Businesses have to embed themselves with start-ups
As start-ups no longer remain on the fringes of business, working with them is essential to help large firms transform their DNA, top entrepreneurs and business heads say. In a panel discussion at the SP Jain School of Management’s Business-Academia Conclave 2018, panellists—including retail pioneer Kishore Biyani, Nestlé India head Suresh Narayanan, and Team Indus co-founder Rahul Narayan—said businesses need to embed themselves with start-ups, and treat technology and disruption as their DNA to enable innovation. “I personally believe large organizations can be start-ups and also corporations,” said Biyani, founder and chairman of Future Group. “We have made so many mistakes ourselves that we have a lot more wisdom right now.” That ability to innovate is essential when a company is hit by a crisis, such as the one Nestlé India faced in 2015 when its flagship product Maggi noodles was pulled off the shelves for alleged violations of food safety norms. “The thing that happened to us should not happen to anybody,” Narayanan, chairman and managing director of Nestlé India, said.
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