Stitching islands of innovation together is what makes business transformation
Lumis Partners co-founder Rohit Bhayana believes that his company can bridge gaps invmaking inclusive those demographies that are often left behind by technological shifts Rohit Bhayana, is the co-founder of Lumis Partners, a firm that focuses on bridging gaps in fragmented value chains that have impacted work, food security, aging and supply chains.
Build-Buy-Invest’ is their approach to create value with purpose in collaboration with exceptional entrepreneurs and management teams. Lumis Partners have an approach that's different from others, they are an operating investment platform, which means their success is linked to the companies that they want to transform. Here are the excerpts of the interview with Rohit:
What does fragmented valuation mean and please explain what does build, buy and invest mean?
Rohit: A lot of innovation happens in islands and there are no bridges between them. This is what I mean by fragmented value chains. We look at these islands as opportunities when you stitch the continuum. People living in the fringes of these value chains are usually comprised and that's where we come in. It can be people who are ageing, jobs affected by social and technical changes and SMBs affected by a similar challenges. The three areas may not have seen the benefit of digital reach them. We love stitching these problems to build large businesses.
Those three areas are great ways to build platforms, was that how it began?
Rohit: I wish it began that way 15 years ago. Like any entrepreneur we fell and got up so many times. We wanted to work on fragmented value chains, we knew that. We had to think of frugal ways to stretch innovation around these value chains. Elder care, SMBs and Work was always our thesis, but, we had to constantly remind our ecosystem that these are problems that require to be solved well. This was the genesis of our Labs, which is a reinforcement that we are starting from scratch. The labs ensure that we are constantly reminded that we need to stay on top of innovation.
Labs also tell us that we are not in it for the capital there are deeper aspects to each problem we are solving. We dont call ourselves a VC or a PE, we are an operating investment platform. Of course capital is important, partnerships with academia become important and working with corporate partners is necessary. The combination of these build IP and that's when innovation becomes real.
Remember we all may have capital and the right intent, but, things do not get solved. Ask yourself what you need to do if that is the way it is. Remember that most of us see the highway and believe it works, but, it is in the side lanes that innovation must begin. So when we started in the corporate world we had a set pattern and when you go to the side-lane you have to get used to all the difficulties. We started with an illustrious idealism and that is how everything begins. Everyone thought that we were trying to buy out ailing businesses and that's how we were perceived. We had to tell them that we were neither consultants nor were we the takeover guys. We had to tell the market that we like joint ventures and grow together with them. That's how we built our early business and like anything a few success stories spread the word around.
(Watch or listen the whole podcast for more insight in to Lumis Partners)