"An incredible place to do business"
Australian entrepreneur Michael Koss has experienced huge success with his health tech business in both the Australian and Indian markets. The key to his achievement? Dialogue and conversation.
A true business pioneer, Michael is the co-founder of Netik Quick Clinic–a 'virtual clinic' that lets patients consult in real time with healthcare providers and arrange for medical deliveries. After great commercial success in Australia, India–with over a billion people and very real challenges in delivering healthcare services–seemed a market opportunity too good to miss.
Michael's experience in India began in 2015 at a hospital management conference in Varanasi. After sitting in on a session where a competitor's product was torn apart by delegates, the reality of the Indian market came to light. Instead of being deterred, Michael was inspired. Taking on board the criticisms and concerns, Michael went away to reflect on how his offer could support the unique challenges and needs of the Indian healthcare market.
"I spent the next three days testing my ideas against the delegates, [before coming] back to Australia. I built a prototype in three weeks with my business partner and then went back to India on a Super Trade Mission with the Victorian government." Michael has never looked back.
Three years on, the Netik Quick Clinic is going from strength to strength. The secret to his success? Visibility and networks. "Get on a plane! Over the past five years, I've been to over 100 conferences in India. For the most part I'm the only Westerner at any of them."
Michael is keen for Australia and India to enter a new era of trading and business relations, via forums like the Australia-India Council. "The investment in going to do business in India is so nominal compared to the opportunity size; it's ridiculous to miss this time in the Indian journey."
"India really is a wonderful market [and] an incredible place to do business," says Michael. "It's easy to do business when you get into the groove and flow–it's very relationship driven … you consider each other family."
The networks that Michael has forged are so strong he no longer has to seek out partners in the Indian marketplace. "We're very fortunate to have a lot of corporates and large healthcare groups who want to work alongside us. Even the big-name brands, which any foreign entrant would covet working with, are coming to us, which is so exciting."
Read the full interview with Michael Koss from our 'Australia & India. A Dynamic Mix' series.
Learn more about the economic potential of the Australia-India partnership in An India Economic Strategy to 2035 – Navigating from potential to delivery