As the country continues to grapple with the coronavirus crisis, business tycoon Ratan Tata has shared critical advice for start-ups to stay afloat during testing times.
As the country continues to grapple with the coronavirus crisis, business tycoon Ratan Tata has shared critical advice for start-ups to stay afloat during testing times. While saying that his confidence remains high in India’s start-up culture, he added that entrepreneurs will need to adapt to the changing circumstances. “It can all start on a clean sheet of paper that looks at ways of doing things that were thought of before. This crisis will force entrepreneurs to adapt and create,” Ratan Tata, Chairman Emeritus, Tata Sons, took to Instagram and said. Several other members of India Inc such as Mahindra Group Chairman Anand Mahindra and Biocon’s Kiran Mazumdar Shaw also recently shared their views on how entrepreneurs, start-ups and small enterprises can survive the current crisis.
Industrialist and philanthropist Ratan Tata also said that the condition of the country is not good but he has faith in the resilience of businesses. “I won’t downplay the challenges and the difficulties embedded in these current times,” he said, adding that his “confidence remains high in the inventive nature and the creativity of entrepreneurs today who will find ways to enable new or modified enterprises that would be the benchmarks of tomorrow,” he said. The coronavirus pandemic has dealt a serious blow to many sectors such as aviation, retail, hospitality and restaurants etc and has impeded growth of many businesses.
However, with innovation and technology, new businesses can sustain. “In past difficult times, entrepreneurs have displayed farsightedness and creativity that could not have been believed to exist. These became the flagpoles of innovation and new technology today,” Ratan Tata said in his motivational post. He had also recently bought a small stake in a Mumbai-based startup which sources generic drugs from manufacturers and supplies them to pharmacies. Since his retirement from the Tata Group in 2012, Ratan Tata has invested in over a dozen startups such as Ola, Paytm, Snapdeal, CureFit, Urban Ladder and Avanti Finance.
The 82-year-old had recently joined Instagram and regularly posts about Tata Sons’ initiatives, pictures from his youth and about social causes.