Infosys co-founder NR Narayana Murthy said on Thursday that India lacks quality market research firms leading to unicorns overestimating the opportunity and ultimately reporting huge losses.
“One of the shortcomings in India right now is that we don’t have a quality market research firm,” said NR Narayana Murthy.
This leads entrepreneurs who have created unicorns to overestimate market opportunities and investments in venture capital funds as well, he added.
Businesses are spending far more than they should because of it and then wake up to business setbacks, NR Narayana Murthy said while speaking at an event organized by Symbiosis International here.
“…reality sinks in at the end of the year. Your income has not increased, but expenses have increased, with the result that you are making huge losses,” he noted.
NR Narayana Murthy made this point while emphasizing the importance of market research while interacting with students and said that he had to shut down his first company Softronics founded in the late 1970s in Pune even in due to the lack of market research itself.
He said it is very important for companies to earn everyone’s respect and underlined that if they are successful, they will get the support of all important stakeholders.
“If you become respectable, the government will treat you with considerable respect and you will not be a victim of any corruption, you will not have to do unethical things,” said NR Narayana Murthy.
Admitting that he had failed to hire the right candidate from outside for the top management position of Infosys, NR Narayana Murthy said that competence and values are two essential elements to look for when hiring for the senior management.
NR Narayana Murthy said shouts like ‘Mera Bharat Mahan’ are just words, and it’s essential that we all perform to ensure we can reach greater heights.
“If we want India to be economically successful, if we want India to become economically powerful, there is only one remedy: every Indian must work very hard, show discipline, acting fast like there is no tomorrow… just say ‘Mera Bharat Mahan’ and all these are just words, they have no value,” he said. .
“The only cure for poverty, disrespect (and)…being a so-called ‘southern’ country is to perform,” Murthy said.
He asked the students to be good, upright citizens, to seek justice for themselves and others, and to do whatever raises the prestige of the country.
Murthy also said that he has yet to come across a single educational institution that does not focus on rote learning. It is essential to inculcate critical thinking from the earliest years in school.
“As long as the teachers continue the monologues in the classroom, we won’t do the right thing,” he said.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Featured Video of the Day
RBI raises interest rates again to curb inflation