‘Be hungry, take risk’: Karnataka CM Basavaraj Bommai’s mantra for startups

Lauding the accomplishments of the young entrepreneurs in the country, Karnataka chief minister Basavaraj Bommai on Saturday said that risk is a strong element of growth and one should be hungry to take risks. Addressing Fortune India's 40 Under 40 Awards in Bengaluru, the CM said that entrepreneurs should cultivate a habit of taking risks and not be afraid of failure. According to him, it is important to go through a process and try something new even if you don’t get success there is always something to learn.

“40 is a very happening age and fulcrum of growth of any human being. So always be hungry of achieving success, bringing innovation, doing better and new things with lot of responsibilities,” the CM said at the event.

Highlighting the achievements of Bengaluru in the business ecosystem, he says that the Silicon City has 400 world-renowned research and development (R&D) centres in the fields of genetics, genomics, aerospace, defence, and more. “No country in the world can boast of 400 R&D centres in one city, not even the U.S. or Europe. The credit goes to young children who are highly talented and technically qualified.”

He said that the state has sector specific policies to do business for sectors such as aerospace, semiconductor, defence equipment manufacturing, renewable energy, and many more.

He also announced that the state government has decided to convert seven engineering colleges into IITs in next five years to bring innovation in the state. The CM also unveiled a plan to develop five new cities across the state with an integrated sub-city concept to boost up the growth of the state.

CM Bommai also awarded Fortune India's 40 Under 40 young achievers. The first winner of the 40 Under 40 Award was Aditya Kumbakoman and Anuj Krishna of TheMathCompany. Aditya Munjal of Hero Lectro E-Cycles was the next winner, followed by siblings Anchit Nayar and Adwaita Nayar of Nykaa. Ajaita Shah of Frontier Markets, Ajay Bulusu of NextBillion, Amrit Acharya of Zetwerk also featured in the list.

Among other dignitaries, Jyotiraditya Scindia, union minister for civil aviation and steel, also encouraged the young achievers, saying that from just a few startups, India now has more than 28,000 startups, of which more than 100 are unicorns (startups with valuation worth over $1 billion). “These are not coming from the typical metro cities but tier 2 and tier 3 cities, which tells you the story of India's entrepreneurship capability. But setting up the right ecosystem is important, which has been painstakingly woven by Prime Minister Narendra Modi.”

The minister says India stands on the cusp today, where its voice is heard and valued. “Our macro-economic situation is improving by the day. We are the second largest producer of steel in the world. Great opportunities are emerging in India, hyper digitalisation is happening in markets across all spectrums. For entrepreneurs, time is now, time is in India."