According to Dr Ajay Kela, the President and CEO of Wadhwani Foundation a penchant for risk and innovation is the biggest hallmark of a great entrepreneur, adding that while Indians are usually resourceful, they are unwilling to take risks or go for world-class innovation. However, things seem to be changing now. In 2015 alone, 80,000 jobs were created by entrepreneurs. As per Dr. Kela India is adding seven to eight million people a year to the workforce, and in that 70 per cent of all jobs were created by startups and SMEs.
In an exclusive interview with Ms. Rashmi Khurana, Anchor Mentor at Wadhwani Foundation, we found out the noble initiatives undertaken to promote entrepreneurship among the Indian SMEs which can benefit many manufacturers in the country.
The founder of Wadhwani Foundation, Dr. Romesh Wadhwani is an illustrious man. He is a Silicon Valley entrepreneur who until 1999 built three successful companies, the last of which was worth the US $9 billion. He is the founder-chairman and chief executive officer of Symphony Technology Group, which is valued at US $3.5 billion, and the founding chairman of PE firm Symphony AI.
“Dr. Wadhwani established Wadhwani Foundation in 2003, with an aim to accelerating economic development in developing economies by propelling job creation on a large scale through promoting entrepreneurship and SMEs”, shares Ms. Khurana. Today, the Foundation is active in 25 countries across Asia, Africa and Latin America. Among the many programs implemented by the Foundation to achieve this are National Entrepreneurship Network, Skills Development Network, and Opportunity Network for the Disabled, and Wadhwani Advantage.
The National Entrepreneurship Network (NEN) supports student entrepreneurs and SMEs to create high-value jobs. NEN has trained more than 3,000 people in 500 institutes, who now offer entrepreneurship courses to more than 100,000 students every year. All in all, NEN has resulted in over 2,000 start-ups.
“Dr. Wadhwani has devoted his life to connecting technology with social welfare needs. Through Wadhwani Foundation, he has empowered the youth of India by facilitating employment generation…”, these are the words with which the Indian Prime Minister paid tribute to Dr. Romesh Wadhwani, who has been so actively involved in building the economy of the country.
The Skills Development Network (SDN) equips college dropouts and school pass-outs with working skills worth a salary of at least ₹12,000 a month to support their families. SDN works with over 100,000 students across 1,400 high schools; with the co-operation of the Indian government, it is looking to increase this figure to 15,000 schools in the next five years.
The Opportunity Network for Disabled (OND) allows people with disabilities to get sustainable quality jobs in the corporate world through business value proposals. The Foundation aims to provide placements for 100,000 such people. As of now, OND has placed 8,000 individuals.
“The Wadhwani Advantage Programme is designed to bolster the growth of small businesses: to be precise, businesses with annual revenue between $1 million and $50 million and an employee count of 30 to 1,000”, adds Ms. Khurana. The program has set a goal of trying to set up a hyper-growth path of 2x to 10x. The Foundation has successfully engaged the attention of VCs and the funds necessary to buy the services and consultation required to meet its target. The Programme is especially focusing on the companies that have a revenue of ₹10 million to ₹3.5 billion. The Advantage Programme will be involved with companies from all parts of India.
Dr Romesh Wadhwani established Wadhwani Foundation in 2003, with an aim to accelerating economic development in developing economies by propelling job creation on a large scale through promoting entrepreneurship and SMEs
Wadhwani Advantage helps people connect with consultants, bankers, and so on; in short, with the men who matter from different domains and industries, the vital components which make up the ecosystem of thriving enterprises. It also assists business owners with research and development to help them implement better technology and concepts. If a firm is looking for geographic expansion, it directs the firm to countries where it will get a favourable reception and opportunity for further expansion.
Wadhwani Advantage has formed partnerships with firms in the USA; in India, it has formed partnerships in Chennai and Ahmedabad among other places. It is also working closely with some brands in the private sector mostly in southern India.
The Advantage Programme helps in more than 70 areas of entrepreneurship, including strategizing, digital marketing and template. So far, it has helped 150 SMEs blossom into larger, more ambitious enterprises. By 2020, it aims to help one thousand.
The Programme believes that if it can create just one job, it can help a family of four live with dignity. With this mindset, the Programme has set out to help people get jobs and lead respectable lives. Wadhwani Foundation takes no equity from participating businesses; nor does it charge any fees. As of now, the Programme is active in 18 countries. The Advantage Programme is headed by Dr Ajay Kela, the President and CEO of Wadhwani Foundation. Dr Kela, who is based in Bangalore and keeps traveling between the Karnataka capital and America, has worked closely with Dr Wadhwani for several years.
If you are a SME Entrepreneur and would like to get mentored please do visit https://www.wfglobal.org
