Episode 67: Diversifying Your Entrepreneurial & Investing Experience On Your Wealth Building Journey With Raj Loganathan

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Have you ever wondered how a seasoned entrepreneur transitions from start-up to start-up, and what unique insights they gained along the way?

In a world where career transitions, entrepreneurial risks, and technological advancements are increasingly common, understanding the journey of someone who has successfully navigated these changes can offer valuable lessons for your own professional and personal growth.

You’ll learn:

• Gain insights into how storytelling and personal experiences can be powerful tools in attracting investors and driving business growth.
• Learn about the challenges and rewards of introducing new technologies in different markets, offering a roadmap for those looking to innovate in their fields.
• Discover the importance of agility and adaptability in business, especially in startup environments, and how these qualities can lead to successful project outcomes and career transformations.

Dive into this inspiring journey now, and uncover practical strategies and lessons for your own path to innovation and success – play the episode and start your transformative learning experience today!

Resources:

• Book a Discovery Call with Kyle to review your corporate (or personal) wealth strategy to help you overcome your current struggle and take the next step in your Canadian Wealth Building Journey!
• Looking for a new mortgage, renewal, refinance, or HELOC? Reach out to Jon to share some options.
• Follow/Connect with Kyle Pearce on LinkedIn for daily posts and conversations about business, finance, and investment. 
• Dig into our Ultimate Investment Book List
• Download our Wealth Building Blueprint

Calling All Canadian Incorporated Business Owners & Investors:

Consider reaching out to Kyle if you’ve been…

• …taking a salary with a goal of stuffing RRSPs;
• …investing inside your corporation without a passive income tax minimization strategy;
• …letting a large sum of liquid assets sit in low interest earning savings accounts;
• …investing corporate dollars into GICs, dividend stocks/funds, or other investments attracting corporate passive income taxes at greater than 50%; or,
• …wondering whether your current corporate wealth management strategy is optimal for your specific situation.

By hopping on a discovery call with Kyle, he will review your specific personal and corporate financial situation in order to determine if there are some quick wins available for you to minimize taxes personally or corporately, provide ideas for how you can increase your personal cash flow, and ensure that the net worth of your estate continues to grow in tandem.

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Episode Summary:

Quick recap

Raj’s professional journey, including his experiences working for banks in South Africa and Dubai, the importance of storytelling in attracting investors, and the challenges in implementing new technologies; Raj’s personal journey and experiences in entrepreneurship, emphasizing change and embracing new opportunities; Raj’s insights on the importance of agility and flexibility in business, learning opportunities offered by startups, and his past projects; Raj’s current project serving medical professionals and the vision behind his company, rexEMR, to consolidate various medical products onto a single platform; and Raj and Kyle’s discussion on the progress of Raj’s startup, rexEMR, seeking capital to expand their organization and plans for future innovations.

Summary

Raj’s Professional Journey and Entrepreneurial Challenges

Raj shared his professional experiences, including his time working for banks in South Africa and Dubai. He emphasized the importance of storytelling in attracting investors and the innovative culture fostered by First National Bank. Raj also discussed the challenges in implementing new technologies and the importance of self-motivation and perseverance in entrepreneurship. He revealed that he and his partner have invested heavily in their organization, and that he recently moved to Canada. Towards the end, Jon mentioned an upcoming scheduling conflict.

Embracing Change: Entrepreneurial Journeys

Raj shared his personal journey and experiences in entrepreneurship, emphasizing his belief that change is a constant in life and should be embraced. He recounted his experience founding rexEMR and discussed the challenges of operating in a developed market. Raj and Kyle also shared their experiences in entrepreneurship and the challenges they faced, including the transition from different markets. They also discussed the benefits and challenges of moving between countries and cultures, using their personal experiences as examples. The conversation concluded with Raj sharing his journey from working in banking payments and digital banking in India to becoming an entrepreneur.

Entrepreneurship and Innovation With Raj

Raj and Kyle had a discussion about entrepreneurship, with Raj sharing his personal experiences and insights. Raj emphasized the importance of agility and flexibility in business and the value of learning opportunities offered by startups. He highlighted his past projects, including work in the banking industry and digital voting, and his experience working for a startup in the early ’90s. Raj also shared a significant step in his career, covering the Indian elections, which he described as a turning point and the start of his personal innovation journey.

Indian Elections and Medical Services

Raj shared about his experience covering the Indian elections online with his brother and a friend in 1999. They started six months before the elections and managed to get 1.9 million hits on their site, a significant achievement at the time. The conversation then shifted to Raj’s current project, which involves serving medical professionals. Kyle expressed interest in learning more about what Raj’s company, rexEMR, does for medical professionals. Raj also mentioned that he once suffered a head injury and moved on to join another project.

RexEMR’s Vision for Healthcare Innovation

Raj shared about his professional journey and the vision behind his company, rexEMR. He explained that the company’s mission is to consolidate various medical products used by doctors onto a single platform. He emphasized the importance of technology innovation in the healthcare industry and how rexEMR is responding to outdated user interfaces with a modern, cloud-based, AI-powered product. Raj also mentioned that interested individuals can learn more about rexEMR through their website, Youtube channel, and social media presence. The name “rexEMR” was derived from the combination of “Rex” and “EMR”, symbolizing the coming together of prescriptions and electronic medical records.

RexEMR’s Expansion and Innovation Plans

Raj and Kyle discussed the progress of Raj’s startup, rexEMR. The startup has developed a product aimed at reducing administrative work for doctors, which has been piloted with six doctors in Windsor. Raj shared that they are now seeking capital to expand their organization, including growing their team and expanding their innovation efforts. They also have plans to make the application voice-driven and to serve a wider range of healthcare professionals and potentially hospitals. Raj emphasized the importance of personal conversations over pitch decks and suggested that Canadians should consider diversifying their investment portfolios to include startups. Kyle expressed support for Raj’s approach and suggested that their discussion could inspire others on their entrepreneurial journeys.

Transcript:

00:00:00:09 – 00:00:20:05
Raj Loganathan
I think a lot of people fear of change, have a lot of fear of change. I strongly believe that change is the only other thing other than death, which is permanent in life. So change is something which I embrace with both my hands. Took it head on. That gave me the opportunity to work with.

00:00:20:07 – 00:00:46:14
Kyle Pearce
Have you ever wondered how a seasoned entrepreneur transitions from startup to startup and what unique insights they have gained along the way? In a world where career transitions, entrepreneurial risks and technological advancements are increasingly common understanding the journey of someone who has successfully navigated these challenges can offer valuable lessons for your own professional and personal growth.

00:00:46:18 – 00:01:18:00
Jon Orr
Stick with us as we dig in to a fantastic conversation with serial entrepreneur and Rex EMR founder Raj Loganathan. As we learn and gain insights from a fellow of successful entrepreneur and business owner so that we can leverage his experience as a powerful tool to attract investors and drive growth in our own businesses. We’re going to learn about the challenges and rewards of introducing new technologies in different markets, offering a roadmap for those aiming to innovate in their field.

00:01:18:01 – 00:01:45:19
Jon Orr
And finally, we’re going to discover the importance of agility and adaptability in business, especially in startup environments, and how these qualities can lead to successful project outcomes and wait for it. Life changing transformations.

00:01:45:21 – 00:01:50:16
Kyle Pearce
Welcome to the Canadian Wealth Secrets Podcast with Kyle Pearce and Jon Orr.

00:01:50:17 – 00:02:03:16
Jon Orr
We are recovering high school mathematics teachers and education consultants whose entrepreneurial spirit led us to begin multiple businesses in real estate investing, digital courses and coaching and consulting. After the Bell rang at dismissal time.

00:02:03:18 – 00:02:23:17
Kyle Pearce
Fast forward a decade later where we’ve grown our portfolios and our time freedom to the point where we can now help entrepreneurs business owners and investors grow their wealth into a legacy that lasts generations through hidden investment and tax secrets. Your financial advisors won’t believe our truth.

00:02:23:19 – 00:02:44:05
Jon Orr
All right, Let’s dig into this conversation with Raj. Hey there. Welcome, Raj, to the Candy Wall Secrets podcast. We’re excited to have you on today and kind of dig into your story or journey and get some insights for our listener today. So do us a favor. Let us know where you coming from exactly. And just a little bit about your background.

00:02:44:07 – 00:03:05:09
Raj Loganathan
Thank you so much, John and Kyle. Thanks for having me as part of your podcast. It’s a pleasure being here and to share about myself and my journey. My name is Raj Loganathan and I’m the founder and CEO of Nexium are actually pretty new to Canada. It’s been about a year since I moved to Canada. This whole idea of a starting car.

00:03:05:11 – 00:03:10:16
Raj Loganathan
It started about when I came here on a holiday. We were in Windsor out for Go.

00:03:10:16 – 00:03:11:02
Kyle Pearce
Windsor.

00:03:11:05 – 00:03:15:19
Raj Loganathan
Or with our friends here at one of the Italian famous Italian restaurant.

00:03:15:19 – 00:03:18:19
Kyle Pearce
Which one? You never told me that when we were chatting and.

00:03:18:19 – 00:03:19:18
Raj Loganathan
Remembers.

00:03:19:20 – 00:03:21:10
Kyle Pearce
Spargo Gas.

00:03:21:12 – 00:03:23:05
Jon Orr
What a great, great show.

00:03:23:07 – 00:03:24:10
Kyle Pearce
Bagels.

00:03:24:12 – 00:03:43:22
Raj Loganathan
Yeah. So spotless is where the whole eureka moment happened to me. We were having dinner with a couple of doctors, and they found this. And this is like a couple of days before I was leaving back to Kuwait. I used to work for a bank in Kuwait at the time, and I was the. I was working in strategy and innovation at the time.

00:03:43:24 – 00:04:04:07
Raj Loganathan
Yeah. So that’s that’s where it happened. And these doctors were talking about how difficult the systems are, which they use in Canada by the doctors and and eventually led to me asking a question. If you do not have a system which they can move to and all the existing systems are so cumbersome to use and they are expensive.

00:04:04:12 – 00:04:23:05
Raj Loganathan
Why don’t you guys build it? So when I asked that question, they said they don’t have the time for it. And then I asked, Why don’t we build it? Because you guys, as the physicians, have the knowledge, you know the problem. I come from a digital banking background and I spent a lot of time in banks across three continents.

00:04:23:11 – 00:04:44:08
Raj Loganathan
So I said, okay, let’s build it. And one of the doctors turned around and said his name was Jay. He’s unfortunately late. Dr. Jay turned around and said, Oh, you’re leaving in two days time. You go back to Kuwait, you will forget us, right? And then we will get back together. Something like this will, you know, after some time we start talking about these products which are bad out in the market.

00:04:44:08 – 00:05:04:19
Raj Loganathan
It’s a usual thing, which we do. That’s where the whole journey started in terms of red cards. And as I was saying, I worked in the countries working on mainly banking payments, digital banking and cards. Yeah. So that’s where I come from. And innovation has been part of my DNA. I would say, yeah, that’s where I am from.

00:05:04:21 – 00:05:06:03
Raj Loganathan
And what does it mean from India?

00:05:06:03 – 00:05:27:13
Kyle Pearce
I love it. I love it. It’s taking everyone back, giving a little context as to how we met. Some people might think they know that John and Kyle are from just outside of Windsor. But no, we didn’t actually meet here in Windsor. We actually met kind of in a random interaction online. I think it was LinkedIn and we reached out and had a conversation and hopped on a call.

00:05:27:13 – 00:05:53:23
Kyle Pearce
And what I was really intrigued by is the fact I think you were telling me that you had worked in something like three or four or five continents and you had done a lot of work in different areas as well. So one thing that really hit me was the fact that some people, when they’re starting their first business right, especially if it’s, let’s say it’s a startup and they have an idea, there’s so much to learn, there’s so many things that can go wrong.

00:05:54:00 – 00:06:16:05
Kyle Pearce
And you had this vast experience doing this type of work in so many different areas. I would love for you to kind of take us back a little bit and maybe share some of we can’t get through all of them to here today, but I think it just brings up the legitimacy in terms of the work that you’re doing, because you just said a story like, Hey, why don’t we make it and then you part.

00:06:16:05 – 00:06:42:16
Kyle Pearce
And then if we end the episode there a lot of people are going to go, okay, like, good luck. How are you going to do something like that? However, in the banking industry and even in some other areas, I think there was something to do with politics and voting, digital voting. Tell us a little bit about some of the projects that you’ve worked on in the past that sort of led you or were maybe stepping stones to starting this particular company that you’ve been working on currently?

00:06:42:18 – 00:07:08:05
Raj Loganathan
Okay. I’m going to take you back into my memory lane. Right. Let’s go back to 1999. Right before 99, I finish university. I studied pharmaceutical chemistry, which has nothing to do with what I do or what I did in my career. I went on to do a diploma in I.T. when I started doing the diploma and idea after I finished my diploma, and I think I was working for a small organization, which was actually very niche in what they were doing, right.

00:07:08:07 – 00:07:30:09
Raj Loganathan
They were working on first base directly. This is in the year 1990, 96, right? These guys were really ahead of time. They put all the industries like patents, right? They created an online directory. That’s that’s where my whole journey started. Like, I work for this small company. And after that, I left them. They were not doing that great.

00:07:30:09 – 00:07:57:16
Raj Loganathan
So I left them. And then the whole idea of putting the Indian elections and the Indian elections came up, right? So that’s where I would say my whole innovation journey started. Personally. What happened there was India in 1999. Even the big news channels in India did not have a great coverage of big elections on the Web. So six months before the elections, we started me and my brother and a very close friend of mine.

00:07:57:18 – 00:08:18:22
Raj Loganathan
We started covering the election, so we started getting the manifesto of the various parties. But in the Indian elections, we had that going on and we had to cut things short On the results of the elections. We managed to have 1.9 million hits on the site in 1999. That’s huge at the time, right? Yeah.

00:08:18:24 – 00:08:22:08
Kyle Pearce
That’s huge. I don’t even know if I knew what the Internet was in 99.

00:08:22:09 – 00:08:29:17
Jon Orr
Well, I was going to say I was like, I don’t think it’s almost like wasn’t that many people using the Internet in 1999. It was still somewhat in its infancy.

00:08:29:18 – 00:08:49:09
Raj Loganathan
Yeah, So that was fascinating. Right At that time, I did not know how enormous this was. Right Now today, everybody talks about having a million followers and billion hits and things like that. That’s a benchmark, right? We had like 1.9 million hits. We just so I said like, Oh, you’ve have done that. And we moved on and I got to work for I got headhunted.

00:08:49:09 – 00:09:11:20
Raj Loganathan
I went and joined a company which was doing work for UK based projects. Then I moved to UK. That’s where my whole journey out of India started, right? And then during this journey I moved on to working in the banking industry. That’s where I moved from being a programmer to a project manager, a small level entrepreneur to becoming a banker.

00:09:11:24 – 00:09:37:08
Raj Loganathan
So the banking journey also was very coincidental that I ended up working in cards and payments, which was very hard at the time. Credit cards in India was very at its very nascent stage. So that led me to work for one of the biggest banks. It’s called Head Steve Simmons. They were a startup at the time in terms of their car division, so I was a sixth employee who went and joined that organization.

00:09:37:11 – 00:10:00:09
Raj Loganathan
Again, startup being innovative, these guys are working on cards and payments. They were trying to change the way how the Indian market was working. Then from there, I moved to South Africa. I had met my wife when I was looking for G. Then after that, like no, I moved to South Africa. I work for a couple of the big banks there and I would actually talk about one of the banks.

00:10:00:09 – 00:10:23:04
Raj Loganathan
It’s called First National Bank. First National Bank is so innovative they have innovation as part of their DNA bloodstream model, you can call it. Right? It’s the most innovative organization I work for. It’s in most when you talk about banks, you talk about bureaucracy and how difficult it is with getting anything done. These guys work like entrepreneurship, right?

00:10:23:07 – 00:10:43:00
Raj Loganathan
Each division was managed in a way that they could innovate and they could put in any innovation and take it home. So that helped me shape up my career. Then I worked and then I worked in Dubai as well. I worked for Emirates in a company called Network International, which is basically a third party theme and company, right?

00:10:43:02 – 00:11:14:20
Raj Loganathan
What they used to do is they do credit card and payment processing for banks across the Middle East and African region. Okay. So that, yeah, I had the opportunity to work again in innovation. I worked on contactless cards which were not available everywhere in the world, which is chip based, contactless card. We managed to migrate quite a few banks across Middle East and Africa into using and accepting chip based cards, which happened of some five or six years back in Canada.

00:11:14:22 – 00:11:23:09
Raj Loganathan
But this I’m talking about late 2006. So that’s where the journey went. It gave me an opportunity to work on innovative projects across the world.

00:11:23:13 – 00:11:31:11
Jon Orr
Yeah, clearly you’ve moved across the world. You can see this journey that you’ve taken moving from the eastern side of the way to the world, to the West.

00:11:31:12 – 00:11:41:22
Kyle Pearce
Is technology really where you really think about it, right? So, you know, early in the Internet and then all to the banking innovation, there’s so much, so many questions I have. But John, what do you think? Thinking?

00:11:41:22 – 00:12:00:05
Jon Orr
Well, yeah, you went from one business to the next and startups here and getting in on the ground floor over here. Like, I’m curious, what is it? What is it that you feel is exciting about starting that new business or like moving into those is a lot of people are currently like, I’m here, I got my job, I’m secure.

00:12:00:05 – 00:12:18:15
Jon Orr
I don’t to worry about where my next paycheck is coming from. And then even if you start a business or you’re on the ground floor, some people are like, I’m here. This is going to be where it is. And it’s like, whereas you have moved in lots of different places, like a serial entrepreneur, like you are to you, what is the most exciting part of doing that?

00:12:18:15 – 00:12:20:04
Jon Orr
Moving from place to place?

00:12:20:06 – 00:12:49:02
Raj Loganathan
I would say I’ve been a nomad, right? I think a lot of people fear of change, have a lot of fear or change. I strongly believe that like change is only other thing other than debt, which is permanent in life. So change is something which I embraced with both my hands took it head on. That gave me the opportunity to work with different kinds of problems around different part of the world.

00:12:49:05 – 00:13:13:01
Raj Loganathan
Right? It’s not the same, right? If you are in a developed market like Europe or the US or North America, the US Canada problem is different. That is the solution which comes forward. So is very different and it takes a little bit of more time. But as in the markets which where I had like for example, if you take oh, there was a point in time where I worked on electronic banking channels in Africa right?

00:13:13:03 – 00:13:37:15
Raj Loganathan
I was explaining to one of my colleagues recently that in Africa I was able to work on some of this banking and from there, whereas like in a market like India or where that is, the presence of these technologies, which is already grown, it takes a little bit more time to move on from this technology to another technology, whereas in the African market, or at least the market, you could do a leapfrog, right?

00:13:37:15 – 00:13:58:18
Raj Loganathan
That’s what fascinated me. And this opportunity to grow, learn what fascinated be moving. It is stuff. It’s not easy moving from one country to another country. One is culturally it’s difficult, right? Each country has its own culture to find the right thing to do, but it takes a year to figure it out when you go to a new country, Right?

00:13:58:20 – 00:14:19:15
Raj Loganathan
So that’s what it is. But it’s the journey that’s we’ve been through it. It’s hectic. Canada has been not that easy settling in, but it has a long timeframe. I think it takes a little bit longer than other countries that we have gone and work because I was working for somebody else. So from a work perspective, it settles in faster than us here.

00:14:19:17 – 00:14:31:07
Raj Loganathan
Being an entrepreneur, driving things on my own, being my own boss, assets, hassles, advantages also has its disadvantages as well. So that’s the part of it.

00:14:31:09 – 00:15:00:24
Kyle Pearce
Yeah. I must say when you really think about it, you put your journey into perspective and then you think about maybe some of the things that we may have considered hard in our own lives. I have never moved countries. I’ve moved cities before, and that felt hard and I’ve never taken massive leaps. We’ve taken massive leap into our current journey that we’re on now, John and I, in terms of income, however, we had sort of been doing this side by side for a really long time to get us to this place of call it comfort.

00:15:01:01 – 00:15:25:08
Kyle Pearce
My wonder for you is and you can disclose as much or as little as you’d like here, so this is totally up to you how far you want to go with it. But this is Canadian wealth secrets podcast. My wonder for you is do you have some sort of base level of safety net that you have in terms of knowing that you have a runway that, hey, if something doesn’t work out for myself, that I’m going to be okay?

00:15:25:10 – 00:15:42:09
Kyle Pearce
Are you on the other end of the spectrum? Well, a lot of entrepreneurs have mentioned this in passing where they say things like, No, I just knew that I would make it work. They just make it work. Alex For Moses story, he was living in his gym when he first started. He lived and slept on the floor of his gym.

00:15:42:13 – 00:16:00:04
Kyle Pearce
Where would you put yourself, I suppose, on that spectrum in terms of safety? I know for me, if I was to do that, I would be like, No, I need to have all kinds of safety net before I was to do something large like that. Are you somewhere on the Alex or Moses side sleeping on the floor of the office?

00:16:00:06 – 00:16:07:15
Kyle Pearce
Are you on my side where you like? Actually, no. I want to make sure that I’m going to be okay regardless. Or do you fall somewhere in the middle?

00:16:07:18 – 00:16:38:19
Raj Loganathan
Very interesting question. This is something which I was thinking about off trying to reflect on the whole journey of where that I am like us in my personal journey. You’re not really traveling this alone like you’re taking a family along with it as well. Try to be prepared for that. It’s not easy to actually leave. As you were saying, a well-paid job like with a fancy salary, with all the perks it comes with it and the stability it gives from there to go to become an entrepreneur.

00:16:38:19 – 00:17:06:05
Raj Loganathan
And there are really good days and it’s like you will have two more days, and after that you can have really four really bad days, right? So it’s very important as an entrepreneur to as a start, especially as a startup, somebody was driving this sort of taking an idea from scratch to have the self-motivation. Very, very important to have that right to go from there are going to be bad days and they are going to be good days.

00:17:06:07 – 00:17:23:24
Raj Loganathan
You shouldn’t get stuck in that. And then the next day when you go and sleep and wake up, you should be able to say, Today I’m going to have to tell yourself that you’re going to have a good day, and then you proceed with it’s chaotic. There is a lot of issues which comes up, like being part of the startup and also is from a financial perspective, Right.

00:17:24:00 – 00:17:47:04
Raj Loganathan
The safety net you are talking about, there is a certain amount of investments which we have put in because we completely bootstrapped as an organization, right? There was no investment taken from me and my partner have pumped in all the money. In fact, the partners put in invested more than I have done from my side. It has been the whole idea is what really it right.

00:17:47:06 – 00:18:03:09
Raj Loganathan
So when I looked at the whole idea of what we can achieve is what keeps driving me waking up to see that we are there. We are running a marathon, we are there we are. Now, I could say we are running a marathon. We are on the last mile in terms of getting it out.

00:18:03:11 – 00:18:24:18
Kyle Pearce
I love that. I love that you’ve highlighted a number of really important things that I think those ups and downs in particular around entrepreneurship. I know, you know, John and I and Matt was a co-host for quite some time on the podcast at the beginning. We’re all business partners and there are those days. I think that’s how you know, you’re in entrepreneurship, right, where something happens.

00:18:24:18 – 00:18:43:17
Kyle Pearce
And I think that’s why mindset is so important to be able to notice and name when you’re feeling those ways. Because sometimes it could just be a random trigger. Something triggers you and you don’t know why. It’s not something specific to the business, but just something just is off on that day. And I think that’s a really important piece that you shared here.

00:18:43:19 – 00:19:12:24
Kyle Pearce
And another piece that sort of came to mind as you were talking was just this idea that I think the more you experience the process of growing a business and you’ve done it in a number of different industries, in a number of different times, you start to recognize that you actually are building a skill or many skills in many different areas that actually start to feel like superpowers the wrong word.

00:19:12:24 – 00:19:36:14
Kyle Pearce
But it gives you the confidence that no matter what happens next, that you’ll be okay because you bring so much benefit to the table. Right. Thinking about. I’m just picturing if you come to apply for a job and you’re applying for my job because, hey, let’s say nothing worked out and you couldn’t get it to go or anything like that, who’s not going to hire someone who has the experience?

00:19:36:14 – 00:19:57:22
Kyle Pearce
You do? Who has the world experience that you do? Who has all of this benefit that you have? It’s like along the journey as you take this leap, it’s almost like you’re actually getting stronger and stronger, which means there’s less likely a chance of, say, falling on your face financially or not being able to put food on the table or any of those things.

00:19:57:22 – 00:20:26:06
Kyle Pearce
Right. All these irrational thoughts that go through our minds. I’m wondering, are there any sort of maybe is it books or learning or anything that you’ve done on the mindset side that has helped you along or have you maybe just sort of along the way always been able to navigate it without necessarily having to have some sort of intentional learning around mindset and vision planning, Or I’m always curious to hear that for some of these innovators like yourself.

00:20:26:08 – 00:20:50:21
Raj Loganathan
A very tough question to answer. Actually. There is no single book or a formula, I would say, which would actually fit in. It’s the whole idea of being agile. That’s what it is, right? It’s the flexibility which entrepreneur needs to have. It’s not a bed of roses, right? It’s not easy. It’s difficult. There has been many days where I just wanted to quit, right?

00:20:50:23 – 00:21:08:23
Raj Loganathan
You just put it back. Next day you wake up, you will get bad feedback, there will be critical feedback. You will feel that, like I said, like I didn’t put in all these efforts to get this, but you have to take it with a pinch of salt. You get the style, but what do you do? You have to go back to the drawing board and then start doing it.

00:21:09:00 – 00:21:31:09
Raj Loganathan
There is something which I tell my team, right? What I tell them is if you’re working for a, let’s say, a big organization, like a bank, like a CIBC or somebody, right? They have their own way of doing things right. If you are employed with them, for example, there is a certain amount of learning you will get. Probably you will be like a sort of bring blinkers on.

00:21:31:12 – 00:21:50:05
Raj Loganathan
You will get to work in a specific area and then you will focus on that and you will become an expert in that area. But when you work for a startup, it goes for me as the founder of the startup, as less the people working in the team, is that working in a startup? That is so many things you get to learn.

00:21:50:07 – 00:22:14:17
Raj Loganathan
The learning curve is exponential, right? Which is not possible working for a mature organization, right? That’s why I spoke very as proud of the fact that I was. I work for an organization like that during the time when they were like really small. If I went and work for them today, it would be very different, right? The learning will not be as much as what I did, right?

00:22:14:19 – 00:22:37:22
Raj Loganathan
I got to learn the entire cards and payments industry where my career took real. It is not a Belko ride like it was. It was like a rocket taking off. That’s what it did to my career. Same way the learning potential in a startup is fantastic, right? There are a lot of things to which you will not get to do in a bigger organization You will get to do in a startup.

00:22:37:24 – 00:22:56:11
Kyle Pearce
I love it. Yeah, there’s definitely a lot of things that. So what I’m hearing from that, I guess my big takeaway is that there’s some people who are maybe more intentional about that journey, but others it’s almost like you’re going to learn about mindset or you’re probably going to quit is probably what it is. It sounds like you’re doing the work and you’re learning as you go.

00:22:56:11 – 00:23:15:21
Kyle Pearce
You’re kind of flying the plane as you’re building it in terms of the mindset piece, but you’ve also reflected on some of those important pieces, which I think is really, really critical. So I’m always curious about that, but I’m looking at the time I want and make sure we have some time to chat about your current project. We talked about a lot of the things you’ve done in the past, lots of successes.

00:23:15:21 – 00:23:39:16
Kyle Pearce
You have experience in early Internet sort of work, I’ll call it almost like some virality that you had going on. You’ve done a lot of work in the banking industry around tech. Now you had shared your story at the beginning about trying to solve this problem, and I would love to hear a little bit more about exactly what Rex EMR does for a medical professional.

00:23:39:16 – 00:23:57:22
Kyle Pearce
And it sounds like from what I know, based on our conversations, you’re serving essentially medical doctors. But tell us a little more. Give us an elevator pitch. What are you trying to achieve and how can people find more information about it? So tell us a little bit more about what Rex EMR does.

00:23:57:24 – 00:24:20:10
Raj Loganathan
What recommended us is to bring various products which the doctors are using in one platform. Why I’m seeing various products is if you look at the banking industry or if you look at the telecommunication industry, okay, let’s take like the smartphone, which you use today, probably 20 years back, you were carrying a camera with you. You were carrying a phone or a mobile phone with you where you can text.

00:24:20:10 – 00:24:21:21
Kyle Pearce
Notepad.

00:24:21:23 – 00:24:53:04
Raj Loganathan
And notepad. Then you were probably carrying a dubious with you. This all things came together and they converged into being one product that’s missing in the healthcare industry. I would say doctors are using various different products and it is actually the technology being used by the doctors is a bit old fashioned, very delayed. There are some products which are out there which are very, very stable, that are like market leaders who are there in the Canadian market, who have developed the product over a period of time.

00:24:53:06 – 00:25:11:12
Raj Loganathan
But if you look at their user interface, it looks like a program which is redundant. When I was a programmer in the nineties, when I started my career as a programmer in the nineties, so that’s what it looks like. And what we have done in direct similar is to beat that. We have come back to note the Leapfrog phenomenon.

00:25:11:12 – 00:25:40:08
Raj Loganathan
We didn’t actually have to build old fashioned product and then make it into looking good. We were able to build a product that is cloud based, high powered, completely driven with fantastic workflows, user interface, which is easier to learn. Where can somebody learn about more about? Xiomara Eczema LA how we applied. We are very active on YouTube. We have social media presence where they can go to Alexia Ma dot com and have a look at what we are doing.

00:25:40:10 – 00:25:43:04
Raj Loganathan
And we also have a pretty good presence in LinkedIn.

00:25:43:05 – 00:26:02:06
Kyle Pearce
So awesome. Awesome. That is an awesome summary. I love your analogy sort of linking this idea of all the things we’re carry or we were carrying around at one time and now we just have this phone. I’m still carrying around a wallet, but I don’t think it’s going to be too much longer before even my wallet stays at home.

00:26:02:06 – 00:26:19:17
Kyle Pearce
And I just have my phone in my pocket and I’m envisioning medical doctors and I’ve heard people talk about this. We talk about that the amount of time it takes to be seen by doctors, the amount of time it takes to hear back from doctor, the amount of time. And you just think about all of the paper pushing.

00:26:19:19 – 00:26:43:01
Kyle Pearce
Now, you might have a computer inside different medical offices, but then even then, that computer doesn’t seem to talk to the next thing. And it sounds like what you folks are doing is you are bringing all of these ideas together. I love the fact as well that you mentioned this earlier in the episode, that you’re coming out of a lot of experience in the banking industry, which has a lot of regulation.

00:26:43:07 – 00:27:09:04
Kyle Pearce
Right? So there’s a lot of red tape there. And what I’m seeing here for rec, Seema, given the fact that you have that experience in your back pocket, that you’re dealing with the medical industry, which again, regulations all of those things, but you’ve dealt with the red tape and other industries. So to me that just seems like such a nice sort of connection, nice experience that you’re able to sort of leverage and build on.

00:27:09:06 – 00:27:32:05
Kyle Pearce
I’m curious at about what phase of your company. There’s maybe some people listening here who are going, Holy smokes, I want to learn more, better. I’m going to say it. Rex EMR So three X EMR and it’s one word. And before we go into what stage of the companies and it just reminded me of the name and where the name of the company came from, Where did you get RECs?

00:27:32:05 – 00:27:41:06
Kyle Pearce
EMR I vaguely remember you telling me about a story about potentially a family, a sort of member of some tech.

00:27:41:08 – 00:28:09:13
Raj Loganathan
And interesting question recently in terms of how the name came about as a common person. When you go to a doctor’s office, all I got to see is the word or X written on a prescription, right? So that’s if you actually pronounce on an export together, it’s an X. And it so coincidentally happened that like when I was looking for RECs EMR and putting it on with the name Dr. J I spoke about earlier his dog Bostwick.

00:28:09:15 – 00:28:16:10
Raj Loganathan
So that was the time when you said, okay, all right, they go together.

00:28:16:12 – 00:28:36:00
Kyle Pearce
I like it. I like the creativity. And nice, honorable mention for one of the sort of founders or initial members of the team and something that was close or someone that was close to them. And then finally tell us a little bit more so they know that they can find more information about Rex MRA on social media, YouTube.

00:28:36:06 – 00:28:55:05
Kyle Pearce
They can go to the website, but how about for those people who are looking at maybe getting into some sort of investments around startups, maybe they want to learn more about you? Are you? You were bootstrapping for a very long time, so good on you for that. I think that’s the best way to go is bootstrap for as long as you can.

00:28:55:10 – 00:29:04:12
Kyle Pearce
But I think you were telling me recently that you’re actually looking to start raising some capital. So give us a little bit of information about that before we wrap up here today.

00:29:04:14 – 00:29:25:01
Raj Loganathan
We are at a stage where we have developed a product which encompassed all the different functionalities which the doctor required to reduce their administrative work in that office in one ecosystem. That’s the stage we are in. And we have developed the product and we piloted it with six doctors. And again, going back to six doctors, I’ll be sort of Windsor.

00:29:25:03 – 00:29:43:19
Raj Loganathan
That’s the connection to Windsor where the whole idea started. From there we bootstrapped. Now we are at a stage where we need money to come in. We are looking for funding to grow the organization. What are we looking at in terms of is to expand our team to keep the costs low. We have a development team in India too.

00:29:43:20 – 00:30:12:02
Raj Loganathan
We have to expand that team as well so that we can continue with that innovation. We want to be at a stage where we want to drive the entire application using wise as much as possible so that like doctors don’t need to type. That’s the game we want to get into. That’s one. And we also want to become not just serving independent doctors, we are looking at serving independent doctors, we are looking at the dentist and also become an enterprise wide solution.

00:30:12:08 – 00:30:33:03
Raj Loganathan
Take it to the hospitals at a later stage. Right. So that’s where we want to get to in order to do all this, we need time investment. That’s where we are. So to find out more about it, like, you know, they can give me a call or they can email me, then we can have a conversation. It’s always better to have a conversation than just going through a paycheck.

00:30:33:05 – 00:30:35:18
Raj Loganathan
That’s something which I personally believe in.

00:30:35:20 – 00:31:00:04
Kyle Pearce
I love it. I love it. Well, I’m hopeful for you that funding does get connected with you. It was awesome when I had the opportunity to meet and hear your story, and that’s at that point where I said, Hey, I think you’d be a great fit to share your story if not for folks to learn from your experience and hear that story and maybe fuel them along their own entrepreneurial journeys, but also for those who are investors out there.

00:31:00:04 – 00:31:26:05
Kyle Pearce
And this is Canadian wealth secrets. A lot of people, when they do find an opportunity to get in with a startup that has a great product, a great plan and great leadership, there is the opportunity to potentially do a lot of really awesome things. Just a disclaimer to those listening. We have no partnership relationship. There’s no advertisement dollars happening here, nothing like that.

00:31:26:07 – 00:31:48:19
Kyle Pearce
This was more or less just sharing a conversation. And actually, just to be honest with you, Raj, I’m rooting for you. I’ve worked with many startups in the past in the education space, and just hearing all of the things and the experience you have and your goals and having the opportunity to kind of dig into this plan, I have a funny feeling that I’m going to be seeing ResMed quite often along the way.

00:31:48:19 – 00:31:56:19
Kyle Pearce
So good on you, my friend. Any final thoughts or big takeaways that you hope that the audience gets here from this conversation here today?

00:31:56:21 – 00:32:24:12
Raj Loganathan
I actually wanted to touch upon what I learned is how Canadians are really investing to do that investment. I see that most of them going to the markets are up. So what I would say is look at startups, look at other investments, because this virus, but there’s also high dividend coming out of this. So that’s what is going to supporting small organizations is what is going to empower the economy of Canada.

00:32:24:14 – 00:32:45:03
Kyle Pearce
I love it. That is a Canadian. Well, secret sauce for the day, which I think is really important. And really what I’m hearing you say is it’s a type of diversification as well. Right? So it’s not necessarily it’s a one or the other all in on the market or all in on a startup, but thinking about opportunities that makes sense, due diligence is really important.

00:32:45:05 – 00:33:02:18
Kyle Pearce
I love how, again, as you had mentioned, for those who might be interested, that they can reach out through your website or through social media to get on a call to learn more, take a deeper dive and see if that might be a good fit for them. I know that I’ve been digging through and I’m definitely very intrigued and I look forward to digging in some more.

00:33:02:18 – 00:33:14:10
Kyle Pearce
So thank you so much, Raj, for spending some time with us here on the Canadian Wealth Secrets Podcast. And I am certain that we’re going to be still in touch for quite some time.

00:33:14:12 – 00:33:17:08
Raj Loganathan
Thank you so much for having me on your podcast.

00:33:17:10 – 00:33:20:13
Kyle Pearce
Thanks, my friend. Good luck as you’re raising the capital chat soon.

00:33:20:17 – 00:33:22:15
Raj Loganathan
Thank you.

00:33:22:17 – 00:33:48:03
Kyle Pearce
Well, there, John, what a great conversation with Raj. I thought he’d be a great fit for our audience. By chance, we had connected on LinkedIn a number of I would say couple months back, and just hearing his story, I was very interested in intrigued by his current business recs EMR, and we went down that rabbit hole. But as that happened, you’ll always like to ask different founders about their experiences.

00:33:48:03 – 00:34:14:04
Kyle Pearce
And what you’re going to find is that a lot of founders, a lot of successful founders have had multiple businesses in the past. And as you heard from Raj, he’s had a number of successful businesses. He’s participated in different industries along the way. He’s even done this in multiple countries. When you think about that from a global perspective, when you think about just diversification and actually being well-rounded.

00:34:14:06 – 00:34:32:06
Kyle Pearce
Raj has so much experience and he does so many things. And to me, to go from his story, like the part that really intrigued me was you’re at dinner one night and you know, you’re a serial entrepreneur. When you hear someone talking about their industry that you are not a current part of and they tell you the pebble in their shoe.

00:34:32:12 – 00:35:03:03
Kyle Pearce
And that medical doctor said, what was the pebble in their shoe? And he said, let’s fix it. That is when you know you’re talking to a true entrepreneur. I see some great things for Rex EMR and I’m super, super fascinated by it. So it’s one of these scenarios I said to Raj after we stopped recording and said, I hope that one day down the road when your company becomes very successful, that we can look back to this moment before all of that success comes and we get to say, Hey, you know what?

00:35:03:04 – 00:35:07:18
Kyle Pearce
We brought Raj on for an interview and he had some time for us. So what a great conversation.

00:35:07:20 – 00:35:27:03
Jon Orr
Great summary there. Kyle. Hey, if this is the first time you’ve to this episode or this podcast, we would love for you to hit the subscribe button, the follow button, so that you can get notified when our episodes come out every single week. We’re publishing them on Wednesday mornings. Look for them to come out on that time every single week on your secret sauce.

00:35:27:03 – 00:35:47:12
Jon Orr
What’s that secret sauce that we can get to for you on your wealth building journey? If you’ve been listening already and you’re subscribed, consider hitting that review button, that rating button. Leave us a rating and review. It helps other folks just like yourself find the podcast so that they can also strengthen their wealth building journey by getting the secret sauce.

00:35:47:14 – 00:35:50:12
Jon Orr
So please rating this review and share the podcast.

00:35:50:14 – 00:36:17:17
Kyle Pearce
Well, my friends, if you’re looking to have a conversation about your corporate wealth management strategy, hey, you’ve got your head down in your business. We get it. We understand we’ve been there. But when you do come up for air and you take a look around and then you start to recognize that all of this hard work and all of this success that we’ve been working towards is actually causing you a massive tax issue That means that you’re I don’t want to say too late, but you’re starting late, right?

00:36:17:17 – 00:36:36:15
Kyle Pearce
So when’s the best time to get your wealth management strategy in place? It was yesterday, but guess what? The next best time is now and we can help guide you in that process. So head over to Canadian secret Satcom forward slash discovery and I’ll hop on a quick call with you. Make sure that you’ve got a plan in place.

00:36:36:15 – 00:37:00:21
Kyle Pearce
Remember, for our business owners, it’s not simple choice of, hey, do I take a salary or dividend? And that is it. There is a lot more nuance to it. If you want to be keeping more money in your pocket, corporately and personally in the long run. So we look forward to seeing you on a discovery call. Head over to Canadian while secrets dot com forward slash discovery and I look forward to chat with you.

00:37:00:23 – 00:37:18:22
Jon Orr
All right Canadian wealth secrets seekers we will catch you next time.

00:37:18:24 – 00:37:32:19
Kyle Pearce
Just as a reminder, the content is for informational purposes only on this podcast, so do not construe any such information or other material as legal tax, investment, financial or other advice.

00:37:32:21 – 00:37:48:13
Jon Orr
John Or is a mortgage agent with Brick’s mortgage license number m23006803 Kyle Pierce is a licensed life and accident and sickness insurance agent and VP of Corporate Wealth Management with the PAN Corp. team, including corporate advisors and Pan Financial.

Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

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