inXights

In the first preview article, we featured insights on the rise of Hyderabad as a business and technology hub, how authors position their books on business topics, and the kinds of responses received from readers. Much excitement and inspiration awaits at HBLF at T-Hub this Saturday!

Indian startups are blazing a fiery trail, receiving much acclaim for constituting the world’s third largest startup ecosystems. From remote parts of the country to the boardrooms of MNCs, there is much scope and opportunity for entrepreneurs and large firms. 

“Indian brands are yet to go global in a big way. But brands like Mahindra, Amul, Himalaya, and Tata are making good moves. Titan and Tanishiq are also moving in that direction,” observes Ambi Parameshwaran, author of Marketing Mixology: Four Essential Ingredients for Marketing Success.

Such companies are going global cautiously. “They are first appealing to the Indian diaspora and then going outwards. Some companies like Wipro have started buying interesting businesses across Asia. That is another way to go global,” Ambi adds. 

At a conference a couple of decades ago, he recalls hearing an expert saying that a brand like Old Monk is ready to go global. “I hope that happens in this decade,” he says. 

“To go global, Indian businesses must cultivate deep insight into these markets. What is different? What is the same? What are the supply side and demand side challenges? Such insights will be the best enabler of international success,” explains Rama Bijapurkar, author of a series of bestsellers including Lilliput Land. How Small is Driving India's Mega Consumption Story. 

“Our desi jugaad combined with advanced tech knowledge make Indian entrepreneurs a distinct breed,” observes Vanaja Banagiri, editor of Made in Hyderabad: Amazing Stories of 25 Start-up Entrepreneurs.

The fintech sector is positioned as a key enabler for driving financial security for the middle class, wealth expansion for the privileged, and financial inclusion for the underserved. 

“Policymakers can encourage fintech entrepreneurs more by relaxing regulations. Banks can provide more market access to them,” suggests Bhagwan Chowdhry, co-author of Fintech for Billions: Simple, Human, Ubiquitous. 

Automation, GenAI and other technologies will boost the fintech sector in a number of ways. “It will be easier to incorporate voice in fintech applications. Counterintuitively, if AI can humanise the technology, it can generate more trust among users,” he adds. 

“AI will change fintechs in unprecedented ways. This will also create risks and possibilities of fraud. Blockchain solutions should be used in conjunction with AI to provide solutions that are simple and safe,” Bhagwan recommends. 

If cross-border payments can be made simple and cheap, using blockchain and AI, it will be a game changer for Indian fintechs going global. “However, this requires Indian regulators to ease up on currency controls,” he adds.

Space is regarded as the last frontier, and there are many opportunities India can tap into in the space economy. But it also raises serious questions about how a country with such large economic divides should prioritise and leverage its space adventures. 

“Space is one of the emerging areas where our technology hubs can leverage their strengths in engineering, R&D and digital technology. While big space missions to the ISS, the Moon, and the planets will remain the domain of ISRO, private space firms will play a greater role in satellite building, fabrication of payloads, communication systems, applications, and ground facilities,” observes Dinesh Sharma, author of Space: The India Story. 

Indian firms are already building micro satellites, working on LEO constellations and ‘spy’ satellites for Indian and global markets. “Others are working on rockets and advanced propulsion systems. For long, India has used space applications for societal good, justifying the national investments in this sector,” he adds.

The rise of GenAI throws open doors of new opportunity for large firms and nimble startups – while also posing challenges to sectors ranging from software and manufacturing to media and education. 

“The floodgates have opened up with AI innovations. Threats are universal and I am sure AI will emerge to combat the threats as well. We are living in magical times filled with awe and wonder,” Vanaja Banagiri observes. 

AI and Gen AI are the new coat tails on which people seek to sway funding, according to Rama Bijapurkar. “I believe the genuine AI and Gen AI-based products and services for B2B use are still few,” she says. 

“As for the rest, if you do use tools available in the new age, it is par for the course, table stakes. So, I hope every new age business deploys these tools in their businesses,” she explains. 

AI and Gen AI are going to help marketing in many ways, according to Ambi Parameshwaran. “In the early days of GenAI we thought it was all about content creation. But now, GenAI tools have become more powerful and can perform a simple deep dive into the consumer behaviour, analyse data, analyse reviews, and much more,” he observes. 

“But we have to use GenAI with caution. It is still prone to make mistakes and if we take it as gospel truth we may be going the wrong way. In addition to knowing how to use GenAI, we should also know how to critique GenAI answers,” he adds.

Despite the growth of business opportunity, marketing frameworks, and entrepreneurial successes, a number of myths and misconceptions continue to abound. 

“It is a myth is that ‘business model’ is not connected to consumer insight. Another myth is that once you buy your way to customer base acquisition, even at a loss, later on you have the power to raise your prices,” cautions Rama Bijapurkar. 

Another myth she identifies is that a lot of lower income youth are described as wanting to be entrepreneurs and that is how the employment statistics must be read. “In actual fact, they are dreaming of the stability of government jobs,” she observes. 

Ambi Parameshwaran enumerates common myths in the area of marketing, including Isn’t Sales different from Marketing, Isn’t brand building meant for the big boys, Why should I waste my time talking to consumers, and even Steve Jobs did not… 

“These are just a few. In my book, I have tried to demystify all these in my own simple style. Marketing is all-encompassing. It includes selling, branding and more. Even small entrepreneurs can benefit from branding and marketing communication, and it does not cost an arm and a leg,” he advises.

The authors wrap up with a series of insights and tips for aspiring entrepreneurs, ranging from risk appetite to customer focus. 

“Entrepreneurs are better prepared to face volatility since they are inherently agile. The only advice to them is to be ever vigilant,” Ambi Parameshwaran advises. 

But there is a challenge here. “How much time should you spend trying to make a success of what you have, and when do you pivot to something new? This is a difficult question to answer,” he observes. 

“Success will depend on the kind of risk appetite an entrepreneur has and the kind of funds they have in their coffers,” he suggests. 

For entrepreneurs to succeed in sectors like fintech and beyond, their solutions have to be simple, human and ubiquitous. “They should work with large populations in simple and robust ways,” Bhagwan Chowdhry recommends. 

“Stay true to delivering customer perceived value advantage and unit level profitability. ‘Pivot’ is another term for drifting. The more uncertain the environment, the more you need a stable north star of strategy,” Rama Bijapurkar affirms. 

Everybody in business constantly needs to ask, Why on earth should I win? and What’s special about me? “And they should answer this truthfully,” Rama signs off