Dubai, UAE – September 24, 2023
In a celebration of entrepreneurial spirit and innovation, the Intercontinental Dubai – Festival City played host to the “Bits to Billions: Inspiring Entrepreneurial Journeys” event organized by the Institute of Chartered Accountant of India Dubai The event, was dedicated to honoring the entrepreneurs of India who have made significant contributions to the country’s growth and have the potential to shape India’s future.
Bikash Prasad, the President and Group CFO of Olam Agri, delivered a compelling speech highlighting the stages of entrepreneurial growth and the crucial role finance plays at each step. He outlined four distinct stages – Startup, Cheetah, Gazelle, and Unicorn – emphasizing the importance of financial controls, system establishment, and relevant key performance indicators Mr. Prasad also underlined the significance of engagement with investors, valuation, and the necessity of data analytics and insights to support expansion plans. He urged entrepreneurs to be vigilant in sustaining value and achieving profitability, citing examples of businesses that struggled to innovate and remain profitable in the long run.
Dr. Somdutta Singh, a first-generation serial entrepreneur, angel investor, and author, shared her insights on achieving hypergrowth with profitability. She encouraged aspiring entrepreneurs to be remembered like great visionaries such as Swami Vivekananda or Ratan Tata and stressed the importance of innovation and the ability to make money.Dr. Singh highlighted the difference between invention and innovation, noting that innovation involves turning inventions into profitable ventures. She shared her own entrepreneurial journey, emphasizing the value of experience and learning from failure.
The event also featured a panel discussion moderated by CA Nandi Vardhan Mehta, CFO & IC Member of KAAF Investments LLC. The panelists, Mr. Amit Chaudhary, Co-Founder of Lenskart, and Mr. Niraj Singh, Founder & CEO of Spinny, discussed their experiences as unicorn founders. They shared valuable insights into the challenges and triumphs they encountered along their entrepreneurial journeys.
One of the key takeaways from the event was the significant job creation and global impact of startups and unicorns. Companies like Uber, with over 33,000 employees, were cited as examples of how these ventures contribute to economic growth and job opportunities.
The “Bits to Billions: Inspiring Entrepreneurial Journeys” event atl Dubai – Festival City served as a platform to celebrate the resilience, innovation, and transformative power of entrepreneurs. It shed light on the challenges they face, the importance of financial management, and the role of experience in achieving success. As the world continues to witness the rise of startups and unicorns, events like these provide inspiration and guidance for the next generation of visionary entrepreneurs.
VINOD KUMAR (UAE)