Creating a Nimble Economy by Bringing MSMEs, Startups Together, Says Expert
CHENNAI – Ravi Narayan, Senior Advisor for Startup Genome and former CEO of T-hub, emphasized the importance of fostering collaboration between Micro, Small, and Medium Enterprises (MSMEs) and startups to drive the growth of Tamil Nadu. Speaking at the Global Investors Summit 2024 during a panel discussion on the Startup Investors Summit, Narayan highlighted the need to focus not only on accelerating startups with incubators and funding but also on understanding the demand for innovation and its significance.
Narayan stressed that the rapidly changing global market necessitates increased innovation. The COVID-19 pandemic, for example, led to the creation of numerous digital services worldwide. He noted that without continuous innovation, even large companies such as Fortune 100 and Fortune 500 would struggle to survive. For larger organizations to successfully innovate, they must embrace agility, creativity, and disruptive thinking.
Drawing attention to the manufacturing sector’s significant development in Tamil Nadu, Narayan encouraged the adoption of advanced technologies like robotics and artificial intelligence. By creating demand for these new technologies, startups can help spur the growth of suppliers and propel the ecosystem to new heights. He emphasized that MSMEs, with their inherent ability to be innovative and nimble, should not solely focus on profits but also play a vital role in establishing a nimble economy when working in conjunction with startups.
Tamil Nadu, with the second-highest GDP in India, heavily relies on the manufacturing sector for its economic prosperity. Thus, Narayan urged the state to seriously consider the potential benefits of bringing MSMEs and startups together to foster a nimble economy.
In addition to Narayan’s insights, the creators of the immensely popular ‘Village Cooking Channel,’ known for its 23.4 million YouTube subscribers, shared their experiences and perspectives during a panel discussion, further enriching the vibrant discussions at the GIM 2024.
As Tamil Nadu seeks to maximize its economic potential, the convergence of MSMEs and startups emerges as a compelling solution. By leveraging the power of innovation, collaboration, and advanced technologies, the state can position itself as a frontrunner in the dynamic global market. It is imperative to create an ecosystem that fosters demand and empowers both MSMEs and startups to thrive, steering Tamil Nadu toward accelerated growth and prosperity.
