Ritesh Malik: From Doctor to Founder of Innov8 and 26 Startup Investments 🚀

A doctor by education, he left it all for entrepreneurship, failed, then sold his second startup to the Times of India group. 🚀

At the Innov8 coworking space in Delhi, I spoke with its founder Ritesh Malik, who had made some 26 startup investments. 🎙️

📊 In this episode, we unpacked:

• 🩺 From doctor to founder
• ❌ What his failed first startup taught him
• 👥 The T theory: team first
• 🎓 Why IIT doesn’t matter
• 💡 Profitable, innovative and lean
• 🏠 Building a team that lives together

🎥 Watch the full episode:

🩺 From Doctor to Founder

Ritesh is a doctor by education but left medicine for his passion. In 2012, in his final year, he started OTAR, an operation theater augmented reality platform. 🩺

It failed. His next startup, Alive, was the turning point: it was sold to the Times of India group. Since then he has made about 26 investments, and with Innov8 he’s back in founder mode. 🚀

❌ What His Failed First Startup Taught Him

OTAR built futuristic operation theaters, and it worked technically, but India’s market wasn’t mature enough and the product was too expensive. ❌

So they pivoted the same technology into augmented reality for the Times of India. For another founder who learned from failure, read 9GAG founder Ray Chan. 🔗

👥 The T Theory: Team First

Ritesh evaluates startups on team, idea and market, but the team matters most. If the team isn’t good, nothing else matters. 👥

A good team doesn’t mean IIT or Harvard. It means passion and “fire in your belly”. His fund backs high-impact startups even without a revenue model, like the NGO DIY Hacking, and Fin, which he says is valued close to ₹100 crore. 💡

🎓 Why IIT Doesn’t Matter

Ritesh calls the idea that only IIT founders get funded “a very stupid mentality”. People only see the tip of the iceberg, and he says some of the highest failure rates come from IIT startups. 🎓

“It does not matter what color the balloon is. It matters whether the balloon has helium or normal air.” What counts is passion, persistence and perseverance. For another Indian founder story, read Anurag Batra on entrepreneurship in India. 🔗

💡 Profitable, Innovative and Lean

His advice for new founders comes from his own failures: be profitable, be innovative and be lean. 💡

India is a discount-hungry market, not a brand-loyal one, so innovation must be at the center. Don’t waste money on marketing; focus on your USP. Solve a real user problem rather than copying what’s working, and turn your own passion into a product. 🎯

🏠 Building a Team That Lives Together

Ritesh says he’s just the face; his co-founders are why he can manage 26 investments. 🤝

His hiring culture: people stay at his home (about 11 at the time). Those who fit the culture stay, then get a role and equity. He describes Innov8 as a central, 24/7 place in Delhi where interesting people meet, like a family. For more on hiring, read Mads Singers on building an SEO team. 🔗

📝 Key Takeaways From the Ritesh Malik Interview

• ❌ A failed startup can teach you what the market really needs
• 👥 Back the team first, then the idea and market
• 🎓 Passion and persistence matter more than your college
• 💡 Be profitable, innovative and lean
• 🎯 Solve a real problem instead of copying others

❓ FAQs About Ritesh Malik

Who is Ritesh Malik?

A doctor turned entrepreneur and investor, founder of the Innov8 coworking space, who sold his startup Alive to the Times of India group.

How does Ritesh Malik choose startups?

He uses a team, idea and market approach, focusing mostly on the team’s passion, and backs high-impact ideas even without a revenue model.

What is Ritesh Malik’s advice for founders?

Be profitable, innovative and lean, solve a real user problem, and turn your passion into a product.

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Team or idea: which matters more to you? Share this with a founder friend. 💬

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