“Doing unconventional things has always been in my character, and what led me to pursue the journey of an entrepreneur is that I perform better in less stressed environments with no rigid structures,” says 21-year-old Malindu Pradinath, a young entrepreneur whose drive and ambition have propelled him to success.
As the first runner-up of the Sparks competition 2023, organized by the Ceylon Chamber of Commerce, Malindu has shown what it takes to break away from the norm. Spark is a unique competition focused on developing entrepreneurship skills, equipping young entrepreneurs with the tools they need through comprehensive bootcamps and mentorship programs.
Malindu’s passion has driven him from his days at Mahinda College in Galle to becoming the first runner-up of the Sparks competition in 2023. Currently pursuing a degree in Physical Science at the University of Colombo, Malindu is far from your typical student — he’s a young entrepreneur determined to make his mark.
When Malindu spoke about the specific moments and experiences that made him realize entrepreneurship was his path, it was surprising to hear the depth of his passion. “Walter Isaacson’s biography of Steve Jobs is like the Bible in my entrepreneurial journey,” he says, reflecting a curiosity and drive uncommon in his generation.
“Other impactful reads, such as Eric Ries’s ‘The Lean Startup’ and Robert Kiyosaki’s ‘Rich Dad Poor Dad’, are also at the top of my list. These books have offered invaluable insights and helped me cultivate the skills essential for entrepreneurship,” he adds.
Happiness
For Malindu, it’s not just about breaking free from the conventional path; it’s about creating a life that truly makes him happy. “Becoming an entrepreneur allowed me the time and space to focus on what I love, whether it’s reading, studying new subjects, or finding solutions to various problems,” he shares with a smile. “The power to manage my own time and pursue what I’m passionate about constantly reassures me that I’m on the right path. Happiness is always with me on this journey.”
It’s this pursuit of happiness and freedom that led Malindu to develop Automate, a software solution designed to change how people manage their vehicles. “The primary benefits of Automate are the time and money it saves for vehicle owners. It offers a comprehensive range of services, including vehicle tracking, maintenance scheduling, service history checks, maintenance reminders, compliance and safety indicators, vehicle information access, breakdown assistance, insurance service management, and vehicle document management, among others.
By streamlining these essential tasks, our product makes vehicle ownership more convenient, cost-effective, and stress-free for users. Automate stemmed from several common issues vehicle owners face: a lack of knowledge about their vehicles, not having enough time to properly maintain them, and incurring unnecessary additional expenses,” he explains. “Automate acts as an assistant for your vehicle, providing essential knowledge and automating various tasks using cutting-edge software technology.”
However, the road to launching Automate wasn’t without its challenges. “One of the biggest hurdles we encountered was obtaining startup capital,” Malindu admits. “It’s a common challenge for many entrepreneurs, as moving forward without financial backing can be tough. In our situation, we found that pitching to investors was the way to go.”
Overcoming challenges
So, how did he overcome this challenge? “We took great care in preparing our presentation, highlighting every detail of our business, forecasting its future based on research, and addressing all facets of the venture. By offering a thorough understanding of our business, we were able to establish trust with the investors, which ultimately helped us secure the funding we needed.”
Participating in the Sparks competition was a game-changer for Malindu. “Participating in Spark was truly a milestone in my life,” he reflects. “It opened up numerous opportunities to network with like-minded individuals, gain new knowledge, and connect with experienced trainers and mentors.” One of the highlights for him was an exposure visit to Hyderabad, arranged by Spark, which gave him a deep dive into the Indian startup ecosystem. “That trip was invaluable; it provided us with a fantastic opportunity to engage with the Indian market and learn from industry leaders,” he recalls.
The lessons Malindu learned from Spark have left a lasting impact. “During our visit to India, we participated in sessions with industry experts who emphasized the importance of thorough market research before starting a business. I noticed that market research is often limited in Sri Lanka, which highlighted the need for a more comprehensive approach,” he shares. “I also gained insights into adopting new technologies and strategies to improve operational efficiency, manage tasks more effectively, and reduce business costs.”
Looking ahead, Malindu has big plans for Automate. “We’ve outlined a series of phases and targets for the growth of our business. Our primary focus is to connect with new investors to secure additional capital, which will enable us to expand our operations. Additionally, we plan to stay at the forefront of technological advancements and incorporate new technologies to develop further solutions in the vehicle industry.”
Team work
When discussing the skills and qualities essential for success in entrepreneurship, Malindu is clear that the list can be extensive. “It’s important to recognize that no single person can possess all these skills, it’s simply not realistic. What sets successful entrepreneurs apart is their ability to assemble a team with diverse skills and qualities that complement each other,” he explains.
To achieve this, Malindu emphasizes the importance of strong soft skills and effective communication. “The ability to work well within a team is just as important,” he adds. “Having a strong mindset and maintaining a positive attitude are indispensable. Consistency, a passion for learning, fearlessness in taking risks, the ability to spot new opportunities, adaptability, and teamwork, these, in my view, are the most critical factors for becoming a successful entrepreneur.”
Advice
As for advice to other young entrepreneurs, Malindu has plenty to offer. “First and foremost, prioritize financial management. The future of your business depends on the profits you retain, so managing your finances carefully is crucial. Additionally, invest in your team. A strong, motivated team can drive your success, while a poorly managed team can hinder it,” he advises.
“Don’t shy away from taking risks. The experience gained from taking calculated risks can lead to significant rewards, sometimes yielding profits several times greater than the initial loss. And while being an entrepreneur is important, never lose sight of your humanity. Always put people first.”
With a combination of passion, innovation, and a solid understanding of what it takes to succeed, Malindu Pradinath inspires a new generation of entrepreneurs to follow in his footsteps. His journey from a student inspired by Steve Jobs to the first runner-up of the Sparks competition is a powerful reminder of what can be achieved when you dare to dream big and put in the work to make those dreams a reality.
