Ratan Tata salutes the spirit of entrepreneurs in time of coronavirus, says they will set new benchmarks
The doyen of Indian industry and a revered figure from corporate India, Ratan Tata, Chairman Emeritus, Tata Sons, saluted the spirit of entrepreneurs in India in these very challenging times of coronavirus, and exhorted them to start with a clean sheet of paper.
In a tweet post, Rata Tata said, “I won’t downplay the challenges and the difficulties embedded in these current times. But my confidence remains high in the inventive nature and the creativity of entrepreneurs today who will find ways to enable new or modified enterprises that would be the benchmarks of tomorrow.”
Ratan Tata also reminded that in past difficult times, entrepreneurs displayed far-sightedness and creativity that could not have been believed to exist.
“These became the flagpoles of innovation and new technology today. I hope that the ability to find another way to build a product, run a company, and run operations a better way, will emerge as an outcome of the current crisis,” he posted.
The impact of the coronavirus on the economy across the globe has been very severe and it has been no different on the startup ecosystem. This has become more acute as startups are still young companies and would not have probably faced such a situation.
The impact is already visible in terms of the quantum of investments coming into the startup ecosystem, and some job reductions announced by companies.
Ratan Tata has been one of the earliest supporters of Indian startup ecosystem, and started to invest in startups much before they had become mainstream. He has invested in over two dozens startups over the last eight to nine years, and some of them such as Paytm and Ola have turned into unicorns, while many of them are in the soonicorn category.
Ratan Tata’s advice to all entrepreneurs: “It can all start on a clean sheet of paper that looks at ways of doing things that were never thought of before. This crisis will force entrepreneurs to adapt and create.”