Most conversations in startups begin at zero: what’s the idea, who’s the customer, how big is the market. But the stage before that, when you know you’re ready to be a founder yet the direction is still completely undefined. That strange, uncomfortable, high-potential zone Aditya Agarwal calls “minus one.”

In this episode, Aditya and Prateek Mehta breaks down what happens in this “figuring out” stage. The questions people avoid, the habits that matter, and why some of the best companies begin long before their founders have any conviction.

We get into how this stage is evolving in the AI era. Exploration cycles are faster, technical founders can test more directions than ever, and the gap between “I’m experimenting” and “I’m running a real company” has narrowed. India’s builder ecosystem is shifting too: more second-time founders, more people with real outcomes behind them, and far more comfort sitting with ambiguity.

Aditya shares his own minus-one moment after Facebook, his startup acquisition, Dropbox’s IPO, and Flipkart, and why that transitional period changed the way he thinks about early-stage startups. Prateek brings on-the-ground view from Bangalore, where ambition, technical depth, and the appetite to explore hard problems from robotics to voice models to AI infra are rising.

This episode is for anyone who feels they’re between missions. Anyone who wants to understand why the most important part of building a company might actually be the time you spend before you even know what you’re building.

00:00- Trailer
01:06- Aditya’s journey to starting SPC after Facebook & Dropbox 
03:48- A “learning club” for people in figuring-out stage
06:23- 3 Northstars of the SPC community
07:02- How SPC evolved from a community to a fund
10:32- Not everyone should be a founder
11:51- 1% selection rate
13:53- Building conviction in 1 of 3 outcomes
16:36- SPC is at PMF stage
18:38- Mismatch of traditional VC’s v/s rapid pace startups
19:04- How AI has impacted investing at SPC
26:32- How AI has changed VC firms
29:02- Axis of curiosity replacing thesis
30:17- Star Companies of SPC US
33:34- Binny Bansal’s role in starting SPC India
37:16- Questions & confusions as founders in early stage
39:50- Number of great entrepreneurs is NOT small
41:49- Talent density in India vs Bay Area
44:04- Founders don't need a culture of permission
45:08- India tier 2 and 3 does invest heavily in AI
46:11- AI is truly democratizing tech
49:09- Math gives India advantage in AI
51:48- A lot of science fiction is coming true

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India’s talent has built the world’s tech—now it’s time to lead it.
This mission goes beyond startups. It’s about shifting the center of gravity in global tech to include the brilliance rising from India.

What is Neon Fund?
We invest in seed and early-stage founders from India and the diaspora building world-class Enterprise AI companies. We bring capital, conviction, and a community that’s done it before.
Subscribe for real founder stories, investor perspectives, economist breakdowns, and a behind-the-scenes look at how we’re doing it all at Neon.

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Connect with Siddhartha on:
LinkedIn: https://www.linkedin.com/in/siddharthaahluwalia/
Twitter: https://x.com/siddharthaa7

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This video is for informational purposes only. The views expressed are those of the individuals quoted and do not constitute professional advice.

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