Focus on value creation key to entrepreneurial success

Bengaluru: Focus on value creation, understanding of disruptive technologies on businesses, customer centricity with option for scalability & mental resilience are the key ingredients to be successful in the entrepreneurial journey, according Viiveck Verma, Founder & CEO of Upsurge Global

In a webinar arranged by the World Trade Centre, Shamshabad titled 'The Future of Entrepreneurship: Emerging Trends & Opportunities', Viiveck Verma, Founder & CEO of Upsurge Global said new age startups should concentrate more on value creation than running after valuation through multiple round of fund raising.

"Entrepreneurs should focus on value creation, valuation will come (naturally). New age entrepreneurs should not be carried away by the news of fund raising at high valuations. Because we have seen what is happening to many companies that have raised money at very high valuation in the last two years," Verma, who mentors many startups for fund raising and scaling up, said. He also said that funding winter has highlighted the importance of focus on profitability. "Funding winter will definitely end but fund raising will see tough questions from investors on various aspects of business," he added.

Indian startup ecosystem is going through a deep funding winter with new funds raised dipping drastically in the last six months. Most experts believe it to continue for the most part of this year as well.

On AI (artificial intelligence) & ML (machine learning)-based disruptive technologies, Verma said that current entrepreneurs should be mindful about the impact of new age technologies like AI, ML, robotics and others on consumer behaviour and various markets. "Entrepreneurs of the future should be agile, digital, and resilient. As internet technology makes entrepreneurship location-independent, entrepreneurs should be well-versed with the impact of various disruptive technologies on businesses, failing which they may not be able to sustain," he said.

Giving the example of ChatGPT- the AI-based solution that has created a wave of disruptions across industries, Verma said the impact of such new innovations has not been realised fully.

New age entrepreneurs also have to look for alternate form of financing for funding. Routes like income sharing, revenue-based funding and crowd funding should be explored in order to scale up the business than only relying on PE or VC funding route.

"Entrepreneurs should do strategic planning with scalability in mind. They should also understand that one idea is nothing without execution. Most entrepreneurs don't take feedback from the market, which should be avoided. Because scalability will happen with feedback from the market place," Verma said.