IEC 2024: MakeMyTrip Founder & Chairman Deep Kalra Discusses 'How To Kick-Start Startup Innovation'

That's a very compelling number. But the reality is that the success rate of startups is low. In itself, 1.4 lakh startups is tremendous, and I don't think India would have got to this number without the last decade's efforts. The platform provided for startups has been commendable. I was involved with the first Startup India event as moderator. The government recognized startups as important. Then came regulatory breaks, tax benefits, fund of funds. But the single biggest turning point for startups in India has been UPI. UPI is the backbone of our entire industry. It democratized e-commerce and fintech, especially during COVID. India has the building blocks in place. The new breed of entrepreneurs are wiser and more ambitious than my time 20 years ago. I think it's okay to fail. The learning from failures is key. The best companies learn from failures and pivot.

Yes, we are today a 24-year-old company, but I love to tell people in the company, all new joiners have to think like a 24-year-old startup. The day we stop thinking like a startup might become the beginning of the end. The other very interesting word you used was 'many will fail'. I think it's okay to fail. The learning from failures is key. The best companies learn from failures and pivot. Coming to your most important question: are we innovative? I think we could do much better. Firstly, Indians and Indian businesses don't take a very long-term approach to innovation, which is R&D. We have looked westwards towards the US, which invests a lot in R&D. That needs to change. We have a great opportunity with AI today. The impact of AI is going to be no less than the internet. This is a great time to invest in R&D for AI, blockchain, to train our people. I was delighted to hear that Bennett Coleman Institute has an AI school. For companies, we have to give long-term incentives for research. If we don't, we will always be copying more than having core IP. To move, we need to innovate much more, invest in R&D, and from policy point of view, give more incentives.

I wish I had all the answers, but I am totally in your camp. What makes it even more ironic, Mahir, is that Indians who studied in India are at the helm of many path-breaking companies like Microsoft and Google, and at least 20 other companies. We have the talent pool. We have 1.4 billion people, a massive market, and a growing middle class. Everyone wants to come here. We need to do the reverse: first do well for our own market, then take Indian solutions to the developing world. For example, we made our first serious foray in the GCC with an Arabic platform. On the other hand, we have companies like Indigo and Haldiram's that provide world-class service. B2B we have done very well with TCS, Infosys, Zoho. B2C requires a different mindset, understanding local markets. We should pick certain markets where we have a right to succeed and go there first.