Founder Story: Shameek Ghosh, TrusTrace
TrusTrace is a company that specializes in providing software solutions for sustainable and transparent supply chain management. Their main focus is on industries where supply chain traceability and transparency are crucial, such as fashion.
Shameek Ghosh, CEO, was inspired to co-found TrusTrace due to his firsthand observations of the environmental impacts of unregulated industrial practices in Coimbatore, India, particularly in the textile sector. We sat down and had a talk with him.
What inspired your focus on sustainable supply chain solutions?
I was driven to focus on sustainable supply chain solutions due to the environmental effects I observed in India’s textile industry, notably the water pollution that affected many local communities leading to health issues and environmental degradation. This shared experience among the four co-founders catalyzed the creation of TrusTrace.
Can you describe TrusTrace’s innovation?
Our innovation is a traceability and compliance data management platform that automates the collection and validation of real-time granular data direct from the supplier network on how products have been made. It monitors and improve the supply chains of our customers using 80 different parameters.
What has been the strategy regarding brining customers onboard to your platform?
In terms of sustainability, it’s not enough to have a great product or service; the real key is the client’s willingness to change. That’s why we initially focused on partnerships with clients who had sustainability at their core, like Houdini. As sustainability regulations tightened and the market evolved, we broadened our focus to include larger corporations. Now, we’re also collaborating with industry giants such as Adidas and Asics, showcasing our platform’s ability to scale.
What challenges has TrusTrace experienced?
Managing a team split between Sweden and India has been like a long-distance relationship, requiring strong communication between the founders to stay aligned. Not coming from the fashion industry initially posed challenges in building industry relationships, but it also allowed us to approach problems with fresh perspectives.
What advice would you offer to entrepreneurs aiming to make a positive industry impact?
Remember your early supporters and who believed in you when no one else did. Your first employees, partners, and clients. These are your real friends and while growing, remember the values and relationships that got you started. In the beginning, make choices more based on your heart than mind, and don’t just go for the deals that will bring short-term money.
What future milestones is TrusTrace aiming for?
Following our Series B funding, we’re focusing on U.S. expansion and strengthening our team. Our goal is to deepen our European market presence, enhance customer value, and build sustainable, impactful relationships in the industry.
How do you attract leading investors and what value do they bring?
To attract leading investors, it’s crucial to have a clear vision and ensure mutual respect. We prioritize finding investors who share our mission, emphasizing partnerships that contribute to long-term value rather than focusing solely on valuation. Initially, we faced challenges in securing investments, primarily because as founders from India, we lacked a strong network in Sweden. Industrifonden, one of our early investors, played a pivotal role in this aspect as they added credibility.