Easy secured came into being with the mission to provide a secure, hackproof online and internet experience to individuals and companies. Gurudutt Shenoy, founder, engaged with us in a chat recently where he elaborated on his software company, talking on
Easy secured came into being with the mission to provide a secure, hackproof online and internet experience to individuals and companies. Gurudutt Shenoy, founder, engaged with us in a chat recently where he elaborated on his software company, talking on various aspects like technology, finance, partners, scope etc and its future trajectory.
SS:Tell us about your company? When did it come into existence?
GD: EasySecured offers software for making your online / internet experience safe and easy. We offer free applications for internet users using which they can generate unique passwords for each website and without requiring them to remember the individual passwords. They can also lock the passwords to their device such as a cellphone. We offer developers of websites and online applications, an innovative hack proof authentication solution that does not require the website to store the user passwords on their server and lock their accounts to a device the user already own such as their cellphone. Our venture started operations in February 2009.
SS: How did the idea of starting this business come to you?
GD: When working with an earlier company, there was a concept of developing a secured p2p network that is not anonymous and protects intellectual property. This was being developed using IPv6 unique addressing method to uniquely identify a device in the P2P network. At that point, the original concept of EasySecured originated in my mind. I thought, if existing internet users can be uniquely identified and without requiring entering a password. By doing away with passwords, the web can be made safer and easy to use. Thus, I thought of the concept of identifying the user based on the device he or she uses instead of entering a password. This led to the idea of EasySecured.
SS: Do you have a partner?
GD: Currently, I have a very small team of three people including myself. My main partner is my wife who manages the finances.
The other team member is an advisor who provides guidance and brainstorming sessions on all business related and sometimes even technology related strategies.
I focus on business development and product development. We have a partnership with an established services firm to provide development and customer support for our clients if needed.
Furthermore, we appoint people from time to time for
business development on commission basis.
SS:How was the initial funding done?
GD: The initial funding was done through our own resources and savings.
SS:How long did you take to break even?
GD: We have not reached break even at this stage.
SS: What kind of support did you receive from your family?
GD: My wife supported me for this venture and also is the principal investor.
SS: How was the experience of building the first team like and what challenges did you face then?
GD: The biggest joy as an entrepreneur for me has been developing something that could be used by millions of people across the world and the challenge is to build a business that provides value to all the stake holders. As an entrepreneur, it has been an interesting journey meeting lots of people which I would not have otherwise and discuss their ideas as well. I have been fortunate to get advise from good mentors and peers in taking up the challenges I have faced.
SS: What is your employee strength currently?
GD: Three, including myself.
SS: What is your turnover?
GD: We do not have any paying client at the moment. We plan to cross 10 lakh turnover this year.
SS: What is the USP of your products?
GD: EasySecured offers a three layer security solution that is hacker resistant and at zero cost to the end user and very low cost to the service provider. EasySecured is also different as compared to other solutions in the following two aspects.
1. EasySecured uses security token as a device already owned by the user such as their pendrive, cellphone, laptop, etc.
2. EasySecured does not require the user's password or device identity to be stored either on the device as cookies or on the server database thus making it virtually hack proof. Information encrypted using EasySecured technology cannot be easily decrypted as each user data is encrypted using a unique seed.
SS: What marketing strategy you apply and where are your products placed?
GD: Our strategy is to offer an identity service to online service providers and online application/website developers on a per user cost basis in addition to a one time fixed setup cost. We also see revenue from end to end solution/product development for clients and technology licensing.
We foresee two three types of clients which is as follows:
a. Master Reseller/ Solution provider which markets our products/services as well as develops solutions by way of technology transfer. We expect an annual sale of Rs 100 lakhs from this stream.
b. Small websites/clients with average annual sales of Rs 10 lakhs per client.
c. Large websites/clients with average annual sales of Rs.100 lakhs per client.
SS: Where all you have your clients?
GD: In India and 2 clients are based abroad.
SS: What are your future plans?
GD: We plan to be a private limited company in the near future and attract investors to invest in the company. This will help us to open our offices across major countries such as India, USA, Gulf and UK/Canada.
We plan to continue to innovate and evolve our technology as per market requirement and dynamics.
The future prospects are very bright for EasySecured as it is sure to attract investment once there is progress in client acquisition in the current year.