Startups and innovation is the only thing that Ratan Tata talks about these days at public forums. Addressing a panel at the Maharashtra Investment Forum in the Make in India summit today Tata, the Chairman Emeritus of Tata Sons, said that in a bid to fuel entrepreneurship and innovation in the country, the Government should open more research centres.
"Apart from IITs and other institutes, which are sources of innovation for young people, we also need research centres to encourage innovation," Tata said during a panel discussion where he shared the dais with the Maharasthra Chief Minister Devendra Fadnavis, Coal and Power Minister Piyush Goyal, Nikhil Meswani, ED, Reliance Industries among a few others.
Pawan Goenka, ED, Mahindra and Mahindra, who was moderating the panel, called Ratan Tata as Amitabh Bachchan of the business world to which the audience split into laughter.
Tata, who has been hogging the limelight for the last few months by his pro-startup statements and the investments he has made so far in the start-up space, said that Maharashtra has all the benefits just like the Silicon Valley and has the potential of being the startup hub of the world where people can come immediately to start their ventures.
He also spoke about the need of white-collared environment with skills, space and ease of entering the business, connectivity and availability of innovation to boost the startup ecosystem.
"We need connectivity, both electronic as well as physical, and the government policy that facilitates growth," he said.
It seems the 78-year-old business tycoon turned startup investor, is far away from enjoying a retired life. He has been on an investment spree this year. The former chairman of the diversified Tata Group has invested in about eight startups since the beginning of the year.
Tata’s recent investment also speaks a lot about the kind of companies he bets on. Most of the start-ups are early-stage companies that have either got Series A funding or are preparing to get into it. Tata, who invests anything between ₹10 lakh and ₹5 crore, also plays an important role in mentoring the companies on business growth, expansion and leadership.
Tata invests in a company that excites him and bets on entrepreneurs who are passionate about the company. He also backs the portfolio companies of two venture funds—Kalaari Capital and Jungle Ventures, where Tata is a board member too.
“I am absolutely thrilled to be part of the start-up ecosystem. Unfortunately, I don’t have billions of dollars to invest… in my small way I lend my support to entrepreneurs with interesting business ideas who are finding it difficult to get investments because their businesses are not very sexy,” Tata said at a public forum recently.
Tata, who is currently one of the most sought-after investors in the Indian start-up ecosystem, pumped money into over 28 start-ups in 2012, including Olacabs, Snapdeal and Paytm. His recent investments were in Tracxn, Cashkaro, Firstcry and Dogspot. He has invested in a few foreign startups such as Arther Energy . His latest investment is SnapBizz, a smart store management and a digital connection for consumers, FMCG companies and distributors. SnapBizz was founded in 2013.