Kamath Stresses the Need to Identify Internal Entrepreneurs

Mumbai, Maharashtra, India

Indian Entrepreneurs are now replicating their success story by implementing state-of-the-art technology with an objective to kindle entrepreneurship. This was demonstrated during the second day of the TiE Entrepreneurial Summit 2006 today. Some of the speakers were Prof. CK Prahalad, Mr KV Kamath, MD & CEO of ICICI Bank, Ms Kiran Mazumdar Shaw, CMD of Biocon.

The speakers shared their entrepreneurial experience from different point of views viz., innovation, social networking, women entrepreneurs, and ways to discover opportunities.

Speaking at the session on Inspirational stories of Entrepreneurial Successes, renowned professor CK Prahalad said, "Entrepreneurship on a massive scale is critical for India. Poverty alleviation is not about subsidies and aid but creating self-sustaining enterprises. The growth of self help groups and micro enterprises in India suggest an inherent capacity for entrepreneurship. Creating a social legitimacy to wealth creation and creating the enabling conditions will focus the inherent entrepreneurial energy of Indians as the telecom liberalization has demonstrated."

The panel discussion on Intrapreneurship, chaired by Mr KV Kamath, MD & CEO of ICICI Bank said, "There is a need to identify internal entrepreneurs and encourage them with the seed capital. CEOs should move forward as a cheerleader and motivate the team to attain higher goals on a continual basis."

According to Ms Kiran Mazumdar Shaw, Chairman & MD, Biocon "There is no shortcut to entrepreneurship. It is all about being prepared to go for a long haul."

Even NGOs are playing a critical role in this new entrepreneurship movement. Vineet Rai, Co-founder and CEO of Aavishkaar India Micro Venture Fund said "To Increase economic activity in rural and semi-urban India, large companies and MNCs should focus in the immense opportunities available at the Bottom of the pyramid."

The panel discussion on Women in Entrepreneurship chaired by Rama Bijapurkar observed that women's participation is low although they have the talent to be entrepreneurs. Unlocking this talent pool will mean a real boost to the country's GDP and should be taken up on priority. It was found that the grass root level and middle class women do not have access to the funds required to set up businesses. The other obstacle is the lack of confidence among women. There is an urgent need to address these two issues.

Mr Kishore Biyani, Group CEO of Future Group highlighted the need for improved coordination between knowledge and creativity. He stressed the various aspects that need to be merged - tradition and modernity, logic and emotion, life and lifestyle, supply and demand, investment and returns, consumption and development. Properly managing these aspects will help us to harness the Indian consumption story.

A classic example of encouraging entrepreneurship within the organisation was given by Dr Vijay Mallya, chairman of UB Group. He says, "First, think outside-the-box". He advices his people not to be constrained by the rule book but to go out and do business. "Staying ahead and keeping your competitor guessing requires empowering your own people to think differently", he added.

About TiE Entrepreneurial Summit 2006

The TiE Entrepreneurial Summit is a celebration of the spirit of Indian Entrepreneurship. We intend TiE Entrepreneurial Summit to be a showcase of the Indian entrepreneurship spirit across domains, scale and geographies across India. This Summit is our statement that India need not look outside for inspiration but that there are plenty of role models in India itself and they need to be recognised and celebrated. We are therefore bringing together a diverse group of India based entrepreneurs and intrapreneurs from business, arts, social development, rural, women, students, small, large etc. to inspire the participants and act as role models.

About TiE

The Indus Entrepreneurs (TiE) is a global not-for-profit organization focused on nurturing entrepreneurship. TiE helps budding entrepreneurs by way of advice, guidance and assistance from successful & experienced entrepreneurs and professionals. It is the catalyst that enables entrepreneurs to learn from each other, leading to greater business success and help in influencing their mindsets to better approach various entrepreneurial challenges and opportunities. TiE's greatest strength is its network through 45 chapters across 10 countries that is a rich resource pool of the entrepreneurial ecosystem - successful & experienced as well as budding entrepreneurs, venture capital firms, angel investors, service providers, etc. TiE makes continuous efforts to interconnect this network in a way that allows us to deliver real value to all constituents. The organization is committed to building the world's most influential community of entrepreneurs

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Prafull Sawant, Prana Public Relations, +91 98925 65480 prafull.sawant@pranapr.com

Source: TiE (The Indus Entrepreneurs) (Business Wire India)

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