Let's Hear It From The Horse's Mouth: 1st Startup India Event
"Prime Minister's own idea was that startups need to be encouraged. Both banking system and government will make resources available.Will end license raj for startups," said Arun Jaitely
Neeraj Kakkar: As my parents could afford only child's education in private school, there was gratitude for everyone of my family members who were making sacrifices because I was the chosen one. Today, I feel the same. I'm the chosen one. The one who can dream.
The onus is on me to make the products which are not just India's best but the best in the world.
Shashank ND: When we started they asked us, has this been done in US or China. We said, no. We could reach where we're today because we never gave up. Indian rural healthcare faces two major challenges - accesibility and affordability.
Ritesh Agarwal: After Jan Dhan Yojana and Swachcha Bharat, today is our day. For someone like me, who come from a rural background in southern part of Orissa, at 22 years, it would have been impossible in any other country to build one of the largest hotel brands in the country and provide indirect employment to 40000 people. I think in India the issue is with the risk taking appetite. We care about building a business which creates value. In long term, when India has 450 million people who are traveling, the valuation of the businesses in this segment is going to go further up.
Adam Neumann: India's democracy embodies the regeneration. The regeneration knows the sharing economy is the future, that being a part of something greater than you is the future. If I treat you the way I want to be treated then I can make a difference and be successful. And if we define success as not just making money but as being well and happy and having an ability to give and receive, then we redefine the world. 83% of millennials in India will prefer to work for a company with intention for a lower pay than for a company without intention.We're coming to India sooner than later. We're going to have a local brand with a global playbook. We're looking for CEO, CFO, COO and everything that comes in between.
Anuradha Acharya: Startup stand up, stand up for your right. Startup stand up, don't give up the fight. Doubting me don't tell me what to do, perhaps you don't know what my disruptions really can do. And while India's history has been laced with gold, we'll tell a story that has never been told before. So, now you see a light, stand up for your right.
Naveen Tewari: 10 years ago while I was still a student in US, I used to imagine that like in US there would come a day where companies created by aam admi in India will become large. Today, look where we've come (in 10 years). When we created InMobi, we didn't think about going global. Today, we're world's third largest advertising platform after Google and Facebook. Today, our technology touches 1.5 billion devices everyday. This is the just the beginning of the change that you're about to bring on. This country's problem will be solved by the entrepreneurs from this country and not by outsiders.
Samay Kohli: We are a bunch of started Grey Orange because we couldn't find a company which was building hardware and robotics in India. We strongly believe that supply chain and logistics is one of the most deprived industries which alone has the capacity to be the single largest activator of growth.Sitting throughout the day, made me feel my gut. I along with Softbank support Startup India. India will surpass the US in next 25 yrs says.
Masayoshi Son: I look in the eyes of entrepreneur before taking call. Just because big cheques have been signed to startups and entrepreneurs become rich, they shouldn't consider themselves successful. Even if you're the last person left in the ship, you should be able to save it, or have the attitude to do so. This is what we expect from startup entrepreneurs and employees. Information revolution is going to be 100 times bigger than the industrial revolution. First 5-10 years should be focused to try being a big fish rather than eyeing public listing. Startup companies cannot take care of infrastructure. Two things which are lacking in India are: mobile infrastructure, connectivity is very slow, and electricity, none of the things work without electricity. 21st century belongs to India and Indian startups. Every time I visit India I become more convinced. This is the country!
Arun Jaitley: The largest retailer in the world doesn't own a store. The largest transportation company doesn't own a vehicle. Companies that were on top pre-1991 have been replaced by companies that were startups, by those who didn't belong to business families. Startups will not only change the social (and economic) profile of the country, but also marks the changing mindsets of the country. The only subsequent relation with startups (and government) is that they pay their taxes in the year end and continue to grow. Amongst, the potential entrepreneurs we have some world-beaters and we will create the environment for them. Our effort over last few years has been to restrict the role of State to that of a facilitator. The more this (startup) sector becomes unregulated, the better it is for the sector. Prime Minister's own idea was that startups need to be encouraged. Both banking system and government will make resources available.Will end license raj for startups.
Nirmala Sitharaman: The startups have spoken loud and clear, and we have heard the message. The PM will say more. It's been one of the most fascinating days of discussion on what startups can do for India if alone government understands them, which you(Prime Minister Narendra Modi) have already done. Indian entrepreneurship is not 'jugaad'. We as Govt should remove the clutter so you (founders) can focus on core business.
Radhika Agarwal: The Indian consumers and the Indian market is very different from China.
Sachin Bansal: I've started investing in startups. There are enough number of people in the market who are interested. I'm hoping that with time, we'll have people raising $50M-$100M from domestic investors. We'll love to raise money (public listing) in India as people here will understand and value our business better. We need to take a step back and look at the larger picture and see where are. All the internet startups put together, the valuation is less than $50B. This will reach $500B. The path to this point will be shaky. So, if you look at this picture, we can say that we're not yet in a bubble. As competition heats up in the market (like in taxi or ecommerce market), your expertise which fuels the growth needs to go up which needs capital. It's important to acknowledge that money follows great business, unless you've dumb investors who don't understand business at all (which happens once in a while). As competition heats up in the market(like in taxi or ecommerce market), your expertise which fuels the growth needs to go up which needs capital. It's important to acknowledge that money follows great business, unless you've dumb investors who don't understand business at all(which happens once in a while).
Jayant Sinha: Today 90% of the money raised by startups in India is foreign capital. It's almost as important to attract domestic capital for equity as foreign capital. We'll discuss three questions:
1. How do you balance between raising capital and building a company?
2. Are we in a bubble?
3. Will you list in India?
Naveen Tewari: If people confuse bubble with people(startup/entrepreneur) spending a lot of money in one sector, it's stupidity. Countries do not enter a bubble unless there's positivity in and around. I might not believe that there's a bubble but I hope there's a bubble. Let the bubble be, the wave is lifting so many boats. Some companies may go bust, but others will survive and thrive. Comparing India's bubble with 1999 is wrong because of the different situations. It's very distracting to raise money. As a CEO and founder, you're the only person who can raise money. So raise as much as you can. Just don't relate it to your success. That's the only caution you've to put. It's very distracting to raise money. As a CEO and founder, you're the only person who can raise money. So raise as much as you can. Just don't relate it to your success.
Sreedhar Prasad: The valuation of startups is related to the amoebic growth of startups.
B J Arun: We're in a bubble. When people are in a bubble, everyone is in a high. I'm afraid that it;s going to be tough for India to recover when we hit the bubble. It's not necessary to be a unicorn. You can be just a profitable business solving a problem.
Nikesh Arora: 2015 was the year of tremendous funding – and a shakeout but 2016 to be the year of ‘execution’ for the Indian startups. Please focus on execution and create a good customer experience. Let the customer decide who's the winner. You shouldn't give up until you've lost faith in your ideas, and when you realize that you need to reinvent the idea. We are seeing more Indian entrepreneurs focusing on (i) products (ii) India market. What an investor wants to see – an entrepreneur working on a big problem, with a good business model and satisfied customers.I like the entrepreneurs whom I've to convince to take my money and not who's convincing me to invest in his/her idea. We've already achieved something. The fact that you can get people on stage answering questions of entrepreneurs shows that we've won the first battle.One of the areas I've been interested in and where I haven't seen skilled solution is education - there's a huge amount of technology which can be applied here. Everyone in this room is trying to change the world. So learn how to manage your time – and your timing. Find the problem of the consumer. Find an amazing way to solve it and make them see it and go wow. As an entrepreneur have to think- How am I changing the life of my end consumer? How am I making it better? If you're doing really well, people will find you and give money. People with passion survive. 18 months ago when we discussing about the strategy for investments, that coincided with the change of government and the smartphone revolution in the country. With Masayoshi Son's experience in China, we could think of India as the best bet.
Vijay Shekhar Sharma: India will leapfrog plastic into digital money faster than any other country! Out of 100 million transactions (daily), more than half of them are going through Paytm.
Karl Mehta: In order to bring financial inclusion, we need not give people cash but financial tools.
Sharad Sharma: The next Uber from India will come in the financial sector.
Travis Kalanick: In India, payments is very different, it's a big area where we need to change the way we serve. The way we deal with that is to empower the local team to find the local solution. I like to describe the Uber journey as you drive a car in a highway as you're going really fast. Our mission is to make transportation as running water.
When we started, we didn't have big ambitions. Champions' mindset is about:
1. Put everything you've got there.
2. You'll get down. You'll face adversity. If you get up, it's impossible to fail. You've to enjoy the ride.
If you elevate your story telling, you can inspire people and reach out to more audience.Four dimensions of magic:
1. Give people their time back.
2. Give them calm.
3. Bring people joy.
4. Give them some money or help them save some money.
Asha Jadeja Motwani: The only way entrepreneurs can leverage us (in the silicon valley) is to reach out via text, mail or call. All of 4 investments in India have happened with just a handshake.
Shanti Mohan: You don't raise funding because you're a woman. You raise funding because your business is good and the investor is looking at its viability. When you pitch for funds as a woman entrepreneur, don’t feel under-powered.
Nidhi Agarwal: I met 113 investors; our articulation & customer understanding improved along the way.
Bhavish Aggarwal: Trust and safety are key for our industry, we have to keep improving tech, design, compliance. Industries are not about commodity products, especially in high tech sector. If you build a robust product which is relevant, first few customers will come on their own. It might take some time because you'll not have a marketing budget to accelerate growth.
Kunal Bahl: If you believe in what you're doing, and solving a problem even for five people, it's good enough to pursue for some time. Don't let comments from people bog you down.You figure out what is the real problem you've to solve and work backwards. The biggest challenge startup faces is to get the right team member in early days who'll stick through the tough times of the company.
Vinod Dham: Wearable category has much more hype than the reality behind it right now. Unless you make it a part of who you're(body of an individual), it's going to be hard to raise money for it. Engaging customers early on helps. Engaging customers early on helps.
Venk Sharma: Silicon Valley startups are like redwood trees, Indian startups are like banyan trees. Need focus. You need to have the global mindset and discipline to say no to a business that doesn't fall through what's best in you. Think global from day one.
Hasmikh Adhia: Right now, for B2B startups 10% TDS means that 24.5% cash flow is blocked. We'll rationaize this.
Amitabh Kant: 20 department services of government are listed on ebiz platform. We're going to tie up with 10 state governments in 3 months. One single point of payment, one single paper. We have hired 1000 patent examiners and we're outsourcing to IITs. In 18 months time, we'll bring our patent pendency level at the same level as US and Japan. In about year's time, we'll bring down the trademark pendency to zero level.
J.S. Deepak: The policy of the government is to not block any content unless it's against maintaining the law and order. Except in case of child pornography, we do not recommend taking down content.
Anup K Pujari: According to government procurement policy of 2012, it has become mandatory for all departments to procure a minimum 15% material from medium and micro small entrepreneurs.
Ashutosh Sharma: Network of incubators and mentors at grassroot level. We introduce high gain high risk programme. This scheme allows you to take calculated risk if the idea promises high return.
Prashant Saran: We have done away with the problems startups face. Detailed object clauses in IPO document have been changed to suit startups.
J.S.Deepak: Our two focus areas will be- funding and incubation. We are focused on being the best in this area. We have announced the electronic development fund with the corpus of $500M. This include the possibilities of startups in areas where we import as well.
V S Oberoi: 38 research parks will provide hand holding. Imprint India was launched by President of India. In next few months, one would see the clear focus on non-metro cities.
Mohandas Pai: 6 of the 8 unicorns have redomiciled, the remaining 2 as well. We need to make provision to avoid this.
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