Today, I interviewed my good friend Jagmeet “Jag” Lamba. We went to college together back in the 90s at Pune Institute of Computer Technology and have a lot of history together.
Today, he is the CEO and founder of Certa—which does "Unified Third Party Management.”
Certa has raised a Series B and is rapidly growing.
I pulled out the 10 nuggets from our conversation.
1. Identify a Real Market Problem
Lesson: Jag Lamba emphasized recognizing genuine market pain points. In his case, he identified vendor onboarding and management inefficiencies as a significant issue many companies faced while he was working as a consultant for McKinsey.
Tip: Look for widespread problems that cause significant delays or inefficiencies in existing processes.
2. Hypothesize and Validate with Potential Clients
Lesson: Jag started with a broad hypothesis about the problem and then refined it based on prospect feedback, focusing initially on the onboarding process.
Tip: Begin with a broad idea and narrow it down by engaging with potential clients and validating their most pressing pain points.
3. Start with a Niche
Lesson: Despite his initial broad vision, Jag succeeded by focusing on a specific niche within the larger problem—vendor onboarding.
Tip: Find a specific entry point or niche in the market where you can provide immediate value and then expand from there.
4. Build Conviction—the conviction takes you through the early challenges
Lesson: Jag was inspired by entrepreneurs he met and strongly desired to join their ranks. His conviction on the problem and the fact that entrepreneurs were his tribe was crucial in driving him to start his company and survive challenges.
Tip: Cultivate a deep personal motivation and conviction to start your business, as this will sustain you through the challenges.
5. Early Client Validation—Get a client to buddy up with you and help you to build your solution
Lesson: Securing early clients willing to pay for the solution validated Jag's product-market fit. His first clients included well-known, sophisticated companies. He had clients sitting with him in coffee shops telling him what to build. Talk about “hair on fire” problem!
Tip: Aim to secure early clients who can validate your product’s value. Their willingness to pay and use your product strongly signals product-market fit.
6. Building an Engineering Org from India—Finding the right leader is key for offshore locations
Lesson: Jag built his engineering team in India due to financial constraints but found a strong leader who helped scale the team effectively.
Tip: Consider building your team in cost-effective locations, but ensure you find a capable leader who can manage and grow the team.
7. Scaling with the Right People—Two wrong VP hires = death of the company
Lesson: Jag highlighted the importance of finding the right leaders for scaling. A wrong VP can set the company back significantly.
Tip: Prioritize hiring experienced leaders who have successfully navigated similar stages of growth. Use thorough back-channel references to vet them.
8. Hands-on Management Initially
Lesson: Jag emphasized staying closely involved with new hires, especially leaders, to ensure they understand the product and company culture.
Tip: Initially, be hands-on with new key hires to ensure alignment with company goals and values before giving them more autonomy.
9. Efficient Fundraising
Lesson: Fundraising is time-consuming and distracts from building the product and serving clients. Jag recommends raising enough initial capital to avoid further rounds potentially.
Tip: Aim to secure sufficient initial funding to reach significant milestones and operate efficiently to minimize the need for additional fundraising rounds.
10. Leveraging AI for Efficiency
Lesson: Jag believes in using AI to scale operations without significantly increasing headcount.
Tip: Integrate AI and automation wherever possible to enhance efficiency and scalability without proportional increases in staffing.
These tips encapsulate key lessons from Jag Lamba’s entrepreneurial journey.
