Ravi Venkatesan is the chairman of Microsoft India, and is responsible for Microsoft's marketing, operational and business development efforts in India. Venkatesan provides a single point of leadership for Microsoft in all of India. Microsoft Corp. (NASDAQ: MSFT) is one of the top 20 innovators of
The Innovation Index.
Venkatesan delivered a keynote presentation at the recently concluded TiEcon 2007 in Santa Clara, California and shared with the audience of entrepreneurs, CEOs and venture capitalists the opportunities for growth and innovation in India.
And why not? The current annual Indian GDP growth is 9% and is showing no signs of slowdown, Indian business has unprecedented access to capital, Indian innovation and entrepreneurship is booming, Indian business is riding a wave of "incredible confidence", over 100 Indian corporations have market capitalization of over $1 billion, Indian IT exports are poised to grow 30% to 35% yearly, major multi-nationals have made multi-billion dollar investments in India, Indian manufacturing, retail, real estate and exports are becoming bell-weathers - Venkatesan calls this current state and growth of economy and business in India as "absolutely red hot."
Venkatesan believes there is abundant opportunity in every market sector that is facing big societal problems with "For Profit" business models. India is a "nation to be built" and hence is directing huge amounts of capital, resources and manpower to meet the needs of this unprecedented growth that he compares to "19th century America".
Venkatesan outlined
six major opportunities in industries that are showing the highest potential for growth and innovation in India since they have "huge societal problems":
1. Communications - led by mobile, broadband, VoIP, SMS and more by innovators such as Ambanis of Reliance and Bharati. The cell phone has become ubiquitous in India, and everyone from a businessman, taxi driver, to a vegetable "laari waala" is using cell phone for business and entertainment.
2. Energy - with growth in renewable energy, green energy, solar energy, nuclear power, and more led by innovators such as Tanti - who started with 2 windmills and has now grown his company into a major energy powerhouse.
3. Water - led by access to pure drinking water which is a huge healthcare problem in villages, especially when the cost of water is 11 rupees a bottle, and the cost of treatment from healthcare problems resulting from drinking adulterated water is growing.
4. Healthcare - with 100s of millions of people seeking better and longer health, a large segment of aging population, foreign residents seeking better healthcare solutions in India creating a new market of "medical tourism", led by corporations such as Apollo, Ranbaxy, Fortis and more
5. Agriculture - with new innovations in delivering fresh food and focus on end-to-end supply chain led by companies such as Reliance Fresh, and through access to micro-finance for Indian farmers and agriculture companies.
6. Education - with focus on English and IT, leadership and employability, skill gaps and K-12 - despite the high GDP growth, a large percentage of India is still illiterate and requires bold initiatives led by state and national government and private entrepreneurs. For instance, can education tutorials be delivered through cell phones as an online service, especially when cell phones are being used by the largest segment of the population.
Venkatesan quipped that the biggest problem Microsoft has is that a majority of the SMB and consumer market does not want to pay for software. He provided some examples on how Microsoft has used creativity, flexible service-based business model and customer focused solution approach to address some of the IT problems facing small business and pharmaceutical industry in Tirupur and Ahmadabad.
Finally, Venkatesan provided
four key takeaways for entrepreneurs who want to seize the Indian opportunity:
1. Address huge societal problems with For-Profit business models and focus on your most significant challenge, and "inclusive growth."
2. Don't forget entrepreneurship 101 - obsess about your consumer or the customer, and do rigorous thinking.
3. "Think Big, Start Small, Scale Fast" - Venkatesan quoted Mukesh Ambani's mantra of growth that every entrepreneur should follow.
4. Talent. Talent. Talent. Hire the best and the smartest people who have a strong sense of purpose and believe in the larger mission of the company.
Venkatesan's presentation style was extemporaneous and to the point, without any slides, straight from the gut. His experience with the Indian industry was without a doubt. His poise, panache, and no-nonsense conviction made for an audience of entrepreneur believers who couldn’t wait to hop on to the next plane to India in search of new opportunities.
Also check:
Innovation and Leadership lessons from Meg Whitman, eBay CEO and President, and top InnovatorInnovation Lessons from the Top Innovators and 13-year old CEO at TiEcon 2007TiEcon 2007 was hosted by
TiE – The Indus Entrepreneurs at the Santa Clara convention center.
And past articles on innovations and growth in India:
Made in India - Innovations in Software Operations at the Top Innovators
The Growing Global Indian Innovation
