I recently went one-on-one with Tim Gocher, CEO of Dolma Fund Management.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks, or challenges have been most instrumental to your growth?
Tim: I grew up in the UK and my first professional experience came at the age of 16, when I joined Deloitte in a junior technology role. Later, I completed my MBA, which helped me better understand the world of finance. Soon after, I found myself on Wall Street, working at JPMorgan in New York. By the age of 26, I launched my first software company in the US, eventually founding and selling two companies during the Internet boom.
But the turning point came when I first visited Nepal, and I saw enormous potential but very little investment reaching them. I felt that the problem was not capability, but it was capital. And to bridge this gap, I built Dolma.
The early years were tough. Many dismissed the idea of investing in Nepal, and building a private equity ecosystem from scratch felt like an uphill battle. We spent years trying to convince investors that this market is worth their attention. Every deal required consistency and patience. And failures definitely were a part of the process. I realized how global playbooks and rules fail in the local setup. But what kept me going was the purpose. However, seeing our portfolio companies scale, create jobs, expand renewable energy, and help build a digital economy, all while delivering returns and impact, has been the most rewarding part of this journey.
Adam: What do you look for in companies you invest in? What are your best tips for investors?
Tim: When we start the evaluation of any company, we start with its people. We understand that markets evolve, technologies shift, and the regulations keep changing as well, but the integrity, grit, discipline, and adaptability of founders are always a constant predictor of success. For us, a strong team is as valuable as a perfect product. We are always on the lookout for entrepreneurs who understand their market deeply and are in the business to solve real problems and leave a lasting impact on society.
And beyond the team, we look for a clear market demand, a defensible position, and the potential to scale sustainably.
For investors, my advice is always this: be curious and be present. Spend more time in the field and talk to their employees and even customers.
Adam: In your experience, what are the key steps to growing and scaling your business?
Tim: Scaling a business, especially in emerging markets, is less about chasing size and more about building systems that will support the expansion. Many businesses can’t scale because their processes or human resources cannot keep up with their growth ambition.
Hence, businesses must invest in people that will grow with the company. Train the human resources accordingly and give them ownership. Build up the right structures early, even when you are small. Establish clear governance and reporting, strengthen your mid-level management, and build predictable and repeatable operations. And finally, understand that what worked at ten employees won’t work at a hundred.
Adam: What are your best tips on the topics of sales, marketing, and branding?
Tim: Sales and Marketing in emerging economies is still more about trust. Even today, word of mouth is the best way to build credibility. Hence, deliver on your promises. Consistent delivery will always beat advertising campaigns.
As for branding, it’s more than logos or campaigns. It’s about the promise you keep to your consumers. Our most successful portfolio companies have built their brand around their promises and reliability – whether it’s a hospital that delivers world-class care, or a tech firm that meets every client deadline. Credibility has always come from execution and consistency.
Globally, brands are also moving towards authenticity. And in emerging economies, authenticity is not a strategy; it’s survival. Customers will always advocate for your brand if you’re authentic and reliable.
Adam: What do you believe are the defining qualities of an effective leader?
Tim: The most effective leaders I’ve worked with, whether in Kathmandu or in London, usually have these qualities: integrity, clarity, empathy, and consistency.
Integrity helps in building trust, clarity keeps the team aligned, empathy builds loyalty, and consistency helps in execution and scaling, even when the environment becomes unpredictable.
I’ve also found that good leaders listen more than they speak. They’re observers, and in markets where uncertainty is a key trait, observing becomes a strategic edge. It allows leaders to understand market signals early and respond with a clear understanding rather than a loud reaction.
Adam: How can leaders and aspiring leaders take their leadership skills to the next level?
Tim: For me, leadership grows through exposure and through self-reflection. Leaders need to work across different sectors, with different teams, and in a culturally diverse environment. This exposure provides them with new challenges and helps them see a broader perspective.
Aspiring leaders should also actively seek discomfort, situations where their pre-existing ideas or assumptions are challenged. They should actively seek feedback and know where they fall short. Mentoring is also another key factor in improving leadership. Oftentimes, teaching others forces clarity in your own way of thinking.
And finally, understanding that leadership is not a title but a practice is also crucial in becoming a good leader.
Adam: What are the most important trends in technology that leaders should be aware of and understand? What should they understand about them?
Tim: Technology is evolving rapidly, which makes it challenging for everyone to track every innovation and keep up with it at the same pace. Yet, one clear thing I’ve noticed is the emerging new innovations from the frontier markets. These regions are creating solutions that are tailored to their local challenges with the help of technology and AI.
What makes it more interesting is the potential AI-driven growth that may emerge from these markets. These regions have the potential to create low-cost and scalable solutions.
For leaders worldwide, this means they can potentially invest and collaborate with these markets ethically and sustainably so that the leaders can invest in impactful ventures and at the same time benefit from these new innovations early on.
In short, frontier markets in a few years may not just be a place for outsourcing or cheap labor but have the potential to become the next big thing.
Adam: What are your three best tips applicable to entrepreneurs, executives, and civic leaders?
Tim: I believe that every entrepreneur, executive, and civic leader should focus on clarity, priority, and execution. What I mean by this is:
- Clarity: When you are in a leadership role, you are responsible for the well-being of the entire organization. Clarity about what the organization stands for, the roles and responsibilities of people involved, and whatever is going on in the organization is important. Only when you are clearer about these things can you create strategies and plans that will help the organization function and compete in the market for a very long time.
- Priorities: There are thousands of things you want your organization to do and excel in but knowing how to prioritize the most important and least important is the game-changer.
- Execution: Everyone has ideas, but what makes a company truly successful is its execution. So, spend a lot of time on execution as well.
Adam: What is the single best piece of advice you have ever received?
Tim: As an investor, the best piece of advice I’ve gotten is to not just invest in companies or projects but to invest in its founders and human capital.
It’s not just about the ideas or technologies but also about the vision, integrity, capability, and most importantly, the talent and motivation of these people that makes execution of these ideas and technologies seem possible and seamless.
Adam: Is there anything else you would like to share?
Tim: Yes, there is something very important that I want to put the spotlight on: Emerging and Frontier markets have big potential as they are incredible sources of innovation, resilience, and opportunity. These regions are focusing on and solving problems that have the potential to go global and scale as well.
Therefore, don’t just watch and keep an eye on these markets. If possible, partner with them, invest in them, and also learn from them. I have this strong feeling that in the next decade, the most transformative and innovative solution may come from these markets.
