Dubai: Even as the world is witnessing what is termed a ‘tech winter’, which has been wreaking havoc in Silicon Valley and across the world, Indian entrepreneurs are bullish about the future of tech businesses in the country.
In fact, experts speaking at the IGF UAE 2022 Founders & Funders Forum were of the opinion that this is the best time for aspiring entrepreneurs to build a company. Pointing out that peaks and troughs in business and economic cycles are inevitable, they agreed that the current lows are undoubtedly tough times for many entrepreneurs looking to run or scale their businesses. However, the experts agreed that these turbulent times also offer tremendous opportunities for those looking to establish or even scale up their businesses.
“I think it is a terrific time to start a business… I always ask the founders if they are planning to run their long-term business,” said Shailendra Singh, Managing Director, Sequoia India & Southeast Asia, Singapore, talking about his experience of investing in companies and witnessing entrepreneurs raising multiple rounds of funding in a year, and trying to build a solid business.
Singh also said that he believes a quarter of the top 100 businesses in India over the next decade will be tech companies. Saurabh Garg, co-founder and CBO of NoBroker, also identified the tech winter as a great opportunity, likening it to a detox session, to build responsible, sustainable and profitable companies.
Singh also said that he believes a quarter of the top 100 businesses in India over the next decade will be tech companies. Saurabh Garg, co-founder and CBO of NoBroker, also identified the tech winter as a great opportunity, likening it to a detox session, to build responsible, sustainable and profitable companies.
Sanjay Nayar, senior advisor to KKR India, noted that there is uncertainty with business disruption and that startups are waiting for the ‘spring’ after this ‘winter’. He added that startups need responsible funders who prompt shared learning and collaboration, as well as responsible founders who are innovative but with sustainable business models. Meanwhile, Abhimanyu Munjal, CEO of HeroFinCorp, said the tech winter is a massive roadblock for the startup ecosystem, and that “an animal tech spirit” will be required to build on the capital and solutions for the challenges that lie ahead and a focus on core business is required to understand the target market.
There were also discussions on regulations which guide the crypto ecosystem both globally and domestically in India, as well as aspects global companies need to pay attention to as they enter the diverse and dynamic Indian market.
Nana Murugesan, Vice President, Head of International, Coinbase, USA, set the tone by talking about the growing mistrust around cryptocurrency and how this affects the entire ecosystem of the industry. “We feel like this is a validation of our strategy. We have taken the hard route of being a publicly listed US company, we have licences, we are operating out of very respected jurisdictions… our strategy of working with regulators, our strategy of doing things in an open and transparent way is validated,” he said. He also spoke about Coinbase’s approach to entering the Indian market and how it differs from their strategy in other countries, and how they take the “building from the country, for the country” approach.
The second edition of India Global Forum UAE is underway at the Taj Exotica Resort & Spa, The Palm Dubai, and is on until Thursday, December 15.
