Ascent is a Personal Social Responsibility initiative of Mariwala. Its my way of giving back to the society, Mariwala told FE in an exclusive interaction.
Started two years back, Ascentshort for Accelerating the SCaling up of ENTerpriseshas enrolled 280 members in Mumbai and its neighbouring cities. Delhi is Ascents next destination, followed by Bengaluru and other big cities. Mariwala is keen to have at least 1,000 members in the network in the next two years, though the goal is to have eventually 10,000-plus members to make a visible impact on India's business landscape.
But getting the right members is not an easy task. To qualify, a shortlisted candidate has to make a presentation to the judging panel about his/her business and its potential, which will be rated through group interactions and peer review. Selected members are then organised into trust-groups of 8-12 non-competing entrepreneurs. A group usually has members from diverse industries who are similar in size (revenue) and growth stage.
There is a lot of buzz and word-of- mouth happening about Ascent. But the biggest challenge is in getting the right quality entrepreneurs. The rest we can manage...A candidate should be willing to spare 9-10 hours a month and wanting to give back to others. That's why 80-90% attendance is mandatory to remain in the group, says Mariwala.
Each trust-group is initiated for the first four months by an Initiatora facilitation expert or a trained Ascent facilitator. From each group, two members are identified by the Initiator as potential facilitators and trained in the art of facilitation. The group will later be introduced to Enablerswho are usually investors, bankers, service providers, and consultantsto help enterprises scale up.
This way Ascent creates an eco-system where entrepreneurs can learn from each other in a confidential environment and get support from the right Enablers.
Every entrepreneur has a set of issues to deal withlike finance, growth, people, or talentand each has a vision. If they can be put together in a group, they can together add value, and benefit from each other in scaling up.
Mariwala says his company Marico has nothing to do with Ascent, and he expects nothing back from this personal initiative, which does not even charge a joining fee. This is not started with the intention of getting something back. As someone who has undergone the rigours of scaling up, Mariwala wants to lend a helping hand to entrepreneurs. In the process, if he gets to know of some extremely promising enterprises, maybe, he can expand the relationship. We are not aware of whats going in a group. But they get a lot of benefits, Mariwala asserts.
Before Ascent, Mariwala tried to help budding women entrepreneurs. But it didnt last long. I realised that each new entrepreneur has a different set of issues to be handled. And no cross-learning was possible as most are inexperienced. The purpose was to make an impact in terms of numbers. Then I thought of scaling up (enterprises). The advantage with a scaling up group is that most are experienced for five-to-ten years and able to help others, says Mariwala who has turned a small-time edible oil business into a close to R5,000-crore-revenue, home-grown multinational company in 40 years.
The biggest challenge in scaling up, Mariwala says, is of people. How do you attract good talent, retain talent, reward them, how manage teams; a whole host of issues come up when you start growing up. How you trust, how you delegate, what leadership style will work...Then a second set of issues comes up; how do you raise finances. Then, how do you differentiate the business model, how do you control costs..
Trust-groups can come up with solutions to some of these issues. Mariwala admits he too faces a people problem. Every entrepreneur faces it. I dont call it a problem. It is a challenge to get the right people...There is a talent shortage in the country. People are realising that good talent makes a big difference.
What is his advice to budding entrepreneurs My advice is that you decide where you have a right to win. Dont do something because somebody else is doing it. You have to identify your strength and leverage that. See the opportunities in the market. And have a growth mindset. Growth is like oxygen, it excites all stakeholders.
Ready for some oxygen