Govt support for start-ups has many terms & conditions: Satish Singh, MY LYF CARE

While the global pandemic brought economies to a halt and massively disrupted businesses, it has also fuelled start-up dreams and we even saw several Indian start-ups achieve Unicorn status during the pandemic period. The times have never been better for budding entrepreneurs to give wings to their start-up dreams.

The Government, too, has come up with various schemes to support its ‘Vocal for Local’ drive. A case in point is the Rs 1,000 crore Start-up India Seed Fund announced by Prime Minister Narendra Modi during the Start-up India International Summit 2021 held earlier this year.

Adgully is turning the spotlight on the entrepreneurs who fought against all odds to bring their dreams to fruition in our special series – START-UP STARS. We at Adgully wholeheartedly support the ‘Vocal for Local’ movement and over the next few months will be featuring all local/ homegrown businesses, brands, and Apps. 

Satish Singh, Founder, MY LYF CARE, candidly admits that the start-up journey for an entrepreneur is not easy. Being an entrepreneur, he had to do many things alone, like starting an engine to carry a packed train. “It is sometimes interesting, sad, or full of joy. As an entrepreneur, one needs to step back and revisit an entire situation from step one multiple times before one reaches the right way to achieve your target,” Singh says.

Disturbed by the dismal healthcare situation during the peak pandemic period, Singh turned his attention towards the regular healthcare services, which took a backseat as the nation turned its attention to treating the COVID-19 patients and entire hospitals became out of bounds for patients suffering from non-COVID related ailments. That’s when Satish, along with his close friend Munesh, started the ‘MY LYF CARE’ (HealthTech) app, connecting all offline healthcare service providers to an online platform and serving patients at their homes.

In conversation with Adgully, Satish Singh, Founder, MY LYF CARE, speaks about how his start-up fulfills an important need gap during the pandemic times, as well as its core business proposition – providing healthcare services at one’s homes in as short a time as 30 minutes.

How did you identify your TG? Did you carry out any feasibility study before starting your business?

Our target group is patients and their attendants of all age categories. We surveyed the services we provide for all age groups, making our target group anyone and everyone who needs medicines and instant medical attention from their homes.

What were the challenges that you faced in your start-up journey, and how did you overcome them?

Like every start-up, we had to face our share of challenges. Hiring the right team, choosing the correct candidates, especially those educated to work in the healthcare industry. We took time, and after interviewing a range of candidates, we finally have a driven and knowledgeable team to work in a healthcare start-up.

What were the clearances that you required for your venture from various authorities?

As an aggregator between Patients (Users) and Healthcare Service Providers, we fulfill legal compliances at our end, and the healthcare service providers need to ensure they complete their requirements at their end.

Funds/ finance is the prime issue for almost all start-ups. What can the industry and the Government do to address this issue and ease the capital requirements of start-ups?

We are currently in a bootstrapped state and still developing and updating our services. We have our friends and family funds. The Government support has many terms and conditions, but eligibility criteria are time-consuming and robust. So, we don’t qualify to get a government scheme benefit as yet.

Prime Minister Modi announced a Startup India Seed Fund earlier this year. How do you see start-ups benefiting from it?

It’s a very good initiative from our Prime Minister Modi Ji. It will help start-ups in starting and will facilitate in taking their idea to reality. As a result, so many young entrepreneurs will emerge and find solutions to the various problems and limitations we face in our country and outside.

How is digital helping you further your business?

Digitisation is a pre-eminent tool in our business. Digital India, with the digital platform, is providing lots of services online. It is a powerful way to connect millions of people by simply clicking a button. By making healthcare services and products available in the remotest part of the country, digitalisation has managed to bring the country closer in terms of the flow of knowledge and exposure to the general public, which can help more in the development of countries and healthcare as a sector. 

What are your key learnings so far? How do you see the start-up ecosystem progressing in the times ahead?

From a start-up entrepreneur in the early 2000s to return to the start-up landscape in 2020, I can sense a lot has changed. People are more accepting of trying something new, giving new service providers and product manufacturers a chance to make a name for themselves, even if it is simply in a set community or target audience.

The essential learning in the start-up landscape is connecting with people and making them understand our project, how it will benefit them and how best they can utilise our services.

In 2021, this pandemic gave many start-ups a chance to serve their nations. Moreover, it encouraged many people to take that leap of faith and go out and do what they had always dreamt of achieving. As a result, the general public is open to trying a service or product supplied by start-ups instead of the big players in the industry. Thus, giving start-ups a chance to make their name in the market.

What would be your message for the budding entrepreneurs?

Only when you dream will you be able to achieve it. To fulfil your vision, you cannot stop. You can fall, get up again and start, but don’t stop at any point in time until you achieve your goal. An entrepreneurial journey brings learnings at every point in time, which will help you improve your project in the long run. The most important part of the start-up journey is that it requires much patience as it is a long journey that needs lots of sweat and blood. Only then the result is guaranteed.