Startups have obligation to take India’s flag to other countries: Paytm CEO

Paytm founder and CEO Vijay Shekhar Sharma said on Tuesday that startups are obligated to take the Indian flag to other countries.

Sharma said at an event organized by the Chamber of Commerce and Industry PHD.

Sharing his optimism about the growing global presence of Indian start-ups, Sharma said he aspires to antitrust law by America and other countries on an Indian company.

He said, “I really wish in my life that America would consider imposing sanctions on us… several countries, and then go to negotiations – don’t do that!”.

He also spoke about value creation for startups, the divide between traditional industries and startups and the next stage of generative technology and artificial intelligence.

Declaring that the first AI offerings will be at the forefront of operations, Sharma described AI as “the largest composite technology wave in its life cycle”.

“Advanced General Intelligence (AGI) will be the era when more information and capabilities are accumulated than the human mind… when thinking (in artificial intelligence) replaces the reality of human reasoning. I think this will be the biggest wave of combined technology that we will see in my lifetime because connectivity It happened, and computing happened, and the Internet happened, and the smartphone came along, and it actually piles on top of it as something bigger.”

Addressing concerns about startups becoming an industry, he said that startups are the new way of doing traditional business.

“Technology across (traditional) industries has been viable since 2020. By 2020 this world has gone through a huge amount of technology that can address the customer base. Startups were the companies that were first in technology and would enter the industry,” he says. .

He added that traditional companies should embrace technology while technology companies should learn from the industry.

“Traditionally, India-based companies have never appreciated or admired the valuation of these (tech startup) companies. It is the investors of other countries, both east and west, who can understand and say, ‘Oh, this is a revolution.’”

He also talked about the “negative bias” in traditional industries, saying that if traditional companies abandon their success bias, there is a new charm of customer base capacity efficiency.

“I think you have incredibly successful projects from both yesterday and today… How do you make them successful for tomorrow? My answer is that if you are ready to get rid of your bias based on success, one should improve and listen,” he said. .

He added, “There is now a new measure of the capacity and efficiency of the customer base… Why say no to it when you can be a part of it.”

He talked about his journey from raising Rs 8 lakh for his company with 40 per cent stake to raising US$1.4 million from SoftBank CEO Masayoshi Son after discussions in December 2016.

Sharma also advised young people to work for two years before graduating from college.

“Before you do something, you have to know why it’s happening. I think all college students should have a job for the first two years where they studied to have the results of their education recognized… Nothing is good when it’s premature,” he said.

Describing the present generation as “trendy”, he said that by dropping out of college and going into work, one is doing a disservice to oneself. “You have to understand the roles of the value chain…the best B-schools can’t teach you what you learn in the company,” he added.

Founded in 2010, Paytm is set to report its quarterly results.