Entrepreneurship and innovation are the two keys to economic growth, but you have to replicate it in all domains, and not just in technology.
There is too much stress on IT now, which has to change. I feel we are in a very positive situation right now.
Definitely, it will push more youngsters to take more risks. In fact, in the last 12 years, the Government of India has helped the Department of Science and Technology and Department of Biotechnology create 1,900 incubators. But taking them to market was not that successful.
With the Startup India initiative for entrepreneurship, it will further consolidate at the beginning was made 10 years back. As a result of this, India is poised to witness big economic growth in the next 5 years. In the next 10 years, you will see many more start ups coming up. We have created 3,000, 4,000 engineering colleges of variable quality. Most of them have incubation centers today. The students are not from one section of society alone. 25% of engineering students come from rural areas and 25 % come from families that are below the poverty line. It means all sections of society are getting trained. At least some of them will become employment producers and create products that are meaningful to India.
Instead of giving advice, we should always tell them to use their own experiences, failures and successes. They will be able to relate to that more than the advice. Today, some company like Midas Technologies, which was incubated earlier, is no longer there. At one time to time, it was doing Rs. 500 crore (Rs. 5 billion) business, but it later failed. There is no point in keeping a company alive, which is not working. Advice is not to be scared of failures.
They have to understand the market before they start. Entrepreneurship is not just about creating a product, it is also about the commercialization of the product.
Success does not come unless your product succeeds commercially.
Becoming an entrepreneur is a tough job. As an entrepreneur, you have to worry about everything, right from creating the product to marketing it to the cash flow. Be prepared for that.
Very important. If you want any new product to be developed, you need next generation technology. Start up is all about larger risk taking. Don’t wait for the circumstances to change. Understand the environment and work within that. If your goal is clear, go ahead and do it.
Take risks, but with minimal resources and start small, then work hard and build it to some scale. After that, some larger company can take over, scale it further and take it to the market as larger companies are good at scaling, but not at innovation.