Wake Up: Why Indian Startups find it tough to become global household names!

Over the past few years, I have been an avid follower of startups mushrooming all across the world every other day. What gets me going into this is the fact that taking your own version of solution to the world with altogether a new innovative dimension capable to fix-stitch a problem is intuitively a thrilling experience. And, the little experience or better say observation, I have had until the time of writing this partly confronts my view of what a successful startup or entrepreneur in the Indian ecosystem really entails.

Well, for a novice like me who is yet to play the 20s and has a little knowledge of the complex business world, it might not be fundamentally and technically just to talk about something I am still to get dirty with. But, it does make complete sense to let your intuitive learning teach you the basics than the other way round. And, the world history is testimony to this that no other formal learning but a mix of personal-intuition, skills, and self-belief drove world-changers and innovators to the pinnacle of glory to change this world.

I am here to share both observational and personal experiences about Indian startups, and why they have failed to become the Googles and Apples of the big world.

1. It’s vision and value, not valuation that matters: First things first. This is where they get the equation wrong. Even the lately turned Indian unicorns are driven by dwarfed vision and low values. For them, and the ecosystem it’s valuation that demands more importance unlike the ones in Valley who keep magnifying their vision with every passing day. The objective of starting a start-up should be to create value in people’s lives and not money. The latter is only a byproduct of the former. The only reason consumers pay insane prices for Apple products is that the value that Apple products add to people’s lives is worth the price it charges and is acceptable globally irrespective of the economy. Such is the power of value creation and something that we have failed to get right for years.
2. Walk the talk: Recently, I heard Vijay Shekhar Sharma, CEO of Paytm sharing his views about how he wants to make Paytm an Indian Internet Conglomerate, and that other players in the e-commerce segment were only retailers and not a technology platform. I completely respect his ambitions and opinions and he has done more than enough to prove why he has a decent shot at building one of the largest Indian internet companies. But, it doesn’t cost anyone a penny to come up with such boastful comments belittling others but everything to remain loyal and true to one’s own version. Speaking from the frequent personal experiences of my friends and mine with Paytm, leave about e-commerce offerings, Paytm now takes more than 4 days to unsuccessfully complete a simple mobile recharge, something that they initially started with and were really good at, and what I would get done in an hour with my local store. It’s only cashback and discounts that are seducing consumers to Paytm. Certainly, not a good sign. I remain positive that he will take customer experience strongly and deliver on his grand vision. But, he will have to start to walk the talk sooner than later.
3. Put Customers first and MEAN it: Amazon, though always surrounded with critics about profitability, is the biggest e-commerce company in this world for the only reason that their mission has always been to offer the best customer experience and service on this planet from their initial days and have lived true to their words even after growing at such a massive scale. No wonder they deserve to be the best. Again, taking an example from my personal experience, a few months back I had ordered few books from both Paytm and Amazon. While I received the order from Amazon in no more than 2 days' time even after they had some logistics issue, Paytm customer service executives were playing with lame delivery excuses after not having delivered it for more than 20 days. I believe they could have performed much better given the monetary resources they possess at present. But, as the current trend shows Indian companies always put everything first but customers. Remember, you lose the race to the top with every customer not coming back to you after a poor experience. So, think about it twice.
4. Innovate and don’t ape: In some years from now, Beijing would be competing neck to neck with Silicon Valley for its ability to out-innovate and not copy others. Remember the way Alibaba made its mark in China and forced its Valley counterpart eBay to quit the Chinese market. But, back to the Indian scene, every successful startup- from e-commerce to Cab services to messaging apps- are the ones that copied an already validated idea of the western world and executed it in the Indian market. Full marks for the execution, though. But, why can’t we come up with innovations that would set a different benchmark for the rest of the world to follow and will have a global impact. That’s how you lead the trend and set the example. I believe there is a great need for us to re-learn what innovation really implies. It’s not about modifying an already existing idea and calling it innovation but the ability to risk the idea itself on a unique solution that everyone is initially very skeptical of but you, the innovator. Innovate or die is the proverb that everyone goes by in the startup world. And, it’s so true.
5. Set unrealistic complacency meter: Being an entrepreneur or being called an entrepreneur is the latest fad catching everyone in India at present. And, once you are one, well you are everything, or at least this is how you like to think of yourself to be. For some it’s become a hobby, for others it’s a two-minute-recipe to fame and name. Well, for many it doesn’t continue for months before the reality of being an entrepreneur dawns upon one with several challenges and complexities of running a business, and finally, it’s over. Those who are really serious about their venture and manage to go to the next level lose their way in the middle once they start giving interviews, delivering talks, and of course advising and guiding other entrepreneurs. That is the end. There is a great need for a reality check at every stage. Remember, no matter how great or successful you may become, always think of yourself to be a beginner. Learn this from companies in Valley. Their hunger for innovation and creating impact always seems non-satiating, no matter how big they are. Don’t let mediocrity creep in your way of excellence. Set the bar higher every time.

There is so much to be learnt and worked upon to excel. If we don’t we would never become examples or global household names in the coming years. It’s time to wake up.