Describing entrepreneurs as "crazy" who make things happen, the largest portfolio investor Rakesh Jhunjhunwala has advised them not to be shy when it comes to scaling up their businesses through tie-ups with larger corporations.
"Because he is crazy, he is an entrepreneur. An entrepreneur believes that he can achieve truly what the society says is impossible," Jhunjhunwala said at an award function here late last evening.
He further stressed on the need to not be averse to the idea of tying up with large corporations to scale up the business, saying this alone will help their innovation reach the masses.
"Innovation is important but growing and selling a product is another ball game.
Don't be mentally blocked to associate yourself with large companies to further the use of your innovation," he said.
"Marketing is an extremely important game, don't believe it is not important," he added.
If the entrepreneurs do not focus on marketing, Jhunjhunwala said, the products just wither off.
"There are several fine products.
But since they don't get the market, after certain period of time, the innovation dies down," the ace investor said, adding he has invested with up to 25 entrepreneurs.
He also asked entrepreneurs to be conservative with capital, stating that in some cases, the act of raising capital goes "into the head" and they get complacent.
He gave away the most inclusive innovation award, funded by his R Jhunjhunwala Foundation, to the Uttarakhand-based Rajinish Jain of Avani.
Avani has created solutions for harnessing the destructive energy of pine needles for meeting the rural energy demand and improves rural livelihoods.
Others like the New Delhi-based team of Jaideep Singh, Ankit Kaushik and Anshika Chaudhary (for their Aquasol product), Bhargavan Mohanlal of Alappuzha of Kerala (for his marine reversible reduction gear box) and Rai Singh Dahiya from Rajasthan were the runners-up in the contest.