“India
needs a robust national innovation ecosystem”
Kiran
Mazumdar Shaw (chairman and MD, Biocon Ltd) is a name that finds frequent
mention in the list of most successful leaders.
How
the Indian innovation landscape has undergone monumental changes
Q.
IN A RECENT INTERVIEW,YOU MENTIONED THAT INDIA AS A COUNTRY IS LOSING ITS
CREDIBILITY IN INNOVATION.
As far as innovation is concerned, India’s ecosystem is not only suboptimal, but also lacks enabling mechanisms that can help innovations germinate.Without capital, even the most transformative ideas can die before taking shape. India needs a robust national innovation ecosystem that puts in place a financing cycle. In this set-up, the academia could generate ideas to be incubated through government-sponsored seed and incubation-funding.
As far as innovation is concerned, India’s ecosystem is not only suboptimal, but also lacks enabling mechanisms that can help innovations germinate.Without capital, even the most transformative ideas can die before taking shape. India needs a robust national innovation ecosystem that puts in place a financing cycle. In this set-up, the academia could generate ideas to be incubated through government-sponsored seed and incubation-funding.
Q.
IS THE CURRENT ECOSYSTEM CONDUCIVE TO THE ASPIRATIONS OF WORKING WOMEN?
Various financial mechanisms within the government and outside are providing support to women to pursue vocational and entrepreneurial aspirations. I, for one, strongly believe that Indian women have an enormous opportunity like never before to bring about transformational societal change and thereby, sustainable economic development.
Various financial mechanisms within the government and outside are providing support to women to pursue vocational and entrepreneurial aspirations. I, for one, strongly believe that Indian women have an enormous opportunity like never before to bring about transformational societal change and thereby, sustainable economic development.
Q.
DO YOU THINK IT’S EASIER TO BE AN ENTREPRENEUR TODAY AND GAIN FUNDING THAN IT
WAS IN 1978 WHEN YOU STARTED BIOCON WITH A SEED CAPITAL OF 10,000 RUPEES?
There are parallels between the current uncertain economic climate and the difficult conditions of those days. Back then, there was no VC funding; a highinterest debt was available and you needed a license for everything.The model we chose was a hybrid one of
low-hanging revenue-earning businesses on one side and high-risk, long-stream ones on the other.Today, an access to capital is greater. Investors are interested in India. That said, the beginning of any entrepreneurial endeavour is always challenging.
There are parallels between the current uncertain economic climate and the difficult conditions of those days. Back then, there was no VC funding; a highinterest debt was available and you needed a license for everything.The model we chose was a hybrid one of
low-hanging revenue-earning businesses on one side and high-risk, long-stream ones on the other.Today, an access to capital is greater. Investors are interested in India. That said, the beginning of any entrepreneurial endeavour is always challenging.
Q.
IF AN ASPIRING ENTREPRENEUR APPROACHED YOU FOR FUNDING,WHAT ARE THE PARAMETERS
AGAINST WHICH YOU WOULD JUDGE HIS/HER IDEA?
When deciding on funding an idea, I first check if it’s innovative and second, whether it can make a difference to the lives of the people. Also, given my association with healthcare, I usually limit my funding activities to initiatives in this field.
When deciding on funding an idea, I first check if it’s innovative and second, whether it can make a difference to the lives of the people. Also, given my association with healthcare, I usually limit my funding activities to initiatives in this field.
Q.
YOU ARE NOT ONLY A BUSINESSWOMAN, BUT ALSO A SCIENTIST. HOW IMPORTANT IS IT TO
BE A
DOMAIN EXPERT AS WELL AS AN ASTUTE LEADER?
You cannot do justice to a leadership role unless you have domain expertise. At the same time, it is also true that a single person cannot ensure the success of a business enterprise. For that, you need to have a strong management team, where every member brings his/her own complementary skills to the table and helps the organisation to excel.
DOMAIN EXPERT AS WELL AS AN ASTUTE LEADER?
You cannot do justice to a leadership role unless you have domain expertise. At the same time, it is also true that a single person cannot ensure the success of a business enterprise. For that, you need to have a strong management team, where every member brings his/her own complementary skills to the table and helps the organisation to excel.
Q.
HOW IMPORTANT IS INNOVATION IN ONE’S EVERYDAY LIFE?
I believe for any business to succeed, differentiation and valuebuilding are critical and these can be achieved only through innovation. In my personal life, I keep my creative side active through my interest in art. Art has a profound influence on me as it keeps me motivated for thinking outof-the-box. Art can help diffuse a tense moment or even provide that inspiration needed to bring an idea to fruition.
I believe for any business to succeed, differentiation and valuebuilding are critical and these can be achieved only through innovation. In my personal life, I keep my creative side active through my interest in art. Art has a profound influence on me as it keeps me motivated for thinking outof-the-box. Art can help diffuse a tense moment or even provide that inspiration needed to bring an idea to fruition.
Q.
LASTLY, COULD YOU IDENTIFY THE KEY ASPECTS THAT THE MODERN-DAY EMPLOYEE SEEKS
FROM A JOB AND AN ORGANISATION?
For the modern-day employee, the quality of assignments is the chief motivator. Unless an organisation can provide that, they will find it hard to prevent their talented employees from looking elsewhere.They also look for career progression and will consider
moving on if they feel that they are stagnating. Besides providing an exciting work environment, an organisation should also have a robust performance management system. It should also provide opportunities for people to interact with the senior management, which ensures that there is sufficient visibility of star-performers. ask the mentor!
For the modern-day employee, the quality of assignments is the chief motivator. Unless an organisation can provide that, they will find it hard to prevent their talented employees from looking elsewhere.They also look for career progression and will consider
moving on if they feel that they are stagnating. Besides providing an exciting work environment, an organisation should also have a robust performance management system. It should also provide opportunities for people to interact with the senior management, which ensures that there is sufficient visibility of star-performers. ask the mentor!
Ankita
Shreeram
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