Biz Tips: Interview with Tarun Kumar Bansal, Co-Founder & President at Sagacious IP

Biz Tips: Interview with Tarun Kumar Bansal, Co-Founder & President at Sagacious IP

Biz Tip:

Interview with Tarun Kumar Bansal, Co-Founder & President at Sagacious IP

Please apprise us about your educational and professional background before founding Sagacious IP

Before founding Sagacious IP, I started my career with working on research drugs for tuberculosis in a drug discovery lab. Then, I worked in IT in automation and eventually moved to work in a government research institute to study the impact of patents on a country’s economic growth. Ever since, I have been a part of the IP industry and gained expertise in the same.

By qualification, I am a biologist and hold a postgraduate degree in Biological Sciences from BITS Pilani, India.

What are your beliefs about work?

I believe in smart work and like to stay updated on recent developments across verticals, research global best business practices and build strong, long-lasting relationships with thought leaders and decision makers.

What are your biggest accomplishments?

  • Earning a postgraduate degree from the prestigious BITS Pilani.
  • Establishing Sagacious IP in partnership with Anant Kataria.
  • Being conferred with the Most Promising Intellectual Property Leader 2020 (INDIA 5000 Business Awards).

What is the motivation behind your business decisions?

My business decisions are often motivated by my entrepreneurial mindset. I realized early on that being an entrepreneur I have to shoulder multiple responsibilities to take the company to the next level including checking the pulse of the market we operate in, being a visionary and taking the right steps at the right time.

What are the most important strategic priorities for your company over the next three years?

  • The top priority for the company is to lead the way in upcoming IPTech wave by adding more and more tech capabilities to use latest technology advancements like AI, ML, Blockchain, etc.
  • The second priority as demonstrated by our activities in the past one year is global expansion.
  • The third and last priority is to get closer to our vision of being a trusted and indispensable IP solutions provider.

What are your company’s mission and vision?

Our company’s vision is to be recognized as a trusted and indispensable IP solutions partner by the global IP community, while our mission is to solve IP & business challenges of innovators and industry movers by providing research-based and result-oriented solutions, delivered through our team of techno-legal experts and state-of-the-art tools.

Who do you believe are your biggest competitors? What sets your company apart from the competition?

I do not consider any organization as our biggest competitor. Our focus is on improving what we are already doing and provide better services to our clients.

The thing that sets our company apart from the competition is the fact that we focus heavily on our customers and evolve with the changing needs to take care of client demands.

What are the risks that you face as an organization?

Running a business is always a challenge and risks are a constant in every business. Since our establishment, we have faced multiple risks starting from bilateral ties with countries (as our business is dependent on cross-border policies), price competition from multiple firms, advent of new technologies, etc.

How do you mitigate those risks?

Every risk requires a different mitigation strategy that is devised based on their in-depth assessment. Though there is no single strategy of mitigating risks, one thing that remains constant is our belief that each risk comes with an opportunity and someone will benefit from it – so why not us!

What are the lessons that you learnt from your entrepreneurial journey?

One of the biggest lessons that I learnt is that to innovate and flourish in any field, you need to include individuals from different walks of life. This is because every individual brings a different perspective to the table, which in turn helps you gain new insights and offers solutions to your problems. During my journey, I also realized that building strong and lasting relationships helps you take your business to the next level.

How would you describe your leadership style?

I lead by facilitating an open two-way communication between the leadership and employees. Furthermore, I gauge the strengths of different teams and delegate responsibilities accordingly.

How do you ensure that employees are being honest with you in giving you feedback?

As stated earlier, I strongly believe in an open two-way communication between the leadership and employees. Furthermore, I try to stay close to my employees by listening to their views, understanding the challenges faced by them, offering relevant solutions and guidance whenever necessary. This helps in earning their trust, which is why they give honest feedbacks.

Describe how you resolved a conflict between leaders on your executive team.

Everyone has a different take on different matters. Therefore, it is only natural for individuals to break into a conflict at times. Whenever such a situation occurs, I ensure to listen to both the parties and then come up with the best solution to resolve the issue.

What is the most difficult thing about being a CEO?

Being at the leadership position, I often must make tough yet necessary decisions. The biggest concern, however, is that sometimes a misstep can affect your business and shake people’s faith in your abilities.

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