat through varied requests

InMobi's Current Approach:

1. Reduced VC Dependency - Less frequent pitching to investors reduces pressure to overbuild
2. Internal Validation - Building products primarily for internal conviction rather than external approval
3. Customer-First Thinking - Focus on genuine customer needs rather than impressive feature lists

The Quality Test:

• Fundamental Question - If what you have isn't enough, then it's simply not good enough
• Investment Readiness - Don't raise money if the core product isn't genuinely valuable
• Simplicity Over Complexity - Better to have fewer features that work well than many that don't add value

Real-World Example:

• Competitive Response - Competitors who tried to match features without proper foundation ultimately gave up

Timestamp: [38:15-39:58]

Essential Insights:

1. Pain-Driven Innovation - InMobi's biggest breakthroughs consistently emerge from the most challenging situations, proving that adversity catalyzes breakthrough thinking
2. Startup Mindset Philosophy - Being a startup is a state of mind, not a financial condition, requiring constant "minus 1 to 0" experimental projects to maintain innovation
3. Mindful Entrepreneurship - Balancing intense hustle with spiritual practices creates better focus by accepting weaknesses and avoiding distractions

Actionable Insights:

• Embrace difficult periods as opportunities for your boldest strategic bets rather than retreating
• Maintain multiple experimental projects simultaneously to keep your organization young and innovative
• Practice self-acceptance and mindfulness to stay focused on core objectives without getting distracted by external criticism
• Avoid overbuilding features by focusing on internal conviction and genuine customer value rather than impressing investors

Timestamp: [32:01-39:58]

People Mentioned:

• J. Krishnamurti - Spiritual teacher whose philosophy influences Tewari's approach to mindfulness and being centered

Concepts & Frameworks:

• Minus 1 to 0 Phase - InMobi's internal framework for experimental projects that could potentially become $1-5 billion opportunities
• Unstable Equilibrium - Concept describing the realistic nature of maintaining centeredness while managing intense business demands
• State of Mind Startup Definition - Philosophy that being a startup is about innovative mindset rather than financial resources

Timestamp: [32:01-39:58]

Strategic Market Selection Philosophy

Core Investment Principles:

1. Avoid Overcrowded Spaces - Don't enter markets with numerous competitors when you lack significant capital
2. Smart Resource Allocation - Be shrewd about moving from minus-1 to zero and zero to one
3. High Mortality Awareness - Recognize that 99%+ of startups fail in the zero-to-one phase

Key Strategic Insights:

• Limited Resources Reality: Without $100 million to burn, founders must be extremely strategic
• Angle Discovery: Find unique approaches that others haven't identified
• Rarified Air Goal: Focus on reaching the small percentage that survives initial phases

Founder Resource Management:

• Three Finite Assets: Time, energy, and resilience
• Careful Selection: Choose where to spend these resources very deliberately
• Success Probability: Don't reduce your chances by entering saturated markets

The mortality rate in zero-to-one startups is so high that founders must find unexplored angles rather than competing in established spaces.

Timestamp: [40:22-41:35]

From Safety-Oriented to Dream-Big Mentality

Pre-HBS Mindset (Growing up in 1990s Kanpur):

• Middle-Class Safety Focus: Life centered around security and stability
• Pedigree Collection: Success measured by accumulating credentials and brands
• Risk-Averse Culture: Catering to a world of safety and conventional paths

Transformational HBS Experience:

1. Peer Observation: Best students were quietly thinking about building something
2. Permission to Dream: Realized middle-class boys were allowed to dream big
3. Relatable Role Models: Saw people like himself who could achieve entrepreneurial success

Missing Indian Heroes Problem:

• Generational Gap: Couldn't relate to Narayana Murthy's different era
• Distant Legends: J.R.D. Tata and other icons seemed too removed from his experience
• Unknown Stories: Lacked accessible narratives of relatable entrepreneurs

Two Critical Realizations:

1. Audacious Thinking: Ability to think so insanely that it sounds ridiculous to others
2. Middle-Class Possibility: Normal boys can pursue extraordinary goals

Life-Changing Decision:

• Gave up all job possibilities after HBS
• Acknowledged the painful journey that followed
• Committed fully to entrepreneurial path

Timestamp: [41:42-43:56]

Early-Stage Survival vs. Established Validation

Early Career Approach (2005 Era):

• Primary Goal: Move from minus-1 to zero, or at best reach one
• Survival Mindset: Focus on not getting eradicated from the market
• Speed Strategy: Move swiftly and quickly to find something that works
• No Deep Analysis: Avoided overthinking - just focused on not dying

Decision Framework for Multiple Ideas:

1. Equal Difficulty Assumption: Everything is equally hard, whether opening a shop or building a startup
2. Pain Acceptance: Since excruciating pain is inevitable with high failure probability
3. Big Swing Strategy: Aim for spaces so large that others think it's stupid

Current Validation Criteria:

• Stupidity Test: Pursue ideas that others call insane or impossible
• Uncrowded Spaces: Only enter markets where nobody else is going
• Massive Outcome Potential: If you succeed on low probability, you win really big

Historical Examples:

• InMobi: Entered advertising knowing Google would compete, but went global when others said don't
• Glance AI: Building platform to disrupt commerce worldwide and change shopping entirely

Core Philosophy:

"If I succeed, then I succeed really big" - Always aim for ideas where low-probability success yields massive outcomes.

Timestamp: [44:03-47:44]

Essential Insights:

1. Strategic Market Selection - Avoid overcrowded markets when resources are limited; find unique angles others haven't discovered
2. Transformational Education - HBS provided permission to dream big and showed relatable role models for middle-class entrepreneurs
3. Big Swing Philosophy - Pursue ideas others think are stupid, aiming for massive outcomes on low probability success

Actionable Insights:

• Carefully allocate your three finite resources: time, energy, and resilience
• Look for markets where nobody else is going rather than competing in saturated spaces
• Use the "stupidity test" - if others think your idea is insane, it might be worth pursuing
• Accept that everything is equally hard, so aim for the biggest possible outcome

Timestamp: [40:04-47:55]

People Mentioned:

• Narayana Murthy - Co-founder of Infosys, mentioned as someone from a different era that Tewari couldn't relate to as a young entrepreneur
• J.R.D. Tata - Former chairman of Tata Group, cited as an example of distant business legends whose stories weren't accessible to middle-class entrepreneurs

Companies & Products:

• Google - Referenced as a major competitor that InMobi knew would enter the advertising space
• Glance AI - Tewari's current venture aimed at disrupting global commerce and shopping
• McKinsey - Consulting firm where Tewari worked before his MBA

Educational Institutions:

• Harvard Business School (HBS) - Where Tewari had his entrepreneurial awakening and learned to dream big
• Kanpur - Tewari's hometown representing middle-class Indian upbringing in the 1990s

Concepts & Frameworks:

• Minus-1 to Zero to One Framework - Startup progression stages from idea validation to initial success to scaling
• Stupidity Test - Validation method where ideas others think are insane might be worth pursuing
• Big Swing Strategy - Aiming for massive outcomes on low probability bets rather than safe, incremental plays

Timestamp: [40:04-47:55]

Resilience Through Pain and Persistence

The core skill that separates successful entrepreneurs from those who quit is the ability to suffer pain and keep going. When everything falls apart, the system is essentially trying to eliminate you by making the pain unbearable.

The Elimination Game Strategy:

1. Accept the suffering - Recognize that pain is part of the process, whether it lasts 2 years or 4 years
2. Stay at the table - Think of it like poker - you'll eventually win if you don't fold
3. Outlast the system - The whole process is about elimination, so don't eliminate yourself

Critical Mindset Shifts:

• Stop focusing on losses - If you're calculating what you're losing financially, you've already lost
• Think impact, not money - Focus on what you're going to make in terms of impact, not financial returns
• Avoid spreadsheet mentality - Creating cash flow projections and setting valuation requirements shows you're not built for the uncertainty

The Probability Factor:

Unless you're extremely unlucky or miraculously incompetent, you will succeed if you simply stay at it. The key is enduring the excruciating pain of the unpredictable process, even knowing you may not succeed.

Timestamp: [48:02-50:03]

The "Always On" Philosophy

You can only be always on if building your startup is genuinely the best thing in your life. This isn't about forcing yourself to work harder - it comes from within when you've found your true calling.

Red Flags That Signal You Should Quit:

• Vacation mentality: "I've worked so hard building my startup, let me take a vacation"
• Work-life balance concerns: Thinking about work-life balance issues means you're not built for entrepreneurship
• These thoughts are parasitic and fundamentally wrong for founders

The Cricket Analogy:

Just like looking forward to 4 PM cricket as a child - those 2.5 hours would fly by because they were the best moments of the day. You'd only stop when the sun went down, not because you were tired.

The 16-Hour Workday Reality:

• Every day is the best moment - The 16 hours of work should feel like the best part of your day
• It's not about working harder - You can't force people to have this mindset
• Natural drive vs. forced effort - After 8 hours, anything more comes from genuine passion, not obligation

When your work feels like play, you've found your purpose. If it doesn't, you're probably in the wrong game.

Timestamp: [50:09-52:47]

The Cricket Team Strategy for Startups

When you're really down and facing potential failure, there are two fundamental approaches you can take - and only one leads to breakthrough success.

Traditional "Safe" Strategy (Usually Fails):

• Play it safe - Try to minimize losses and make incremental progress
• Conservative approach - Focus on not losing badly rather than winning
• Predictable outcome - You'll still lose, just by fewer runs

Radical "Go For It" Strategy (Path to Success):

• Aggressive batting - Take a completely radical approach that catches everyone off guard
• All-or-nothing mentality - What's the worst that can happen? You were going to lose anyway
• Unexpected moves - Do what nobody expects you to do

The Non-Obvious Game:

1. When you're truly screwed - That's when you bulk yourself up and ask "What's the best thing I can do?"
2. Nobody expects success - Use this to your advantage
3. Avoid the obvious - The game is all about not doing what everyone expects
4. Universal principle - Even the most successful business houses play this game

The Single Investor Philosophy:

• You don't need 100 investors - You just need that one person who believes
• Forget societal approval - You don't need the entire venture community's validation
• Go for the insane narrative - Find that one investor who buys into your crazy story
• Embrace being called bad - 99 others can say you're wrong if that one person gets it

The biggest upsides come from going for the non-obvious and pursuing what seems heretical from today's perspective.

Timestamp: [52:47-56:06]

Essential Insights:

1. Pain tolerance is the core entrepreneurial skill - Success comes from your ability to suffer and keep going when the system tries to eliminate you
2. Purpose-driven work feels effortless - When building your startup is the best part of your day, you'll naturally be "always on" without forcing it
3. Radical strategies win in crisis - When facing failure, go for the non-obvious, insane approach rather than playing it safe

Actionable Insights:

• Stop calculating financial losses and focus on impact instead - if you're worried about what you're losing, you've already lost
• Quit immediately if you think about work-life balance or needing vacations from your startup
• When everything's going wrong, ask "What's the best thing I can do?" and pursue the most radical strategy
• Focus on finding that one investor who believes in your crazy narrative rather than seeking broad approval
• Embrace the elimination game - stay at the table longer than others and you'll eventually win

Timestamp: [48:02-56:56]

Concepts & Frameworks:

• Texas Hold'em Poker - Used as analogy for entrepreneurial persistence and probability of eventual success
• Cricket Strategy - Traditional vs. aggressive batting approaches applied to startup strategy during crisis
• The Elimination Game - The systematic process by which the startup ecosystem tries to eliminate founders through pain and difficulty
• Non-Obvious Strategy - The principle that breakthrough success comes from doing what nobody expects
• Always On Philosophy - The mindset where work becomes the best part of your day rather than a burden

Companies & Products:

• South Park Commons - Podcast producer and startup community mentioned in closing
• Atomic Growth - Sponsor supporting the podcast episode

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