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Showing posts with the label Principles of Jugaad

Why is Paytm India's Top Startup?

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Paytm was launched in 2010 as an Indian start up. The original service of Paytm was to help users to make their bill payments and recharge mobile phones, while earning reward point. In this post we will see the reason why Paytm is considerd the top indian startup and get more details about this startup. What is Paytm? Paytm was founded by Vijay Shekhar Sharma, in Noida with an initial investment of $2 million. Paytm's parent company One97 Communications which is also owned by Vijay Shekhar Sharma was started in 2000 and operates into multiple fields. Who owns Paytm? Paytm has been backed by Jack Maa's Alibaba and Ratan Tata of the infamous TATA Group. Although partially owned by Chinese company Alibaba, Paytm remains an Indian company with majority of stake holders being Indians (primarily Ratan Tata and Vijay Shekhar Sharma himself.  What got Paytm the required boost? Paytm added a lot of features in 2013 and moved from a mobile and DTH recharge service to an online payment pl...

Seek Opportunity in Adversity

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In late 80s, Tulsi Tanti a young entrepreneur moved to Surat with dreams to start his own textile unit. Like other entrepreneurs in India, Tanti faced a lot of infrastructural bottlenecks. The biggest problem was the power supply, which also accounted for 40% to 50% of the operating cost. Electricity was expensive and unpredictable. All other means of fuel were even more expensive. With a profit margin of 5% he could not afford it. Instead of giving up and accepting whatever he has, he decided to experiment with various boilers and generators. But he soon realized that all of them might give him a better result but they all required some sort of fuel. He though why not find a solution to the fuel itself. This launched him into a search for an alternative source of power that was both reliable and sustainable. In 1990, he invested in two wind turbines to supply electricity to his textile unit. It soon became clear that this was the solution he had been looking for. After the initial...

The Six Principles of Jugaad

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Jugaad is not restricted to India. Countries with similar economies and circumstances give rise to Jugaad Innovators. The BRIC countries (Brazil, Russia, India and China) are the epicenter of Jugaad Innovations. Due to the Jugaad way of thinking in these countries, even at the time of global recession, India and China were growing at 7% and 9% respectively. The very fact that BRIC nations have been grappling with complexity and instability for so long seems to give them an edge and a kind of immunity in volatile and adverse circumstances. What all these countries have in common is the way of thinking, the Jugaad way of thinking. By understanding various case studies and innovators, the 6 Principles of Jugaad have been derived. Seek opportunity in adversity Do more with less Think and act flexible Keep it simple Include the margin Follow your heart Together these 6 principles of jugaad help drive resilience, frugality, adaptability, simplicity, inclusivity, empathy and passion...