Missed TechSparks 2024? Here are 5 key lessons from India’s top entrepreneurs

So you missed coming to TechSparks, India’s biggest tech-startup event? That’s a shame, because this year’s edition saw some of the brightest minds in the Indian startup ecosystem come together to discuss the future of entrepreneurship in the country. From Bhavish Aggarwal, Founder and CEO of Ola Electric, sharing his ambitious AI dreams to Ronnie Screwvala, Chairperson and Co-founder of upGrad, highlighting the need for sustainable scaling, the insights shared at TechSparks Bengaluru 2024 were invaluable.

And it wasn’t just the private sector weighing in. There were representatives from government organisations too. Luminaries like ISRO Chairman Dr S Somanath and Anil Agrawal, Member of the Competition Commission of India (CCI), shared their perspectives on building successful ventures in India that benefit its citizens.

But don’t worry, we’ve got you covered. Whether you’re a startup founder, an aspiring entrepreneur, or just someone curious about what it takes to build a business in today’s complex market, here are five key takeaways from India’s top heads that will help you shape your own path forward.

1. In India, growth follows a different timeline—be patient

One of the biggest takeaways from this year’s TechSparks was the importance of being patient when building a business in India. It’s a sentiment echoed by multiple founders, including Zerodha’s Nithin Kamath, upGrad’s Screwvala, and Titan Capital’s Kunal Bahl. All three of them emphasised that growing a business here requires a different kind of resilience and endurance.

“It takes a long time in India to build a profitable and sustainable business. If someone is forcing businesses to exit in 7-10 years, it doesn’t work for many,” said Kamath, highlighting that success metrics defined by Silicon Valley—such as quick exits—don’t always align with the Indian context.

Screwvala echoed Kamath’s point, underscoring that the obsession with speed can be misleading. “We shouldn’t celebrate unicorns. It often means you’ve received a lot of ‘free money’ and a valuation that’s inflated beyond its actual worth… Scaling a business is a very tricky process, which is why you need patience to build something serious,” he noted.

Titan’s Bahl also shared his perspective on the need for a long-term view, noting that many investors want quick returns, but real value creation happens over a longer period. “If I could change the name of Titan Capital, I would make it ‘Slow Capital’,” he quipped, explaining that the ecosystem is in the habit of moving too fast. “We need to have a certain pace in what we do. We can't be sluggish... but this desire for extraordinary speed causes companies to fall on their faces often.”

Takeaway: India isn’t Silicon Valley. Don’t let external pressures dictate your timelines. Focus on building a robust business, be patient, and resist the urge to rush to the finish line. The true value creation often happens in the final stretch, and staying the course can pay off in ways that short-term gains cannot.

2. Customer obsession is the heartbeat of success

Customer obsession goes beyond just creating a great user experience—it’s about building trust and focusing on the value delivered. Phani Kishan Addepalli, Co-founder and Chief Growth Officer of Swiggy, spoke passionately about how the company’s commitment to its customers sometimes meant taking hard decisions that affected short-term business outcomes.

“We care about customers enough that we would rather not take business than do a bad job,” Phani said, recalling how the company paused operations for two days to launch its delivery partner app to ensure smoother operations and better service quality before resuming.

Takeaway: Building a great product or service is important, but understanding what your customers truly value and committing to their satisfaction—even at the cost of short-term revenue—will set your business apart and create long-term loyalty and trust.

3. Play to your strengths and focus on core competencies

Staying true to what you do best can make all the difference in a competitive market. Multiple speakers at TechSparks 2024 emphasised the importance of sticking to core competencies and not diversifying just for the sake of it.

Ola’s Aggarwal reflected on his previous experiences in the food delivery space, where Ola tried to compete with established players like Swiggy and Zomato. “Swiggy and Zomato are brilliant companies, run by brilliant entrepreneurs; they did a better job at that than us,” he admitted. “I went into a reflective and introspective mode and asked myself—why did I not succeed in doing that and how can I take learnings from that. My learning was that I was not playing to my strengths. I was just kind of doing a FOMO (Fear Of Missing Out) or a me-too kind of a business strategy.”

After realising that his core strength lies in technology and innovation, Aggarwal shifted Ola’s focus back to these areas, leading to ventures like Ola Electric and Krutrim, an AI company working on building India’s first AI silicon chips. “My DNA and our DNA at Ola is technology and innovation, and not just doing things because others are doing it,” he said.

UpGrad’s Screwvala also reiterated the importance of focus and clarity. “Scaling a business is a very tricky process, which is why you need patience to build something serious. Unfortunately, many of the narratives we hear aren’t that serious. A business is built, it gets a high valuation, but the two don’t always align. That myth needs to be shattered,” he said.

Takeaway: Focus on your core competencies and avoid chasing trends or opportunities that don’t align with your strengths. Stick to what you know best, and the results will follow.

4. Technology is an enabler, not the solution itself—focus on solving the business problem first

It’s easy to get caught up in the allure of shiny new tech solutions, but Ajit Narayanan of Licious emphasised that technology should always serve the business, not the other way around.

“Let not technology drive your business, but rather let business drive your technology,” Narayanan said. He explained that startups should first identify the problem, find the right solution, and only then build the technology to support it. 

“If you don’t know whether your business is going to scale, there is no need to build for that scalability right from day one. That’s over-engineering. You need to know when to over-engineer and when to under-engineer,” he said.

Takeaway: Always start with the business problem and then look at how technology can solve it. This approach ensures that your tech investments drive real value and aren’t just for show.

5. You don’t have to build everything from scratch

Building a successful startup doesn’t mean you have to reinvent the wheel. Several speakers at TechSparks 2024 highlighted the benefits of leveraging existing technologies and platforms to accelerate growth.

Vishal Dhupar, Managing Director of NVIDIA Asia South, emphasised that founders don’t need to build everything from the ground up when there are open-source tools that can offer a head start. “The West has been doing a lot of research in open source, and who better than Indians to take advantage of it? Be the practitioner, get on that train, and start practising it,” he said.

By adopting and iterating on open-source technologies, startups can create impactful solutions without incurring massive costs. This approach can level the playing field for smaller companies looking to compete against larger, well-funded firms.

Takeaway: Founders should leverage open-source tools and existing platforms to speed up development, reduce costs, and create solutions that can be scaled effectively.

Wrapping Up

So, even though you missed out on attending TechSparks 2024 in person, the key takeaways from these industry leaders are clear: India is different, prioritise customer satisfaction, play to your strengths, align technology with business goals, and use open source platforms. Most importantly, remember that building for India, with its complexities and opportunities, can be the gateway to global success!

(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director at Ola Electric)