Information Technology and Industries Minister K.T. Rama Rao has exhorted entrepreneurs, particularly those in the IT sector, to come up with localised solutions.
Entrepreneurs should come up with recipes and formulas that suit the local conditions. “In this age of uncertainty, IOT (internet of things) and ideas are the only tools. We should not copy, paste international ideas. What has worked in Los Angeles and Barcelona may not work here,” he said. Entrepreneurs should focus on defining the next practices and setting benchmarks for the international community to follow. Mr. Rama Rao was speaking at the opening session of ‘Road to GES’. The event was organised as a prelude to the prestigious GES Summit. It was co-hosted by INK, NITI Aayog and T-Hub.
Held on the theme “Beyond Boundaries”, the two-day programme will feature an interdisciplinary line-up of thought leaders and entrepreneurs from emerging technologies like AI, big data, blockchain, cybersecurity, and IoT, mixed with innovations in social and cultural entrepreneurship.
The two days will cover in-depth discussions, practices and policies that will let India leapfrog the legacy systems and move into an innovative future.
In about a half-hour long address to the delegates, Mr. Rama Rao quoted several anecdotes relating to traffic problems in major cities and compared it to Hyderabad. His emphasis on entrepreneurs opting for “adventure capital” instead of venture capital, making them bet big on India, drew applause from the audience.
Stressing the need for shift in paradigm, he wanted the entrepreneurs to be innovative and come out with solutions to problems that were affordable and accessible. “It was three ‘I’s - innovate, incubate and incorporate earlier. Now, it is digitise, decarbonise and decentralise, for redefining the way we do business,” he said. In this context, he said there was need for innovation, for government and governance to be in sync with the realities. The government had accordingly tried to understand the pain of common man and formulated new policies like the M-Wallet of the Transport department.
