Founders don’t “earn” their way out of impostor syndrome by becoming successful. In practice, the feeling shape-shifts as the company grows, and Indian data shows it is especially sharp in the early years and eases only when founders build skills, support systems, and a healthier definition of success. This is less a personal flaw and more a predictable side-effect of choosing an uncertain, high-visibility path.
What founder impostor syndrome really is
Impostor syndrome for founders is the persistent belief that you’re not as capable as people think you are, accompanied by a fear that you’ll eventually be “found out,” even when your startup is doing objectively well. It often shows up as discounting your wins (“the market was hot,” “investor was just being generous”) and over-indexing on every miss as proof you were never qualified in the first place.
Among entrepreneurs, this isn’t rare; surveys in different markets show a large share of founders report feeling like frauds at some point, despite external success. In India, that sits on top of additional cultural pressure around “stability,” family expectations, and visible comparison with peers in cushy jobs.
Why success doesn’t cure it
Many founders assume: “Once I raise a big round / hit ₹100 Cr ARR / get into YC, I’ll finally feel legit.” In reality, every milestone tends to move the goalpost. Seed-stage you looks up to Series A founders; Series A you looks up to unicorn founders; unicorn founders compare themselves to global category leaders.
Two things amplify this in India:
So the internal script simply mutates:
The Indian data: it’s not just in your head
Indian founder mental health data lines up with what many feel anecdotally: early-stage founders report higher impostor feelings and lower everyday wellness than more experienced entrepreneurs. Emotional wellness platforms working with Indian startup ecosystems have highlighted that around a third of founders report low well-being, and roughly a similar proportion report impostor-like feelings, with early-stage founders hit hardest.
Interestingly, founders with more than six years of experience report much higher everyday wellness than early-career entrepreneurs, suggesting that time in the game doesn’t eliminate doubt but does build better coping strategies. That supports what many seasoned Indian founders will tell you privately: the fear never fully leaves, but your relationship with it changes.
Stories behind the statistics
When Indian founders talk openly about mental health, the stories often sound similar even if the businesses are very different. A B2B SaaS founder might describe snapping at family members and only realising later that the tension was a spillover from fundraising anxiety. An e-commerce founder might avoid taking investor calls for days because “what if they realise I have no idea what I’m doing?”
Founders who work with coaches or therapists frequently describe a few turning points:
These experiences mirror a broader global pattern where reframing thoughts, building awareness of triggers, and seeking structured help reduce the emotional intensity of impostor feelings, even if the thoughts still show up.
That is also why the kind of capital you choose matters. At Malpani Ventures, we are an investment firm that backs frugal, capital-efficient innovation in India. Instead of pushing founders into vanity metrics or aggressive burn, we look for entrepreneurs who are building thoughtfully, learning fast and staying in control of their wellbeing as well as their runway
Why experience helps (but doesn’t graduate you)
The data point that experienced founders report much higher everyday wellness isn’t about them suddenly becoming fearless superheroes; it’s mostly about pattern recognition and self-management. After a few cycles, founders learn that:
What you get with experience is not a degree that says “you’re no longer an impostor” but a thicker emotional skin and a toolkit: mentors, coaches, peers, rituals, and more realistic expectations of yourself.
Sharing a clip of how to find a mentor, where one of our portfolio founders shared his insights
Practical ways to work with impostor feelings
Rather than trying to “beat” impostor syndrome, it’s more realistic to design around it so it doesn’t quietly run the company. A few evidence-backed and India-relevant approaches:
A more honest founder narrative
The more nuanced narrative for Indian founders looks something like this:
Entrepreneurship is less like school, where you graduate out of “freshman” status, and more like a craft where everyone is always somewhere between beginner and intermediate, just at different scales. The goal isn’t to become a founder who never feels like an impostor; it’s to become a founder who can feel like an impostor and still build wisely, ask for help, and choose a definition of success that doesn’t quietly destroy them.
The investors you bring on board can either amplify impostor feelings or help ground you. We always believe in backing founders who prefer sustainable progress over performative growth, and who are honest about their doubts instead of pretending to have all the answers. If you're building and feel we are the right investors for you, reach out to us at team@malpaniventures.com
When you pitch an Investment Committee (IC), you are not performing. You are helping a group of people decide whether to bet on you. They will forget most slides. What they remember is how clear, honest, and decision-ready your pitch was. If you make it easy to say yes, or to say a fast and respectful no, you will be remembered well even if they pass.
Start with the thesis.
Begin with one clear sentence. For example: “We are building this product for this customer, and it can become a large, defensible business because of this reason.” If they cannot repeat this after you leave, your pitch probably was not clear enough.
Respect their constraints.
Assume that they do not have the full context, and they do not have much time. Do not take a long time to warm up or use jargon without explaining it. Focu early on in the meeting on why this is exciting and what you are asking for.
Tell a story, not just show slides.
Structure your pitch as a simple story.
- First, describe the reality today for the customer.
- Then explain your insight.
- Then show your solution.
- Why this is the right time.
- Show how this can become a big outcome.
Pitch the investment, not only the product.
Do not stop at features and user experience. Explain how this becomes strong margins, scale, and real cash flows. Talk about market size, unit economics, moats, and possible exits. Use simple language.
Name the risks yourself.
Do not pretend there are no big questions. Say something like: “These are the two or three main risks. This is what we have already de-risked. This is what we still need to prove.” This builds trust and keeps the discussion focused on what matters.
Use numbers with meaning.
Every metric should answer the question “So what does this tell us?”. Talk about cohorts, payback periods, contribution margin, and user behaviour. Do not only talk about gross merchandise value or total downloads.
Separate fact from forecast.
Be very clear about what is actual data, what is projected, and what is only directional. It is fine to have assumptions. Just label them clearly so people are not confused.
Explain why you are the right founder for this problem.
Share what you have done or experienced that makes you well suited to solve this specific problem. Use concrete examples of things you have built, shipped, or operated. Avoid generic phrases like “we are very passionate” or “we are hustlers”.
Be honest about your gaps.
Explain where the team is strong, where it is weak, and who you plan to hire. This shows maturity and self awareness. It does not make you look weak.
Design your pitch so that there is time for questions.
Keep the prepared presentation short enough so that there is enough time for questions and answers. Most decisions depend on how you think in a conversation, not only on what you show on a slide.
Answer questions crisply
Answer the core of the question directly & then spend time listening in case there are any gaps
Keep one consistent story everywhere.
Your spoken narrative, your deck, your data room, and your emails should all reflect the same core story. You can change the level of detail by audience, but not the basic message.
A great IC pitch is not about drama or theatrics. It is about making it safe and rational for serious people to back you. If you lead with a clear thesis, explain your numbers and risks in plain language, and tell one consistent story, you increase your chances of a yes. Even if the answer is no, you will often gain respect, feedback, and relationships that help you in your next round or your next company.
In the early days of a startup, founders are surrounded by noise - growth pressures, customer feedback, talent challenges and the constant push to build something meaningful. In that environment, investor feedback often becomes one of the most valuable external signals a founder can rely on. For feedback to create real impact, the foundation must be mutual trust and deep respect.
As a family office with the ability to take on more risks, we strongly believe that the relationship between founders and investors is not transactional. It is a partnership built for decades, not quarters. Like any long-term partnership, trust is the key ingredient that determines whether conversations lead to clarity… or confusion.
One thing we want every founder we work with to know is this:
We do not believe we can run your business better than you.
Founders live the business 24/7.
They see the market evolve in real time.
They carry the responsibility of every decision, every hire, every pivot.
As investors, we bring pattern recognition, networks, and an external perspective — but we are never the operators. Our role is to help remove blind spots, not take control of the wheel.
This distinction is important because healthy investor feedback is never about “correcting” founders. It is about co-thinking with them and helping them see opportunities and risks that are otherwise easy to miss.
Traditional VC funds operate on cycle-driven returns as they raise money from LPs. Their incentives naturally push them to look for big outcomes in shorter windows. As a family office, our lens is different:
We don’t chase quick exits.
We don’t push founders into unsustainable hyper-growth.
We are building businesses that will matter 10, 20, even 30 years later.
A low-hanging fruit might look attractive in the moment - faster revenue, easier traction, a tempting adjacent vertical. But in our investment philosophy, not every shiny opportunity is worth grabbing.
Sometimes the most powerful moves are the long, unglamorous, deeply strategic ones that compound slowly and quietly — until they don’t.
Indian startup history has shown this again and again.
✔ Open conversations without fear
Founders should never feel judged or “evaluated” every time they share a problem.
✔ Feedback that empowers, not instructs
Our role is to help think through decisions — not dictate them.
✔ Transparency on both sides
Long-term partners share the good, the bad, and the uncomfortable early.
✔ Shared belief in building for 10+ years
Companies that survive cycles are built slowly, intentionally, and with conviction.
Why Investor feedback Matters
Good feedback:
Helps founders avoid avoidable mistakes
Brings in cross-market insights
Highlights second-order effects of decisions
Builds alignment during uncertain phases
Strengthens accountability without pressure
Feedback works only when founders genuinely trust where it’s coming from.
And that is why mutual respect is not optional — it is the foundation. For us, business building isn’t a race. It’s craftsmanship. Craftsmanship requires patience, trust and the right partners.
Most startups don’t work out. What does last is how you treat people on the way out- the clarity of your communication, the transparency of your decisions, and the care you show to employees, customers, investors, and partners. Close with integrity, and you preserve relationships and reputation for your next chapter.
Truth, early.
Once you know continuation isn’t responsible (no path to funding, profit, or pivot within runway), communicate. Delay shrinks options and erodes trust.
Consistency over spin.
One coherent story across audiences; adjust detail, not the underlying narrative. Avoid blame. Own the decision and the learnings.
People > optics.
Optimise for dignity and real help—clear terms, humane tone, practical support—rather than saving face.
Specificity beats vagueness.
Use precise dates and outcomes. Ambiguity multiplies anxiety and support load.
Document as you go.
Decisions, obligations, and timelines should live in a single, shared source of truth. Paperwork prevents confusion and disputes.
Minimise harm, not just liability.
If you can’t do everything, do the most important things well: statutory dues, employee care, user data handling, honest vendor communication.
Close cleanly.
Respond promptly, reconcile accounts, shut systems down safely, and provide clear confirmations (payments made, data deleted, accounts closed).
Finish strong.
The last 10%- tidy comms, timely replies, accurate records shape how people remember the whole journey.
Dignity and clarity: Straight talk about what’s happening and why.
Support that travels: References, warm intros, a shared talent sheet.
Fairness with constraints: If cash is tight, be transparent about what’s possible and when; prioritise compliance and essentials.
User respect as default: Clear sunset dates, realistic service levels, and simple data exports.
Help them land: Suggest credible alternatives- even competitors if they serve users better.
No surprises: Don’t over-promise stability during wind-down.
Transparency earns cooperation: Be upfront about assets, liabilities, and what can be paid when.
Proactive settlements: Many vendors will work with you if you communicate early and precisely.
Short, regular updates: Focus on cash on hand, what’s been paid, and next commitments.
Endings are part of building. If you communicate early, act fairly, and close cleanly, you’ll protect everyone’s time and dignity—and you’ll carry your network and credibility into whatever you build next.
It’s not my first startup, but it is my first venture-backed one.
And if Guinness World Records ever had a category for the longest due diligence process for a seed round, I’d probably make the shortlist. What stretched over three months wasn’t a delay it was a crucible. Rather than frustration, I felt gratitude. The extended timeline wasn’t a setback; it was a gift. It gave me space to reflect, refine, and reinforce my conviction.
I’m Udit, 21, from IIT Patna. I’ve been building products for more than five years now.
Most of that journey was bootstrapped — from Sttabot AI to Bully AI — each project taught me how to build fast and stay grounded.
But Exthalpy was different. It felt like something I could spend the next decade of my life on.
I incorporated Exthalpy in December 2024 and pitched to Malpani Ventures on May 14, 2025.
A month later, MeitY (Govt. of India) came on board with ₹40 lakh round.
It took five full months from the first pitch to closing the round.
This article is about what I learned in that time — lessons that might save you from making the same mistakes.
I trusted a family member as our CA.
They didn’t take the company seriously. Important filings were missed, board meetings weren’t documented, and even basic legal formalities were ignored.
We would never have caught this without the diligence process.
Lesson: Don’t mix family and finance.
I spent too much time debating the SHA and term sheet clauses.
Founders should understand every line, but early-stage investors like Malpani Ventures are usually fair.
Don’t waste weeks negotiating small points when your product still needs your attention.
Lesson: Get the deal done. Build value later.
We didn’t just have a bad CA — we had none.
The first few months were spent fixing things we didn’t even know were broken.
A good CA doesn’t just file papers; they handle payroll, vendors, and compliance rhythm, keeping the founder free to focus on building.
Lesson: Your CA is as critical as your CTO.
Between product, diligence, tech, and hiring, I was trying to manage it all.
Compliance is not something you can multitask.
It needs time, patience, and the maturity to listen and act carefully.
Lesson: Delegate early. You can’t do everything well at once.
Diligence pushed me to formalise HR policies — employment agreements, holidays, incentives, PF setups.
These aren’t just paperwork. They shape how your team feels about the company.
Lesson: Treat your team like professionals, not friends.
If your product is gaining traction, protect it.
We delayed our filings and almost lost the chance to secure our brand.
Lesson: File your trademark early. It’s your company’s identity.
I used to think patents were just corporate showpieces.
Now I realise how easy and useful provisional patents are. They’re affordable and give you time to develop a stronger IP base.
Lesson: If you build deep tech, protect it.
Our records were messy — spreadsheets, emails, and confusion.
It scared investors and delayed everything.
Clean books aren’t just about compliance; they reflect how seriously you run your company.
Lesson: Keep your accounts audit-ready, even when no one asks.
We assumed the round would close in a month. It didn’t.
If I hadn’t saved enough to sustain operations, Exthalpy would have shut down before the funds arrived.
Founders need an emergency cushion for both personal and company expenses.
Lesson: Cash is oxygen. Keep a spare tank.
Diligence isn’t just about checking boxes.
It’s a mirror that shows how ready you are to build something real.
If you’re raising your first round, slow down and get your house in order before you invite investors in.
Because what diligence exposes isn’t your startup’s flaws — it’s your founder maturity.