Marico chief says entrepreneurs need to leverage technology, have USP to win

Since India entered this millennium two decades ago, there have been few catalysts as powerful as new age entrepreneurs.

These adventurous protagonists of the post-liberalisation era have changed the way business is done. They are testing traditional players with technology. From unifying disjointed supply chains, enabling easy access to credit for small businesses, helping farmers with better income and yield, and creating a buzzing gig economy — that’s impact at scale.

The pandemic-driven digital shifts have given these innovative companies a thrust to find the escape velocity to touch greater heights.

India is now home to more than 70,000 startups, 100 unicorns and is the third largest startup ecosystem in the world.

In the next 2-4 years, India could create another 100 unicorns as per a Hurun report. Many of these new billion dollar startups will emerge from the tech savvy small town India.

With more than 0.5 billion Indians yet to gain access to the internet, the frontier is wide open for disruption.

In an interview with CNBC-TV18, Harsh Mariwala, Chairman of Marico said 1991 reforms have given great opportunities for entrepreneurial culture to thrive in India.

“Reforms of 1991 have given great opportunities for entrepreneurial culture in India to thrive. Apart from liberalization many other factors have also played a very crucial role in creating these unicorns and startups,” he said.

Mariwala said entrepreneurs need to innovate, leverage technology and have uniqueness to win in today's businesses.

“The key thing for entrepreneurs is to have the right idea. You cannot win in today’s business with a me-too kind of an approach. Entrepreneurs have to innovate, pioneer new businesses ... the key thing is you have to have something unique compared to others. If you don’t have that. you will not have people backing you. Ultimately growth is important but it has to be sustainable and with profits over a period of time.”