Projjal Ghatak - Creating a New Category in a Legacy Market

Projjal Ghatak is the CEO and co-founder of SaaS company, OnLoop, creating a new category, Collaborative Team Development (CTD), in a legacy market with a software product that is redefining the way organizations conduct performance management for hybrid teams.In this episode, you’ll hear how Projjal made the leap into entrepreneurship by tackling what he observed to be one of the most disliked processes in human resources, how he invented a new business category, developing and launching a software product, and some of the hardships that come with being a founder.Projjal describes how OnLoop works to improve the performance management process, common issues within traditional performance management,  and how OnLoop is redefining the performance assessment process to unlock the potential of workers, increasing productivity.Projjal talks about the importance of finding the right founder-investor fit when seeking capital, understanding the venture capital business model, the personal toll raising venture capital took on his mental health and how he got through it, and 3 pieces of advice he has for other founders who need to raise funding.Projjal shares his insights on launching a software product, why he initially focused on product development over revenue, the value he saw in getting his product into the hands of users early on, how to know when you’re software product is ready for monetization, and how OnLoop utilizes user feedback to drive product integration.Finally, Projjal tells us the gut decision to focus on the mobile app that paid off, two key elements of his product that have driven OnLoop’s growth, how his business has been able to disrupt a static market, and why founders should be more open about the mental health challenges that come with launching a business and getting the necessary support.Skip to Topic:4:34 - Redesigning the performance management process9:06 - Mission to unlock the potential of knowledge workers and increase productivity11:14 - How OnLoop measures work productivity12:12 - How OnLoop redefines the performance management process13:05 - Challenges with gauging productivity in the workplace in the era of remote work17:42 - 2 key considerations when going from a business idea to launching a software product19:25 - Navigating the harsh reality of raising venture capital21:28 - 3 pieces of advice for other founders about raising business capital26:16 - Finding the right-fit investor28:34 - Developing a software product in conjunction with your users29:01 - Creating a product advisory board29:56 - How to know when you’re ready to monetize your software product34:02 - Being a disruptor in a legacy marketFind Projjal  at:Website: https://www.onloop.com/Twitter: https://twitter.com/OnLoopInstagram: https://www.instagram.com/stayonloop/LinkedIn: https://www.linkedin.com/company/onloop/YouTube: https://www.youtube.com/channel/UCLaN140q6NZdUMcvQUQezZwVisit Stephanie at: https://stephaniehayes.biz/Follow me on Instagram | Facebook | LinkedIn | TwitterSupport the show