Empowering Connections: The Extraordinary Journey of Paresh Masade, Revolutionizing Alumni Networks Across Academic and Corporate Institutions

Authors: Anupam Gupta & Rinku Vatnani

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Paresh Masade is the Founder and CEO of Vaave , a company focused on alumni engagement and networking solutions. He holds a PGDIE degree in Marketing and Supply Chain from the Indian Institute of Management Mumbai (Now IIM-Mumbai), as well as a B.Tech in Mechanical Engineering from P.I.R.M Engineering College. With a passion for solving quality and infrastructure issues in the education sector, Paresh's dream is to connect alumni back to their institutions through the platform www.vaave.com. He has a background in leadership and has previously worked as a Leadership Fellow at Bhumi and as a Summer Intern in Supply Chain at Perfetti Van Melle. His interests include employability, alumni relations, and entrepreneurship.

From Freelancing to Entreprenuership...

Question: Can you share the story of how Vaave came into existence and its connection with Coherendz?

Certainly! Coherendz is the parent company of Vaave (pronounced as 'wow'), and it all began during my college days when web development became a hobby. Working with BHUMI, I designed their website, and soon other clients approached me for web development projects. While at NITIE, I continued working on web development, and eventually, Coherendz was officially formed through a partnership with a colleague. In 2009, during the recession, I explored entrepreneurship, initially with a food chain idea named "Lazeez," but the venture faced challenges. As technology was my forte, I refocused on web and mobile development, gradually leading to the concept of alumni engagement. The experience with my school alumni and interactions with NITIE alumni sparked the idea of building a platform to strengthen alumni connections and contribute to improving education quality and infrastructure in India. In December 2009, I set up the first full-time office for Vaave, and the journey began from there.

A CEO wears many Hats; in the Beginning, he is Marketing, Sales & Delivery...

Question: You have been an entrepreneur since your college days, but you shied away from using the titles of founder or CEO. Can you share the reasons behind this?

Certainly. In all honesty, during my college days, I didn't openly discuss that I had a company and was involved in business. Entrepreneurship seemed like a passing trend, and people would often laugh at those claiming to be founders. So, I preferred not to publicly declare myself as one. Additionally, I recall using the title of "Business Development Manager" on my business cards instead of CEO because I felt that being a CEO implied a level of significance and responsibility that I might not fully embody at that stage. As a small-scale entrepreneur handling various roles, such as developer and salesperson, I didn't believe my work warranted the title of CEO. Moreover, when dealing with clients, claiming to be a CEO might have led to misconceptions, as they expected someone solely focused on business development. In essence, I felt that the work I was doing didn't quite align with the traditional perception of a CEO, and thus, I chose not to use that title.

The rise from a humble alumni engagement platform to an engine fueling 1000+ colleges' alumni networks...

Question: Let's discuss Vaave. Could you share some insights about its current size and how it aligns with your initial vision for the platform? What are your future plans for Vaave?

Vaave was founded with the noble mission of alumni engagement to positively impact the education sector. Initially, it was challenging to gain traction, but we started acquiring early adopters as customers even before the product was fully ready. Over time, we faced market struggles until around 2017-2018 when we shifted our narrative towards student development and placements, leveraging the power of alumni networks. This change in focus brought significant growth, and now we have signed up with almost all the top colleges in India, serving over a thousand colleges and universities and around 550 individual customers. While we haven't expanded globally yet, we do have a presence in 21 countries, with customers from various sectors, including corporate alumni networks for companies like Tata Steel, Bosch, and Hero. As a bootstrapped company, we have remained profitable, and this year we expect to reach around 8 to 9 crore in revenue, showing significant growth from previous years. Our future plans involve further expansion, enhancing our product offerings, and continuing to make a positive impact on education and alumni engagement.

COVID brought in a wave of innovation and disruption...

Question: The COVID period was challenging for many, including Vaave. Can you narrate the story of Vaave resilience and share what lessons can be learned from it?

Absolutely, resilience has been a defining trait of our team. We faced tough times even before COVID, like when key team members left and the company underwent significant downsizing. However, we rallied together, and with determination, we overcame those challenges. During the COVID crisis, cash flow became an issue, and an investor who had promised funding backed out. To conserve cash, we decided not to cut salaries or fire employees. Instead, we asked team members to defer their salaries temporarily, and they agreed, showing their commitment and ownership of the company. This sense of belongingness played a crucial role in our ability to weather the storm.

During the pandemic, we launched a new initiative called "13x," providing virtual mentoring sessions to colleges and universities. It became a huge success, leading to the development of "no-touch" mentoring and outcome-focused programs. We integrated with Zoom's APIs to facilitate 250+ sessions. This program helps students connect with alumni mentors, gain valuable advice, and even secure potential job opportunities.

Additionally, we built an AI-powered tool to evaluate resumes and assess students' chances of getting placed based on their skills and experiences. This initiative proved successful and has us excited about its future potential.

Through our experience, we learned the importance of being adaptable, innovative, and customer-focused. By listening to customer needs and leveraging our team's resilience, we not only survived but thrived during challenging times.

One penny saved is a penny earned...

Question: Throughout the journey of ups and downs and numerous product innovations, what would you consider as your top three most significant learnings that you can share with others?

Certainly, there have been valuable lessons learned along the way. The first and foremost learning has been the unwavering focus on revenue from customers. This constant revenue stream has been the anchor that kept us going through challenging times. Without it, we might not have been able to sustain the business.

The second learning would be about managing expenses efficiently. Personally, I've always been mindful of my spending and kept my expenses low. This allowed me to navigate financial challenges more effectively and be prudent with our resources.

Lastly, I've realized the importance of having a supportive life partner who understands and encourages my entrepreneurial journey. Their understanding and financial support have played a significant role in allowing me to focus on building the business without undue financial pressure.

Winning Solutions are Often Co-Created with your Customer...

Question: Can you share an interesting sales story from your experience? Also, what are the key learnings from your sales journey?

Sure, I'd be happy to share an interesting sales story. One of our significant milestones was when we managed to onboard our first corporate customer. However, it wasn't an easy task as we were primarily focused on college alumni engagement at that time. The customer showed interest, but their requirements were quite different from our existing offerings. We had to work closely with them for nearly six months to understand their needs and customize our solutions to fit their corporate alumni engagement requirements. This collaboration helped us learn more about the corporate segment and paved the way for future partnerships with other corporates.

Key Learnings: Building a robust sales process, tailoring offerings to different customer segments, fostering a self-sustaining team, and continuous client communication have been instrumental in our growth and success.

Embracing AI is a must for All Today...

Question: Apart from your business pursuits, could you share some insights into your personality and what activities or hobbies you enjoy in your free time?

Apart from my business pursuits, I enjoy coding, especially working on new AI models and exploring OpenAI technologies. In my free time, I like cycling and swimming, which serve as great stress relievers. I also cherish spending time with my kid and playing together.

Recently, I've been delving into AI models and the potential they hold. I believe that AI will revolutionize the IT industry and significantly impact jobs. While some may deny its power, I have personally experienced the transformation it can bring. For instance, I was able to develop a resume scoring model within a short period, which would have otherwise taken months to complete.

Overall, AI's potential is immense, and it will reshape many aspects of business and technology in the coming years.

Like father like husband...

Question: How has the support of your family, especially your wife, been crucial in your entrepreneurial journey?

Family support, especially from my wife, has been vital during my entrepreneurial journey. While entrepreneurship can be lonely and challenging, my wife has been understanding and supportive. However, it's not always easy to open up about all the pressures and uncertainties as I don't want to worry her. She has seen her father, who was also busy with his work, so she understands the demands of entrepreneurship and doesn't have unrealistic expectations about time spent together. This mutual understanding and support have helped me balance my personal and professional life better. Having a partner who values time together rather than material things has been immensely helpful. We try to spend quality time together, and she respects the demands of my work, which has made the journey smoother for both of us.

Practice what you Preach, the Power of Alma Mater & Alumni Network...

Question: How did NITIE play a role in shaping your entrepreneurship journey and idea development?

NITIE played a crucial role in kick-starting my entrepreneurship journey. It was at the campus where I got the perspective that my idea could be significant and powerful. Interacting with NITIE alumni, who were already working on their own ventures, provided valuable validation for my idea. The connections and support I received from fellow NITIE alumni were instrumental in shaping my entrepreneurial path. Even now, I have several NITIE alumni on my investor list, and their support has been invaluable in the growth of my business.

Plan B is to follow the Plan A...

Question: What parting message do you have for NITIE students or any students in college who are considering entrepreneurship?

My message for NITIE students and other college students considering entrepreneurship is to start early and take advantage of the campus environment to work on your ideas. Don't wait for graduation to begin your entrepreneurial journey. College life provides a unique opportunity to experiment and learn without the burden of significant financial responsibilities. Additionally, don't keep a backup plan (Plan B) open while starting your venture. Commit fully to your entrepreneurial pursuit and give it your all. Entrepreneurship can be tough and challenging, but the experiences and skills you gain during this time will be invaluable, no matter where your journey takes you.

To know more about Vaave, click here!

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