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From Startup to $500 Million
More than five years back, there was one edition of the program 'Turning point' where I saw a young CEO in his office, which boasted of being completely paperless. Today, his aim is more true than before, with everything from invoices to taxation being online, and in a far more secure way. The issue of online documentations, version controls, change prohibitions, search ability, and ease of access have added far more ease of operations than with conventional paper based methods, and contribute to a cleaner environment.
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Dearth of Product Companies in India - repeat call!?
We were lucky as well as unlucky to have missed the industrial revolution during its birth pangs - we got the stuff once it was already in a shape in the west. If it was the first car that was made or the first record player that played music, the entirety of products came up in some form in the west. This had a dual effect of having some form of product on the one hand (acceleration of technology use in the society) and forgetting to develop newer products in the country. We always had a thought that the product gets developed in the west and then it is migrated in an appropriate form to countries like India. (In fact, if a Indian product really comes up, it is not looked at with the same respect as the one born outside the country!) And now with folks like Friedmann singing about the services industry, the media and the public in general are in a euphoria of being the services capital of the globe, forgetting and unfortunately, ignoring the importance of product development in India. The number of original products developed in India has been very less, in comparison to the other aspects of industry. Well, we need to look at the long term effects of this assumed 'high'!
Whether it be post-independence economic policies, or a rush to get richer quicker by providing services (rather than wait for the full development cycle of a product), there are numerous reasons to look at. But the time has come when indegenous products from India have to be honored, with services being looked as the cream on the milk.
How do you think most developed countries have been able to remain competitive? According to NSF (National Science Foundation, USA), “High-technology industries are driving economic growth around the world”.
Although a lot has started happening in encouraging products as the main motive for development, we have to push the pedal harder. “Even during the recent, slow-growth, ‘post-bubble’ period (2000–03), high-technology industry continued to lead global growth at about four times the rate of all other manufacturing industries.”
Is this article dated by a few years - because it seems, that with people like Mahindra, Tata and Bharat Forge, we do have a product oriented approach!? Well, this article, is not really dated - it is just a reminder for the intense focus that we need to have when we go ahead with products. The definition of product from being a physical entity has been shattered. We need to have the central idea that can materialize into a definite form, and that can by itself sustain the services industry that we are proud of.
To quote a random internet user (login Dharma - no link):