Founder: Dr. Malpani, I’ve been following your work as both an IVF specialist and an angel investor. Honestly, I find that combination unusual. How does being a doctor help you invest better in startups?
Dr. Malpani: (smiling) It may seem like an odd mix, but think about it — both IVF doctors and startup founders are in the business of creating new life. One creates babies, the other creates businesses. The principles are surprisingly similar.
1. We’re in the service business
Dr. Malpani: At its core, IVF isn’t about technology or medicine — it’s about service. Every patient who walks into my clinic comes with hope, fear, and high expectations. If I fail to serve them with empathy, trust, and transparency, no amount of medical brilliance can compensate.
The same goes for startups. Founders often get obsessed with their product or tech stack and forget the real business they’re in — serving customers. You can have the flashiest app or the smartest algorithm, but if your customers don’t feel cared for, they’ll leave.
Founder: So you’re saying startups should think like doctors — focus on service, not just the product?
Dr. Malpani: Exactly. Good doctors don’t “sell” treatments — they educate patients and help them make informed choices. Similarly, founders shouldn’t push their products. They should educate customers on how their solution genuinely improves lives.
2. We deal with uncertainty every single day
Founder: That’s something I struggle with — the constant uncertainty. You plan everything, and still, results don’t go as expected.
Dr. Malpani: Welcome to my world! In IVF, we can do everything perfectly — the best lab, perfect eggs, ideal embryos — and still, the pregnancy test may be negative. There’s biology, luck, and fate, all mixed together.
But that’s exactly why I relate to founders. Entrepreneurship is like IVF — you work hard, you plan, and yet outcomes are uncertain. You can’t control results, but you can control your process. If you stay disciplined, keep learning, and serve your customers honestly, success follows — even if not in the form you initially expected.
Founder: That’s oddly comforting. Most investors get impatient when we fail.
Dr. Malpani: Most investors chase unicorns. I look for camels — startups that can survive the desert. Founders who understand how to manage uncertainty and stretch every rupee. Doctors learn that resilience early on — we can’t quit because one patient didn’t respond to treatment. We reflect, refine, and retry. That’s what good founders do too.
3. We’re trained to educate, not just prescribe
Founder: But investors usually expect fast growth. They push us to take funding, scale quickly, and show numbers. Isn’t that the game?
Dr. Malpani: That’s the VC game. But angel investing, done right, is different. I’m not here to throw money at founders and expect miracles. I’m here to teach — to help them learn how to think independently, how to bootstrap, how to grow sustainably.
In medicine, I don’t tell a patient, “Just trust me.” I explain every step — the risks, the alternatives, the likely outcomes. That’s what founders deserve too — not blind faith, but clarity. My job as an investor is to educate founders to become self-reliant. If they can build a profitable company without external funding, that’s success.
Founder: So you’d rather see slow, steady growth than rapid scaling?
Dr. Malpani: Absolutely. I’m not impressed by burn rates or valuation hype. Show me a founder who listens to customers, keeps costs low, and builds something people actually pay for — and I’ll back them any day.
4. Compassion and kindness aren’t soft skills — they’re survival skills
Founder: That’s refreshing to hear, but compassion and kindness aren’t exactly what investors are known for.
Dr. Malpani: True. Many investors behave like predators, not partners. But here’s the truth: startups aren’t spreadsheets. They’re emotional journeys. Founders burn out, teams fight, customers churn. If you can’t lead with empathy, you’ll lose people long before you lose money.
Doctors learn this from day one — you can’t treat a patient without caring. In the same way, you can’t support a founder without compassion. When I invest, I don’t just write a cheque — I share my experience, my scars, my time.
Founder: That’s rare. Most investors just want quarterly updates and exit plans.
Dr. Malpani: Because they forget that the best returns come from long-term relationships, not quick trades. Compassion doesn’t mean being soft — it means being human. When you care, people trust you. And trust compounds faster than capital.
5. Both IVF and startups are acts of hope
Founder: That’s a poetic way to put it.
Dr. Malpani: It’s true. Every IVF cycle starts with hope — just like every startup pitch. The journey is long, filled with failures and waiting. But those who persist — the patients who keep trying, the founders who keep learning — they create miracles.
Both require faith, patience, and humility. As doctors, we serve life. As investors, we serve creators of life-changing ideas. Both need courage to start, wisdom to persist, and grace to accept what we cannot control.
Founder: You’ve convinced me, Doctor. Maybe I should start thinking more like a doctor and less like a hustler.
Dr. Malpani: Exactly. Hustle fades, but discipline and empathy endure. The best founders aren’t gamblers — they’re healers. They solve real problems, one customer at a time.
Dr. Malpani (closing):
Want to learn more about bootstrapping and creating sustainable businesses? Explore more insights and resources for entrepreneurs at www.malpaniventures.com. Let’s build businesses that put customers first!