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Start-ups, firms must innovate to tap markets beyond borders: Experts

Unlike in the past, the success of companies and start-ups now largely depends on their ability to innovate with a global perspective to meet the demands and choices of markets beyond national borders, according to experts at a conclave here.    

Speaking at a session on ‘Innovation and Entrepreneurship’ during a two-day conclave of the Trivandrum Management Association (TMA), TRIMA 2023, here, they said it is critically important for nascent firms to plan their activities in a sustainable and inclusive manner.

The focal theme of the event that opened here on Thursday is ‘Trivandrum 5.0—Prosperity Beyond Profit.’

Noting that innovation is about improving on the state-of-the-art, Ajay Pitre, Managing Partner, Pitre Business Ventures, said managers have to focus on doing things that haven’t been thought of anywhere in the world.

“In the current scenario, innovation has to aim and be able to better anything that is happening in the world and it is not just about what we are doing here. Small companies are more innovative as they are driven by the passion and urge to act and succeed fast,” he said.

According to him, improvement is not just about doing it better, but also about making it easier, safe and more convenient for users.

C Padmakumar, President, TMA and Director, Kerala Life Sciences Industries Parks Pvt. Ltd., who moderated the session, said entrepreneurship is by and large accepted globally as one of the vital factors that drives a society’s development.   

Suja Chandy, SVP and Managing Director, Zafin India, said if companies don’t innovate, they won’t survive. “It’s one way of building products and services that are beneficial for customers. In the long run, it has to be impactful. Every company has to keep on innovating to meet customers’ needs as well as continuously look to scale up to maintain growth,” she noted.

Lakshmi Mini, Co-founder and CEO, GoHuddle, said resilience is the one factor that decides the success of a start-up.

“The majority of start-ups are founded by people who don’t have a business background. They will have brilliant ideas, conviction, passion and they must be tech savvy. But when it comes to entering and knowing the market, managing their team and networking, they face various challenges,” Mini said.

Sandith Thandasherry, CEO, Navalt Solar and Electric Boats, said availability of resources is the key for innovation, as it has various levels. 

Over 400 delegates, including industry leaders, decision makers, professionals, members of the business fraternity, and policy makers, attended the event.

TMA is a premier management association in the country affiliated to the New Delhi-based All India Management Association (AIMA).

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