Prashant Mishra, Founder, Audech IT Solutions Pvt. Ltd.

“Selling a Fridge to Eskimos”

Finding the right market can make all the difference to a product but sometimes with a little faith and entrepreneurial ingenuity even the unlikeliest market can work. Selling refrigerators to Eskimos is not for everyone; then again software for rural India also falls into the same category. Prashant Mishra the founder of Audech IT Solutions is an entrepreneur who understands that every market and consumer is fair game once they understand what the product can do for them.

Prashant explains the possibilities that he sees in rural India saying “We are a startup company which provides technology solutions through software products and services. Our niche is that we want to make sure that technology reaches the Bottom of Pyramid. We work with MFIs and provide them software which is a kind of ERP software, this is our first product called as MAS (Microfinance Application System), and it helps them manage their credit process, accounting, HR etc. We also offer mobile solution, for these MFIs for remote data entry. Our focus is always to bring technology to the rural India which can help them raise their standard of living.”

“We are targeting rural India and we have started our journey with microfinance. We already have 1 MFI as our customer for our product. And our software will be used by 160 users in the first organization itself. Indirectly it will help approx 1 lakh borrowers.”

Their venture is conventional but with hitherto unseen applications Prashant spoke of how different they are saying “We provide MAS software to MFIs either on SAAS (Software As A Service) or On-Premise model. SAAS is for smaller MFIs who cannot spend much on technology. Using technology will reduce their transaction costs and improve their efficiency.”

“We plan to sell our software to more MFIs, and then look for new areas of growth. One of them is by adding mobile technology to our existing ERP software. We are also planning to partner with MFIs on a revenue sharing basis to sell our software.”

Prashant had always known that he would excel at entrepreneurship and that his life’s work lay in it. He says “I know I was made for this, and I cannot do better anywhere else. Well :) I have been an Entrepreneur for quite some time. And now I am used to it, I no longer feel any fascination towards a job.”

He believes that the uncharted waters in his venture have made for some rough sailing. He explained how mistakes could be avoided if there were precedents to his efforts saying “because it is a less trodden path making mistakes is quite common in uncertain areas. But having the ability to bounce back is very critical and learning from mistakes also is important.”

“I tried to run when I had the ability to just walk. Because of which I have fallen several times. But it is both a good and a bad habit. It is also good, because it brings out the best from you, when you question and do the unthinkable.”

When his venture first started Prashant had misgivings and doubts but soon realized he was right where he belonged, he says “Some times yes I used to get (doubts). But now I am much more matured and these thoughts do not bother me much. We are happy with what we are doing, and that satisfaction is the biggest success, I think.”

Audech was a proud part of iAccelerator 2009 group and Prashant states “I know I cannot be better anywhere else. I am born to do this.”

His work may have bought him approbation but he was long since accustomed to the attention he says “I did receive (recognition) for academics in school and college. Apart from that sometimes for debates. I was featured in some Magazines, blogs, and Television few times for my entrepreneurial journey.”

Prashant believes that his work in life is a calling and not just a career; he states “I think Entrepreneurship is not for everyone. Only few people can actually stay there. I have seen many people come and go back to Jobs. They are not clear of what they want. And nature is that way, not everyone can be a leader, the rest are followers, but even followers are equally important. There is nothing wrong in not being an Entrepreneur. I think it is wiser to follow your heart, rather than jumping into entrepreneurship just because it sounds really awesome.”

His aims have the ring of entrepreneurial conviction and vision, and we are certain that Prashant will find success and satisfaction while exploring unconventional means and ends.