Identifying themselves as disruptors, pioneers of progress, and champions of innovation, Econsulate, a software provider that specializes in robotics, supply chain and more through the development of innovative solutions, aims to become a part of the Fortune 500 by the year 2028. In this interview, Subodha Perera, Founder and Chief Executive of Econsulate delves into the company’s ethos and experiences that have fuelled its drive towards achieving greater heights.
What is the vision behind Econsulate?
Allow me to provide some context about my background, which will facilitate a clearer explanation of the vision behind Econsulate.
Following my undergraduate studies, I had the opportunity to work with several Fortune 100 companies in the USA, where I benefited greatly from experienced mentors. Subsequently, I returned to Sri Lanka and joined a startup before transitioning to Sysco LABS, formerly known as Leapset. During my tenure there, I had the privilege of working under the leadership of Sysco LABS and the company’s founders. I witnessed Leapset’s evolution from a startup to a Fortune 100 company, experiencing its integration into the upper echelons of the corporate world.
The vision driving Econsulate is ambitious: we aim to become a part of the Fortune 500 by 2028. Our journey began in 2020, and as we approach the midpoint of this timeframe, I’m pleased to say that we’re progressing steadily towards our goal.
How did your company adapt to capitalize on COVID-19 opportunities within the IT sector?
Over three years, our company diligently pursued opportunities within our industry, focusing particularly on the Indian market. With an initial investment of US$ 30,000, we have successfully transformed into a multi-million dollar enterprise. Starting with a humble team of just two employees, we now proudly employ around 140 individuals. Additionally, we strategically diversified our portfolio by investing in various products.
The onset of the COVID-19 pandemic brought about unprecedented challenges, yet it also presented unique opportunities, particularly within the IT sector. During this period, we witnessed a significant uptick in demand, which we promptly capitalized on, experiencing substantial growth alongside our industry peers.
Despite looming economic uncertainties, notably in Europe where a recession seems imminent, we foresaw potential setbacks and prepared accordingly. However, we soon realized that amidst layoffs and budget cuts, companies were still keen on pursuing their product roadmaps. Many sought cost-effective solutions in regions like South Asia, presenting us with a golden opportunity.
The trend towards outsourcing further worked in our favour, as we offered competitive pricing compared to other regions. Leveraging our presence in China and South Asia, particularly India, we maintained a significant advantage, with rates approximately 30% lower than our counterparts.
When it comes to recruitment, what are the innovative strategies that you utilize?
Currently, we have a strong recruitment team in place. My directive to them is clear: prioritize headhunting over posting job ads. This approach ensures we attract the best talent available. While job postings serve marketing and visibility purposes, our recruiters are tasked with daily headhunting efforts, which have become integral to our company’s success. While our engineers excel in their roles, recruiters play a vital role in sourcing top-notch talent. Hence, I emphasize the importance of headhunting over relying solely on job postings for talent acquisition.
In terms of international expansion, one of the highlights of your company is the broad range of customers you have globally. Where do you want to expand further?
To extend our global reach, we have opened a regional office in Singapore and we have a diverse client base spanning Malaysia, Singapore, China, and Europe. One significant project we undertook was in Malaysia around 2021 or 2022, where we were tasked with developing a pick-and-pack service platform within a tight six-month timeframe. Despite facing challenges during the political and energy crisis in Sri Lanka that same year, we successfully delivered the project, earning the trust of our Malaysian client. This resulted in a joint venture, marking a pivotal moment for our company as we expanded operations with an initial investment of half a million dollars. This achievement showcased our capabilities and opened doors to new markets, including China, where we now collaborate with one of the largest cryptocurrency trading platforms.
Our company culture is another compelling reason individuals choose to work with us. We maintain a startup ethos, fostering close-knit relationships among team members and providing ample opportunities for growth and mentorship. For instance, we’re currently developing cutting-edge technologies like Xavier, an autonomous robotic platform and an AI voice chatbot aimed at revolutionizing customer service. While we prioritize innovation, we also value knowledge sharing and mentorship, offering a unique environment that may not be found in larger corporate settings.
Our highly skilled and experienced engineers are dedicated to creating cutting-edge software solutions that meet the needs of businesses and individuals, utilizing their knowledge of a diverse tech stack to adapt to any challenge.
What steps is your company taking to adapt to the changing dynamics within the IT industry?
Currently, we’re allocating investments towards several products. However, within the IT industry, we’re witnessing a decline in certain areas while others, such as Nvidia and OpenAI, are on the rise. In response to market shifts, we recognize the need to adapt and implement new strategies to ensure sustainability. As a result, we’re investing in internal products to capture and develop future technologies to remain competitive in the evolving market landscape.