"It is about who you are", said , says Ajay Chatuvedi, answering a question about what's peculiar about India and its startup culture. A great beginning to a panel discussion that promised to answer a question dear to all of us: why is India a great place to startup?
Sujit speaks about how the face of India's industry is changing: in the early 2000s, when companies felt computers were playthings, to 2008, when CRM and ERP is the lifeblood of any company."Your network is your biggest strength", Sujit added, alluding to the BITSAA network. "We're here to help you", he says (Sujit is highly active in the BITSAA Delhi chapter)
A rather extended discussion on the acceptability of entrepreneurship is happening right now.Sudhir talked about perceptions of people about 30 years ago, when probably the best an engineer from BITS could expect to make 400rs a month, which was lesser than what cigarette walas made. He's surprised at how things have changed and somebody like Ajay (gesturing to him) might be making a corroe a year.
Ajay spoke of his experience with entrepreneurship. He suggests experimentation is as important as innovation. He stressed that the vision is what makes the start-up successful!
The panel agreed on the fact that the government is pretty supportive of start-ups in India currently.
Ajay pointed out"Identifying, the point in the value chain where, the startup will be entering. In Biotech companies, where the closest competitors can have huge differences in revenues depending on their intellectual properties."Right now they are talking about the education system. Ajay made a candid confession that even his best classmates from Wharton cannot start-up and replicate Dabbawallas' success! It is all about the mind set! Education helps and was compared to the cord of the Bungee jumping!
Their views on funding was nostalgia for me because that's exactly what Nakul, Akash and I discussed a few days back. I actually covered that in my column "Demystifying Funding" in the last issue of PULSE! Funding is a double edged sword. If you take it too early, you dilute your equity. If you get it too late, you land up high and dry.
Live blogging from BITS Pilani's business challenge : Conquest 2008
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