Startups Bring in Much-focused Capabilities: Sanjiv Bajaj
The unit is helping startups develop management capabilities among other things.
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In an interview with Entrepreneur, Mr. Sanjiv Bajaj, Chairman, CII WR Entrepreneurship & Start-up SC and Vice Chairman, Bajaj Finance spoke about how CII is helping start-upsto achieve thenext level of growth by mentoring and offering access to the members of this group.
The unit is helping start-ups develop management capabilities, amongst other things, says Bajaj who spoke to Entrepreneur at the CII Start-up Mentorship Circle in Mumbai.
How is CII assisting start-ups with mentoring in key areas?
We believe that start-ups require on-going support and mentorship by CII in a number of areas. At CII,mentoring by a select set of member companies can assist start-ups at various stages of their growth plans, while introducingthem to potential customers and strategic partners within the CII ambit. Member companies can help scale up the skillset of these start-ups and help take their ideas to a conclusive end, wherein the start-ups are geared up for the next level of growth.
The CII subcommittee is not involved in the valuation and funding of these start-ups, but createsan ecosystem for disruptive thinking and creativity, which will benefit the wholeindustry.
Do you think that the start-ups lack execution skills?
Any start-up will have a specific definedset of skills around its core idea, butevery company is at a different level and doesn't have all the required skill sets. Justlike each of us are at a different level and have varied expertise in various sectors. This is where CII'ssupport can bring in the required expertise,which will be relevant to a particular start-up.
Is it that the start-ups need to focus more on domain expertise?
The start-ups have focused capabilities in certain areas when it comes to products and services. However, they may not necessarily have the general management capabilities, legal experience, connections with the government, knowledge of regulatory laws and compliance. They may not have access to the start-up universe outside of India, like we have country representation from Israel and Canada. This is where CII can step in and leverage their expertise to help start-ups understand these nuances of running a business and providing exposure to matured markets globally.