A Panel Discussion on the theme of “Innovation and Start-up Ecosystem Enablers” was organized at 7th floor, Auditorium on 18th August, 2023 by IIC of PiMSR. The session was attended by 130 students and 11 faculty members. 4 external speakers were present at the event. The event brought together prominent speakers from various fields to share their insights and experiences on fostering innovation, entrepreneurship, and the dynamics of the start-up ecosystem. The objective of the session was to emphasise the significance of institutions in nurturing innovation through Institution Innovation Councils. IIC member Professor Dr. Betty Sibil highlighted the role of start-ups in job creation and encouraged a shift in perspective from job seekers to job creators. Dr. Cibil mam advocated for the enhancement of entrepreneurship culture within educational institutions. The first panellist, Mr. Vikas Choudhary, Head of Central Operations, OLX Autos presented a compelling viewpoint on measuring success, highlighting the “Unicorn” status as a metric. He delved into the essence of innovation, identifying influencers, and stressed the importance of realistic ideas. He encouraged attendees to explore their potential within the existing ecosystem, and he articulated the “3 Ts” – Timing, Team, and Trust – as critical elements in the innovation journey.
The next panellist Mr. Siddhant Baviskar, Co – Founder of Oxytron Digital centred his speech on societal changes and the concept of the Minimum Viable Product (MVP). He emphasized the need for startups to adapt to the evolving landscape and to iterate their products using the MVP approach for efficient market entry.
The third panellist Ms. Haniah Shafi, Head of People Spot delved into the concept of disruption, citing examples of companies like Uber that have reshaped industries. She discussed strategies for startups to gain recognition, such as innovative advertising methods. Haniah Shafi also acknowledged the challenges posed by the fast-paced world and underscored the importance of redefining industries.
IIC member and co-ordinator of the event, Dr. Pushpendu Rakshit initiated an engaging Q&A session. When asked about the prioritization of people, process, and technology, Haniah Shafi highlighted “people” as the most critical element. The question of India’s emergence in digital domains was addressed, with a focus on advanced technology and problem-solving. In the Two-Key Words Round Ms. Haniah Shafi identified “Money” and “Transformation” as the primary challenges in the Indian start-up scenario. Mr. Vikas Choudhary associated “reward” and “satisfaction” with entrepreneurship. Mr. Siddhant Baviskar stressed the importance of “fail fast” in empowering digital entrepreneurship, while Vikas Choudhary sir emphasized the lack of “failure” with proper planning.
In his concluding remarks, Dr. Rakshit summarized the key takeaways, emphasizing that innovation is the cornerstone of success and encouraging a continuous cycle of learning and adaptation.
On the topic of challenges in Entrepreneurship Ms. Haniah Shafi emphasized the challenge of identifying the right target audience, while Mr. Vikas Choudhary cautioned against having the wrong people on board.
Panel Discussion Highlights: The panelists collectively discussed the scope of start-ups in India, highlighting stable environments, market opportunities, willingness to pay, and favourable government policies as key factors contributing to their growth. The session also addressed the challenges of funding, with Vikas Choudhary sir advising entrepreneurs to introspect and align their resources with their business vision.
Vote of Thanks: The session concluded with Prof. Siddharatha Bose expressing gratitude to the college officials, attendees, and the esteemed speakers for their valuable insights and time.
In conclusion, the panel discussion provided a comprehensive exploration of innovation, entrepreneurship, and the enablers of the start-up ecosystem. The event offered a diverse range of perspectives and valuable insights for aspiring entrepreneurs and individuals interested in the world of innovation and business.
