Friday, Jan 28 2022 | Time 21:52 Hrs(IST)
Business Economy

Business need to include start-ups for their future roadmaps, Kris Gopalakrishnan at CII Innovation 2021

Kolkata, Nov 23 (UNI) “India has evolved a good ecosystem for start-ups but they are restricted to
a few locations,” Kris Gopalakrishnan, Past President CII & Chairman, CII-CIES & Chairman, Axilor Ventures Private Limited & Co-Founder, Infosys Ltd said while speaking at the 7th edition of
Innovation 2021 organized by CII virtually here on Tuesday.
He further said that in context of the eastern part of India, the innovation ecosystem needs to be created by the local leadership and to build “unique start-ups” not only does the strength of each state needs to be leveraged but the linkages between business leaders, incubation centres and academic institutions need to be strengthened.
Mr Gopalakrishnan opined that in an economy, existing business recede over time and now ones become the growth engines and help in wealth creation.
He encouraged CII to bring out a whitepaper and share with the states of the eastern region which can focus on the types of start-ups that can flourish specific to states, mapping of incubators,
start-ups and how they can be scaled up.
Mr Gopalakrishnan also advised to create a pool of successful local start-ups for young and new ones to emulate.
He said every business has to make a roadmap for the future and they should ideally include start-ups as an integral part of their business plan which would help start-ups too.
As far as family business is concerned, Mr Gopalakrishnan’s advise was to invest a part of wealth
in the start-up ecosystem whose returns will be similar to public markets.
The Chairman of Axilor Ventures Private Limited & Co-Founder, Infosys Ltd. also called for more inflow of domestic capital to fund start-ups as till date, the lion’s share of start-up funding as well as start-up IPOs come from foreign investments.
Speaking at the inaugural of Innovation 2021,Abhijit Roy, Managing Director & CEO, Berger Paints India Ltd said that innovation is being increasingly seen as the “currency of 21st century” and the need of the hour is to convert knowledge into social good and India needs innovation beyond competitive index and be environmentally sustainable.
The innovation network in the country need to include upper level management for funding purposes and at the same time, corporates need to cultivate the innovation and start-up ecosystem to utilize their abilities and out-of-the-box thinking to strengthen their own products and customer satisfaction, he added.
Mr Roy said that R&D alone is not enough and innovation would help organizations to not only go beyond R&D and increasingly use it for the Bottom of the Pyramid but an active innovation culture will also help achieve higher sales figures, customer satisfaction and growth. He emphasized on innovation and innovative solutions as being imperative for organizational growth coupled with digital disruptions.
Giving the special address at the inaugural of Innovation 2021, Debasish Banerjee, Managing Director (Distribution), CESC Ltd said that to grow smartly and sustainably, industry needs to adapt innovative approach and create a sustainable ecosystem for not only a positive societal impact but
also to have a competitive advantage.
He said with the growing importance of Environment Sustainable Governance, the globe is moving towards sustainable transformations in energy, transport, agriculture and various other spaces.
Mr Banerjee also called for leveraging disruptive technologies to build sustainable business.
He said that electric vehicles (EVs) is one of such disruptions that would not only clean tailpipe emission but reduce consumption of petrol, diesel etc.
Arun Misra, CEO & Whole Time Director, Hindustan Zinc Ltd said that corporates have started removing boundaries between continuous improvement and innovation and also using the growing ecosystem of start-ups for organizational innovations.
Mr Misra opined that innovations came when there were “sparks in the society” and sustainability goals is the new spark which is generating new, unique ideas and promise for the future. Not only will innovation create billion dollars service markets, start-ups will revolutionize the ways in which energy
is consumed, office spaces are used and will also blur the connecting points of production and consumption.
The objective of the conference was to deliberate on how innovative approach and collaboration helps the industry and its adjoining eco-system to become smarter and grow fast sustainably. The
focus was also to understand the game changing innovations and new business models and how the current wave of disruption is changing the industry landscape. There were sessions on Game
Changing Innovation and New Business Models and Disrupt to Win – Future Focus of Industry.
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