New Delhi: In today’s capitalist society Entrepreneurship and Start-ups is the foundation stone for any nation and without having an adequate contribution in the economy by the business sector especially the MSMEs and start- ups, it is impossible for a nation to become a truly advanced and developed nation.
India being the third largest start-up ecosystem in the world, it has lot to offer and at the same time lot to learn from the world and so to discuss on how it will do and what will be the end of India’s start-up ecosystem, The Policy Times in association with USINPAC, P Combinator, Auto Nebula, Wellisen Nutraceuticals and Passion Framework organized an hour long webinar on Collaboration for Self Sustain Ecosystems through Change Management on Tuesday, July 21, from New Delhi.
Dr. Prakash Sharma, Ambassador of Global Start- up Ecosystem begins by saying, “From 1996, Passion Framework was originated as an idea and then it changed into a private limited company and by 2011 it was rewarded as a framework. After working with some NGOs, facing their problems in outreach and then learning a lesson from them I’ve started my own initiative of passion framework”.
Mr. Sharma has initiated the Passion Framework with a view to improve the research ecosystem for the entrepreneurs, which helps to connect seniors to one another and to create collaborative business opportunity and it mainly focuses on the entrepreneurship, then research and then the employment generation. It’s a two decade old framework and have received very good responses from many seniors all over the world including India with 350+ seniors already impanelled in the company and working and over 1500+ seniors who have shown interest, and in this Covid, nearly 10 start- up spin offs have been done by the seniors itself.
He said, “We also build incubation centres and solutions for the NGOs and at the same time we are bringing a big change in the mind set of individuals to collaborate, create and share the knowledge.
“Online technology is progressing, after this Covid- 19 and also the informal sector they are getting engaged in the online delivery system, they are getting connected with the corporate house, as corporate houses they don’t want to go directly to the community people and the informal sector wants to get connected with the corporate house and this is the positive thing of online technology. One need to think and set up their mind set in the meta level thinking, changing the family behaviour towards going to new innovation using this culture or VIPs, to change this, a lot of synergies can be created within the ecosystem so that we can share circular benefit of the enterprises and have external funding for the start- ups, it needs innovation, idea and changing in meta level thinking,” said Dr. Tej Hari Ghimire, Chief Executive Officer and Change Management Expert, Paribartan.
Dr. Ghimire provided some advices to the start- up clients so as to cope up with this situation and be a leader in this change-
- Interaction between the supply side and demand side.
- Need to think about the resilient strategy that is to prepared by the enterprises and how to cope up with this kind of change i.e., how to deal with uncertainty, diverse market system and different supply chain
- Need to think how to deal with subtypes and network and should know how to break and how to diversify this supplies and network at the input level also the output level.
- For both working in normal as well as an abnormal situation like now, they need to have a strategy to work for circular economic benefit sharing among the actors so that ecosystem can also exist within local situation and also at the same time will get support from the support institutions.”
Mr. Ron Mahenur, Founder and CEO of Uddoktagiri said, “We have doing Uddoktagiri to help and support entrepreneurs from beginning to the growth level. Covid- 19 has been an opportunity to the e- commerce businessman and information technology entrepreneurs but on the other hand it has caused a massive impact on MSME sectors that are not able to implement technology or implement technologies with their kind of business and thus their businesses have been hampered a lot and they are not even able to pay their employees, as a result they have to lay off their employees as there is a lack of revenue. A lot of entrepreneurs even cannot pay the rent of their office spaces and some entrepreneurs have also left their offices.
“The only way to survive is to provide essential needs or pivoting to relevant products and services which has demand in the market. The entrepreneurs now need to do the work of Painkillers and not the work of Vitamin because people will only spent their money in this situation after the painkillers not vitamins. People will need things to sustain now and not to thrive and this is the time to provide them with products needed for sustainability without investment,” Mr. Mehenur further added.
Mr. Mahenur also advised the start- up clients to cope up with this situation and how to be a leader in this change. He said entrepreneurs should –
- Enable technology
- Enable digital marketing to reach their niche target market
- Introducing something new that have not been done before
- Pivot the relevant product or services which they can provide and which people need right which can fill up the gap in the marketing.
- To sustain in the market at this situation entrepreneurs need to change their strategy,
- Start up with the camel strategy leaving the unicorn strategy behind, slowly but surely it will give success.
The webinar was moderated by Mr. Akram Hoque, Founder Editor of The Policy Times, and the speakers including Dr. Prakash Sharma, Ambassador of Global Start- up Ecosystem, Dr. Tej Hari Ghimire, Chief Executive Officer and Change Management Expert, Paribartan and Mr. Ron Mahenur, Founder and CEO of Uddoktagiri,