Mumbai: ET NOW hosted the 10th season of the Leaders of Tomorrow Awards in Mumbai. In order to help entrepreneurs adopt modern business models and future-proof their companies in this dynamic ecosystem, the Leaders of Tomorrow Awards Season 10 with the theme "Empowering India's Next Decade of Entrepreneurship" was held to celebrate ten years of empowering the transformation of the Indian entrepreneurial ecosystem.
The Leaders of Tomorrow Awards, an annual national event aimed at identifying and honouring the most promising businesspeople, this year featured emerging and enterprising small businesses across 23 categories, having been shortlisted following a thorough pan-India screening process and duly assessed by a prestigious jury. A variety of quantitative and qualitative criteria, including the business model, risk management strategy, impact and reach, promoter background, and technology impact and disruption, were benchmarked during the selection process.
The event featured a distinguished line-up of speakers, including Maharashtra Skill Development & Entrepreneurship minister Mangal Prabhat Lodha, IDFC First Bank MD & CEO V. Vaidyanathan, Raymond chairman & managing director Gautam Singhania, OYO Rooms CEO Ritesh Agarwal, and cricketer & start-up entrepreneur Yuvraj Singh, among others.
Lodha appreciated ET NOW for organising such a stellar award show. He said, "I am glad to be a part of such a beautiful event that boasts of such great minds, who have been big contributors to the betterment of Mumbai and the country. I have also been a businessman, so I understand the need for skill in the sector. The percentage of skilled workers in India is very low when compared to other developed countries. When Shri Narendra Modiji became the Prime Minister in 2014 for the first time, he started the skill department, anticipating the future. He believes that we have honest entrepreneurs who work hard, but if not skilled properly, they stand to fail."
He further requested that top industrialists and businessmen present at the event join hands with the government and help upskill people at its incubation centers. "Corps. need skilled people, and we have skilling centres in Maharashtra. We invite large corps. to participate and patronise them. You can play a role in upskilling people at our centres too. These can be huge incubators of talent. We have the space, and we can open ITIs with you if you desire. The government will keep working, but we cannot be 100 percent effective unless we work together. This will birth the leaders of tomorrow."
IDFC First Bank MD & CEO V. Vaidyanathan spoke about the challenges small and medium entrepreneurs face in doing business, especially when it comes to the lending sector. "The finance sector is huge in our country, especially the lending market, which is worth Rs 140 lakh crore. Of this, medium and small enterprises account for only Rs 8.7 lakh crore. They operate out of equity, which is an inefficient way of doing business. To help these small enterprises, we must come up with an improved tax structure with rebates, just like our tax slabs. This will help them save more, attract talent, and fight the disadvantage of being in smaller cities.
He added that entrepreneurs can only become leaders of tomorrow if they adapt to the digital wave and listed the government initiatives that have played a huge role in ushering in digitisation for SMEs. "Our government has done a lot in helping digitise the economy. With Jandhan and Aadhaar, it opened 4 million bank accounts for people below the pyramid in India in a year. Smartphones are enabling quick commerce. Then there's AI and machine learning, which are making significant progress. Let’s not forget credit bureaus, UPI, and ONDC. These ecosystem changes must be adopted by small entrepreneurs if they want to be part of the success story. It has been forecasted that the extent of consumer credit will increase to a cumulative 4.5 trillion dollars by 2030. In the coming years, SMEs will play a significant role in developing such a power. This momentum will take the country and economy ahead."
OYO Rooms CEO Ritesh Agarwal was candid about how he started his journey with nothing but an ability to think big. "When I started a few years back, travel had become big, and people were looking at building hotels as a viable mode of business. However, I thought it would be a better option to invest in existing hotels and convert them into a brand. Naivete is critical when you build a business. Then comes the ability to think big, which I learned from my contemporaries early in my career. The SMEs of today may be the unicorns of tomorrow. So, thinking big is important."
He also stressed some factors that budding entrepreneurs must keep in mind. "Entrepreneurs need to first figure out the sector they want to be in. You must pursue a sector that has less competition. Building the right team is necessary, and you need partners for yourself. People who believe in you as a partner and not just as an employer. Then, education is critical. It can also be gained on the field, but what is important is how you access it. Be in a sector that allows you to take some time and then shine. What you need is perseverance. Take OYO as an example. Today, travel is growing in an unprecedented way and is affordable. But when covid hit, our business suffered a 70 per cent drop overnight. Had we given up, we would not have boasted of a positive Ebidta today. In the end, companies must make money, and anyone telling you otherwise is wrong. An entrepreneur’s job is not just to deliver earnings but also to add value for shareholders. As entrepreneurs, you must be optimistic that next year we will see profitable unicorns."
