Rajiv Mehta, EVP- Channels & SOHO, on partnering with entrepreneurs today and tomorrow

Entrepreneurship has always been a sizeable part of the Indian ecosystem. From the early days of family-run businesses to today’s new-age start-ups, India Inc has remained a booming hub for entrepreneurs. Family-run businesses have long dominated the entrepreneurial landscape in India. These businesses make up 85 per cent of all Indian companies and account for 25 per cent of India Inc’s sales. Apart from family-run businesses, the past years have seen a rapid explosion of start- ups in the Indian ecosystem. With 100 unicorns, India now has the third-largest start-up ecosystem in the world after the US and China. The rising numbers of Indian start-ups have created new markets and opportunities. From enhancing educational experiences, and overhauling healthcare, to revamping traditional industries like manufacturing, automotive, and banking, this wave of entrepreneurship is bringing about ground-breaking changes in the Indian market.

The role of technology in driving economic growth

The MSME sector contributes heavily to the Indian economy. Along with creating major employment opportunities, 63 million MSMEs spread across the country contributed 30% to India’s GDP in FY20. By driving the industrialisation of rural areas, and by efficiently utilising capital & complimenting other larger industries, MSMEs have steadfastly contributed to the growth of the economy financially and socially.

Digital technologies such as Cloud , IoT, big data, and AI promise the MSME sector the opportunity to increase efficiencies, improve decision- making, identify market opportunities faster, and enjoy greater transparency across the supply chain. In fact, the government is implementing a scheme to establish 20 Technology Centers and 100 Extension Centre (ECs) at an estimated cost of INR 6,000 Cr to help MSMEs with technology support, skilling, incubation, and consultancy.

The rise of the data economy is also presenting immense opportunities for entrepreneurs to improve their decision-making capabilities, capture market opportunities, and identify new value streams. As India moves along its path of digital transformation, the entrepreneurial ecosystem’s capacity to leverage data will determine its capacity to emerge as a global hub.

The accelerated adoption of digital infrastructure and usage, cloud consumption, and 5G is poised to boost the entrepreneurial ecosystem and create greater opportunities for old and new entrepreneurs. 

The era of entrepreneurship

Entrepreneurship in India is not restricted to new-age start- ups. Family-run businesses also contribute significantly to the national GDP. Family businesses have iron-clad foundations and with values like goodwill, trust, integrity, and brotherhood being dominant characteristics. These values have helped family- run businesses navigate volatile times such as the COVID-19 pandemic.

The testing times, saw many family businesses move towards an innovative model born out of consumer need and unmet demand. The next gen in these businesses recognises that it is now time to adapt fast to changing market conditions and business dynamics. Driving digital capabilities across functions are now emerging as in this segment for long-term resilience and identifying growth and market opportunities. Moving towards digital enablement is now helping them build resilience and enable business continuity. The rise of the hybrid work model and promise of technologies such as Industry 4.0, Cloud, data analytics, AI, 5G, RPA, and more, are prompting much soul-searching within Indian businesses.

Businesses today can no longer operate and thrive in a limited ecosystem with dated methodologies.

Some of the main priorities of those operating in the entrepreneurial ecosystem, especially family-run businesses. They are looking at:

• Expansion and Diversification

• Innovation and Digital Transformation

• Evolution and New Thinking

With the accelerating pace of change, businesses need more agility to build responsiveness to change. Reports show that 86 per cent of family businesses with strong digital capabilities improve decision-making owing to reliable and timely information/data access. Digital transformation and technologies that come with it, are now emerging as strategic capabilities to drive competitiveness in a tight global market. Entrepreneurs across industries are now looking at strengthening the digital infrastructure to capture greater opportunities. The Telecom sector is poised to leverage technologies such as virtualization, Internet of Things (IoT) , Artificial Intelligence (AI), and Blockchain to automate networks and drive growth by enabling MSMEs to build a digital infrastructure.

Vi Business has been on the path of delivering digital enablement to MSMEs, family businesses, and new-age start-ups. With the right partnerships with technology leaders and innovators to set up digital networks and offer digital solutions, Vi Business enables businesses across sectors and helps them leverage new- age technology applications. We are assisting every Indian entrepreneur - whether it’s first-time entrepreneurs, MSMEs or family-run businesses - to meet their digital goals. Right from offering digital-first service touch points to end-to-end solutions, our focus is to help businesses every step of the way. With a clear focus on generating higher value for customers and employees, Vi Business is helping entrepreneurs in India infuse resilience, agility, and cost optimizations into their business operations. The promise is, to help the Indian entrepreneur keep marching ahead.

Article previously published in ASSOCHAM June 2022 report

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