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August 1: Startups challenge the status quo with new ideas, models, and execution. They are the driver of innovation for any economy. There is no doubt that the startup ecosystem will continue to exponentially grow over the next decades. SMBs account for roughly 70% of the global GDP, highlighting the importance and influence of entrepreneurs in the global economy. Also, traditional and established businesses want to use tech to accelerate growth but tier-1 tech talent and deep domain expertise remain highly localized in 7-8 innovation centres driving prohibitive costs to access this talent and capability. As a result, founders continue to face a high failure rate of 90%+ startup/digital transformation failures amidst a lack of deep technical support and guidance.
Fractal31 powers technology-led growth for high-performing founders and businesses through a marketplace of highly affordable deep tech talent and world-class tech opportunities. It was founded 6 months ago by industry veterans with years of expertise in the technology sector and a variety of other fields. It is experiencing an impressive compounded monthly growth with marquee client signups. A year ago, Co-founders Dr. Nilesh Modi and Kush Saxena acknowledged that high-quality tech and product development gaps drive fatal outcomes for startups and SMBs and that on the other hand, high-quality tech talent was growing everywhere but unable to realize value or access the best opportunities in the world. That was the beginning of Fractal31!
“Our goal is to establish ourselves as a leader in this impactful domain where both fast-growing companies and high-end tech talent both want to work with us for hyper-growth ambitions. In essence, we would like to turn each of our clients into unicorns,” said Dr. Nilesh Modi, CEO of Fractal31.
Although Fractal31 has components of hiring, outsourcing, and consulting activities, the US-India-based company, has far more to offer to entrepreneurs and SMBs looking to grow rapidly and sustainably. Fractal31 differentiates itself from the traditional outsourcing and hiring industry by focusing on diligent talent-client matching, flexible engagement models, deep local relationships with tech hubs, proprietary screening techniques, and a very experienced leadership team to ensure quality deliverables and long-term partnerships. Not to mention a combination of other factors that create the Fractal31’s secret sauce when merged. Fractal31 also has a strong network of C-level executives from which clients have the opportunity to leverage. For instance, Fractal31 itself is part of Function Ventures’ portfolio of companies and backed by the advisory studio accelerator platform, which offers full service for high-impact entrepreneurs. Startups can leverage Function Ventures’ network of highly credible and C-level advisors, tech and business development support, and capital access; engaging with Fractal31 can mean unlocking access to Function Ventures.
Kush Saxena, Co-founder of Fractal31 and Chairman of Function Ventures, an advisor-powered venture studio and accelerator for social impact businesses, said, “Fractal31 addresses many of the challenges faced by the traditional venture and innovation ecosystem by driving more inclusion for world-class tech talent in non-traditional locations and helping great founders and investors de-risk their investments by lowering costs and extending their runway; and truly represents a great example of the type of impact we are trying to have at Function Ventures”.
As Fractal31 reaches a remarkable milestone with onboarded clients globally and an aggressive growing pipeline, the company prepares for its first round of funding targeting strategic investors. The seed round will give the company ammunition to accelerate even more its growth, continue building a solid local foundation, and prepare for scaling globally. “We have a clear plan to become USD100m revenue company in the next 5 years, and we are confident we have the right market validations, talent and most importantly drive to do that” Dr. Nilesh Modi, CEO of Fractal31.
About Fractal31 team:
Dr. Nilesh Modi received a Bachelor’s degree in Information Technology from Nirma Institute, Gujarat University (India), a Master of Science degree in Computer Science from UPC, Barcelona, and a Ph.D. from the University of California in Computer Engineering. He has worked in R&D & technical leadership positions at Intel, IBM, Cadence, and Cygnet Infotech.
Kush Saxena received a Bachelor of Science degree in Information Technology from Nirma Institute, Gujarat University (India), and a Master of Science degree in Management Science and Engineering from Stanford University. Kush Saxena is Function Ventures’s chairman and the CEO of Santander Group’s fintech, PagoNxt Merchant Solutions. Kush has previously worked in senior global leadership positions at MasterCard, H&R Block, and McKinsey.
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