Union Minister of State for IT, Rajeev Chandrasekhar, critiqued the rapid expansion of the Edtech giant Byju’s, attributing its downfall to a lack of corporate discipline. Speaking at the Mumbai Tech Week organized by the Tech Entrepreneurs Association of Mumbai, Chandrasekhar highlighted the importance for young entrepreneurs to learn from such mistakes.
He emphasized that Byju’s attempted to scale too quickly without establishing the necessary rigour and corporate discipline, especially during a period of abundant funding and inexpensive equity. Chandrasekhar cautioned that failing to exercise prudence during such times inevitably leads to setbacks. He suggested that Byju’s serves as a cautionary tale for aspiring entrepreneurs.
Furthermore, Chandrasekhar addressed the government’s stance on the gaming sector, advocating for its support and encouragement. He acknowledged the sector's importance to the economy but noted its association with illicit activities such as betting and money laundering. Chandrasekhar expressed optimism about establishing a regulatory framework to promote safe gaming practices while urging entrepreneurs to remain steadfast in their endeavors.
Drawing parallels with the challenges faced by cab aggregator Ola, Chandrasekhar underscored the inherent complexities in pioneering new industries. He characterized these challenges as fundamentally human in nature, inherent to the process of entrepreneurship. Chandrasekhar emphasized that making mistakes is an integral part of business development and urged entrepreneurs to view setbacks as learning experiences rather than failures.
In conclusion, Chandrasekhar stressed the significance of corporate discipline and learning from past mistakes in the journey of entrepreneurship. He urged entrepreneurs to remain resilient in the face of challenges and emphasized that setbacks should be perceived as opportunities for growth rather than deterrents.
