WITH the fast development of startups and rapid growth of new technologies and innovations, the demand for entrepreneurship continues to grow. Entrepreneurs are coming from every part of the country to solve the most pressing problems faced by people in India today. Breeding the right culture for innovation that is inclusive, educational and accessible is crucial to realise the nation’s larger goals of becoming self-reliant.
What does the startup need?
Basavaraj Bommai, Chief Minister of Karnataka speaks about moving startups beyond big cities. Having witnessed the growth of startups and the continued ambitions of entrepreneurs in the state of Karnataka, Bommai hopes to see all unicorns engage in Corporate Social Responsibility (CSR) activities, stating that several already have started this. According to the Chief Minister, for a startup to be successful and scale up sustainably it must seek market opportunity, have a strong foundation and be value-driven and customer-centric. Furthermore, there should be strong leadership, the founder’s values and ambition will drive the business forward.
Abhay Singhal, Founder, InMobi states, “The only thing an entrepreneur has in their favour is the speed in which to change.” Singhal observes that while a lot has changed in the industry, the one thing that remains constant is the consumer’s aspiration to connect with technology. For a business to succeed it needs to evolve with the consumer’s requirements. A successful startup needs the vision and ambition to match the customer’s needs.
Profit-First, Funding-Second
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