The second day of the IRC started with the opening remarks of Mr. Manoj Kumar, Founder of Social alpha. SCMHRD is very grateful to him for his knowledge-packed session on the topic, ‘Social Entrepreneurship’.
Mr. Manoj emphasized how we are a growing and resilient entrepreneurship country. He shed some light on the progress of the Indian economy since Independence. Then he talked about the Evolution of Corporates and Industries through the 20th and 21stCenturies. He briefed about the Role of Digitalization, IT, BPO’s and how they paved the rise of private sector companies in Public sector units. He then added on regarding the Indian Start-up culture and how well we have grown in recent years. Some examples mentioned by him included the various government policies for entrepreneurship, incubation facilities for start-ups, and the advent of venture capitals. He even mentioned how the MBA college culture has slowly changed from running a business to creating a business.
Mr. Manoj moved on to highlight some of the challenges that persist in our country regarding Poverty, Malnourishment, Unemployment, Lack of good quality living, etc. But he was optimistic by looking at these problems as opportunities that can be solved through innovative disruptions. He mentioned that we need to build affordable solutions in the area of Livelihood and Prosperity, Health and Wellness, Sustainability, and climate to fulfil the essence of Social Entrepreneurship.
After this, Mr. Manoj went on through his presentation and gave the students a glimpse of High Risk-High Uncertainty-High Rewards and Low Risk-Low Uncertainty-Low Rewards Scenario. By using this as an analogy, he explained why private sectors and entrepreneurs are outcompeted by NGOs in such developmental sectors and the importance of the need for Risk Capital by entrepreneurs. Our guest then went on to emphasize the importance of miniaturization to meet the price points of businesses and how innovation in this area helped several private players to enter into new sectors like Micro Finance, which were initially dominated by the NGOs.
Diving deeper into the topic, Mr. Manoj focussed on the thought that we need to address market failures and this is the new genre of Social Entrepreneurship. He added that we need to create innovation where the market has failed to create an accomplished ecosystem of social entrepreneurship. He focussed on solving the problems that nobody knows how to solve and he encouraged us to be fearless of failures and motivated us to go on innovating. He ended up on the thought that value creation is the only way to capture the market.
Mr. Manoj moved on to give some insights about his company Social Alpha, where he mentioned that they have 100+ partners and have already granted 61 patents to budding entrepreneurs
Before the session was wrapped, Mr. Manoj very patiently answered the questions posed by students and scholars. When asked how to ensure profitability if we go in social entrepreneurship, he suggested to build the right product or solution to address the right problem and then the profitability will not matter much as investors will be more than happy to invest and lend you money if you do the right thing.
It was an impactful session and provided the students and scholars in the audience with a holistic view of Social Entrepreneurship.
The second session of the IRC witnessed Dr. Prashant Salwan, Professor of Department of Strategic Management, IIM Indore. His talk on “Innovation and the Start-up wave” was greatly appreciated by the Symbiosis Centre for Management and Human Resource Development.
Prof. Prashant Salwan discussed resilience capacities and surprise gaps in airlines, banking, pharmaceuticals, and telecommunications. He also examined how current crises had affected various businesses and locations, with biopharma being the most affected. Prof. Prashant Salwan discussed the growth of unicorns in India in the year 2021. With India being the world’s third-largest unicorn hub and India’s quick adoption of technology and innovative solutions from startups being the reason for the rising boom, the total number of unicorns now stands at 90.
He also emphasized the Customer Value Proposition by highlighting the abrupt shift in consumption behaviours toward the Health and Hygiene Segment. New offers to address evolving consumer expectations, contactless selling and digitization of the sales process, improving direct-to-consumer outreach, rethinking GTM and SCM models, and building capabilities for the future were all applied by FMCG companies. Although it was used in various unrelated businesses, sanitizer was a standard product in numerous FMCG companies. He discussed several India 2021 Unicorn areas, with Fintech and E-commerce continuing to reign supreme.
Many I.T. enterprises formed in 1990 have evolved into some of the largest and most successful corporations founded in India, citing N.R. Narayana Murthy, the founder of Infosys, as an example. India-born ventures compete fiercely against multinational, well-funded, and well-established competitors in an open market. The connectivity and collaboration fostered among important players is the foundation of an innovation ecosystem. He stressed how a culture of collaboration and interdependence, which is fostered to support innovation, may help companies gain a competitive advantage.
The Q&A session at the end witnessed a concerning question around how startups can use the current work from home scenario to their advantage to attract more talent, considering they aren’t profitable already to beat the salaries of established MNCs.
-Management Committee, SCMHRD