Startups Can find Solutions to Problems Faced by India: Paytm Head

THIRUVANANTHAPURAM:
Startups in India can play a significant role in helping find solutions to problems of the country, a senior executive with Indian e-commerce payment system Paytm told an international conclave on startups here on Saturday.

“The government cannot solve all problems; it can be a catalyst. Entrepreneurs in India can identify any problem that they wish to work on and support the government,” noted Saurabh Jain, Build for India – Head, Paytm while speaking on the topic ‘Build for India’ on the concluding day of ‘Huddle Kerala 2019’ at Kovalam here.

The two-day event, one of Asia’s largest congregations on startup ecosystem, was organised by Kerala Startup Mission (KSUM) in association with Internet and Mobile association of India (IAMAI).

In his presentation, Jain dwelt on the three key focus areas of startups — product, people and purchasing power — and appealed to young entrepreneurs to not enter into business just for its money or glamour quotients. “The focus should be on solving problems,” he reiterated. Products put out by startups have to be desirable and viable, and the people that startups engage with should have a growth mindset, he said.

While big companies would have all the resources and connections at their disposal, the strength of startups lies in their ability to innovate, the Paytm executive pointed out. Jain also highlighted the importance of digital money as a way to counter the problem of black money.

About his company, he said even though Paytm has been in operation since its founding in 2010, it was the demonetisation of 2016 that brought the services of the company in perspective.