Global Entrepreneurship Summit 2017

GLOBAL ENTREPRENEURSHIP SUMMIT 2017

SESSION SUMMARY REPORT This report was prepared by The Leadership Development Programme Fellows at The Global Education & Leadership Foundation (tGELF) Email: [email protected]

Photos: Courtesy of NITI Aayog

Design: Anubha Jain www.tGELF.org 1st Floor, Plot No- 39, Sector – 32 Institutional Area Gurgaon, Haryana, 122001- India The power to think differently and “ahead of time for the betterment of mankind is what sets entrepreneurs apart.

Shri Narendra“ Modi Hon’ble Prime Minister of India ABOUT GES 2017

For seven years, the Global Entrepreneurship Summit (GES) has connected top The 2017 Summit created an environment that empowered innovators and entre- entrepreneurship talent with investors and startup ecosystems across the globe to preneurs, and particularly women, to take their ideas to the next level. Women innovate the world’s most exciting solutions. offer tremendous promise of economic growth and prosperity - but in both developing and developed countries, they also face great barriers to building businesses. In partnership with the Government of the United States of America, NITI Aayog hosted the eighth annual Global Entrepreneurship Summit in India from November This year’s GES theme was “Women First, Prosperity for All” to celebrate our 28-30, 2017. The Summit was addressed by the Hon’ble Prime Minister of India, world’s entrepreneurial spirit in all its entirety, diversity, and strength. GES 2017 Shri Narendra Modi, and the US delegation was led by Ms. Ivanka Trump, Advisor aimed to inspire innovative initiatives, forge new collaborations across countries, to President Donald Trump. and increase economic opportunities.

Since its inception, GES has traveled across the world from Washington, D.C. to Istanbul, Dubai, Marrakech, Nairobi, Kuala Lumpur, Silicon Valley, and now finally to Hyderabad!

GES 2017 was the first Summit to be hosted in South Asia, and the event highlighted India’s enabling environment for innovation and entrepreneurship – including the government’s measures to increase the ease of doing business, eliminate unnec- essary regulations, and support startups.

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WOMEN FIRST, PROSPERITY FOR ALL

3 GES 2017: AGENDA

Day 0 Page Page

4:00 PM – 6:00 PM INAUGURAL SESSION 1:30 PM – 2:45 PM SESSIONS • Be the Change: Women’s Entrepreneurial Leadership 10 • If I Knew Then What I Know Now 32 • Easy Entrepreneurship: The Entrepreneurs’ Perspective 34 Day 1 • Capital Success: Crowd Funding and Bootstrapping 36 • Water Everywhere: Managing a Scarce Resource 38 9:00 AM – 10:15 AM OPENING PLENARY • Grassroots Grows: Women in Emerging Markets 40 • Plenary Session - We Can Do it! Innovations in Workforce 14 • Payment Platforms: What is the Next Game Changer? 42 • Retooling Learning and Schooling 44 Development Skills Training • Meet George Jetson, Modernizing Mobility Infrastructure 46 11.15 AM – 12.30 PM SESSIONS 3.45 PM - 5.15 PM SESSIONS • Money Counts: Attracting Private Equity 16 • Byte into a Better Future: FinTech Disruptors 48 • Future of Cinema 18 • Getting on the Grid 50 • Easy Entrepreneurship: Public Sector Perspective 20 • Better Health without Breaking the Bank: How Low-Cost 52 • The Business of Winning at Sports Entrepreneurship 22 Innovations are Revolutionizing Healthcare • Innovations that Bridge the Digital Divide 24 • Building Your Customer Oriented Brand 54 • AgriTech Matters: Feed Billions by Harvesting Technology 26 • From the Drawing board to the Boardroom, Creative Entrepreneurs 56 • She Means Business: Mentoring and Network 28 • Go For It: Tapping Alternative Financing Solutions 58 • Under the Microscope: Investing in Healthcare Startups 30 • The Missing Middle: Making the Leap 60 • Easy Entrepreneurship: Investor’s Perspective 62

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Day 2 Page Page . 9:00 AM – 10:15 AM SESSIONS • Capital Success: Seed Funds to Venture Capital 66 • The Reality of the Future: How Technologies are Shaping 92 • Beyond Returns: Investing in Emerging Markets 68 Experiences • Harvesting Change through Entrepreneurship: Tackling Global 70 Agricultural Challenges 1:30 PM – 2:45 PM SESSIONS • The City that Never Sleeps: Cities of Tomorrow 72 • Developing the Entrepreneurial Ecosystem 94 • Diversifying Supply Chains: Linking Global Commerce and 74 • E-Commerce as a Critical Tool in Scaling Entrepreneurship 96 Women-Owned Businesses • The Language of Entrepreneurship 98 • Innovation Hubs: Skilling the CEOs of the Future – Incubators 76 • Success! Keeping and Nurturing Women in STEM 100 • From the Lab to the Market: Connecting Science to the 78 • The “Enterprise” of Space: Advances In and Applications of 102 Entrepreneurship World Space Technology Are Driving Economic Growth Around the • An Audience of Billions: How to Break into Big Emerging 80 World Markets • The Missing Middle: Increasing Your Presence 104

11.15 AM - 12.30 PM SESSIONS 3.45 PM - 5.15 PM CLOSING PLENARY • Knowing the Future: How Artificial Intelligence will Shape 82 • When Women Win, We All Win: Promoting Inclusive Environments 106 Tomorrow for Women Entrepreneurs • Reimagining the Future of Health 84 • Pitch to the Rich: Key Messages to Deliver to Investors 86 SPEAKERS OVERVIEW 108 • How to Fail Better 88 ABOUT NITI AAYOG 121 • Own Your Message: Effectively Using Traditional and Social 90 ABOUT THE US DEAPRTMENT OF STATE 122 Media ABOUT tGELF 123

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SESSION REPORTS

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INAUGURAL SESSION

9 Plenary Session: Be The Change: Women’s Entrepreneurial Leadership

This opening session addressed the overarching theme for GES 2017: Women’s Within this context, succeeding in a male-dominated world involves following a entrepreneurial leadership. In so doing, several key components were discussed. passion and dream. Perseverance is key. However, it is crucial that we as a society To begin with, it was unanimously agreed upon that there a host of challenges that and ecosystem create opportunity. In India, women have always had to fight for need to be overcome. Firstly, women face a relative lack of mentorship, which in their voice to be heard from time immemorial. While on one hand, we have had turn leads to difficulty in accessing risk capital, an area in which mentors are par- women leaders being part of crucial moments in time like the writing of the In- ticularly helpful. Mentorship is also a facilitator for success by playing a support dian Constitution, on the other, there has always been an evident lack of support function, as entrepreneurs can talk openly and seek advice. Along similar lines is for female involvement across sectors and fields. Keeping this challenge in mind, the lack of networks, given that the ecosystem of women entrepreneurs is smaller the panellists pushed for promoting education as a social catalyst and using it as a than that of men. Men therefore need to create sponsorship, mentorship, and net- focussed tool to change the face of female leadership across the board. work opportunities for their women counterparts, in an effort to address the issue. The panel closed with a call to action for all participants of GES 2017. Marcus A further set of challenges revolve around women’s lack of access to finance and Wallenberg urged the audience to set a goal to help one entrepreneur each during capital, as well as inequitable laws that hinder women’s access to entrepreneurial the coming year. Nirmala Sitharaman asked women to come forward, knock at ev- leadership. Women are also greatly underrepresented in STEM fields. Technology ery door for opportunities, and push for themselves. Sibongile Rejoyce challenged is disrupting every industry, yet women are less digitally literate and less likely to every member of the audience to make a difference and mentor each young girl take up jobs in fields such as engineering than men. If we fail to prioritize this, and boy – boys will be our leaders too. Last but not the least, Ivanka Trump empha- the Fourth Industrial Revolution could actually make negative progress for gender sised mentorship, and called for every member of GES 2017 to find another person equality. who could benefit from our knowledge.

SPEAKERS Ivanka Trump John Chambers Marcus Wallenberg Nirmala Sitharaman Sibongile Rejoyce

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Key Takeaways From L - R: Nirmala Sitharaman, Marcus Wallenberg, Ivanka Trump

Gender equality can have the most economic bene- GES 2017 is a chance to dream together, col- The proportion of the population that is 1 fit for countries represented in GES2017, adding to 3 laborate and “Be the Change.” For people to 5 working reflects in the proportion of the the global GDP by USD12 trillion by 2025 (includ- come together, beyond the limitations of age, population benefiting from the work; this is a ing USD700 billion in India and USD3 billion in the gender, nationality, or field. tangible incentive for greater gender USA). equality in the workforce.

We are at an inflection point for change in the area of “You just have to do it. Too often, there is a 2 gender equality in the context of entrepreneurship 4 myth that everyone who started a business was and leadership around the world. 100% sure that it would succeed - not true. Many waited, pivoted, failed to come back again.” (Ivanka Trump)

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DAY 1

13 Plenary Session: We Can Do It! Innovations in Workforce Development & Skills Training

The session encapsulated a crucial discussion on the importance of innovation and The business world also needs to adapt to support gender balance, especially for skill building in promoting an enabling and inclusive ecosystem for entrepreneurs new mothers. Technology has a big role to play here. For instance, IT enables both male and female. working women to work from home while caring for their family. Finally, the family in particular and society, in general, need to rid their biases against women Boosting women’s participation in the workforce begins with creating a condu- working and earning a living. For this, men need to play an increasingly important cive ecosystem. This includes institutional support from the government, a healthy role in ensuring that their partners or daughters receive equitable opportunities for work environment, and a strong family backing. Educating and empowering wom- intellectual and professional growth. The importance of education, encourage- en helps not only them but the knock on effects are felt on the rest of society as ment, and empowerment as the recipe for women’s greater participation in the well. India has one of the lowest participation of women in the workforce; em- workforce was echoed by all panellists. The session ended with a call to action for powering them will significantly boost India’s economic growth and development. better environments and increasing support for women in the workforce. In particular, India and the world need more women in STEM-related and other unconventional roles.

Increasing women’s participation in the workforce will occur at the confluence of government, business, and family values. For instance, governments need to play an enabling role and implement policies that support the modern family, for example, by giving tax credits and paid paternity and maternity leave. Governments need to place women’s issues as a top public policy priority.

SPEAKERS KTR Rao (Moderator) Chanda Kochhar Cherie Blair Ivanka Trump Karen Hughes-Quntos

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Key Takeaways From L - R: Karen Hughes, Cherie Blair, KTR Rao, Ivanka Trump, Chanda Kochhar

Success for women depends on support from family Social bias training for men is crucial. We all The longer we can preserve the purity of 1 and the entire ecosystem within which she works. 3 have biases but need to recognise and address 5 passion and lack of societal assumptions on Do not give up when a woman decides to start a fam- them personally and professionally. young girls, the better opportunities they end ily - family should be a part of professional growth up getting or creating for themselves. and progress.

We should create conducive organisations for wom- Technology plays a vital role today. It plays an 2 en e.g. new mothers can work from home, get paid 4 enabling role in keeping women in the work- for travel & stay of child and caretaker for overnight force and also in rehiring them. trips etc. Their merit should lie in their work and not in the familial or social role they play.

15 Money Counts: Attracting Private Equity

This session provided some crucial insights into the investor’s perspective as they investment is worth it. The entrepreneur has to be passionate about the idea, but vet startups to fund. also serious about implementing it. “We are not about hear, we are about gut.”

The panellists stressed how optimistic they are about investing in initial businesses The entrepreneurs, on the other hand, have to know which investors are the in emerging markets. TVS Capital is dedicated to Indian businesses and it only takes right ones for them at each stage. It is more than just money. You most often want money from Indian investors. “At the end of the day, you’ll end up doing what your to bring investors who can bring expertise and network that is relevant to your clients want you to, so you want to make sure they understand the market you are business. You also want to choose the right type of investment. When you have working with. We work with investors from India because what they want will some sort of proof of concept but are not able to state the market space for your ultimately reflect what the Indian market wants, which is exactly what we need,” idea quite well, you probably want an angel investor who’s a geek about your in- said Srinivasan. dustry. When you have lots of growth but little cash flow, then you would probably look for a VC. If you have both growth and a healthy cash flow, then private equity They also talked about the positive impact the businesses they invest in end up may be a good option. having on various economies. Washburne added, “One of the businesses in our portfolio is the biggest employer in Afghanistan. Without them, all their employees When asked about the diversity problem when it comes to gender in business would possibly be walking around in the streets without a job.” and about what male advocates can do to help fix it, the panellists mentioned: the importance of participating in conferences like GES and the role of micro-credit in After giving some context to the current scenario, they went on to describe what democratizing access to capital to women entrepreneurs is crucial and goes a long it takes to be one of these businesses that make a difference. Investors look at both way in bridging the gap. the quality of the idea and at the quality of the team when deciding on whether an

SPEAKERS Priya Rajan (Moderator) Gopal Srinivasan Ray Washburne

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Key Takeaways From L - R: Ray Washburne, Priya Rajan, Gopal Srinivasan

Common mistakes entrepreneurs make: being ex- A major issue that investors face in choosing Investors do background check on entrepre- 1 cessively confident in their ways; over-sell their busi- 3 the right entrepreneurs is finding those who 5 neurs. They check, for example, what results ness instead of being realistic; second-guess what can manage big teams. they had in previous businesses. If they failed investors are looking for; doing stuff because it is (which is totally fine), it is important to un- the flavor of the moment instead of the fact that they derstand how they handled the failure. After enjoy it. all, if they are not ready to handle failure, how would they handle success?

Private equity is usually looking for value [that a Investors look for passionate entrepreneurs 2 company creates] rather than for valuation. This way 4 who can easily adapt to whatever happens. they can get a good exit. Making 10x the investment would be awesome, but it is also very rare. Private equity is really looking for business that will return 2-3x.

17 Future of Cinema

The session explored different themes within the overarching theme of tracing Emphasis on the role of government was also explored in the panel discussion. The cinema as it moves forward. The speakers focused on the role of women and their speakers affirmed that government trust and support is important since the in- representation on the screen, not just as actors but also as directors and producers. dustry creates job opportunities and explores different types of art such as music, They acknowledged the challenge women face in the industry but they were also dancing, and acting. There is a need to see the movie industry as worthy enough of hopeful about the future role of women in the industry. public investment.

Furthermore, a central topic of discussion was the shift in consumption of cinema- The session ended with a call to action from speakers for promoting greater pub- tography due to shifting habits of technology usage. From a filmmaker’s perspec- lic-private partnership in the film industry and also to advance the industry to go tive the biggest new trend in cinematography is the way content is now being con- on to explore more and more creative avenues. sumed. Because consumption has moved from the theaters to watching movies on mobile devices such as a cellphones, laptops or tablets. Therefore, the way content is being produced needs to be rethought. These news trends influence the style in which filmmakers think and foresee the production of their films. The key to success is to embrace the new trends and patterns of the consumers, in order to reach more diverse backgrounds and go beyond the typical borders.

Technology here, grants the capability to extend to frontiers that were never explored before.

SPEAKERS Subhash Chandra (Moderator) Aditi Rao Hydari Onyekachi Stephanie Ronnie Screwvala

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Key Takeaways Audience during the GIST Pitching Competition

Film making is not about geographical boundaries, it Actors, actresses, producers, and directors 1 is about the vision of the filmmakers because feelings 3 have a responsibility to use their powers to do not have a language. raise awareness on various different social issues such as diversity and representation.

The future of cinema relies on a marriage between The film industry provides an opportunity for 2 both passion and education. Training and education 4 diverse cultres to come together through the are key components of what makes an actor or sharing of these different arts through collabo- actress successful in the industry. ration across geographies (e.g. Bollywood and Nollywood collaborations)

19 Easy Entrepreneurship: Public Sector Perspective

The session revolved around the importance of government and startups collabo- fluential in this context. In Denmark’s case, it has one of the most liberal labour rating for an enterprising future. market in the world, with a high level of organised workers in labour unions and businesses organised in entrepreneur unions. Agencies, protocols, programmes We are at an inflection point in the interaction between startups and government. dedicated to Small and Medium Enterprises (SMEs) can help understanding their We have now moved past the era when we think that governments should just get power and take them further. In the USA, SCORE mentors SMEs of all genders and out of the way of entrepreneurs; governments who are not at the table in the start- backgrounds, and Small Business Administration (SBA) conducts personal engage- up communities, listening and integrating their work are falling behind. There is a ments and town hall meetings to learn what the dynamics are that are preventing symbiotic relationship between them. SMEs from being successful. In India, the fifteen-day turnaround for establishing a company is working really well for startups, and the GST tax structure is reliable Smart regulation is in order. Startups have moved away from simply building apps, for all stakeholders. What is required is infrastructure, roads, energy, and access to and are now into energy, and other industries and sectors. A wide array of regulato- capital. Some barriers that are unique to women also need to be addressed by the ry challenges face entrepreneurs and the policy-makers who work with them. Par- government. ticular challenges arise where it is dangerous or unrealistic to permit live testbeds in areas of healthcare, for instance, as people’s lives are in the hands of startups that can run out of money, or where founders can just move on.

Governments can support in creating environments and ecosystems. Denmark started out by creating councils to think collectively, such as a Startup Council, Competitive Council, and more. Labour markets and education systems are in-

SPEAKERS Jonathan Ortmans (Moderator) Anders Samuelsen Aruna Sundarajan Jovita Carranza

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Key Takeaways From L - R: Anders Samuelsen, Aruna Sundarajan, Jonathan Ortmans, Jovita Carranza

“A messy culture like the entrepreneurial culture is a Partnership between startups and government There are challenges for all small businesses 1 difficult one for governments to embrace” 3 must be conscientious, to avoid choosing a sin- 5 - not only women’s businesses - and must be (Jonathan Ortmans) - but governments who do not gle partner, be open to the entire playing field, addressed as such, because if there are issues do so will fall behind. and steer clear from pre-empting policy. in men’s small businesses, it will be com- pounded for women.

Designing regulatory systems is challenging, as It is important to distinguish ease of doing busi- By definition, entrepreneurs need to be dis- 2 over-regulation and under-regulation are damaging; 4 ness from attractiveness in business, e.g. Den- 6 ruptive and break the system, yet women are “you cannot just have a hands-off policy.” mark is #1 in ease of doing business, though socialised into playing by the rules, and thus (Aruna Sundarajan) businesses do not necessarily move to Denmark face double the challenges. We need to work to make money. on this on a societal level to give women the necessary confidence to demand more and disrupt the system.

21 Business of Winning at Sports Entrepreneurship

This session saw two starkly opposing views on the future of sports entrepreneur- Chatri Sityodtong presented a counter-view in that sports leagues across the globe ship. The first view, espoused by Pullela Gopichand and Sania Mirza, held that are worth billions of dollars (e.g. NBA & NFL in the US, EPL & F1 in the US) be- sports at the local level should be given more importance and local heroes should cause they are marketed brilliantly. The media will pick up and highlight sports if be celebrated as a means to encourage young athletes to take up professional sup- they are provided with good content. Therefore, storytelling becomes important, port. The counter view, held by Chatri Sityodtong, placed huge importance on as does glamour and glitz. the role of marketing, ‘storytelling’, and ‘rockstar CEOs’ in being the catalysts for sports entrepreneurship. In terms of women in sports, both Mithali Raj and Sania Mirza echoed the fact that women’s participation in sports has increased over the years as have the facilities; Pullela Gopichand took a largely conventional, orthodox view in saying that the however, a lot is yet to be achieved. purity of sports is being lost with media hype around some of the more popular sports. Instead, sports should be allowed to grow organically in local areas, and not in a centralised manner. Grassroots infrastructure needs to be improved and local heroes be celebrated.

Sania Mirza agreed to the extent that media has to be responsible in a way that it portrays sports and athletes. The media needs to balance the prominence it gives to cricket vis-a-vis other sports. Even as a society, we need to appreciate all sports equitably.

SPEAKERS Harsha Bhogle (Moderator) Chatri Sityodtong Mithali Raj Pullela Gopichand Sania Mirza

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Key Takeaways From L - R: Pullela Gopichand, Mithali Raj, Harsha Bhogle, Sania Mirza, Chatri Sityodtong

Sports is no longer only in the sports industry, but in Sports infrastructure for girls is not up to the We should celebrate sport and athletes for 1 the ‘catch your eyeballs’ industry and are competing 3 mark. It also needs to be better integrated into 5 themselves, and not through Bollywood. with films, concerts, etc. The more you watch sports the school curriculum. (“eyeballs”), the more money that sport makes.

Sport should be run as an industry - however, not all Media plays an important role in promoting the Sports should not be only about winning but 2 sport is equal, so government intervention is needed 4 lesser known sports, for instance, there are 2 6 also about happiness, overall well-being, sat- there. pages for cricket, and then 2 pages for all oth- isfaction, etc. er sports. Media needs to cover all sports with equal enthusiasm.

23 Innovations that Bridge the Digital Divide

This session set out to break down the reasons behind a very evident digital gap and that online platforms and digital devices have actually managed to engage female divide in the world. The discussion also centred around how the digital divide in learners. Online digital devices provide privacy to female learners. With no one itself is highly gendered. watching over their shoulder, women become more engaged and learn better. We need to make use of this opportunity to educate women on everyday skills and In developing countries, the digital gap is continuously increasing. It exists and con- even more specialized subjects. Education is bound to bring positive changes in the tinues to grow due to multiple reasons but prime out them are lack of education, lives of rural women. Once educated, women feel more empowered self-confident access to technology, and non-affordability of devices. A crucial discussion within and are able to communicate with their children better. Education also helps them the topic of the obvious digital divide however, is the intersection of gender and bring an additional income to the household, hence earning them more impor- digital literacy. tance in the family.

Women in rural areas spend a majority of their day in the fields and looking after Out of 7 billion people worldwide, only 3.5 billion people are connected to the in- their family. They do not spend any time on digital devices, as the products or ternet. Bringing the gender gap within this context and noticing how female users content being pushed out is not relevant. This goes on to become one of the main are even lesser than male users makes the importance of bridging this digital divide reasons as to why digital device usage is not high in rural areas. When relevant even more crucial. In order to increase this number, affordable devices and afford- content is provided to rural women - usage of devices goes up. The Internet is an able data need to be provided. Language and the sheer diversity of it in India is incredible resource that can teach new skills to people through internet-based ser- another obstacle that needs to be overcome. Taking into account that most people vices. Therefore, the focus needs to shift towards providing relevant content that are comfortable speaking rather than typing on the internet, a robust voice-driven is high in demand and that in turn will increase the use of digital devices. Experi- internet service system is a must. ments with classroom teaching have not had any significant results but it is noted

SPEAKERS Sanjeev Bikhchandani (Moderator) Anousheh Ansari Radha Kapoor Khanna Rajan Anandan Roya Mahboob

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Key Takeaways From L - R: Roya Mahboob, Radha Kapoor Khanna, Sanjeev Bikhchandani, Anousheh Ansari, Rajan Anandan

It is not what companies think is important, it is what If you do not have the courage to dream noth- 1 the users know is important for them. The digital 3 ing will change. Majority of what a digitally lit- services and content need to become more and more erate population can achieve is a dream that is relevant and tailored to user needs. yet to be realised. We need to dream big and dream better.

Through digital literacy, women are empowered 7 billion people worldwide, only 3.5 billion 2 within their own homes - they are able to commu- 4 people are connected to the internet. It is about nicate better, with their family and especially with time that internet reaches the farthest corners their children. of the world. We nee to reimagine internet for it to become more inclusive and more beneficial for everyone connected to it.

25 AgriTech Matters: Feed Billions by Harvesting Technology

The panel focussed on key themes of agriculture pertaining to the resolution of to the sustainability of agriculture which can be tackled by modern technologies supply chain bottlenecks ensuring an increase in farmer incomes and betterment in like air to water type of equipment that can ensure adequate availability of water. the quality of lives of over 1.5 billion people living in rural areas around the world. Global collaboration is imperative to ensure universal access to such disruptive The panel also discussed the role of technology in catalyzing more sustainable, ef- technologies that can transform the face of agriculture across the world. ficient and profitable agrarian practices, ensuring good quality of produce in terms of nutrient content and also the safety of the consumed food. With impending cli- Tech is definitely going to play a role, but worldwide more and more people need mate change threatening the sustainability of agrarian land as well as productivity to join agriculture as well.We need to encourage a mindset change whereby agri- of existing holdings, technological development needs to be executed to ensure culture can be seen as a viable option by more and more quality tech-savvy people safeguards against such forces. Moreover, in a country like India food security also who can transform farms into professional factory-like institutions. Last but not needs to be ensured in order to foster a peaceful and prosperous society. Also tak- the least, an aspect of this behavioural shift also pertains to encouraging greater ing into account the kind of resource stress that is being faced by the agrarian women’s participation in the agrarian workforce. This shift, however, needs to be sector, technology needs to be the disruptor to resolve some of the pain points of complemented by a reduction in the impending drudgery faced by many women in modern agriculture. the sector and that can be made possible by technological advancements and their strategic deployment. One such pain point is the lack of space in the face of growing population. This pain point can be tackled by technologies like vertical farming that can usher in a culture of household farms on steep walls, thus enabling urban farming in emerging markets like India. The scalability and sustainability of such technology need to be evaluated empirically. Similarly, lack of access to water is another major challenge

SPEAKERS Ritu Verma (Moderator) Ramana Gogula Sivakumar Surampudi Maxim Pasik

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Key Takeaways From L - R: Ritu Verma, Ramana Gogula

There is a need to promote Smart agriculture and Communities of consumer and communities 1 hi-tech agriculture. It also allows young people to 3 of producers need to be connected. This con- get engaged in agriculture and also turn agricultural nection will lead to more relevant innovation practices more tech savvy and modern. within agriculture.

While technology will play a huge role in the indus- Global collaboration over newer technologies 2 try of agriculture worldwide, more people still need 4 and innovative practices is crucial to more and to join the sector. Technology has a major role to play more people gaining access to them. The world in attracting this new human capital, and the onset of needs to come together to usher in a new era in technology is not incompatible with people entering the field of agriculture. into agriculture.

27 She Means Business: Mentoring and Networking

The panel conversation revolved around the importance of the role that coaches, The importance of taking cultural contexts into account when interacting in a glob- mentors and sponsors play for entrepreneurs. It was discussed how these external al market and seeking mentorship was also touched upon during the discussion. elements of support are necessary during the initial stages of starting a business, and also during periods of transition, when startups are scaling or adopting ele- The session ended with a call to action by the panellists, as they asked the audience ments of the business operation. It is also important during stages when one has to strive towards making the full suite of tools and support, existing within the faced a significant set of challenges. The importance this plays for women entrepre- industry, available to women. neurs was discussed in particular detail.

It was agreed upon that mentorship may not be totally necessary, but it definitely does allow entrepreneurs to maximize their potential. It is also important to be open-minded about the sources from which one can receive mentorship.

Mentorship can be formal and informal, and can come from many different sources. And often it is the little nuggets of advice that are the most valuable in the long term, stick with an entrepreneur only to become pivotal to their success. Mentors should however be outside of one’s work or entrepreneurial environment. These people should not be directly invested, but should be able to relate to the situation, and therefore successfully mentor and coach with their insight.

SPEAKERS Susan Chodakewitz (Moderator) Sumithra Gomatam Vanitha Narayanan

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Key Takeaways From L - R: Susan Chodakewitz, Sumithra Gomatam, Vanitha Narayanan

It is sometimes hard to pick mentors, and figure out The ecosystem of support around you can give Women must benefit from the full suite of 1 what you need. People seeking mentorship need to 3 you confidence to make necessary decisions. 5 tools and support that our male counterparts be prepared, and ask for what they need during the In changes there are vulnerabilities, so it is im- enjoy and posses. And women are increasing- mentorship. Leverage and use mentorship well. portant to have a positive outlook, which can ly important to national economic growth happen through the confidence you get from and prosperity. Women are a resource for na- support networks. tional competitiveness.

Women just aren’t included in networks, even When working in different international con- 2 though networks are extremely critical to be suc- 4 texts, one has to reprogram context and as- cessful in business. These have been traditionally only sumptions on how you relate with people. available to men. It is therefore important to change When you’re successful you bridge those gaps this culture and find new ways to network. and establish a common context to create communication… establish where everyone is coming from.

29 Under the Microscope: Investing in Healthcare Startups

The session entailed an elaborate conversation on the norms in companies for giv- went on to say that if you want to conquer your market, you have to know it inside ing and receiving funding for healthcare startups. Panellists noted that funders must and out. first define what it is it that they need to identify in order to take the plunge. They also added that entrepreneurs need to study and consider potential VCs as much as Bharadwaj noted that as an investor, if you have red flags, they never really get one would expect a VC to study and consider a potential investment. Wilson went better—they will stay the same or get worse, so one must pick up on the subtle on to discuss the cruciality of proof of concept—does your technology work? She signals and trust their intuition (e.g., if someone is arrogant or confrontational, if emphasised that it is far less about your pitch as it is about proving, verifying, and the chemistry is off, if someone seems greedy, etc.). When asked how entrepre- validating your design. Do you understand your customer, and will your product neurs should approach funding in this field, Byrapaneni advised that they bootstrap or service adequately meet their needs? as long as they can, get as many grants as possible, do not use a financial consultant to mitigate or negotiate deals. He emphatically stated that the trust between parties Byrapaneni discussed how there are different types of funding, and you must de- is far more important than the excel sheet, and one should never do a deal if they termine what funding is most appropriate for your startup’s needs. For instance, he are not happy with the set expectations. He closed by reminding the audience that noted that accelerators are a different model than a traditional VC, and there are ac- many underestimate the complexity of the medical and healthcare industries, and celerators specifically for healthcare and life sciences. Fernandez added that when we must not underestimate the thought leadership from journals, publications, and you look at your product pipeline, you must understand what market it serves. If research in the field. it is a domestic market, domestic funding makes sense. Byrapaneni encouraged healthcare entrepreneurs to be very focused on their customers—patients, doctors, hospital administrators, etc. He advised the audience to find the “pain points” and address them—“there are enough pain points in healthcare to be resolved.” He

SPEAKERS Tania Fernandez (Moderator) Dr. Ramesh Byrapaneni Neeraj Bharadwaj Tiffany Wilson

30 #GES2017 – Session Summary Report

Key Takeaways GES Delegates

Healthcare encompasses numerous markets, Health- You must know your market inside and out, Science entrepreneurship is not an individual 1 care services are the predominant part of the mar- 3 down to the minutiae, and you must let your 5 sport it is a team sport. Be open to the coach- ket, with healthcare tech accounting for about 25% market inform the kind of funding you pursue. ing and the advice. and pharmacology and biotech representing 10-15% each.

Trends in health care need to inform how we invest As an entrepreneur, you must understand what India is a heal-ness driven market not a well- 2 in healthcare. Only relevant investment can address 4 investors are looking for, and not just in your 6 ness driven market. Do not wait for a mind- the pertinent pain points. product or service. Consider what investors set change in the wellness industry, be cre- are looking for in you as an entrepreneur, in- ative and partner with larger institutions cluding strong leadership, willingness to listen and learn, etc.

31 If I Knew Then What I Know Now

This session saw the panellists discussing their learnings as they traversed the en- in moments of difficulty. The risk factor differs between industries. The common trepreneurial landscape. thread between all sectors, however, is that the challenges faced are often the same.

DeVos recounted the genesis of Amway. Amway started with a dream of owning a The first business that the founders of Amway got into was teaching people to fly business. However, while creating Amway, free enterprise was kept in mind. The aeroplanes, without having any experience in that field. They did not succeed but idea was to empower employees to feel like business owners. That was the cause the failure taught them another important lesson: It is important to be passionate, that was followed up with absolute commitment. adventurous and not afraid of taking risks. It is alright to fail, it is important to pick yourself when you do. Vikas Khanna, on the other hand, had limited knowledge when he began working at the age of 16. What he did achieve, however, was that by the age of 16 he had hired Lastly, it was unanimously agreed upon that after having a dream and idea, the next 4 people to work for him. Only through persistence. step is to find people who share the same values as you and believe in your idea. Entrusting faith in a core team is crucial. Unless you let go, you cannot scale up. Rajashree being a technophile held the belief that every problem can be solved by Strength comes from your surrounding and support system, however, it does not technology. Making life simple, was the main aim. What she learnt, however, was always have to be a positive reinforcement. that sometimes trying to oversimplify a process tends to over complicate it.

The common consensus was, there are lessons in life and lessons at work, and both are not very different. Setting up any business is difficult, it is wise to have a plan in place however a plan may not always work. It is the spirituality that often helps

SPEAKERS Geetanjali Kirloskar (Moderator) Doug DeVos Rajashree Natarajan Vikas Khanna

32 #GES2017 – Session Summary Report

Key Takeaways From L - R: Doug DeVos, Rajashree Natarajan

One must never lose faith no matter how bad a fall is. Unless you cannot let go, you cannot scale up. A successful person’s motivation does not 1 Things are constantly changing form, and it is never 3 You need ot have faith in the team you build and 5 always have to be positive. There is more to really the end. not micromanage if you want to grow. learn in failure than all successes.

“Start with a cause and follow up with commitment,” The current environment is more open to di- “The word passion is overrated!” 2 said Doug DeVos. Both dreaming big and working 4 versity, both in terms of ideas and the kind of 6 - Vikas Khanna hard is very important. people that are taking up entrepreneurial ad- ventures.

33 Easy Entrepreneurship: The Entrepreneurs’ Perspective

This session has each panellist discussing and analyzing the concept, “easy entre- was that governments should make laws and regulations for starting and maintain- preneurship.” Although the entrepreneurship journey is a rewarding experience, ing businesses transparently. Often, even the “experts” lack the knowledge needed the underlying message conveyed by the panellists characterized entrepreneurship to convey and translate regulations and opportunities for entrepreneurs. as a lonely path, requiring courage, stamina, and an unrelenting pursuit to create Transparency is paramount. a successful enterprise. In fact, entrepreneurship was described as “painful,” and a “spiritual journey” with endless challenges. The panellists continued the session de- Regarding the pursuit of higher education to fortify entrepreneurial experience scribing their own journeys to entrepreneurship. Srikanth was the first internation- and knowledge, the panellists recommended entrepreneurs to only pursue a deal blind student to graduate with a degree in cognitive science and business from gree if necessary. The panellists argued that a degree helps in building networks, the Massachusetts Institute of Technology. Through persistence and relentlessness, but by using social media to creatively find consumers and marketplaces and craft- he not only graduated from MIT but also founded a company that generates over ing a digital profile, entrepreneurs can circumvent traditional educational medi- 25 crores in revenue. Christine Souffrant’s journey emerged after witnessing the ums. The three main skills highlighted by panellists were product management, struggles of her mother and grandmother as street vendors in Haiti and New York. digital marketing, and data management, and these skills can be learned either These experiences and learnings informed and inspired her desire to provide a through traditional training methods or the grit-and-grind of trial and error. Being market and platform for vendors to sell their products. Through her experience in an entrepreneur is not easy, but trusting in one’s past experiences, creativity, and scientific research, Sandra developed innovations in biotechnology, a field domi- motivations can lay the groundwork for establishing an exceptional enterprise. nated by men.

In the second half of the session, the panellists discussed the role of government and higher education in creating spaces for entrepreneurs to excel. The key takeaway

SPEAKERS Ronnie Screwvala (Moderator) Christine Souffrant Sandra Jonsdottir-Buch Srikanth Bolla

34 #GES2017 – Session Summary Report

Key Takeaways From L - R: Ronnie Screwvala, Christine Souffrant, Sandra Jonsdottir-Buch, Srikanth Bolla

Capital is not liquid capital; it is social capital. Be cre- “If 99% of people do not get what you are say- There has to be a compelling reason to be- 1 ative in how you use your social networks to establish 3 ing, you are either wrong, or you will change 5 come an entrepreneur, and it cannot be only a formidable enterprise. the world” – Christine Souffrant about business.

Listen to the patterns of your life, and these pat- “Your degree does not matter, your exposure 2 terns will inform that type of idea and endeavor you 4 matters. Without exposure all your hard work should pursue. and talent will not take you beyond breaking stones.” -Srikanth

35 Capital Success: Crowdfunding and Bootstrapping

The session started with a focused discussion on the different models of crowd- in-depth research of all your potential investors including their risk appetite, their funding. Yeone Fok started with a brief discussion about what makes crowdfunding average exit time, and what kind of market does the investor invests in. He con- unique; first, the opportunity to share your idea with the market before approach- cluded by saying that entrepreneurs should reverse their usual practice, first ask the ing investors; second, the process of co-creation involved in the model and, diver- investor what they are interested in and then pitch your idea to them. sity of contributions which is not limited by geography or time. Then Shanti Mohan started her response by saying that you should not start a venture with the sole focus The discussion then shifted to bootstrapping and how to make it work. Vikram being, raising money. Further, that it is important to first spend considerable time started by saying that if you want to bootstrap, you have to look at customer money in understanding the market, your customer and the space you’re in. Yeone added – income levels and what kind of market you’re targeting. Yeone and Shanti empha- to her point bringing the focus back to reward-based crowdfunding platforms and sised the potential of reward-based crowdfunding platforms, especially for found- how they are ideal for companies not looking to lose equity through raising capital ers who wish to bootstrap and enter the market before raising any external money. and interested in testing their product with the market before producing at scale. Vikram added to the discussion and said when your customer becomes your inves- To conclude, crowdfunding is a new and emerging industry but is fast growing and tor, your idea has true potential to scale. developing. Crowdfunding empowers individuals, networks and ideas irrespective of differences. Crowdsourcing is not just about raising money but about customer Then the discussion shifted to understanding the investor perspective. The need to acquisition, building an ecosystem around your organisation and creating value. understand your potential investors was collectively emphasised. Vikram led the discussion recommending the entrepreneurs in the audience to understand their needs first: are they looking for serious capital or are they also looking for mentorship bundled with the capital? He emphasised the importance of conducting

SPEAKERS Vikram Gupta (Moderator) Ram Reddy Shanti Mohan Yeone Fok

36 #GES2017 – Session Summary Report

Key Takeaways From L - R: Vikram Gupta, Ram Reddy, Yeone Fok, Shanti Mohan

You should not start a venture just because you want Raising money externally is like climbing onto Hustle and find people who will be part of 1 to raise money. Passion and vision is important. In- 3 a treadmill and it becomes faster as you raise 5 the community Does not just fall into your vestors need to have genuine buy-in into your vision more and more. lap. You have to go out there and create it. for the company.

Customer money is always cheaper than equity. It is important to understand what people are 2 4 looking for and more importantly understanding the problem that you are trying to solve and the space you are in.

37 Water Everywhere: Managing a Scarce Resource

The session encapsulated the way forward for entrepreneurship and innovation in like the US, creating infrastructure for differentiated procurement is a massive the field of water technology and management. challenge; in countries like India, the distinction may affect lives through reducing the time and financial costs involved in fetching water. Managing groundwater is To foster entrepreneurship in clean water technology, the key is not innovation also a challenge in India, as 85% of water consumption comes from groundwater in water purification processes, but in the preceeding stage, that is accessibility and we extract more groundwater in India than in the US and China combined. and supply. Tying entrepreneurship to clean water usage, where franchisee rural entrepreneurs make money when their communities drink more clean water, has The panel noted that innovation is needed in connection with water to other indus- proven effective in rural India as per Sarvajal’s experience. There is a huge scope for tries such as meat consumption and agriculture, which are highly water-intensive. technology and private entrepreneurship in the space of water technology. While The need for getting government involved was reiterated time and again. In India, the state has a monopoly over water supply, if business models can work for better, there is incentivisation of state governments based on competition and through cheaper water, then we should shift in the other direction (for instance producing major campaigns such as the Swachh Bharat Mission. We need greater groundwa- water out of the air). ter legislation and differentiations in pricing of water. It is also fundamental that governments create an enabling environment for partnerships in the area of water It was also noted that the industry of water is too ‘boring’, and insufficiently attrac- management and security. Inspiration can be taken from initiatives such as those tive to college graduates, even though there are entrepreneurial opportunities to in India around hand soap usage, where partnerships with corporate marketing ef- find better solutions within the realm. forts from hand soap producers were dovetailed by government efforts to increase its usage in order to save 2 million children’s lives per year. However, there are a definite set of challenges. Water procurement is one of them. It does not make sense for all water coming out of taps to be potable. In countries

SPEAKERS Maxim Pasik (Moderator) Anand Shah Bartholomeus de Jonge Parameswaran Iyer Vikas Shah

38 #GES2017 – Session Summary Report

Key Takeaways GES Delegates

Water impacts livelihoods and economies at all levels. Clean water technology is a game changer in As individuals and as crop producers, we do 1 A lack of clean water and sanitation lead to diseases; 3 saving and improving lives. Access to clean 5 not live within our means in water terms. We 443m school days are lost each year to water-related drinking water allows families to free up time, cultivate crops that do not match the water diseases. Water scarcity will only increase this. seek employment, education, reduce health- availability in any given region. care costs, etc. It is also a business decision - healthy populations permit prosperous economies.

Two thirds of the world will have a lack of water by Behaviour change is fundamental to the con- 2 2025. There is a dire need for efficient innovation 4 versation, and initiatives such as Swachh Bharat within the field of clean water technology and man- demonstrate this in India, as it generated an agement. understanding that clean water is connected to health.

39 Grassroots Grows: Women in Emerging Markets

With a panel comprised of all women, this session focused on the many different environments that enable them to navigate their work and personal responsibilities challenges that the panellists have faced during their careers. The speakers shared with ease. their experiences in each one of the fields where they have worked such as banking, private investment, and law. Finally, the speakers emphasised the need to expand sisterhood, where women can help other women, not only to lead, but also to provide a strong support system They all agreed that for the development of society and global economy, it is our for one another. duty to include women and to create environments which are friendly and wel- coming to varying female needs. One of the speakers, Kathryn Kaufman, pointed out that the years during which a woman builds her career happen to be the same years during which she forms a family. Since both occupations carry considerable responsibilities, there is a great need to build work places which can allow women to make well-informed choices.

While the session continued, the conversation moved to the power of technology in building platforms to establish your own business and to use it as a tool for your own growth. The connectivity that new technologies provide can be used not only to get new information and to facilitate female business, but also to expand con- nections. Technology also gives women the opportunity to create conducive work

SPEAKERS Su Shan Tan (Moderator) Kathryn Kaufman Anjali Bansal Pratibha Singh Otara Gunewardene

40 #GES2017 – Session Summary Report

Key Takeaways From L - R: Kathryn Kaufman, Anjali Bansal, Su Shan Tan, Pratibha Singh, Otara Gunewardene

In every global economic metric, women are behind The solution for global instability is to invest in Be authentic. Do not try to be somebody 1 men. But it is time now for this to change. More and 3 women. We cannot progress as a global econ- 5 else, it will not work. Channel your lived ex- more women are leading the workforce from the omy if we leave half of our human potential periences and gain strength from them. helm and it is bound to shift the global metrics to- behind. ward the positive.

Technology cuts every aspect of life. It disrupts a lot You need grit to overcome challenges and suc- 2 of things and we must be ready to use it for our own 4 ceed. Most entrepreneurs agree that it was good. relentless perserverance that enabled them to succeed in their ventures.

41 Payment Platforms: What is the Next Game Changer?

The session began with the question of how digital payments have disrupted com- problem, especially for minorities who have a harder problem securing their mon- merce and trade as it exists today. Sachin Bansal, CEO of Flipkart, rightly men- ey and cash. Moving cash is slow and expensive and finally, it creates bigger prob- tioned that most transactions in India are still in cash, but digital payments in India lem amongst minorities in creating a credit history. will be a 7 – 10 trillion dollar economy in the very near future. More and more people having access to internet and smart phones is transforming the way busi- The game changers in tech as well as what governments are doing to innovate, nesses are run. With digital commerce, thousands of sellers have new access to wid- were the final topics of conversation amongst the panel. The panel talked about er markets, customers have access to new products, and transactions have become blockchain and tokenization, and how cross border trade is maximized. It was also more transparent. Digital commerce is opening new arenas for new high-quality pointed out that India is the pioneer in biometric identity. products. Melissa Frakmen pointed out how, for India, demonetization was a tip- ping point for fintech. People are starting fintech startups. Ruth Goodwin-Groen talked about how the future of digital technology is fintech. Digital payments are the foundation for entrepreneurs to grow their business.

The talk then shifted to the topic of financial inclusion and how to push more and more for financial inclusion. It was pointed out that financial inclusion is very important for development and there needs to be capital available for the companies that want to push fintech as a driver for financial inclusion. The panel swiftly shifted to the problems of cash where Ruth Goodwin-Groen emphasised the importance of stopping the cash. There is a transparency issue with cash; there is a security

SPEAKERS Lisa Mather (Moderator) Dr. Ruth Goodwin-Groen Sachin Bansal Melissa Frakman

42 #GES2017 – Session Summary Report

Key Takeaways From L - R: Melissa Frankman, Sachin Bansal, Lisa Mather, Dr. Ruth Goodwin-Groen

It is very expensive to be poor. In the US, more than In the next 10 years, almost 1 billion people Right now, new models are growing. There 1 US$ 1 billion is spent on fees by people who do not 3 will have access to 4G in India. 5 are villages, for example, that are incentiviz- have access to financial services. ing digital payments and decentralization.

Digital payments and digital commerce are different, Digital payments are exciting because they will 2 and they do not necessarily happen together. In lots 4 allow many small and medium entrepreneurs of places where digital commerce is growing, pay- to grow their businesses. Tracking your cred- ments are still happening in cash. it history is a lot easier with digital payments, and that allows a lot more entrepreneurs to get microcredit so that their smaller businesses can expand after finding a proof of concept.

43 Retooling Learning and Schooling

The session focused on how the landscape of education is changing through techno- For this reason, it is important to work with parents, as well as bridge the digital logical and computing innovations, and how this is drastically changing the experi- divide for them to see the world of possibilities out there for a child’s development. ence of learning within and beyond the classroom. The panel discussed the changes For example, if a child is excelling in video games, the stigma should be removed, that need to occur in the space of education in order to accommodate the changes and the possibilities should be explored for their talent to actually be maximized happening in the world. The current educational system was developed in the in- productively. dustrial age, and we are about to go through the 4th industrial revolution. Change is clearly happening, but is it happening everywhere? And fast enough? When it comes to technology and education, a low floor and high ceiling approach needs to be taken. Governments and corporates should provide technology to en- The Asia Pacific region faces particular challenges, like the rigidity of current teach- sure equal opportunities for everyone to achieve with a level playing field (low ing methodologies, focusing on informational learning as opposed to experiential floor), however, a high bar needs to be set to keep challenging young people and learning etc. Additionally, children face enormous parental and societal pressure inspiring them to do amazing things (high ceiling). Young people of today need to in this very specific type of learning that is not tailored to every child. This is sadly be trained to innovate and come up with solutions to the problems previous gen- resulting in serious mental health issues and in some cases suicide among young erations are leaving behind. With the job market changing so rapidly, things that students. Clearly, something needs to be done. Children need to be given the space students learn at school and college, or jobs that they are working towards, may not to pursue their passions, and teaching methodologies should be more individually be even relevant by the time they graduate. Therefore, learning should be teaching tailored. Children also need to be given choice in the matter. them how to have an entrepreneurial mindset to always create possibilities and success throughout their lives.

SPEAKERS Rukmini Banerji (Moderator) Mukul Kanitkar Vivian Lau Sunil Manohar Gavaskar

44 #GES2017 – Session Summary Report

Key Takeaways From L - R: Mukul Krantikar, Rukmini Banerji, Vivian Lau, Sunil Manohar Gavaskar

It is important to delink learning from schooling. Es- Sports should be included in school curricula, Young people should be encouraged to learn 1 pecially as technological advances are allowing peo- 3 as it teaches hard work, perseverance, disci- 5 how to learn, and that is by making mistakes. ple to live longer, all people need to keep learning pline, determination, and dedication. It teaches There is too much parental pressure, espe- throughout their lives, and the facilities for this to you how to deal with failure, giving students cially in Asia, for academic perfection. Chil- occur need to be established. a better idea of how to deal with other issues dren should be given the space to make mis- in life. takes and build resilience.

Learning needs to be experiential, interactive, and The education system we have comes from the “There is a difference between entrepreneur- 2 beyond informational instruction and rote learning. 4 industrial age and we are in the 4th industrial 6 ship and entrepreneurial skills. Not everyone Lessons and assessments should be tailored towards revolution. Need to make education relevant will be an entrepreneur, but everyone can individual students’ needs. These major shifts are oc- to students again and provide them with rea- use entrepreneurial skills. We want children curring in methodologies globally. Teachers should sons as to why they are there to learn – to solve to develop entrepreneurial skills to create give students the joy of learning. problems. successes throughout their entire lives.” – Vivian Lau

45 Meet George Jetson, Modernizing Mobility Infrastructure

The panel began with a quick description of the panellists’ story and the work their Drones also formed a sizeable part of the discussion. We will probably not have organisation does. Deepak explained how he came up with the idea of Rivigo in a Jetsons city anytime soon. However, there are organisations that have started 2014 to radically rethink the logistics model in India that suffers from large-scale working on dedicated flight paths and some argue that we might not be too far inefficiencies. Also, how his model of relaying truckers from city to city instead of away from transporting people through drones. In any case, drones will definitely getting them to drive the entire journey, has made the trucking business an appeal- be important in niche areas. ing job alternative. He believes this is the future of trucking, at least in emerging markets.

The conversation then moved towards the future of diesel in the world. There is a need for cleaner diesel to be adopted and India has taken a very positive step towards this by adopting Bharat Fuel Stage VI. Another important change that will take place over the coming years is a higher degree of hybridisation.

The other important discussion was on the mode of energy that is likely to play a major role in mobility that is solar energy. The ability to convert solar energy in to electricity and then utilise it for transportation is a game changer.

SPEAKERS Carlo Ratti (Moderator) Deepak Garg Jan Oliver Roehrl

46 #GES2017 – Session Summary Report

Key Takeaways From L - R: Jan Oliver Roehrl, Carlo Ratti, Deepak Garg

The future of mobility lies in drones.There are or- Artificial Intelligence and machine learning 1 ganisations already working on ways to transport 3 will play a critical role in mobility in the com- people through drones. ing years. Artificial Intelligence will be a massive game changer as we progress.

Self driving cars will be the future of mass transpor- The potential for innovation in the space of mo- 2 tation. People will stop owning cars. 4 bility is tremendous. Alternate forms of energy and reformed processes can change the way people and goods are transported.

47 Byte into a Better Future: FinTech Disruptors

The session centred around patterns and innovations in FinTech ‘disruptors’ to im- The challenge of regulation: the Central Bank / all banks require all sorts of oner- prove financial access, empowerment, and economic growth at all levels. For these ous processes (Know Your Customer) to prevent money laundering, etc. Impor- initiatives to work, we need access to digital technology in the first place. This is tantly, FinTech makes the delivery process much easier and more convenient for important in the context of access to the phoneless (300 million in India above the customers. age of 15 years) and smartphone-less. The proliferation of smarter phones and pen- etration of the telecom infrastructure facilitates connectivity to financial services. There was concurrence that the cost of delivering credit in the microfinance sector will significantly reduce because of digital technology. Telecom infrastructure and not mobile phones are key because banking is being provided through micro-ATMs. In India, we are data rich before we are financially rich. How do we use this source of data for access to financial services? These shifts are underway to utilise data for In conclusion, all panellists agreed that digital technology in finance has only start- better access to credit, but there is a long way to go. ed to improve lives and will go a long way in future.

There are issues of convenience and trust in the space of FinTech. Convenience is key, as long as it goes hand in hand with trust. The paperless shift is one such example - when you make something 100% paperless, transaction growth will no longer be 1-2 times greater as it was in the past, but 10 times greater.

SPEAKERS Rajiv Behari Lall (Moderator) Adhil Shetty Diana Layfield Upasana Taku

48 #GES2017 – Session Summary Report

Key Takeaways From L - R: Adhil Shetty, Rajiv Behari Lall, Upasana Taku, Diana Layfield

We are on the cusp of a revolution in the delivery While India is going online, the proportion of Banks will continue to play a fundamental 1 access to financial services in India, which is headed 3 women online is less than that of men. This re- 5 role in the future; other stakeholders are in a digital direction; more than 100 million make flects as a difference in empowerment between not trying to break this down, but to build digital transactions and more than 10 million mer- genders in the field of finance, and this needs an ecosystem for greater and more effective chants accept digital transactions. to be bridged. access. These services and products are build- ers, not disruptors.

“Digital” is a very equal platform. It does not dis- Consumers are asking for extreme convenience 2 criminate on the basis of what you look like or what 4 in order to buy, as seen with Amazon, Google, you wear; it also solves the mobility issue, as services etc. and we can see this with financial products. are readily and remotely available. It is about convenience and trust.

49 Getting on the Grid

The session started with discussing the challenges that India and other developing The next phase of the discussion was about the different alternatives out there for countries are facing in providing access to electricity to their citizens. For any electrifying villages. The panellists discussed the benefits and drawbacks of adding country like India, diversification and improving energy access for over 300 million people to the main centralised grid vs promoting micro-villages for the villages. people is a challenge. There is a 3-4% deficit in urban India itself, so ensuring access There should be more options for people to choose between government grids, or in the rural parts is even more challenging. Improvement has happened from the setting up your own individual panel or setting up a micro-grid. government’s side over the past few years but it is not sufficient. Some of the challenges that the sector faces are: Power everywhere in the world is The panellists highlighted that India does not have adequate sources of oil, so solar sold on a subsidy model. When you start building these microgrids, you are taking is going to be the next big source of energy but we also need to explore other re- away the larger customers of established companies and that is when local regula- newable sources of energy as well. One of the panellists (Ravi Kailas) highlighted tors create problems. Exit mechanism for microgrids is another issue that a lot of that cost of solar energy is 50% less in India than that of coal. companies face. There is no security on capital.

In 2010 the solar industry size was 20GW and now it is 200 GW in India. Adding Towards the end, the panellists discussed a huge opportunity that exists in terms another 200 GW of solar is definitely going to happen but the question is when? of making hybrid appliances that run on renewable sources of energy and are also No one knew that one day there will be over a billion mobile users, including the efficient. The panellists discussed how we can bring in sustainable income sources rural area as well. This did not happen because of government policy but because of and democratize learning for people in abject poverty through appliances like a demand. Same will happen to the solar sector if we provide value to people. solar sewing machine or a solar projector.

SPEAKERS Harish Hande (Moderator) Piyush Mathur Ravi Kailas Sara Vakshouri

50 #GES2017 – Session Summary Report

Key Takeaways From L - R: Harish Hande, Piyush Mathur, Ravi Kailas, Sara Vakshouri

For any country like India, diversification a improv- Cost of solar energy is less in India. It is 50% People need to see value in using alternative 1 ing energy access for over 300 million people is a 3 less than the cost of coal. India has a conducive 5 renewable energy sources in order drive de- challenge. India does not have adequate sources of environment to increase reliance on alternate mand and thus enable the green shift at scale. oil, so solar is going to be the next big source of en- sources of energy. ergy.

Ensuring 24 hours energy is a big challenge for India. In 2010 the entire industry size was 20GW and 2 There is a 3-4% deficit in urban India itself, so ensur- 4 now it is 200 GW. Adding 200GW of solar is ing access in the rural parts is even more challenging. definitely going to happen but the question is Improvement has happened from the government when? In 2 years, 5 or 7. No one knew that side over the past few years but it is not sufficient. there would be over a billion mobile users in both urban and rural areas, and they have driven the demand for alternative energy, not policies.

51 Better Health without Breaking the Bank: How Low-Cost Innovations are Revolutionising Healthcare

In India, access to quality and affordable healthcare is a major challenge, and there is the supply chain. For example, addressing supply-side issues will definitely reduce significant room for innovation in this space. In tandem with innovation, the private costs. Healthcare products also need to be made affordable and accessible. Fur- sector has a huge role to play. Both product and deployment of healthcare technol- thermore, preventative measures should be given greater precedence over curing ogies - specifically medical devices and pharmaceuticals - are important. Address- methodologies. ing this issue is critically important not only because of the direct cost of adverse health, but the indirect cost associated with man-hours lost due to ill health of both In terms of opportunities for healthcare startups, several opportunities exist for patient and accompanying the person, negative externalities of an unhealthy pop- several reasons. Firstly, established, large corporates often lack the hunger to inno- ulation on society, and so on. With healthcare, as with the water problem, impor- vate or the appetite to take risks in a way that startups do; secondly, startups can tance of behavioural change is incremental since people do not change their health find low cost solutions to existing problems more easily; thirdly, startups with a care habits very easily. tech focus are bridging the gap between doctors and patients.

For low-income populations, tiered pricing is important so that healthcare providers do not ‘break the bank’ for patients in rural India by charging a high price to consumers. Cross-subsidisation could be a solution to this challenge. Furthermore, although the overall healthcare costs have been increasing due to longer lifespans and population explosion, individual costs are reducing due to increased purchasing power and technological innovations in healthcare delivery. However, human- kind is presently spending more than $3 million every day for 3,000 years; this is a shocking estimate. Healthcare solutions can also be found at different levels of

SPEAKERS K Chandrasekhar (Moderator) Anand Madanagopal Chrispin Kambii Priya Tandon

52 #GES2017 – Session Summary Report

Key Takeaways From L - R: K Chandrasekhar, Anand Madanagopal, Chrispin Kambii, Priya Tandon

Access to quality healthcare biggest challenge in In- Big companies do not take risk, do not have the Low cost/no cost models address the cost 1 dia. Both product innovation and deployment of in- 3 appetite to disrupt and innovate - therefore, 5 problem but create a utilisation/impact prob- novation in healthcare is therefore very important. huge scope for startups lem. Therefore, we need influencer engagement to create mindset change in people.

There are direct costs in healthcare but also indirect Healthcare costs have generally been going up 2 cost of travel and opportunity cost of work hours 4 because of population increase therefore “total” lost, of patient as well as those accompanying pa- costs have gone up (people living longer, more tient, therefore, deployment of innovation becomes people on planet, etc.); however, purchasing vital in this case. power has also increased over time - individual costs going down.

53 Building Your Customer Oriented Brand

This session gave the audience an insight into building brands that foucs on consum- A millennial consumer responds to content. A brand communicates stories and er needs above everything else. This discussion began with an emphasis on research ideas to the customer. Define your brand and create a narrative around it. Create and development (R&D). While building a brand, money should first be invested content that customers will listen to and follow. Utilize social media and influenc- in R&D. Prior to the launch of any product or brand, R&D is crucial. The product ers to push out your messaging. E-commerce is a great opportunity for new entre- created should be of superior quality. Creating a high-quality product ensures that preneurs, at it is low risk. However, since e-commerce is product category specific, customers become brand advocates. Social media marketing and a sales team are it works great for the business to consumer category. the second steps, in terms of investment. The session ended with the panellists unanimously agreeing that consumer be- The 4 P’s: product, pricing, placement, and people should be focused on while de- haviour is at the threshold of another huge change as there is bound to be a major veloping a brand. There should be a root to market plan. The consumer base needs shift from retail to e-commerce. To keep up with this, brands need to constantly to be followed, even if it means redefining the brand. The product needs to be innovate. adapted in order to meet customer needs. Consumers are very self-aware. Listen to the customer, and then listen and follow the advice of the sales team.

In order to create an enduring brand, product excellence must be ensured. This is guaranteed via constant innovation and brand development. The brand must be reevaluated constantly. “Do not be obsessed with your solution, be obsessed with the consumer’s problem”. Again, listening to the consumer is key.

SPEAKERS Priya Nair (Moderator) Lisa Srao Priyanka Mital Shivani Malik

54 #GES2017 – Session Summary Report

Key Takeaways From L - R: Lisa Srao, Priya Nair, Priyanka Mital, Shivani Malik

Customers reward you if you give them what they Keep adapting, keep changing, keep talking to Define the role and the responsibilities of the 1 want. Always listen to the customer. Build your brand 3 the sales team. The trends in sales are a direct 5 employees. Once they realised their impor- around their needs and you will get the returns. indicator of consumer behaviour. tance in keeping consumers. They perform better.

Do not be obsessed with your solution, be obsessed Once a brand is already out there, you need to From an Indian perspective - customer ser- 2 with the consumer’s problem. No solution is a hit 4 build a relationship with the customer through 6 vice is crucial! The Indian market is very and win in a market driven by consumer needs, social media. Social media is the next big thing value-driven. Give your customers the value which are constantly changing. Be open to tweaking in the field of marketing. and there will be demand. your idea.

55 From the Drawing Board to the Boardroom Creative Entrepreneurs

This session discussed the challenges faced by creative entrepreneurs - especially of asking for things - whether it is asking for money, asking for credit, asking for women - and how those challenges can be overcome. Rohini Dey started off by help - and be direct like most men. She added that women tend to underplay their saying that one just has to believe in oneself and have to be disciplined to be a suc- strengths and undermine themselves, which hinders them from making progress cessful creative entrepreneur. Furthermore, it is essential that all entrepreneurs and thus succeeding in their business. Finally, she stated that “analysis paralysis” has learn their numbers since capital is extremely important when it comes to building become a big issue for many entrepreneurs. She advised not to spend an unneces- a business. In other words, financial literacy is a crucial quality that all entrepre- sarily long time trying to plan everything out perfectly, and instead set a time frame neurs must master in order to at least make some progress in their business, and and focus on one thing at a time. eventually succeed. Dey shared her story about the beginning of her journey, where she needed five million dollars to open her first restaurant in New York City. She managed to raise one million dollars herself and planned on getting loans from commercial banks. However, none of the banks would lend her money, because she was a woman. After struggling for quite a while, she finally succeeded in getting a loan from the Small Business Administration (SBA). She was able to pay off all her investors and SBA within the first two years of her restaurant opening. She concluded that it is undoubtedly more difficult to get access to finance and build a business in the creative industry, especially as a woman.

Anita Dongre stressed that creativity mixed with empathy is key to succeed in the creative industry. She also underlined that women need to get over the phobia

SPEAKERS Rasmus Wiinstedt Tscherning(Moderator) Anita Dongre Rohini Dey

56 #GES2017 – Session Summary Report

Key Takeaways From L - R: Rohini Dey, Anita Dongre, Rasmus Wiinstedt Tschering

Creativity mixed with empathy is the key to succees. All entrepreneurs must learn their numbers. It is more difficult to get access to finance and 1 3 Financial literacy is one of the pre-requisites to 5 build your business in the creative industry. becoming a successful entrepreneur.

You have to believe in yourself to succeed. Entrepre- Capital is extremely important to build any 2 neurship is a challenging journey with many obsta- 4 business. But procurring that capital comes cles. Passion and faith in one’s idea can take a person with its own set of challenges. As a women, it- a long way. becomes even more difficult.

57 Go for it: Tapping Alternative Financing Solutions

Alternative modes of financing an idea or enterprise exist outside the traditional units of currency but must give this currency back to people and organizations that venture capitalists models. Corporations have their own investment arms; incuba- inspire them. Spotlight is also a social network where people are able to highlight tors through the help of foundations and government grants offer capital to start- particular organizations that create high impact. The aim of this initiative is to make ups; philanthropic and social currency models are also often the untapped funding capitalism more sustainable by promoting an altruistic vision of the future. Busi- sources. In these funding streams, investors consistently search for entrepreneurs ness and organizations who do good work will have the visibility and the resources who are coachable and who passionately seek to change the world. Investors are needed to improve the world. extremely selective with investments, and entrepreneurs should carry the same due diligence when selecting investors, ensuring that investors are committed to Incubators operate in the region where market failures miss opportunities on high the idea and have some level of expertise in the field. Corporations invest through potential companies and where private support is not easy to find. By connecting three main models: 1) dedicated funds towards a portfolio of companies, which can to incubators such as CIEE, startups receive on the ground training, mentorship, be diverse in nature 2) strategic investments in enterprises that improve corporate alumni support, partnership opportunities, and funding options to move forward weaknesses and offer a strategic competitive advantage to boost returns 3) port- in the startup phases. folio and strategic investment driven. Corporations are generally more patient, viewing investments as long term processes which offers entrepreneurs the time To compete in a competitive funding market, entrepreneurs should find alternative and space to develop an enterprise and gradually emerge in the market. methods of funding through corporate investment, incubators, CSR, crowd-funding, social currency, philanthropic giving, and government and foundation grants. Within the philanthropic and social sector, new avenues for receiving and finding Resources exist, but it takes creativity and sharp public relations to make one’s financial support are emerging. One such avenue, recently launched by Horyou, is business visible and attractive in these diverse funding pools. called Spotlight. Spotlight is the world’s first digital social currency. Users can buy

SPEAKERS Sanjeev Aggarwal (Moderator) Steve Nordlund Yonathan Parienti Priyanka Chopra

58 #GES2017 – Session Summary Report

Key Takeaways From L - R: Steve Nordlund, Yonathan Parienti, Priyanka Chopra, Sanjeev Aggarwal

We have to make capitalism more sustainable and The first question entrepreneurs and investors I look for people who want to change the 1 promote an altruistic vision for the future. 3 ask themselves should not be how you make 5 world. To me, entrepreneurs are people who money, it should be how much impact they will are on a mission to make a difference, and have. they must be passionate about it.

Solutions have to come from people who are facing Women give back to society almost all the val- 2 challenges on the ground. My task it to raise aware- 4 ue they generate. We need to support more and ness from these people so that they can come up with more women-led enterprises. these solutions and implement them.

59 The Missing Middle: Making the Leap

This session entailed a very insightful discussion on how venture capital works. The neurs are the ones who dare to dream and are crazy enough to pursue that dream. panellists emphasised that their definition of the missing middle has been expanded It is the ability to look at risks differently. Allie Burns pointed out that the study to include any company at any stage of growth that has received the first stage of undertaken by Village capital showed the qualities that made startups successful – funding and has for some reason, plateaued in their growth. multiple founders were better, diversity was better, and lived experiences of the founders (knowing their market) were the crucial points for the best and most suc- The conversation shifted to why funding stops after the first round of funding. cessful startups. The conversation ended with talking about products that fit ven- Vani Kola talked about the importance of financial solvency of a company and that ture capitalism and the importance of domain insight for a startup and the product. not enough startups talk or think about it. She mentioned that ideally, a company needs 12 months of capital at any given point. Allie Burns also pointed out the importance of knowing what sort of funding is necessary for a company or startup and sometimes, venture capital is not what they should be looking for. It might be important to look at grant financing instead of venture capital.

The next topic that was discussed was the importance of education, and whether an MBA or being a graduate of an IIT helps overcoming the middle plateau. It was emphasised by all members of the panel that an IIT education or an MBA do not guarantee success. It is the network that is the most important factor along with the co-founders and the core team that is part of the company. Education is a tool and entrepreneurship requires looking at life in a certain “warped manner”. Entrepre-

SPEAKERS Venktesh Shukla (Moderator) Vani Kola Lavanya Nalli Ramanathan Allyson Burns

60 #GES2017 – Session Summary Report

Key Takeaways From L - R: Vani Kola, Venktesh Shukla, Lavanya Nalli Ramanathan, Allie Burns

The missing middle is defined as when a company IIT degrees and MBAs do not matter. Even if Domain insight is more important that do- 1 gets the initial funding but their growth plateaus. 3 60% of venture funding goes to alumni of IITs, 5 main expertise when creating a business or There is something missing to push them over that it is not the most important thing. Networks product as an entrepreneur. plateau and into areas of growth. and where you find your co-founders matter. Educational background as a determination of success is not true.

The ideal number of founders for a company is 2 There are many other ways to achieve funding Financial solvency of a company is an import- 2 or 3. Building a company is not a democracy. There 4 than only through venture capital. Venture cap- 6 ant aspect that is missed by most startups. needs to be a decision as to who is going to make the ital is a very particular form of funding for very Ideally a company should have 12 months of tough decisions and who has the veto power. particular things - especially companies and capital and have to continue raising that capi- ideas that can have exponential growth in the tal or have unit sales that are enough to keep future. There needs to be awareness amongst the company profitable. founders and startups about the different options of funding available and which to choose.

61 Easy Entrepreneurship: Investor’s Perspective

This session put forth the point of view of investors and how they have observed cial treatment but just about removing the implicit bias and making it easier to have the changes in the invesment space. Government reforms over the years have cre- a dialogue. Investing in women is not impact investing. Like all others, women can ated a big difference. While on the national level things are extremely positive, on bring terrific returns and can also bring great risks. An issue faced by the industry the ground level it is still a little challenging for entrepreneurs because regulators currently is that there are not enough women sitting across the table representing behave differently in each state and city. Rehauled arbitration laws have made a big the funds and firms. difference as arbitration can easily kill a fund. Now, there is also a very positive open dialogue between industry and regulatory authorities. GST is also a powerful The session ended with a discussion on the connective tissue between big and small step in the long term and the government has played an important role in ensuring companies. Big corporates are excited and intrigued by what is happening in the financial inclusion. The discussion then shifted to the importance of value creation. start-up ecosystem and the small ones are out there pitching and trying to impress Also, the source of capital plays a critical role in scaling an enterprise. The nomen- the big ones. Both are essential to each other. At the end of the day, small startups clature of the enterprise also matters. There should be nothing known as a social can be the suppliers or the buyers of mass orders from the big corporates. or impact enterprise because anything that is not particularly destructive is social and impactful. In the impact as well as the non-impact space, another big issue is that enterprises are looking towards valuation creation and not value creation. The focus has to be on the value.

Zooming in, one can notice the evident gender disparity both as funders and entrepreneurs. Funds need to play a larger role in closing the gender gap. The first thing is that women just need to be given a fair hearing. It is not about giving women spe-

SPEAKERS Vineet Rai (Moderator) Anjali Bansal Thomas Hyland

62 #GES2017 – Session Summary Report

Key Takeaways GES Delegates

Some things and changes are very positive in alterna- We do not see women on the other side of the To create opportunity you need to create an 1 tive investment. There is now an open dialogue be- 3 table. Most investors are white males. 5 ecosystem - startups are creating business tween industry and regulatory authorities. among themselves. The ingredients of the ecosystem are educational facilities, money, accelerators and strong ecosystem layers.

What can funds to close gender gap? They firstly Investing in women is not impact investing, it There is always a tradeoff between scaling of 2 need to give women a fair hearing. It is not about 4 is the same as investing in any other start-ups. 6 small enterprises and getting investors the special treatment but about removing unconscious It can create terrific returns and can be a great return that they expect. biases. We need to make it easier to have a dialogue. risk as well just like others.

63 64 #GES2017 – Session Summary Report

DAY 2

65 Capital Success: Seed Funds to Venture Capital

This session provided participants an insight into seed funds and venture capital as to create an atmosphere where quality research can be produced. Not only the alternatives to conventional financing. research ecosystem has to be developed but also adding business support system is important, like what Stanford has done. The session started with a discussion about the different trends and patterns in investments across the globe. The panellists highlighted that 2015 saw the most There was a brief discussion about us being too much IPR dependent and the im- amount invested after the dot-com bubble, a total of $ 80BN. They also said that portance of focusing on collaboration and sharing of information. The importance an increasing amount of Indian entrepreneurs are now looking towards the US for of mentorship and the gap that exists between seed stage and maturity stage was funding and there are huge opportunities there. discussed in detail and the panellists also quoted some personal examples for the same. The discussion then moved on to the problems that entrepreneurs generally face in raising funds for their ventures. One of the important factors that were highlighted is finding the right institutions which can actually understand the struggle of the entrepreneurs and also mentor them along the way on the technical side as well as for getting finances. One of the panellists applauded the efforts of the Indian government for promoting research and quoted Bi-rac as an example. But there are two major challenges that we face, the amount of capital available in India for research is not that high and pairing of a business idea and research is not that focused on in India. The panel also discussed the need for more grant based capital, especially for research-oriented ventures. In the case of research, it is important

SPEAKERS Rema Subramanian (Moderator) Nandini Tandon Andrew Tsao

66 #GES2017 – Session Summary Report

Key Takeaways From L - R: Rema Subramanian, Andrew Tsao, Nandini Tandon

We are seeing an increasing amount of Indian entre- In bio-tech and med-tech, early stage requires While we think globally, we also have to act 1 preneurs looking towards US for funding. 3 a research of a certain quality. The levels of re- 5 globally. More and more collaboration is im- search are very high in Israel. In India, the eco- portant on a global scale. system that is built around is not that dense but there definitely is some good research being done.

It is important for an entrepreneur to find institu- The amount of capital available in India for re- Do your homework, at the end of the day it 2 tions that understand your struggle and mentor you 4 search is not that high. That is why the research 6 is all about connecting the dots and under- along on the Technical side as well as for Finance. products are not that good. There is a need to standing the pattern. You are the most im- pair business ideas and research. portant entity that the investor is going to invest in; Not your technology, not your idea.

67 Beyond Returns: Investing in Emerging Markets

In this session, the speakers discussed the possibility of creating social impact with profit and impact. The point was also made that even in developed markets, through investing in emerging markets, and whether these investments would have you have vulnerable populations that need to be supported. lasting returns. The environmental and social problems of today’s world are too big to solve without a coordinated effort. Thus the conversation should take place A company should look at the needs wherever they arise, and assess their capability between different organisations as it is not just about one company or individual. to have an impact through philanthropy – always look for opportunities to drive societal change. Furthermore, 50% of millennials will not join a company unless Amit Midha outlined the three ways in which companies can create social impact. there is a focus on social good. It is therefore good for businesses to engage in The first being, giving a percentage of business profits to a certain cause. The sec- issues that millennials are passionate about, in order to attract top talent to your ond is creating impact through socially or environmentally conscious company organisation. policies for the way the company lives and acts every day. The third is the middle ground of impact investing, where a company makes a difference while succeeding When deciding on what to invest in, the company has to start with core values, and in their business activities, for example investing in a social entrepreneur and see- then see whether you take the step to give money. Today there is a greater view on ing the returns. the efficiency of every dollar given, and see the impact that it is creating. It is very useful for corporates to look at it from an investment perspective. Driving performance and prices are also ways of creating impact. India provides a huge opportunity in the next few years to make a large social and financial foot- print. 56% of the worlds global poor is in the Asia Pacific and this means there is a huge opportunity for companies to make an impact as responsible businesses. The environmental changes in India are a huge opportunity for getting things going,

SPEAKERS Ankur Sahu (Moderator) Kirsten Lund-Jurgensen Rajan Navani Amit Midha

68 #GES2017 – Session Summary Report

Key Takeaways From L - R: Ankur Sahu, Kirsten Lund Juergensen, Rajan Navani, Amit Midha

In today’s world it is important to create businesses It is useful to look at engagement through digi- Everywhere is culturally different and how 1 that can do well, but also make a difference, espe- 3 tal platform to see what consumers care about, 5 things work are different. Global companies cially in the Asia Pacific region. The key motivations especially young people. Business demands have to understand this and support the lo- behind entrepreneurial endeavours have changed as companies to be impactful, because consumers cal culture and environment. Need to reach human needs are changing over time. and employees want to be associated with com- out to partners – collaborative effort is im- panies that give them pride. portant. Helps when local governments are supportive.

Impact investing is a mutually beneficial and attrac- Sustainability of business depends on – pur- 2 tive way of creating social good, as it coincides with 4 pose, performance, passion and diversity (in the company succeeding in business. It is also good thoughts, actions and culture). The social im- for business, as millennials look for employment at pact aspect is therefore crucial to sustainabili- companies that are creating social impact. ty. It is important to give this social advantage through philanthropy but then monitor it professionally.

69 Harvesting Change through Entrepreneurship: Tackling Global Agricultural Challenges

The session emphasised the need for global innovation within agriculture. It was ers. While there are now cost-effective ways to get technology available to farmers collectively stressed that we should not look at agriculture as one entity. Some of all scales, the challenge is often sustaining the model of providing this technol- farmers make good money and can invest in capital (e.g. in grains) make far less, ogy. Although it is cost-effective at first, it does not always remain so, for instance, and some are in between. As a result, the technology that farmers in the latter cate- due to service needs. gory require differs, and is around accessing water or knowing when to sow, rather than how to use drones. By addressing different segments differently, we can use Furthermore, there are issues of trust. Technology that has a lot of value but no im- technology appropriately and effectively. mediate return (e.g. drones) needs to be sold to the intermediary agents, and only then will it be used by farmers within a few years. It is often a question of selling The future of the agriculture business involves acquiring new technologies and to the right intermediary group. using them for the purposes of efficient agriculture. Entrepreneurship fits into this piece. There is both a profound social need and serious economic opportunity for A huge future prospect is information for all stakeholders and at all stages, and agricultural innovation. In fact, improvement in the agricultural sector lifts the technology-led information given information asymmetries in the Indian context; income of working core 2-4 times faster than other sectors. In India, a lot of work anything that levels the information playing field will allow the market in India has to take place through partnerships. A small startup can interface with millions to develop much further. Automation and machine learning will also change the of farmers through another agency rather than directly, and India is an agricultural game. Farming is universally a tough field, and in all markets, automation technol- ecosystem that is characterised by small farmers and huge agro-business companies ogies need to step in to relieve farmers who do not want their children in farming who have learned to interact with them. The use of technology in farming in India (anywhere in the world). Machine learning and AI will be as ubiquitous as electric- is complex, and there is reluctance around taking new technologies to scale. No ity, incorporated everywhere as a force for efficiency and force multiplier. company has yet made money by trying to sell apps or digital technology to farm-

SPEAKERS Roee Tamari (Moderator) Anil Jain Dan Bryant Mark Kahn Ritu Verma

70 #GES2017 – Session Summary Report

Key Takeaways From L - R: Ritu Verma, Mark Kahn, Dan Bryant, Anil Jain, Roee Tamari

Agriculture represents 20% of the Indian economy It is difficult to convince farmers of returns on Entrepreneurs in agriculture do not generally 1 and 50% of the Indian population. With a growing 3 the use of technology; the most effective way 5 play well together; there is some business that global population, the need for agricultural innova- to frame this in India is by demonstrating cost they do together, but it is rare and difficult. tion is fundamental. 120 million Indian farmers need savings rather than attempting to sell potential access to technology to change the way they work. for greater yield (which is subjective, multi-di- mensional, etc.).

Future trends to look out for, within ‘Ag Tech’, in- Issues in talent in agriculture are derived from 2 volve information and machine learning. 4 the lack of interest in agriculture, and there is an ensuing lack of excellence in agricultural innovations and processes.

71 The City Never Sleeps: Cities of Tomorrow

The session focused on the challenges of building smart cities. The discussion went need to also focus on the people who work hard in duties such as waste picking. from creating conscious citizens to building a model which fits the needs of each Especially within this topic, there needs to be a gender discussion. For instance, particular city. Amitabh Kant emphasised the need to focus on specific needs of the around 70% of waste pickers are women, and they deserve similar respect and cities and how each city is different. He emphasised that the design of smart cities opportunities to grow while also fighting gender discrimination. need to be done case by case. We need to start planning our cities without following the typical old patterns of western city planning. The session finished with the idea of creating smart citizens that are sustained by smart citizens. The whole process of an organization needs to be people centric and Amory Lovins focussed a lot on the interconnectivity that needs to be built in new citizens need to feel ownership of their own places. cities. The new cities need to have new designs that should focus on “dense capillary networks” where there are different styles of buildings, roads, etc for all the different people. He also strengthened the point of creating cities that are affordable and cost smart for all strata of society.

Priyanka Bakaya, a successful businesswoman who focuses on the recycling, talked more about the environmental threats our cities pose and the importance of waste management in new cities. She talked in detail about the damage of plastic and non-biodegradable products. She especially focused on the harms of such neglect on our water resources. Priyanka also believes that the conversation about smart cities is incomplete without bringing the topic of labour and work division. We

SPEAKERS Anjana Menon (Moderator) Amory Lovins Amitabh Kant Priyanka Bakaya

72 #GES2017 – Session Summary Report

Key Takeaways From L - R: Amory Lovins, Anjana Menon, Amitabh Kant, Priyanka Bakaya

Smart cities need to be improving the quality of liv- The design of smart cities need to be done case The discussion on waste management within 1 ing for people. Better livability comes from better 3 by case, without following the typical old pat- 5 smart cities is vital. As cities grow smart, the compact cities, which are efficient, inclusive, and terns of western city planning. stress they put on the environment should cost-smart. decrease instead of increase.Our cities need to be environmentally smart.

Citizens need a sense of ownership. In order to build Conversation about smart cities should also 2 a smart city, you need smart citizens. 4 focus on the people who work hard in duties such as waste picking. Also, there needs to be a special discussion about gender within. Women working blue-collar jobs deserve more care and growth opportunities.

73 Diversifying Supply Chains: Linking Global Commerce and Women-owned Businesses

This session started with the panellists quoting real-time examples of companies There is a need to employ initiatives and ideas for small women-owned businesses that link themselves to global supply chains. The first example that was elaborated to help them get into and have a more effective access to the market and supply on was SDI International. chains. There is a dire need to give them marketing support so that these women can successfully sell their products and do well in their business. SDI International started off with its own suppliers who were all certified. Looking at the success it brought, they turned it into their main strategy as they looked to But an important question to consider is, ‘How do we make diverse supply chains a the tail end of the supply chain. Even though they were too small to go after a big long term engagement strategy?’ The answer lies in the fact that this whole supply company, they allowed themselves to have a foot in the door and be involved in the chain process also needs to be made sustainable at the same time. Businesses need entire process. In addition, they did a lot of management and backend work, which to build strategic partnerships with suppliers instead of going down the vicious proved to be extensively successful for them. They now have offices around the cycles of taking loans. To begin with, these organizations need to start within their world and are considered a successful global organization. community and within their diaspora. In order to gain access to the required resources as they begin to expand, these companies need to connect with trade or- Another example quoted was of Walmart. At Walmart, the focus is on serving the ganizations, embassies, and other international groups that can support them and customers. In store and online, customers are truly connecting and having relation- help build a successful supply chain based on strategic partnerships. ships with Walmart’s suppliers. By focusing on specific initiatives, Walmart made this happen. For example, Walmart’s Women Empowerment Commitment focuses on bringing women to realize their potential and allow them to fulfill their dreams. They now have a Women Entrepreneurship Development Program in India – this not only helps them to develop good partners but also create impact in an efficient way. SPEAKERS Sumita Ghose (Moderator) Angie Cooper Virginia Littlejohn Rahama Wright

74 #GES2017 – Session Summary Report

Key Takeaways From L - R: Sumita Ghose, Angie Cooper, Virginia Littlejohn, Rahama Wright

Showing up at events is extremely important for “The more rejections you get, the closer you It is difficult to get funding for minority and 1 business owners. Being persistent is crucial and it re- 3 are to getting a yes!” 5 women-owned businesses at par. But if there quires you to ‘be there’ and follow up. Nothing will are people who are not giving you money to not work unless you are there to follow up and have begin with, there is also another reason. And the important dates penciled into your calendar. it is important to focus on yourself to see how and what mistakes you are making. It is important to fail and then get trained.

Building relationships with your suppliers is also ex- Storytelling is extremely important for peo- 2 tremely important. This is true because if you have a 4 ple to connect to you. They have to relate to business that keeps changing, they need to be flexi- you, but you do not have to shift from your ble along with you to ensure that you are effectively core message. The way the production works serving your customers. is a supply chain issue. Understand the value change through storytelling and explain through language that people can relate to experiences.

75 Innovation Hubs: Skilling the CEOs of the Future - Incubators

The session began with each panellist explaining the work that their incubator has The conversation then moved to what really makes startups fail. Factors such as been doing. We heard examples of incubators based in US, Israel, and India. In the lack of a strong team, an obsession and love for one’s own product, poor un- Israel, many startups are focussed on problems of rich people, but a lot of context derstanding of the market, among others really impact the potential of a startup. is required for the problems that exist in different parts. At the Pears Program for However, entrepreneurs who know when and how to pivot their products, and are Global Innovation, the focus is to take people who know how to do things and help in it for the long term, tend to fail less. them find an idea that can be accelerated. At Halycon incubator, very interesting ideas are being incubated such as the one creating miniature fibre optic cable that A question was raised about the potential of innovators becoming good entrepre- can be laid on the roads at one-tenth of the cost. The IKP Knowledge Park (India’s neurs, and about the difference between innovation and entrepreneurship. The first and largest life science park) incubated companies like Lorris labs, that had and panel unanimously agreed that while innovation is important, enterprises are not IPO worth 700 million USD. just abou innovation. Perseverance and grit are crucial. Entrepreneurs also need to also create a team with diverse skills and then hold them together. The conversation then moved towards the difference between incubators and accelerators, innovators and entrepreneurs. Different incubators may have different definitions and different target groups of entrepreneurs. An incubator provides physical infrastructure, a slew of services like hiring, and so on. An accelerator has a much more condensed course with definite prerequisites and deliverables. It is also usually cohort based and aligns services better.

SPEAKERS Jayadeep Krishnan (Moderator) Aliza Inbal Deepanwita Chattopadhyay Josh Mandell

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Key Takeaways From L - R: Deepanwita Chattopadhyay, Josh Mandell Aliza Inbal, Jayadeep Krishnan

While Halycon incubator is working with small com- While the idea and innovation is crucial to the There is a difference between incubating a 1 panies it makes sure that these companies are doing 3 success of a start-up, what often leads them to 5 startup and creating a community that helps really exciting work and are passionate about the failure is the lack of a good team. Building a each other. There needs to be a push for more product they set out to build. dedicated team is crucial to sustaining any idea. and more collaboration amongst complemen- tary ideas. Way too many enterprises exist in silos when they can be gaining knowledge and support from other startups and their experience in the space.

One should not become an entrepreneur because In the current geopolitical arena, ‘Innovation 2 one does not want a standard 9 to 5 job. Entrepre- 4 and Entrepreneurship’ is the one thing that is neurship is a much tougher and a 24x7 lifestyle. It is going beyond the division of borders and bring- way more than just a job. ing like-minded people together to collaborate and scale up their ideas.

77 From the Lab to the Market: Connecting Science to the Entrepreneurship World

Though the theme of the session was “Connecting Science to the Entrepreneur- and knowledge application and transformation to products and services, but these ship World,” what followed was an engaging conversation about the pursuance of stages need to be connected. The people who create the knowledge may not be entrepreneurship as a whole, especially by young people. Jagannathan opened by interested in the market, which is why the ecosystem needs to have a flow that discussing that while most ideas never hit the market, the idea is just a small part can facilitate the transfer of technology and knowledge. Wangchuk noted that this of the problem. It is the team, the people, that can make or break the idea, and the ecosystem can begin at home: the mindset of society—especially parents—must success of those people is dependent on a supporting ecosystem. If you have the shift to support and promote entrepreneurship in young people, and the ecosystem ecosystem, the discipline, and the passion, your success rate goes up significantly. has to support this. “We need celebrations and awards not just for young entrepre- Wangchuk noted that part of this ecosystem includes schools, students, and teach- neurs but for their parents for supporting them!” Jagannathan noted that it is the ers. In the education system in Ladakh, he said, they apply an entrepreneurial mind- people who do not traditionally have access to a good or service who will drive the set to their curriculum. Why just learn about heat from a textbook when you can most impactful changes in the economy. In this fashion, while education in the west learn by creating a solar-heated building? Teaching students how to preserve foods traditionally caters to a small percentage of the population, education is getting is a direct route to teaching them about the biology of germs. If students develop disrupted to become more accessible. a love for innovation and entrepreneurship while studying, they will pursue it in life. Wangchuk emphatically reminded the audience that young people are much Both Jagannathan and Wangchuk discussed big-picture ideas for achieving success more capable than just sitting in a classroom, listening and taking notes. “You must both as an entrepreneur and as a positively-contributing member of society. Jagan- engage students—the energy packed in their bodies comes out negatively when nathan implored the audience that one has to believe in what one wants to do. If you force teens to sit at a desk unengaged all day; let’s use that energy in a positive one does not commit to oneself, regardless of what one wants to do, one will fail. and fruitful way!” The ecosystem needs to be built with the knowledge economy It is not about the capital—one will find the capital. in mind added Jagannathan. There is a difference between knowledge creation

SPEAKERS Anuradha Acharya (Moderator) Ramesh Jagannathan Sonam Wangchuk

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Key Takeaways From L - R: Ramesh Jagannathan, Anuradha Acharya, Sonam Wangchuk

A supporting ecosystem is a crucial part of success- Education plays a huge role in increasing entre- We need a more robust hands-on education 1 ful entrepreneurship. One’s discipline, team, people, 3 preneurship; the education system should help 5 system to promote entrepreneurship right and other forms of support can make or break one’s students learn how to be entrepreneurial. from the primary school. If kids develop a entrepreneurial journey. love for innovation and entrepreneurship while in their school years, they will pursue it in life.

Lots of knowledge that is produced is never applied; An entrepreneur has to wholeheartedly believe 2 it is important to look at the transfer of knowledge 4 in what they are doing, or they will not be suc- creation to knowledge application. cessful.

79 An Audience of Billions: How to Break into Big Emerging Markets

In this session, the panellists discussed tools needed to succeed in emerging mar- surance options and the infrastructure to create a strong healthcare environment. kets. Each panellist explored their own individual path to success. Sean Blagsvedt created Babajob to give the disadvantaged access to jobs in a formal fashion. By Merrill Fernando and Dilmah Tea epitomize community giving in the private sec- using technology and creativity, the company was able to activate millions of users tor. All profits and proceeds go back to Sri Lanka and assist the tea growers and on its platform, connecting people to opportunities that would otherwise remain their families through education, childcare support, technical skills, and so on. vacated. An important ingredient to the success of Babajob was flexibility and cre- Merrill sought to make the freshest tea in the world and to create a brand owned by ativity. The company created an automated dialling and messaging system to fill the farmers and tea makers. Despite the vast resources and market share of tea making technology gap for the unemployed without smartphones. Additionally, the team lions, Dilmah Tea was able to succeed particularly due to its genuineness, authen- took advantage of media channels by befriending local newspapers, conducting in- ticity, and commitment to improving the local community. terviews, creating quality content such as pictographs and visual data, and publish- ing editorials. This led to increased visibility through a solid public relations and To conclude, the panellists discussed the necessity of building a team of committed marketing strategy. and devoted people. The energy and motivation of a team have to come from the entrepreneur to create a culture where people want to stay. Entrepreneurs need to The emergence of Apollo Hospitals Group originated from a desire to use tech- consider where the future is headed and anticipate, in order to form an enterprise nology and healthcare experiences from abroad to meet the healthcare needs of relevant to the times. Lastly, the goal of an entrepreneur should be to serve and the Indian population. Apollo Hospitals leveraged mobile applications and online uplift the communities around them. health serving systems to interact with patients in a meaningful manner; these programs also turned into marketing campaigns to increase visibility. Sangita Reddy remarked that changing the landscape of the healthcare system requires health in-

SPEAKERS Merrill Fernando (Moderator) Sangita Reddy Konda Sean Blagsvedt

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Key Takeaways GES Delegates

Use modern day trends; be connected to where the Take care of the communities around you, and 1 world is going. Your idea needs to be constantly up- 3 they will give back exponentially to your en- dated for it to remain relevant to the masses. terprise. Dilmah tea is a classic example of this approach.

The blueprint for a better healthcare society: enhance In the end, people matter. Collect a really good 2 infrastructure, employ more parameters, increase 4 team of people who are motivated and empow- insurance coverage, lower input costs for innovation, ered. Create a culture where people want to be and reduce the impact of the burden of disease. there and want to stay.

81 Knowing the Future: How Artificial Intelligence will Shape Tomorrow

The session explored Artificial Intelligence (AI) and entrepreneurship at length, that technology is only as dangerous as the people behind it, and that we need to and AI was discussed in varying degrees. One of the resounding opinions was that continue to keep technology in check. The common consensus was that AI is fun- entrepreneurs are insufficiently engaging with AI. The best founders are those who damental in society. There are massive opportunities for people to get involved; use AI as a tool, not those who make AI their core focus. Those who have lower many jobs currently need to be filled in this field. There will be different kinds of failure rates are those who fit into the former group, where the end customer is jobs required and available, and we have to re-skill ourselves for when AI takes over key and AI is used as a support. The panellists all agreed that AI cannot be addressed the repetitive jobs that humans will no longer need to perform. Our analysis capa- without acknowledging data, and the bias that can affect the interpretation and bilities should range from descriptive to cognitive, and this is what our education use of data in practice. 90% of the world’s data was generated in the past couple systems should train us for in the future. Educational institutions need to shift away of years, and the majority of it is unstructured and has not been tapped into yet. from memorisation, and towards creativity, thinking outside the box, emotional Biases are also a big problem, as machines learn from the data they are fed. Deeply intelligence. Citizens should also think carefully about who they are electing. In the ingrained human prejudice and bias can be multiplied as machines learn them. We US, only 10% of Congress has any technical background, and this is primarily com- need transparency in order to know what is informing data to decisions. There puter science as opposed to AI. We all need to take responsibility to be informed is immense potential for the use of data in generating information through con- and ensure our public officials are informed in the field of AI. necting users with service providers. For instance, if cars’ data collection on road bumps and the speed of windscreen wipers could be sent to infrastructure and Finally, the session was concluded with everyone echoing the need to consider meteorology agencies, this information could be used for effective processes. the role of three components of building an AI system, and many stakeholders are contributing to all these dimensions: data sets, model building and deployment. Though algorithms have gotten smarter and computers faster, machine intelligence is still augmenting human intelligence. There was a consensus among the panel

SPEAKERS Rama Kalyani Akkiraju (Moderator) Elizabeth Gore Nivruti Rai Shubha Nabar

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Key Takeaways Audience during GES 2017

AI is the new electricity, and we should assess how AI expedites the delivery of services, simplifies Women and minorities need to be more pres- 1 much impact AI will make on jobs and our econo- 3 processes, etc. It is applicable to all aspects of 5 ent in AI; as should the discussion around val- mies in similar ways as we have studied the revolu- industry, including healthcare, cities, traffic, ues. tionary change that electricity brought. infrastructure management, security, customer support, financial services, etc.

Governments must partner with educational institu- AI is changing how we view diversity and in- 2 tions and industry to rethink education and develop 4 clusion within the context of entrepreneurship, flexible, cost-effective training programmes available regarding women, minorities, people outside to everyone, to train people up in vocational skills major cities, etc. in reducing barriers for these that companies are looking for that are not repetitive. people.

83 Re-imagining the Future of Health

The future of technology in healthcare is robust and there is much that can be the quality of healthcare. With data analysis and machine learning, it is possible done to make healthcare better. It is important and crucial that developments in to curate and provide targeted healthcare to individuals without the necessity of technology in healthcare address three basic tenets - accessibility, affordability and immense man-power. Individualized health coaches and data analysis software will quality. The role of robotics, deep learning, data analysis, artificial intelligence and also help in preventing many health-related issues and will decrease the cost of 3D implants have the power to transform healthcare in India and the world. procedures by detecting issues early.

When it comes to accessibility, just the incorporation of hospital data to websites However, a major issue in dealing with technology and data gathering in healthcare such has Practo have reduced wait times to see the doctor from 30-40 minutes to is the protection and unbiased analysis of the medical data. It is important for the 2-3 minutes. Something as easy as compiling data and information has had resound- data gathering to be standardised and regulated to ensure that responsible use and ing effects on patient lives. For rural India and rural parts of the world, developing protection of the individuals and their data. It is crucial that this data analysis also of telemedicine and teleconsulting centres have the ability to save the lives of mil- be undertaken by diverse groups of individuals to ensure that data analysis is unbi- lions of people. It is an easy, relatively cheap, and quick method to provide access ased and as accepting of all the people using the technology. to healthcare to people currently lacking this accessibility.

For the world, affordability of healthcare is still a major issue. Technological advances in the field of healthcare have the ability to cut costs in more ways that one. From teleconsulting centres which reduce the cost of transportation of resources to 3D printed kneecaps, the scope of technology to decrease the cost of healthcare is immense. Another major area and one with the most activity is increasing

SPEAKERS Barath Shankar Subramanian(Moderator) Mukesh Bansal Sangita Reddy Shashank Navalurkar Dattatreya

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Key Takeaways From L - R: Barath Shankar Subramanian, Sangita Reddy, Mukesh Bansal, Shashank ND

All technological advances in healthcare need to fo- Affordability has always been a major road- We definitely need incremental use of tech- 1 cus on three major tenets: affordability, accessibility 3 block to good healthcare. However, tech-based 5 nology but we also need disruptive change to and quality. apps have reduced costs of healthcare delivery reach to millions who need care. and made it much more accessible to a vast array of stratas of society.

Accessibility: Wait to see doctor has reduced from Telemedicine centres and teleconsulting cen- 2 30-40 mins on average to 2 mins through Practo 4 tres can really address accessibility issues of healthcare. This can go a long way, especially in rural areas.

85 Pitch to the Rich: Key message to deliver to Investors

The session apart from delving into the details of angel investing also gave great als, and therefore in a pitch, it is important to communicate the skill set, strength insight into the importance of mentorship. Successful entrepreneurs need to step and the bond of the founding team, rather than have a one man show. The ability to up and mentor young entrepreneurs to holistically develop and strengthen local pre-empt the next question during a pitch is a great skill of an entrepreneur. Exe- ecosystems that can support rapid entrepreneurial growth. Investors who operate cution and the conviction of the team are at times more important than the idea in their own companies in executive roles are better off giving their investments to and of itself. The ability to take strong bets when the chips are down is crucial. The angel funds and engaging with companies that they can help. Angel investments al- conclusion drawn from the discussion was that, in a pitch, there needs to be a focus low established entrepreneurs to support promising ideas as well as stay connected on all aspects of the problem you are solving, the quality of their team, the size and to the ecosystem to stay ahead of the curve with respect to latest technologies and scale of their market and showcase the credibility of their background. disruptions.

Investors often judge entrepreneurs for who they are, their commitment to the idea, and their ability to convince the investors about their passion to bounce back out of failure. Testing conviction of the entrepreneur is also an important param- eter for an investor. As an entrepreneur one also needs to understand the fine line between self esteem and ego, in order to pivot plan, but also keep coming back sticking to the core of your business.

A celebration of failure is pivotal to build a thriving and successful enterprise. Also, research shows that teams of co-founders are often more successful than individu-

SPEAKERS Stephanie Marrus (Moderator) Bhavish Aggarwal Kristina Davison Deep Kalra

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Key Takeaways From L - R: Deep Kalra, Kristina Davison, Bhavish Aggarwal, Stephanie Marrus

Angel investing has been an important tool to stay Best enterprises would not have seen the light Age is not a barrier. Some grey hair does help 1 connected with what is happening in the ecosystem. 3 of the day if they quit too early. Do not give up 5 in certain positions of the team but young It gives you a bird’s-eye view of the latest technolo- too early! people bring unparalleled energy. gies.

Grit. Determination. Presence. These are the three Start-ups are nothing but an idea that current- Execution and the conviction of the team is 2 key traits I look for while investing in entrepreneurs. 4 ly is under the ground. And you want it to be- 6 at times more important than the idea in and come a tree and a flourishing ecosystem. of itself!

87 How to Fail Better

This session highlighted the significant role that failure plays in any entrepreneur’s Leticia Serrano advised entrepreneurs not to spend months trying to come up with journey to success. Lerato Motsamai described failure as being “stuck at the bottom the perfect business plan. All entrepreneurs should fail fast, create a prototype, test of the food chain.” According to her, you can do two things when you’re stuck at it, validate their business ideas, and understand their risks. Serrano shared one of the bottom: stay at the bottom, or move up. While you do not have to move up her favorite lines: “success is never final, failure is never fatal.” Failure will always immediately, she warned not to stay at the bottom for too long, or else you might be there no matter what; the important part is how you face and deal with failure. give up and give into depression. When asked about how to avoid failures, Claudia Mirza shared her experience Jaxay Shah discussed the process of learning from your failures. According to Shah, dealing with customer complaints. By listening very carefully to every single com- everyone is so hyper focused on the result that they get lost along the way and thus plaint and trying her absolute best to fix those issues, she was able to prevent future do not enjoy the journey. He emphasised that the journey is more important than failures. the result, and that failure is simply a part of the journey and you just have to learn to accept it and embrace it. Furthermore, Shah noted that an entrepreneur must have a resilient nature to succeed. If your foundations are strong, then there will be reasons for your failures which you can learn from and use to succeed the next time. Shah also stated that mistakes have to be good since good mistakes teach you about what went wrong. Mistakes should also be original, meaning that you should not make the same mistake again. Finally, Shah noted that being socially connected helps bounce back from failures. In other words, the key to building your resilience is to be as socially connected as possible.

SPEAKERS Claudia Mirza (Moderator) Jaxay Shah Lerato Motsamai Leticia Gasca Serrano

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Key Takeaways From L - R: Claudia Mirza, Jaxay Shah, Lerato Motsamai, Leticia Gasca Serrano

Innovation is not something you know; if you know Good mistakes teach you about what went There are three types of failures: inevitable 1 it, it is not innovation. 3 wrong. Mistakes should also be original, mean- 5 failures, preventable failures, and intelligent ing that you shouldn’t make the same mistake failures. An entrepreneur is bound to face again. one or all of them at some point in his/her journey. What is crucial, however, is how one deals with them.

You must have a resilient nature to succeed. If your Entrepreneurship should be spiritual (from 2 foundations are strong, then there will be reasons for 4 within), not superficial. It should be character- your failures which you can learn from and use to ised by a deep passion for the goal you have set succeed the next time. out to achieve.

89 Own Your Message: Effectively Using Traditional and Social Media

This session was all about amplifying one’s brand through social media. Owning an interesting point, it was put forth that shares count more than likes. your own message is not just about communicating but about listening, engaging, and learning too. Traditional and social media need to come together. Social media The session ended with a common consensus that ‘Glocalization’ is a key part of in today’s world is a small answer to a much larger question. The big answer is own- a product. Brands should remember that each market is different, therefore they ing and honing your message. Social media is an important tool for quick answering need to adapt and change depending on the customers and their own backgrounds. and constant presence, but it needs to be augmented with traditional methods. A brand cannot be built solely using social media.

The need to be honest and handle social media as a tool responsibly was reiterated over and over. What is being said on social media, should be verifiable and fact- checked. Online content usually has a tendency to go on a forever loop thus lasting online forever. One also needs to do enough research to know your audience, know their mood and know their preferences. One needs to be patient, consistent and overall truly know one’s brand. Brands need to create a dependency in their message and through that utilize social media to amplify that message.

Another important factor to take into account is that virality should not be a goal. As a brand, one definitely wants to have a few viral moments, but through traditional media, you want to ensure that your brand has a long-lasting effect. Also, as

SPEAKERS Piyush Pandey (Moderator) Teresa Nelson Carpenter Shashi Shekhar Vempati

90 #GES2017 – Session Summary Report

Key Takeaways GIST Pitch Competition

What sounds and visuals can do for you, a 4 inch Music does matter, its more than half the equa- If you make a mistake, tell the truth, make an 1 screen cannot.Your message should be a holistic mix 3 tion. Sounds have a lasting impact on consum- 5 apology and move on. Social media has a way of the right kind of audio and visuals to actually make ers’ mindsets. of keeping things online and available forever. a mark on consumers’ minds.

Social media is a great medium, however, it cannot Products are made in factories, brands are 2 be used primarily by itself. One’s message needs to 4 made in office rooms. So much of the success be augmented by traditional media too. of one’s product depends on the brand value on creates through the right kind of marketing and messaging.

91 The Reality of the Future: How Technologies are Shaping Future Experiences

The session shed some very crucial light on where we are headed with new tech- This gap is what AR and VR try to shorten. It will become an engaging manner in nologies constantly shaping our reality. Augmented Reality (AR) and Virtual Reali- which to consume information that exists in this world today. ty (VR) are constantly grabbing the headlines because it where the future is headed. It is important to realise that immersion in these realities does not equate to isola- It is not impossible to foresee a future where our environments and gadgets are tionism from the world. AR and VR transcend the user to a different reality but are fully augmented with technology. Organisations need to be able to keep up with able to connect people to their environment in a way never thought of before. Cre- the expectations of the future. Many companies working on the AR and VR expe- ating these comfortable ecosystems is a brand new concept and requires creative riences have made it accessible for smaller and medium-sized enterprises to work thinking that will only keep developing as technology advances. It relies on using towards this future by making their APIs free and accessible. For the future of many these tools as a medium to transmit knowledge and insights in a creative manner so organisations, it is crucial that they develop proprietary tools for AR and VR. that people can connect with each other as well as their environment. A major challenge with creating new AR and VR environments is in the hardware The best aspect of AR and VR is that it brings together different ideas and people to required for the experience. Wearable gadgets that do not weigh more than 60g are create an environment that would not have worked previously in the world. It is a important. The gadgets need to feel as though it is part of the user and not as an time to move towards interactive storytelling and learning. Creating these environ- addition. There is a long way to go for these realities to be an easy part of the world. ments is art meeting science; it is design and human understanding meeting AI and There are small steps and enormous amounts of data that need to be captured for a machine learning. This is where we are heading. seamless integration of our world with this technology. It is definitely possible and should be expected that our world will be slightly more ingrained with technology There is an important distinction between content and information that is pro- within the next 15 years. cessed and understood by individuals, and content that exist but is not consumed.

SPEAKERS Anand Gandhi (Moderator) Ashutosh Jhaveri Jessica Rovello Maxine Chapman Judith Okonkwo

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Key Takeaways From L - R: Ashutosh Jhaveri, Jessica Rovello, Maxine Chapman, Judith Okonkwo, Anand Gandhi

There is an increase of companies in the AR and VR The adoption rate of AR and VR technologies By changing the idea of what it means to have 1 space that are using creative methodology to bring 3 is low mainly because of the hardware. Creat- 5 “a presence” in the world - understanding that data to life. There are companies like Arcadium ing cheaper, aesthetically pleasing, light weight presence is not restricted to geography and working to bring about interactive visualisations us- and wearable hardware is crucial to increase the physical location - will change how the world ing big data and artificial intelligence. adoption amongst the population that is not ac- works. tively involved in the area.

VR has the ability to transcend boundaries and bar- AR and VR are going to be a game-changer in It is important that there are diverse groups 2 riers. It is easy to assume that the increase of these 4 education, as immersive learning and experi- 6 of people - different races, genders, expe- technologies will result in isolated individuals, but encing content will change the way quality edu- riences - working on the development of it is the hope that people will discover the ways in cation is imparted. Access to virtual classrooms this technology. It is crucial for there to be which it helps connect people and information to- and teachers will also help make education a diverse portfolio of companies and people gether. accessible and available to a larger population. leading this technology for a more equal, just Shared learning environments will also help in and inclusive world of the future. dealing with and understanding conflict.

93 Developing the Entrepreneurial Ecosystem

This session on the ecosystems of entrepreneurship addressed many levels of eco- The need for focus on the promotion of women’s entrepreneurship was also dis- system-building and enhancement that need to be achieved in order to facilitate cussed by the panel. Entrepreneurship involves hurdles for everyone, but they are mindsets, societies, and economies that are driven to greater degrees by entrepre- set at different heights for different people - women are amongst those with higher neurs. An important starting point is an intentionality for all stakeholders within hurdles. This is accurate in access to capital funding. Greater innovation in funding the entrepreneurship ecosystem. The question of mindset is also fundamental, and sources for women is required. Networks are another such hurdle, where we need more importantly, the development and curation of a mindset. Kindergarten and to better identify types of networks that will be helpful to women. Role models preschool teachers need to be trained in the entrepreneurial mindset for the mind- are key: we need to tell the stories of heroes who will attract attention, showcase set so that they impart the same mindset to their students. what is possible and be role models at all levels, such that everyone sees themselves in a role model. Success begets success. There was disagreement as to the type of The role of government was also discussed. Governments should not give free cash effort that is required. Some panellists contended that there is a need for targeted for startups, but rather, programmes such as loan guarantees in order to spread risk interventions to support women’s entrepreneurship, as the rate of organic growth and bolster entrepreneurs in sustainable and healthy ways. They cannot be capital is unacceptably low. Others maintained that through efforts in the ecosystem as a providers but should be catalysts. Governments should also use their potential as whole, there would be positive a change. Generally speaking, however, ecosystems conveners. Israel is effective at connecting entrepreneurs, incubation, etc. and sim- created from the top down do not work, and other disadvantaged minorities should ilarly governments can support in this space. We should dissociate the various levels be a part of the design of the ecosystem, including entrepreneurs with a disability. of government. States in India are doing fantastic work, and things are changing on the ground, where increasing the ease of doing business is facilitating the entrepreneurial ecosystems required.

SPEAKERS Ramesh Abhishek (Moderator) Amit Ranbir Chandra Patricia Greene Ravi Kailas

94 #GES2017 – Session Summary Report

Key Takeaways From L - R: Patricia Greene, Ravi Kailas, Ramesh Abhishek, Amit Ranbir Chandra

Entrepreneurs need to play their part in making en- We are at the cusp of a massive entrepreneurial Entrepreneurship should be tech-enabled, 1 trepreneurship accessible and relatable in order to 3 revolution in India. Our culture is changing, en- 5 not tech-focused. We need to increase the build and support the development of the ecosys- couraging entrepreneurship among the youth. use of technology as a facilitator in all busi- tem and culture. They need to play a greater part in Policy is going in the right direction (e.g. Make nesses, without disproportionately focusing taking ‘the rest’ along with them and breaking down In India), and should continue to enhance ease on tech-related businesses per se. myths of entrepreneurship. of doing business.

Women, minorities and disadvantaged groups face There are opportunities for entrepreneurship in 2 particular hurdles above and beyond the challenges 4 areas that are typically within the government’s that entrepreneurship entails. We need to be con- ambit, and this is particularly pronounced in scious of this and address these challenges at all levels India, where infrastructure and transport, for - on the individual, government, and private levels. instance, are high revenue-generating industries for entrepreneurs.

95 E-Commerce as a Critical Tool in Scaling Entrepreneurship

The session entailed an informative discussion not only for budding but also es- was quoted. BookMyShow focussed on only 10 % of the market when it started. tablished entrepreneurs. It explored the importance of a conscious entrepreneur The market has increased rapidly and the vision for today’s entrepreneurs needs who is in touch with their core values and vision. A lot of entrepreneurs talk like to change. The market today is growing very rapidly. YouTube alone has seen 9x investors and about exits etc. But now is the time when entrepreneurs need to start growth in the last 12 months. Now is exactly the time when entrepreneurship has focusing on their core passions and truly ask themselves- what is the problem I am to be a marathon and not a short run. trying to solve? India is a huge consumer market. In a market like this, profitability vs scale/growth In India, there is not enough focus on Tier 3 and 4 cities as well as customers. But is a never-ending debate. There is a subtle balance between the two. Investors too in the long run, they play a key role. Especially in a country that is changing at such have to face their set of dilemmas. They need to make sure they are investing in a rapid pace, the focus needs to shift from just numbers and profits. The entre- capabilities because that is what will be monetized later. preneurs need to have a more holistic vision of their idea. Another crucial key to scaling up correctly is just being true to oneself. Selling and moulding your core The session concluded with the importance of building trust. To generate scale you thought drastically only according to the popularity or investors’ taste never yields have to create trust. There is a genuine lack of trust in emerging markets like India. any results. The government also needs to step up to actually establish a healthy ecosystem. The government needs to look into various nuances like income, income distribution While India is a phenomenal market and the numbers of phones, networks, smart- and the gender gap. 50% of Indian women are under 25. At the state level, there phones etc are increasing at a phenomenal rate, 26 million credit cards are used is a new breed of young female bureaucrats and officials who are straightforward by only 12 million users. 40% of India does not have access to the ideas only ac- and want to get real work done. They are moving from just being enablers to in- cessible through online means or tier one methods. The example of BookMyShow fluencers.

SPEAKERS Radhika Aggarwal (Moderator) Ashish Hemrajani Ritesh Agarwal Ankiti Bose

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Key Takeaways From L - R: Radhika Aggarwal, Ankiti Bose, Ritesh Agarwal, Ashish Hemrajani

To generate scale, you need to create trust. Be- Gender equality initiatives should not be char- Sometimes companies need a reality check to 1 haviour change is good as long as it builds trust. Your 3 ity but women should be treated as allies at the 5 meet needs of the bottom of the pyramid. It customers need to have faith in the product and ser- leadership and decision-making level. is easy to skip the needs of consumers in tier vice you deliver. 3 and 4 cities and that is what hinders true scale.

Women empowerment is not only a social matter, Do whatever as an entrepreneur and sell what- 2 but one of economics as well. 50% of Indian women 4 ever product seems fit to the investors but are below 25 years of age. We need to enable them make sure you are being true to yourself. to achieve their dreams to truly create growth and development.

97 The Language of Entrepreneurship

This session focused on the importance of the language that entrepreneurs have er to the investor, the investor will predominantly be thinking about their bank to use, especially in conversation with investors, in order to sell ideas and secure account when hearing the pitch. This was a common thread discussed throughout funding. the session, that in all investor conversations, the entrepreneur pitching must remember that they are asking for money, and the language used should be conscious Entrepreneurs should have a strong elevator pitch, which takes less than 60 sec- of this fact. If you have people advising your company, it is useful to mention this onds, in order to create a successful first impression. Be concise and say who you to the investor. are, what your company is, what problems it will solve, and what the benefits to the client are and what the scope for investment is. Another factor that should be conveyed to the investor is that the entrepreneur is someone that can build teams and have people on their side during the business The first conversation must really demonstrate the passion of the entrepreneur and building process. Investors want an indication that you will be able to attract the indicate that they are onto something interesting. This passion and dedication to right employees, who love working for you, through strong management and in- the idea should continue into subsequent meetings. Beyond this, the entrepreneur terpersonal skills. People are the most important part of your business. should be able to genuinely convince the investor that they can be trusted. It is crucial that the investor knows the entrepreneur will be careful with their money The panel also touched on potential issues often faced by women entrepreneurs and will follow through on their activities. Communicating a strong business plan is in conveying their story, especially when the idea is addressing an issue that male central to this, with a strong grasp of the financial aspects involved – more so than entrepreneurs may not have exposure to. It is often harder for women, but they charisma and pitching skills. Smooth talkers may get things done quicker at first, must have the confidence and conviction to believe in themselves to successfully but this is not sustainable in the long-term unless the proper foundation is laid. pitch their ideas. Entrepreneurs should remember that since most times they are essentially a strang-

SPEAKERS Upasana Taku (Moderator) Udit Harish Sheth Sibongile Sambo Loretta McCarthy

98 #GES2017 – Session Summary Report

Key Takeaways From L - R: Udit Harish Sheth, Upasana Taku, Sibongile Sambo, Loretta McCarthy

Communication: presentations, speaking style, the Women entrepreneurs: It may require more Important to know who you are pitching to. 1 way you show yourself matters. It is important to 3 explanations and work, but the same level of 5 The many cultural differences that exist on know how to market yourself – people have to learn confidence and conviction has to be projected. the planet – how will you make your voice this after several pitches. Remove the gender perspective – just do what heard? Study your audience and maximize you do well and make your business successful. what you get from the people you are pitching to.

People that are part of your organization from the Elevator pitch: What is your company? What The challenges in your business will constant- 2 beginning should be convinced more than anyone 4 really works? What is the right thing? Be con- 6 ly change. The team and proof of concept is else. They should be as passionate as you are about cise, what is the problem you are solving? What the most important stage. The idea only gets the same thing. Show your team that you respect is the benefit to the client? This should not be you to the door – but then the people and their opinions and contributions. more than 60 seconds. HR matters the most.

99 Success! Keeping and Nurturing Women in STEM

Being a woman in STEM fields is challenging and requires a different level of com- middle class and underprivileged backgrounds to see role models working and mitment than many other fields. Mainly due to the domination of men in the field growing from similar stations. It is important to follow and learn from these men- throughout history, it is hard to fight biases and stereotypes associated with women tors and emulate what they are doing to be the best at their jobs. For women and in the field. However, it is interesting to note that it is much easier to be a woman in kids, it is important to have mentors their age and not just mentors older than STEM in India. A major reason being the job security associated with STEM related them. It is important to point out that there are also plenty of great male mentors jobs in India, and the belief in the system by families. Unfortunately, there are still for women. APJ Abdul Kalam was a perfect example of a great teacher and mentor many challenges that women need to overcome in India and the world. who helped everyone he saw with potential.

A major reason for women leaving the field is due to the concept of “work-life For keeping women in STEM it is also important that they have a supportive eco- balance” and about the inability to take care of the family while maintaining a job, system around them. There needs to be family and parents encouraging women and having “flexible working hours” is not the only easy solution. It needs to be ac- to study, learn, and keep fighting. It needs to be an environment where everyone cepted or at least tolerated that sometimes women will take a break from work to learns. Even with the ecosystem, women themselves need to have the passion and take care of her family or due to pregnancy. What is also necessary is to find a way belief in what they are doing and building. It is crucial to have the passion to stick to to bridge the gap in knowledge and experience due to these breaks. Retraining and your goals and staying on the course even when there are backlashes and struggles. skill development is crucial to keeping women in the field. If women are aware that Passion for the goal, the mission, and the product will help the most in keeping the opportunities still exist, they will return to the field even after a break. women in STEM.

The role of mentors in crucial in keeping women in the field, and especially the role of women role models. It is important for women, especially those from the

SPEAKERS Hema Vallabh (Moderator) Dr. Tessy Thomas Rama Kalyani Akkiraju

100 #GES2017 – Session Summary Report

Key Takeaways From L - R: Hema Vallabh, Dr. Tessy Thomas, Rama Kalyani Akkiraju

It is a very different culture in India to be a woman Engineers build and to build you need a vi- Sometimes women do need to take a break 1 in STEM, especially in the South. It does not matter 3 sion and a passion for that vision. It requires 5 from their careers, but it is important for what you like, you are either going to study engi- working together and visualizing exactly what companies to ensure that the minute these neering or medicine. The question is how to keep you want to achieve, and constantly striving to women want to come back, they are given women in STEM. achieve that vision and stay on that course. the training and opportunity to bridge the gap in knowledge that might have occured. They were there initially because of their merit. Respect them enough to help them learn again to be as successful as before. “Men need to be part of the conversation in empow- It is okay for mentors to be men. There are 2 ering, enabling and helping women in the industry” 4 some great men doing some great work who are good people - who support, nurture and promote women’s skills and knowledge. APJ Abdul Kalam was one such person and he was a fantastic mentor.

101 The “Enterprise” of Space

This engaging session honed in on what we can learn from space and how that Ansari addressed the question of how we can open space to people beyond the ex- can impact life on earth. Wood detailed that technology in space can help us solve isting exclusive group by suggesting that commercial players start innovating and problems in sustainable development on earth in all sorts of ways. This includes developing technologies to reduce the cost of access to space. Ansari and X-prize earth observation, satellite communication for disaster-affected areas, satellite po- have leveraged competitions to encourage this sort of involvement. Being in space sitioning enabling GPS (which for example can be used for conserving wildlife is a transformative experience, she said and hopes it becomes more accessible. She by tracking species movement), microgravity research imitating rapid ageing, and compared this to the development of the Internet, which started out with only space spinoffs, which are technologies invented for space exploration that can then scientists as users. When it became more accessible and easy to innovate, we saw a enter other markets, for example, the microwave. huge flurry of innovation around it. That is what we are seeing in the space industry.

Wood noted that space is becoming more and more accessible to people - students Seetharam noted that there are open-access data portals for data collected from are now able to build satellites! Seetharam reminded the audience that data from space and that entrepreneurs should access this data to inform their entrepreneur- satellites, combined with other technologies, can provide very valuable informa- ial ventures. Govindhasamy added that the end goal is making data not only acces- tion to all industries. Govindhasamy added that space is going through a huge trans- sible but also actionable enough to leverage. He emphatically reminded the audi- formation. The information that we derive from satellites will be vital to future ence: you do not have to be a rocket scientist to use space! Ansari agreed: a lot of technologies, humans, communities, and technology overall. We can derive infor- what NASA does is actually open and accessible to everyone. There is a ton of IP mation from this data that can be put to many uses. With increased accessibility, that can be used for commercial uses and partnerships. Seetharam noted that India more companies and industries can gather and harness this data. Advice to entre- is on the threshold of major change in space activity—she firmly believes that India preneurs: tap into these opportunities! must nurture an interest in space amongst young people. .

SPEAKERS Danielle Wood (Moderator) Anousheh Ansari Karthik Govindhasamy Shoba Taladpady Seetharam

102 #GES2017 – Session Summary Report

Key Takeaways From L - R: Danielle Wood, Shoba Taladpady Seetharam, Karthik Govindhasamy, Anousheh Ansari

Technology in the space industry can be used to help You can collect all sorts of data from space—it 1 address issues of sustainable development on earth. 3 is about then turning that data into information This includes earth observation, satellite communi- and applying that information to other indus- cation for disaster-affected areas, satellite positioning tries. enabling GPS, microgravity research imitating rapid ageing, and space spinoffs, which are technologies invented for space exploration that can then enter other markets

Space is becoming increasingly more accessible to You do not have to be a rocket scientist to use 2 anyone, and this is changing the industry. Data from 4 space! Commercial players need to start inno- satellites, combined with other technologies, can vating and developing technologies to reduce provide very valuable information to all industries. the cost of access to space for common masses.

103 The Missing Middle: Increasing Your Presence

This session highlighted ways to cultivate operations at every stage of the develop- lems, then there will always be people who will be willing to help you. Finally, he ment of one’s business. Devita Saraf pointed out that taking risks is crucial when it emphasised that entrepreneurship has nothing to do with the notion of educational comes to business. She also noted that women in India are generally overprotected degrees and qualifications. Anyone and everyone can be an entrepreneur and suc- and bound and thus they lack power, adding that very few women see themselves ceed, as long as they have the right mindset and attitude. as a powerful being. Saraf also noted that entrepreneurs need the conviction to succeed, as well as both societal and familial support. But most importantly, the Deep Kalra stressed resilience as the most important quality that an entrepreneur entrepreneur must want to and be able to go through the process. The problem that must have in order to survive and succeed. In addition, it is crucial to have faith in most entrepreneurs face is not actually the fear of failure, but the fear of success. your idea and stay motivated, in order to keep those who work for you motivated Entrepreneurs must ask themselves: “Do I really have the appetite to establish a bil- as well. Kalra also mentioned that entrepreneurs facing big problems should break lion dollar company? Should I give up or should I not?” Another fascinating question those into a series of small problems, which should make it easier to solve those she posed was: “Do you want to be rich or a king? In other words, do you want to problems. He concluded with the statement: You just have to be phenomenal at own 20% of a billion-dollar company or 100% of a smaller company?” These are one thing in life. all critical questions that can determine an entrepreneur’s success.

Arjun Gupta noted that a certain amount of failure is a fact of life and that if you have not failed yet, you must fail fast so that you can learn how to deal with failure in the future. Furthermore, he pointed out that scaling will always be a great challenge, no matter how organized and prepared you are. As an entrepreneur, you must identify and accept your problems, and if you are honest about your prob-

SPEAKERS Sushma Rajagopalan (Moderator) Deep Kalra Arjun Gupta Devita Saraf

104 #GES2017 – Session Summary Report

Key Takeaways GES Delegates

The pre-existing power is not there when it comes to You need both societal and familial support. Entrepreneurship has nothing to do with the 1 women. Women in India are generally overprotected 3 It becomes even more vital in case of women 5 notion of educational degrees and qualifica- and bound and thus they lack power or even the abil- entrepreneurs since the obstacles they face are tions. Anyone and everyone can be an entre- ity to see themselves as powerful beings. often rooted in the societal misconception of preneur and succeed, as long as they have the them being incapable of doing business. right mindset and attitude.

One needs conviction to succeed. It is the most im- The problem is the fear of success, not the fear 2 portant quality that an entrepreneur must have in or- 4 of failure. Entrepreneurs must ask themselves: der to survive and succeed. In addition to that, it is “Do I really have the appetite to establish a bil- crucial to have faith in your idea and stay motivated, lion dollar company? Should I give up or should in order to keep those who work for you motivated I not?” as well.

105 When Women Win, We All Win: Promoting Inclusive Environments for Women Entrepreneurs

The closing plenary of GES 2017 was a lively panel focused on the importance of world’s biggest challenges unless we are listening to all kinds of voices, and this having women at positions of power. Green opened the session by remarking that needs to be the mission of every company and organization. this is the time for women entrepreneurs—when they rise, we all rise. When asked how people can help erase the stigma around women in positions of Motsamai reminded the large audience that “women do not just build businesses, power, Goenka recommended creating and supporting mentors within communi- they build nations”. Davison noted that it is important for VCs to be sure to listen to ties who can serve as role models. She added that training men to share tradition- women entrepreneurs who have great ideas not only because they are women, but ally gendered responsibilities will also help erase the stigma. When asked how we because they have a great idea. Men must also identify specific problems women can make changes to the mindset of women coming from cultures where women face and help provide tools for them to take it on. Goenka added that there is an themselves may be resistant to this kind of work, Sabharwal insisted that what economic benefit to this as well: $2.9 billion will be added to the economy if the we are calling a cultural problem is in fact an absence of the infrastructure of op- gender gap is closed. Motsamai took inspiration from the girls in her company’s portunity and that we must focus on fixing the infrastructure of opportunity, not social impact program—she shared that given the proper resources, these girls are criticizing the culture. creating solutions to the SDGs that truly could be groundbreaking and that they are empowered to view these issues as their responsibility as much as it is their parents’ Kant noted that men have a critical role to play in “women first, prosperity for all,” and the government’s. and part of this includes men getting into roles traditionally fulfilled by women. He closed GES 2017 with an optimistic report: women are outperforming men in Davison noted that change cannot only happen from the bottom up - if closing the every single national exam in India. gap is not a priority from the top leadership, then men will not think it is a problem, and it will not happen. Green echoed that it is impossible for us to solve the

SPEAKERS Amitabh Kant (Moderator) Dipali Goenka Kristina Davison Lerato Selina Motsamai Manish Sabharwal Mark Green

106 #GES2017 – Session Summary Report

Key Takeaways From L - R: Mark Green, Amitabh Kant, Lerato Motsamai, Dipali Goenka

The success of all people is impacted by the em- We will never solve the world’s problems if we 1 powerment of women. $2.9 bn will be added to the 3 discount half of the world’s voices. A collective economy if we close the gender gap. change in mindsets is needed. Women must be provided the same infrastructure of opportunity as men naturally have access to.

Men will be key participants in closing all gender The education and empowerment of women 2 gaps. They need to consciously help equalize the par- 4 has a ripple effect that reaches far and wide. ticipation of women. Men have to recognize the par- There is a natural optimism, energy, and hope ticular barriers that women face—access to credit, as women rise further and further and take digital divide, etc. and help provide tools for them their rightful role at the table. “Women don’t to take it on. just build businesses, they build nations”.

107 SPEAKERS (In alphabetical order)

Adhil Shetty Aditi Rao Hydari Aliza Inbal Allyson Burns Amit Midha Amit Ranbir Chandra Amitabh Kant CEO & Co-Founder Actress Director Managing Director President Asia Pacific & Managing Director CEO (BankBazaar.com) (Pears Program for Global (Village Capital) Japan Commercial (Bain Capital Advisors (NITI Aayog) Innovation) (Dell EMC) India Pvt Limited)

Amory Lovins Anand Gandhi Anand Madanagopal Anand Shah Anders Samuelsen Andrew Tsao Angie Cooper Cofounder & Chief Founder & CEO Founder & CEO Founder Minister of Foreign Affairs Director of Global Senior Director of Global Scientist (Memesys Cultural Lab) (Cardiac Design Labs) (Sarvajal) (Denmark) Gateway Public Policy (Rocky Mountain Institute) (Silicon Valley Bank) (Walmart)

108 #GES2017 – Session Summary Report

Anita Dongre Anjali Bansal Anjana Menon Ankiti Bose Ankur Sahu Anousheh Ansari Anuradha Acharya Chief Creative Officer Founder & CEO Founder & CEO Co-founder & CEO Managing Director & Co- Co-founder & CEO CEO (House of Anita Dongre (ABS Advisors) (Content Pixies) (Zilingo) Head Asia Pacific (Prodea Systems) (Mapmygenome [India] Limited) (Goldman Sachs Japan) Ltd.)

Arjun Gupta Aruna Sundaranjan Ashish Hemrajani Ashu Suyash Ashutosh Jhaveri Bartholomeus de Bharath Shankar Founder Secretary CEO & Founder Managing Director & CEO Vice President of Business Jonge Subramanian (Telesoft Partners) (Indian Department of (Bigtree Entertainment (CRISIL Limited) Development CEO Principal Telecommunication) Pvt Ltd.) (Facebook and Oculus) (Si Technologies) (Accel)

109 SPEAKERS (In alphabetical order)

Bhavish Aggarwal Carlo Ratti Chanda Kochhar Chatri Sityodtong Cherie Blair Chrispin Kambii Christine Baah Ntim Co-founder & CEO Professor & Director Managing Director & CEO Founder, Chairman & Founder Global Medical Affairs Partner & COO (OLA) (MIT/Senseable City Lab) (ICICI Bank Limited) CEO (Cherie Blair Foundation Leader (Global Startup (ONE Championship) for Women) (Johnson & Johnson) Ecosystem)

Christine Duhaime Claudia Mirza Dan Bryant Danielle Wood Deep Kalra Deepak Garg Deepanwita Associate Professor of CEO CEO Senior Vice President for Founder & Group Chief Founder & CEO Chattopadhyay Media Arts & Sciences; (Digital Finance Institute) (Akorbi) Global Policy & Govern- Executive Officer (Rivigo Service Pvt. Ltd.) Chairman & CEO Director of Space Enabled ment Affairs (MakeMyTrip.com) (IKP Knowledge Park) (MIT) (Walmart)

110 #GES2017 – Session Summary Report

Devita Saraf Diana Layfield Dipali Goenka Doug DeVos Elizabeth Gore Geetanjali Kirloskar Gopal Srinivasan Founder & CEO VP Project Managemnet, CEO and Joint MD President Chairman & Entrepreneur Chairperson Chairman & Managing (Vu Technologies) Next Billion Users (Welspun India Ltd.) (Amway) in Residence (Kriloskar Systems Ltd.) Director (Google) (Alice and Dell) (TVS Capital Funds P. Ltd)

Dr. Harish Hande Harsha Bhogle Hema Vallabh Ivanka Trump Jan Oliver Roehrl Jaxay Shah Jayadeep Krishnan CEO Cricket Commentator & Founder Advisor to the President Chief Technical Officer Managing Director CEO (SELCO Foundation) Journalist (WomEng & WomHub) (United States) (Bosch Ltd) (Savvy Infrastructure (T-Hub) Pvt Ltd)

111 SPEAKERS (In alphabetical order)

Jessica Rovello John Chambers Jonathan Ortmans Josh Mandell Jovita Carranza Judith Okonkwo K Chandrasekhar CEO Chairman President Director of Policy & Inter- Treasurer Founder President (Arkadium) (USISPF) (Global Entrepreneurship national Programs (United States (Imisi 3D) (NASSCOM) Network) (Halcyon) Department of Treasury)

Kalvakuntla Taraka Karen Hughes Karthik Govindhasamy Kathryn Kaufman Kristen Lund- Kristina Davison Lavanya Nalli Rama Rao Quintos CTO & EVP Managing Director of Jurgensen Co-Founder & Managing Ramanathan Minister for IT E&C Chief Customer Officer of Engineering Global Women’s Issues EVP, President Pfizer Partner Vice-chair (Government of (Dell) (Planet Labs, Inc.) (Overseas Private Global Supply (iEurope Capital LLC) (Nalli Group of Telangana) Investment Corporation) (Pfizer) Companies)

112 #GES2017 – Session Summary Report

Lerato Motsamai Leticia Gasca Serrano Lisa Mather Lisa Srao Loretta McCarthy Lorraine Martin Manish Sabharwal Founder & CEO Founder & Managing VP & Chief International Chairman & Managing Managing Partner Executive Vice President Chairman (Petrolink) Director Counsel Director (Golden Seeds) and Deputy (Teamlease Services Ltd)

(Failure Institue) (PayPal) (I Brands Beverages) (Lockheed Martin Corporation)

Marcus Wallenberg Mark Green Mark Kahn Maxim Pasik Maxine Chapman Megha Mittal Melissa C. Frankman Chairman Administrator Founding Partner Executive Chairman Associate Director Chairwoman and Emerging Markets Fintech (SEB) (USAID) (Omnivore) (Watergen / Vertical Field) (Manufacturing Managing Director Investor Technology Centre) (Escada) (Fortune500 & high- growth companies)

113 SPEAKERS (In alphabetical order)

Merrill Fernando Mithali Dorai Raj Mukesh Bansal Mukul Kanitkar Nandini Tandon Neeraj Bharadwaj Nirmala Sitharaman Chairman Captain Founder National Organizing Founder & CEO Managing Director Defence Minister (Dilmah Ceylon Tea (Indian Women’s Cricket (CureFit) Secretary (Tenacity Global Goup) (Carlyle India Advisors (Government of India)

Company PLC) Team) (Bhartiya Shikshan Mandal) Private Limited)

Nivruti Rai Onyekachi Stephanie Otara Gunewardene Parameswaran Iyer Patricia Greene Piyush Mathur Piyush Pandey Country General CEO Director Secretary Director of Women’s CEO Executive Chairman and Manager & Vice President (Next Page Productions) (Otara Foundation/ (Indian Ministry of Bureau (Simpa Energy) Creative Driector; South of Data Center Group Embark) Drinking Water and (U.S. Department of Asia (Intel Technologies India) Sanitation) Labor) (Ogilvy & Mather)

114 #GES2017 – Session Summary Report

Prathiba Singh Priya Nair Priya Rajan Priya Tandon Priyanka Bakaya Priyanka Chopra Priyanka Mital Judge Executive Director Director of Early Stage Founder & India CEO CEO & Founder CEO Director

(New Delhi High Court) (Hindustan Unilever Practice (Tenacity Global Group) (Renewlogy) (Centre of Innovation (KRBL Limited)

Limited) (Silicon Valley Bank) Incubation & Entrepreneurship)

Pullela Gopichand Radha Kapoor Khanna Radhika Aggarwal Rahama Wright Rajan Anandan Rajan Navani Rajashree Natarajan Chief National Coach Founder and Exectuive Co Founder and Chief Founder and CEO Vice President; Google Vice Chairman & Manag- Chief Operating Officer (Indian Badminton) Director Business Officer (Shea Yeleen Health and India and South East Asia ing Director (Cognizant Foundation) (DICE Ecosystem) (Shopclues.com) Beauty) (Google) (Jetline Group of Companies)

115 SPEAKERS (In alphabetical order)

Rajiv Behari Lall Ram Reddy Rama Kalyani Akkiraju Ramana Gogula Ramesh Abhishek Dr. Ramesh Ramesh Jagannathan Founder & CEO Chairman Distinguished Engineer Vice President Clean Secretary Byrapaneni Vice Provost/ Managing

(IDFC Bank) (Global Industry Analysts) (IBM) Technology Innovation (Indian Department of Industri- MD Director

(Stanley Black & Decker) al Policy and Promotion) (Endiya Partners) (NYU Abu Dhabi)

Rasmus Wiinstedt Ravi Kailas Ray Washburne Rema Subramanian Ritesh Agarwal Dr. Ritu Verma Roee Tamari Tscherning Chairman President & CEO Managing Partner & Founder and CEO Co Founder and CEO CEO & Founder (Mytrah Energy) (Overseas Private Founder (OYO Rooms) Managing Partner (Herodium Investments) (Creative Business Cup) Investment Corporation) (Ankur Capital) (Ankur Capital)

116 #GES2017 – Session Summary Report

Rohini Dey Ronnie Screvwala Roya Mahboob Rukmini Banerji Ruth Goodwin-Groen Sachin Bansal Sandra Jonsdottir Founder and Owner Founder CEO CEO Managing Director Executive Chairman & Co Buch (Vermilion Restaurant (UpGrad) (Digital Citizen Fund) (Pratham Education (Better Than Cash Founder CEO Chicago and NYC) Foundation) Alliance/UCDF) (Flipkart.com) (Platome Biotechnology)

Sangita Reddy Konda Sania Mirza Sanjeev Aggarwal Sanjeev Bikhchandani Sara Vakshouri Sean Blagsvedt Shalini Collins Joint Mangaing Director Tennis Champion Senior Managing Director Founder & Vice Chairman President Founder Founding General Partner (Apollo Hospitals Group) (Helion Advisors Pvt Ltd) (Info Edge India Ltd) (SVB Energy International) (Babajob) (Shatter Fund)

117 SPEAKERS (In alphabetical order)

Shanti Mohan Shashank Navalurkar Shashi Shekhar Shivani Malik Shobha Taladpady Shubha Nabar Sibongile Rejoyce Founder & CEO Dattatreya Vempati Marketing Director Seetharam Managing Director Sambo (LetsVenture) Founder & CEO CEO (Da Milano Leathers) Executive Director (SRS Aviation and SRS Senior Director (Practo) (Prasar Bharati) (Indian Space Research Petroleum) (Salesforce Einstein) Organisation)

Sivakumar Surampudi Sonam Wangchuk Srikanth Bolla Stephanie Marrus Steve Nordlund Su Shah Tan Subhash Chandra Group Head - Agri & IT Founding Director CEO Director, Entrepreneurship President Managing Director Chairman Businesses (Students’ Educational (Bollant Industries) (University of California (The Boeing Company / (DBS Bank) (Essel Group) (ITC Limited) and Cultural Movement of San Francisco) Horizon X) Ladakh)

118 #GES2017 – Session Summary Report

Sumita Ghose Sumithra Gomatam Sunil Manohar Susan Beth Sushma Rajagopalan Tania Fernandez Teresa Nelson Managing Director President Gavaskar Chodakewitz Managing Director & CEO President and CEO Carpenter (Rangsutra Crafts India) (Cognizant Digital Director President and CEO (ITC Infotech) (Midissia Therapeutics) President & CEO Operations) (Professional (Nathan Associates Inc) (Reel Muzik Werks LLC) Management Group)

Tessy Thomas Thomas Hyland Tiffany Wilson Udit Harish Sheth Upasana Taku Vani Kola Varitha Narayanan Director Co Founder and Partner CEO Founder & Co-founder Managing Director Chairman (DRDO) (Aspada Investments) (GCMI) ManagingDirector (Mobikwik) (Kalaari Capital) (IBM India Private Ltd.) (Se TransStadia Pvt. Ltd.)

119 SPEAKERS (In alphabetical order)

Venktesh Shukla Vikas Khanna Vikas Shah Vikram Gupta Vineet Chandra Rai Virginia Littlejohn Vivian Lau Managing Director Founder & CEO COO Founder & Managing CEO & Founding Partner Co-founder & President President (Monta Vista Capital) (Vikas Khanna Flavors) (Water Health Partner (Aavishkaar IntelleCap (Quantum Leaps Inc) (JA Asia Pacific Ltd.) International) (IvyCap Ventures Advisors) Group)

Yeone Fok Yonathan Parienti Founder Founder and CEO (SparkRaise) (HORYOU)

120 #GES2017 – Session Summary Report

About NITI Aayog

NITI Aayog is the premier policy ‘Think Tank’ of the Government of India, providing both directional and policy inputs. While designing strategic and long term policies and programs for the Government of India, NITI Aayog also provides relevant technical advice to the Centre and States.

NITI Aayog acts as the quintessential platform of the Government of India to bring States to act together in national interest, and thereby fosters Cooperative Federalism. NITI Aayog is also developing itself as a State of the Art Resource Centre, with the necessary resources, knowledge and skills, that will enable it to act with speed, promote research and innovation, provide strategic policy vision for the government, and deal with contingent issues.

NITI Aayog was the host of GES 2017 in Hyderabad.

121 About the U.S. Department of State

The Department of State advises the President and leads the nation in foreign policy issues. The State Department negotiates treaties and agreements with foreign entities, and represents the United States at the United Nations.

On behalf of the American people the State Department promotes and demonstrates democratic values and advances a free, peaceful, and prosperous world. The mission of the U.S. Department of State is to advance the interests of the American people, their safety and economic prosperity, by leading America’s foreign policy through di- plomacy, advocacy, and assistance.

The Global Entrepreneurship Summit is an initiative under the U.S. Department of State’s Global Entrepreneurship Program.

122 #GES2017 – Session Summary Report

About The Global Education & Leadership Foundation

The Global Education & Leadership Foundation (tGELF) is a program initiative of The Nand & Jeet Khemka Foundation. tGELF was founded in 2006, and was officially inaugurated in 2008 by the then Prime Minister of India, Dr Manmohan Singh. tGELF has designed a comprehensive leadership journey for aspiring great leaders at school, university and post-university level.

The foundation is committed to identifying and nurturing ethical and altruistic leaders across the globe to be agents of change. tGELF’s program initiatives are focused in Education &; Skilling, Technology for Good, Social Movements, and Entrepreneurship. tGELF was a core partner of the Global Entrepreneurship Summit 2017.

123 PARTNERS OF GES 2017

124 #GES2017 – Session Summary Report

125