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...
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Consistantly spend time over your Dream Project

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Founded in 1902, 3M has come to epitomize American ingenuity. Over the course of a century, its prolific inventors have churned out breakthrough products that have become part of Americana. From Scotch Tape to Scotchguard Protector and Thinsulate Insulation to the omnipresent Post-it Notes.

What made 3M so innovative is the reason being, 3M set itself a goal of generating 30% of its total revenues from new products it had introduced in the preceding five years. This bold goal is known as the New Product Vitality Index (NPVI) within 3M. This helps the company to constantly invent and reinvent products. 

The 3M culture helps create and cultivate new ideas. To be one of the most innovative companies in the world it has launched one of the most radical initiatives – the 15% program for its staff. This program allows 3M employees to use 15% of their paid work time to pursue their dream projects. 3M is also very supportive towards its employees with their projects. Some of these dream projects are a commercial success and some are not. One of these dream projects was the Post-it Notes, which was a success world over.

After proving its mettle as an exceptional corporate innovator for nearly a century, 3M experienced declining performance in the late 1990s. The stock prices took a hit and its sales and profits began to decline. That’s when 3M hired Jim McNerney as the CEO. McNerney brought in management discipline and streamlined the bloated firm’s cost structure by implementing Six Sigma management techniques.

This significantly boosted 3M’s profitability. Its operating margins shot up from 17% in 2001 to 23% in 2005. The highly structured Six Sigma process with emphasize on predictability and sameness worked wonders. But the same structured approach had the opposite effect when it came to R&D department. Six Sigma arguably choked 3M’s free flowing Jugaad creativity. In the process, Six Sigma failed to tap into the psychological capital on 3M’s innovators whose ingenuity and resilience to adversity had been built up over several decades.

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