“The only thing you have to be mindful of and know very well is when to stop,” Gupta said at a fireside chat, ‘To India with love: Aman Gupta on orchestrating boAt’s product-driven success’, moderated by Deepak Ajwani, editor, Economictimes.com.
Gupta delved into his experience in making product-driven boAt’s success possible in a service-obsessed market. Talking further about mistakes, he said that on a personal level, he has continued to make mistakes and learn from them.
“In recent times, as a company, we have ventured into the world of smartwatches. It was a mistake from the beginning. It was the worst decision I have ever made and I like to say it was a race to the bottom,” Gupta said. “I have learned from it and moved on.”
He added that it was better to “fail fast and learn fast” than to do nothing at all.
Idea or execution, what is important?
Gupta called it a “chicken and egg situation,” saying both were important. However, he said execution ranked higher on the scale of importance.
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“You have to execute well. Nowadays, if you go to a café or a restaurant, all you hear is ideas and entrepreneurial spirit. Execution is ultimately the difference between a successful startup and a not-so-successful one,” he said. He added that investors are also more interested in knowing more about the execution part than the idea.
About the competition
Gupta said competition is imperative for growth: “It keeps us on our toes.”
He said that as a founder, you have to know how to navigate the competition. “Over the past seven years, our competitors have changed almost every year. First, there was SkullCandy, then Noise, and now it’s another company. It’s good that we have competition, which allows us to continue to evolve.”
AI and technology
Guta believes there is no way out of integrating Artificial Intelligence (AI) into services and products. “Everyone has to embrace it, whether they like it or not,” he said.
He explains that the “nudges” in his company’s wearables are based on AI and that anything that touches the human body provides a wealth of information about human health.
“Look at iPhones: they have become more of a health device than just a phone. Any company that wants to survive market competition has to evolve and integrate artificial intelligence into its arsenal,” he said.
Keep learning!
Gupta opined that many founders and entrepreneurs in India today develop a “god syndrome” and become detached from reality, which in turn mitigates their learning capabilities.
“You have to keep your feet on the ground,” he said, “and keep learning, no matter where the learning comes from, whether it is from your own mistakes or from what others are doing well, you have to keep learning.”
The evolution of customers
“The customer is evolving and very fast,” Gupta said. He cited the example of fast-paced commerce and said companies that were not comfortable entering that space a few years ago have made their mark and are doing well in that space.
“How did it happen? It happened because our customer has evolved from two-day delivery to one-day delivery to fifteen-minute delivery, and there need to be enough companies to meet that demand. This is true for all industries: evolving as customers evolve.”
On expanding into global markets
“I have made a promise to our esteemed Prime Minister on that and I will fulfil it,” Gupta said, adding that he was exploring markets in the Middle East.
He said he came from a time when no one believed that Indian companies had the potential to venture into international markets, but stressed that everything was going to change and the change was palpable.
He ended the session by promising an initial public offering of BoAt shares and sharing some personal insights on how his family keeps him grounded. “People say I’ve changed, but that’s how I’ve always been. If my family says I’ve changed, I work to correct that.”
The ET Soonicorns Summit is in its final sessions and there is still some time left to catch up on ‘Building for Tomorrow: Perspectives from changemakers in India’s space tech, climate tech, clean energy and electric vehicle sectors’.
ET Soonicorns Summit is sponsored by Phoenix Kessaku. Training Partner: UpGrad Enterprise; Insurance Partner: PolicyBazaar for Business; Banking Partner: Bank of India. Gifting Partners: IGP.com; The Mind and Company, Plum, Clay Capital.
For more information on the ET Soonicorns Summit, Visit the website.
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