The Power of Ideas
The Power of Ideas is a unique sharing platform, with the express objective of making ideas work in the real world. At another level, this initiative by The Economic Times brings industry leaders together at different locations in India, to discuss the challenges to survival and growth - in what has been described as the worst recession in a hundred years.
Open panel sessions organized under The Power of Ideas banner aim to be path-breaking. Holding a mirror to the current downturn, for gut responses and considered opinions from corporate heads, management gurus and inspired entrepreneurs.
The Bangalore session held on the 12th of February had a vibrant panel : Capt. G.R. Gopinath, Chairman & Managing Director Deccan Express Logistics; Sharad Sharma, CEO of Yahoo India R&D; Sourabh Jain, Founder & CEO of ngpay; Subrata Mitra, Partner at Accel; Prof S. Sadagopan, Founder Director of Indian Institute of Information Technology and Rajiv Mody, CEO of Sasken.
The two-hour free-wheeling session was steered by Prof. Sadagopan, who posed questions, thought starters and often did a reality check with examples from his vast experience. He also gently nudged to moderation, a theme that could easily have meandered for hours on end: Are these good times to start a business, or grow a business?
The atmosphere in the boardroom of the Times of India office was hushed and expectant. There was easy banter, sharing and quizzing - punctuated with moments of concern that shared a common thread: While these times are difficult, it is imperative to restructure, redefine and retool with renewed clarity.
Rajiv Mody of Sasken, illustrated the fear of challenging status quo and a fear of denial – in times that should be seen as good for re-inventing. Yahoo R&D’s Sharad Sharma talked about established players sticking to their knitting – especially during recession. Accel’s Subrata Mitra underlined the need to actually build businesses in a serious downturn. Sourabh Jain of ngpay talked about hard times giving startups adequate lead time to play under the radar and quietly emerge stronger. Capt. Gopinath underlined the three essentials for serious entrepreneurs - conviction, single-minded focus and the ability to dream big.
Though the panel members represented different age groups, corporate backgrounds and business profiles, they were visibly united in their concern to tackle the downturn with a strategic response. Each viewpoint expressed or outlined helped complete a giant jigsaw puzzle - providing emerging impressions for the future.
Key takeaways from the Bangalore session
of the Power of Ideas
Prof S. Sadagopan, Founder Director
of Indian Institute of Information Technology
“My view is that this is God’s gruelling test for all of us and much as we don’t like any tests, we will enjoy the results later. The government and education sector has a key role to play in building the larger eco-system for fostering entrepreneurship.”
Rajiv Mody, CEO of Sasken
“These are also best times to reinvent current concepts, though there is the fear of challenging the status quo and a fear of denial. Enterprises need to have a vision and a dream, though decisions need to be swift and bold. The only advice to enterprises would be to remain focused and deliver.”
Capt. G.R. Gopinath, Chairman
& Managing Director of Deccan Express Logistics
“Three important factors make for an entrepreneur - conviction, single-minded focus and the ability to dream big. At the end of the day, you need to have the energy, passion and commitment to see your project take off. You have to fight for your rights.”
Sharad Sharma, CEO of Yahoo India R&D
“Not many plan to become an entrepreneur during such times; a slowdown or recession forces existing or established players to stick to their knitting. If the product or concept is good, you would be able to attract the attention of large players who would then look at associating themselves with you.”
Sourabh Jain, Founder & CEO of ngpay
While in an upturn most companies create noise by spending a lot of money; the downturn gives a startup the luxury to focus on the core value proposition offered to the consumer. Such times also discipline entrepreneurs to focus on details and prepares them for future downturns. There is also the need to step out of the rat race and start on your own.”
Subrata Mitra, Partner at Accel
Recession can be a good time to evaluate what the future holds, and make a move for change. During such times competition is lower, and there is good value for money as far as talent is concerned. If you are starting something new, then you have a longer timeframe for experimentation. During this time, companies can focus more on building value, which will make customers buy more of their stuff.”
You’ll find more on the Power of Ideas at these links:
http://ideas.economictimes.com
http://etpowerofideas.blogspot.com
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Sharath Bhat was one of the bloggers invited to this session
by The Economic Times
