Disruption is emerging as a buzzword in the entrepreneurship sector. Recently entrepreneurial ecosystem is moving towards disruption technologies. Disruption ideas are challenging the tradition and started transforming the World. Today’s fast moving business ecosystem requires disruption innovation and ideas which creates new products and services. It becomes more challenging for the young entrepreneurs who require guidance and mentorship from successful entrepreneurs to attain sustainability. The focal theme for 5th Confederation of Indian Industry YI Entrepreneurship Summit held at Bangalore on 11th March 2017 was disruption.
Disruption has low barriers to entry and requires large legacy models for revenue generation and is facing cultural and organisational challenges. Catalytic growth, culture and commitment are required for execution of successful disruption innovations. They facilitate data generation, decision making process and digitalisation to address the above mentioned barriers.
Social disruption is emerging across the world. Health, sanitation, education and community and rural development are some of the emerging areas in implementing social innovation projects. Immediate challenge is to address three groups like those below 18 years of age, 18-25 years age and farmers. Those below 18 years require education, second group requires jobs and the farmer requires technical support to increase production and productivity and market support.
How to become a successful Entrepreneur?
Entrepreneurs need to have sufficient energy for fighting against the old and building new innovations. Ecosystem should facilitate progressive changes. There is a paradigm shift towards cyber security, Bo synthesis, machine learning, analytics, biotechnology, e governance, internet of things, aerospace and robotics.
Need of the hour is making ideas happen. E governance is acquiring momentum across the World. Startups require support from different sectors. This includes mentoring, networking, legal and patent help. Idea validation is more important. There is huge skill gap between higher education and industry and the education institutions need to become centres of excellence. Entrepreneurs need to think of product and process based strategies.
Ideation, invention and innovation are the mantras in entrepreneurship
Ideation, invention and innovation are the mantras in entrepreneurship. Open houses need to be organised for technology interaction. Youths can simultaneously use technology, network and internet. Innovation, ideas and technology are important. Innovation has Innovation outside-in and Innovation Inside out models. Outside in includes scout for ideas/start-up, mentoring and stake. Scout for ideas may be for database, events or pitch date. Mentoring is required for technology, developing a business model or facilities. Stake includes investment, board seat and driving success. Innovation inside out includes Scout for ideas, incubation and business. Scout for ideas are essential to innovate, growth initiatives or strategic initiatives. Incubation is required for funding; learn startup model and to facilitate the process. Business need scale up or require transition to business. Technology business incubators and accelerators are required for successful innovations to succeed. While thinking of scalability two logics are important. They include creation and forecasting logics. Based on the market opportunities appropriate logics can be used.
Discover, nurture and align are one of the innovation models. It is otherwise called 3E model- Explore, Engage and Expand. Accelerators focus on partnerships, funding, facilitation and governance.
India is promoting digitalisation in a big way after demonetisation drive and is focussing exchanging value in a digital manner. New companies started replacing 500 fortune companies evolved five years ago. 75 percent replacement of old fortune companies will be completed by 2020. An entrepreneur needs to have strong fundamentals for using application level knowledge successfully. Programmes should be in different languages and JAVA needs to be updated periodically.
Next five years will witness liquid workforce. We need to constantly invent ourselves in skills and always open to unlearn and learn processes. Entrepreneur need to constantly invite new ideas and skills with technical skills, creativity, design thinking and deep technology knowledge.
Entrepreneur need to be passionate about start-ups, continuously educate or research, understand communities and try to develop expertise. He should always be ready for future changes.
Finding appropriate mentors are more important. Access to capital, acceptance from customers and challenges to succeed in the market are important. Service sector growth is tremendous. Right flow of capital must be assured. Be patient and go in depth and should always ready for change. Moreover entrepreneur should be open and flexible in decision making process. There are huge opportunities for value creation.
Changes across the world, technology, technology for human amplification, big data analytics and machine learning are the exciting things for an entrepreneur. He may be worried about the challenges in the flat world with an enquiring mind. When opportunities are emerging as part of globalisation, protectionism is emerging as a major threat in developed countries like United States and UK.
Digital India provides immense opportunities for ICT and start-ups. 200 million Indians are successfully using the digitalisation process for their day to day life. Cost of digitalisation has come down from Rs 50 to Rs four per head. Annual growth rate in e commerce is around 30 percent in the country. Branding, retail, e commerce and cost reduction measures will create lot of opportunities for the entrepreneurs. Internet is turning as business. Software aided services (SAS) is acquiring momentum across the world. As part of advancements in IT and manufacturing social, mobile, analytics and cloud services are emerging across the World. Sustainable economic and business models with prospects for scalability are required for getting sufficient returns from the venture. Cost of execution of the projects needs to be reduced. Moreover focus would be on lowering the cost of production to succeed in the emerging market.