It is hoped this summit will inspire SME (small and medium enterprises) and startups to create an ecosystem where both can work together and leverage each other’s strengths to grow successful businesses.
The idea for the event was conceptualized by Shweta Singh, an entrepreneur herself providing consultancy services for startups on Legal and IPR Matters. She found that there was a huge discrepancy in the resources both SME and startups require and currently have access to. Startups and SME should collaborate and both can complement each other’s strengths to boost productivity for both parties.
For instance, a startup’s learnings of getting human and financial resources, lean business model, flexibility and positive work culture can be of great help to SME sector. Likewise startups can learn from SME about how to get access to well-connected networks, business experience and other business growth hacks.
The event was organized by Ennoble IP in association with Chatur Ideas, Codesign Labs, GRC Research and I am SME of India.
The event hosted eminent speakers, industry leaders and founders of successful startups throwing light on various aspects of this collaboration. Some of them are Miten Mehta, Digital Transformation Project Leader, investor and entrepreneur; Devesh Chawla, founder and CEO of Chatur Ideas; Masayoshi Tamura, General Manager for Hitachi; Ranvijay Singh, founder and CEO at M-Shipper and Rajeev Chawla, president of I am SME of India. The event will comprised talks and panel discussions on how innovation can help increase business SME – an area the sector hasn’t focused on historically, identifying capital raising schemes for SME and startups.
Some key takeaways came from Dinesh Jotwani, regional head in charge of government programs for NCR Corporation. “Protect your IP and innovation, tech and company valuation. We recently acquired a startup for tens of millions of dollars run by these very young boys. I was wondering why we had to spend so much until I took a closer look at it and understood the complexities of their product. Indians are picky and need new, different things to keep them interested, so we must learn to appreciate and value innovation. And also I advise SME and startups to be aware of regulations in each country you expand to, and to comply with these especially in manufacturing and pharmaceuticals.”
Sanjay Goyal, General Manager of Small Industries Development Bank of India (SIDBI) emphasized to entrepreneurs the need to first look at low collateral funds, or schemes that don’t even require collateral when looking for capital, such as those offered by SIDBI. “If your company has growth less than 20-25x, don’t seek bank loans before looking at low collateral funds dedicated to growth of SME and startups, else meeting expectations will be over-challenging and over-demanding.”