There used to be a joke going around that was not too flattering, for India. Here’s how it went. Having come up with an awesome invention, innovators of a country, sent it to another country. Inventors in the other country were awed and after much thought, added some new features and sent it on. More features were added as the invention traveled to more countries, and finally it reached India. After much thought, India added “made in India” label and sent it on.
That is an old story. Things are now different. Disruptive innovations that impact the quality of life and well being of people, are coming out of India at an unprecedented rate. India has a huge brain power, democratic form of Government, and a growing middle class with aspirations to do better. Add to that mix, a whole range of diverse problems that are in need of creative solutions, and it all makes a perfect environment for innovation and entrepreneurship.
As China is rebalancing from manufacturing to consumption economy, India is catching the eye of entrepreneurs and investors, of public and private companies; for market expansion and professional partnerships. While India had been shielded from global risks because of more robust economic growth and positive policy reforms, with Modi government cracking down on corruption and taking a stab at India’s infamous bureaucracy, India has emerged as a viable destination for all kinds of business partnerships.
Specific track “Destination India” at TiEcon 2016 will explore the opportunities and challenges of doing business in India. Traditionally, Indian companies were slow to adopt technology. However, encouraged by government’s “Digital India” program, companies across several industry sectors are going digital. State governments are stepping up by providing all sorts of help and removing roadblocks. There is transformation happening in diverse areas from smart cities to remote health to telemedicine to defence to agriculture to robotics to 3D printing to rapidly changing infrastructure of financial transactions.
But no transformation happens in the absence of challenges. Entrepreneurs and companies better prepared to navigate the challenges will emerge as winners. Companies seeking to do business with India will have to navigate challenges ranging from dealing with time difference and cultural issues to increasing needs for data security, dealing with hacks, with physical and technology infrastructure issues, with differences in regulatory framework and more. Companies that will take a lead in doing business with digital India will also play a significant role in helping lay the foundation for framework for future business relationships . By acting as a connector and facilitating interactions among investors, entrepreneurs, corporations, state government officials, and professionals, TiE is playing a leading role in helping create successful ecosystems for US-India partnerships.
“Destination India” track will help you leverage the global economy trend by preparing you to do business with one of the most attractive emerging destinations to do business with and if you are an entrepreneur, you will not want to miss the learning and networking at TiEcon, 2016. Register through the link www.tiecon.org?-r=Darshana as my friend and send me a message, if you want to meet up at TiEcon.