 Ritu, thank you very much folks. Thank you very much for inviting me to speak to all of you here. I'm deeply honored and very grateful and very humbled by the invitation to be here with you. I want to start out by talking to you about where the world has changed and I think it's important to understand the context so that when you people grow your business, you do the things that you do, you become entrepreneurs and change society, you keep this in mind. Well, the world has changed and the digital revolution has arrived with the bank. 250 years ago, a great seminal event took place in Great Britain and Europe, it changed the world forever. For 5,000 years before then, India, China were the biggest economies in the world, primarily because they had large skilled population and the economies of the world moved ahead because of human muscle and animal power. They were the two sources of multi- power. So anything that you do, you require human beings, skilled beings, you require animals and harness the power and that was a very, very different world. Then 250 years ago, the industrial revolution arrived with the bank with the invention of the steam engine. Before then, Europeans had traded with the world, accumulated capital, they exploited the richness of the new world, the silver and gold they mined in the new world in North America and South America, the riches they got by trading with Asia, the riches they got on the spice trade, etc. They accumulated capital and that capital accumulation led to investment and startups and people who created multi-power and the steam engine and that led to the rise of Europe. In 100 years, possibly from 1800 to 1900, Europe dominated the world because they found the steam engine and created the industrial revolution and the industrial revolution led to the domination of Europe, the decline of Asia, the decline of China and India and Europe became the largest part of the world, then came the United States of America with European capital and European invention and machines. But remember Great Britain and Europe led the way in the industrial revolution and what did they do? They created a global supply chain to connect consumers and producers on a global scale, never seen before. So manufacturers in Europe got raw materials through the world, through a supply chain, supply chain through steam engines, through shipping, through pipelines later for oil and through creating retail, wholesale, warehouses, financial services and everything else. So they created the infrastructure for the industrial world which is there today and connecting producers and consumers and those who control the supply chain control the global markets. And then 20 years back came the internet and the internet has changed everything. The internet has become a platform where the entire world comes in one single common platform and this was there for 20 years but has isolated particularly in the last 18 months because of the onset of COVID and the lockdown that the world experiences. The internet is a platform where everybody can connect. To give some data out of 7.8 billion people on the planet, maybe five and a half billion people are connected to the mobile, five billion people are connected to the internet and about four and a half, five billion people are connected through social media and this is going to accelerate. And in the lockdown through COVID-19 you had the world come together like nothing else. So today you can connect to the great majority of people on the internet, you can get education to the internet, you can get your supplies through e-commerce, you can get banking transaction through e-banking, you can get your entertainment to OTT platforms and almost many things else. But the whole world has come together on one single platform on a scale and the speed that we've never seen before and that is transformational and the world is going to change. In 2019 the world spent two trillion dollars on digital transformation. Possibly this year the world will spend maybe two and a half trillion dollars and new business models have come together and why the world is spending so much on digital technologies because new business models have come, the old business models are going away and new companies have come etc. If you look at the top 10 companies by market value today, eight are digital companies, the only two which are not there are Saudi and Angkor because there's a country with the greatest amount of oil in the world and then you have Buxair at the wave which is a very very large investor in the world, maybe the new world. And OECD countries have printed 25 trillion dollars of new money as stimulus for the we're meeting the COVID challenges and this 25 trillion dollars of Migu money had led to a large part of the assets of global central banks, OECD central banks being carrying negative interest rates. These have led to interest rates crashing, 10-year bond rates in the US about 1.25%, 1.3%, never seen before and 50% of the 45 trillion dollars of government bonds of OECD carry negative rates and I don't think the global banks can reverse this 25 trillion dollars of assets by 2025. So the huge amount of global capital and low interest rates which is flooding the global markets going beyond startups, going beyond all the digital companies because they're innovators, they're disruptors and they're going to change the business model and many of these disruptive capital investors have taken short position on traditional companies like energy, like manufacturing, like FMCG companies and investing in new age companies which are digital companies and startups. So all these trends are coming together and also in COVID times the world found that you could see the blue skies, you could see clean water in the rivers etc because pollution levels came down and suddenly climate change and everything else has become centristine. Sustainability, circular economy has become centristine and this new outburst of capital has led to great innovation. People say that in couple of years 50% of global manufacturing and whatever human beings do will be done by machine. So we have seen the rise of AI, the rise of machine learning, the rise of robotics, the rise of automation, the greater assimilation of technology, change in business model and rapid change. Innovation cycles have shifted from 36 months to 18 months over the last maybe four years and huge outburst of capital changing everything else and that's the world that they're going to live in and that's the world that all of us have to operate and that's the world that you're building a business models on the digital revolution and digital first, mobile first etc and that's the world that many people have changed their habits to because of COVID and we're not going to go back to the old world and today there's going to be hybrid working when the world possibly stabilizes 35 to 40% of people are going to work from home and work from home and change everybody's habits and today even if the world comes back to normal work from home with the new reality global travel will come down and the old business model of retail of cafes and everything else may strain. It will still remain because we need human interaction but this outburst of AI first, mobile first, I change the business model to the mobile. Everybody calls the mobile and in India out of 1.38 billion people we are 1.2 billion mobile connections, 1 billion unique phones and 1 billion mobile bank accounts and 750 million people on the internet. India has changed through tremendously and that's the world that it's going to be. China invests $65 billion a year on venture and startups, United States 135, India has invested $70 billion from 2014 till now and we have seen about $11-$12 billion of capital come in and by the end of the year we could be $20 billion of money coming in and this has led the rise to 62 unicorns. I don't know by the time I finish my speech with the one more unicorn has possibly come, it may come, it may well be true, 62 unicorns. India has 55,000 startups who are created $350 billion of value with over 62 unicorns and maybe 150 unicorns who could become unicorns in the next few years and they created 1.5 million jobs. We estimate by 2025 India will have more than 100,000 startups creating 150 unicorns at the minimum maybe more and $1 trillion of value. This is based upon the huge effort of the software service companies. Let me give some data. Today India has, you know, India exports $170 billion of software, Indian brain power. If you, part of the small part of the brain power will export $170 billion of software this year, the largest exporter of software in the world and our software exporter $170 billion will be more than the oil exports of Saudi Arabia. So the dream of India where our brain power, a small part of the brain power can create income for us and revenue for us is coming through and has happened today. The IT industry in India is about what's about $220 billion of revenue this year and that is very, very good. And today out of the top 10 software service companies with market value in the world, 5 are Indian, are the top 5, 3 are Indian, are the 2.8 million employees in the top 10, 2 million are Indians. And, you know, this software service companies have created $400 billion of market value. This along with the startups going to the IPO way, possibly the technology sector could have a market value of more than a billion dollars in addition to a billion dollars of unlisted companies by 2025. But this upsurge of value means India has changed, business models have changed, everything has changed. And, you know, we're not going to go back to the old ways and new business models are going to come and all of you here who are entrepreneurs with a digital model are going to drive. And when you drive this, when you want to succeed, you have to take care of customers. So in every facet of activity, banking, where we've got the new banks coming and creating huge upsurge and great value. In FMCG, where you've got the big, big companies coming and creating value driven by the delivery companies. In education, where the Baijus and Inner Academy and Vedantu and others are creating great change. And in entertainment, where the OTT platforms are creating change in every facet of Indian activity in manufacturing, where new models are coming up, you're going to see change. And for all of you to succeed, what are the things that you need? Well, I believe that every good entrepreneur in the digital world should be a team effort. You need a visionary, you need a hacker, you need a hustler, a visionary who can bring things together and lead the team, a hacker who creates great technology and a hustler who is going to do the marketing. Because marketing and consumer corrections are important. Whatever you do, marketing and sales are very, very critical. And then you've got to raise money. So the startups have to learn how to raise money. And money is going to be a differentiator whether you like it or not. Look at all the unicorns today. What has made them the unicorns? The fact that investors invest in multiple rounds are willing to give money. And we've seen companies like Baiju go from 20 million free money in 2012 to 16, 17, 20 billion. You've seen Paytm go up to maybe 25, 30 billion. You've seen Flipkart get acquired and go up to 30, 35 billion. You've seen as a matter of go up to 15 billion or whatever it is today. Billions seem to have no value. And you have seen Vedant, you go up to a billion dollars. You've seen possibly other companies go up. So I don't know. I mean, every other day somebody was a billion six months back, they suddenly become 3 billion today. And why is that? Because somebody is investing. That means somebody is able to go get capital. So raising capital is going to be a key differentiator. The product that you have, the service that you have, the digital model is a big thing. And then raising capital is going to be a big, big differentiator. And then third, getting customers and the iBoss and everything else. In the internet revolution in 2002, 2003, people have valued based on iBoss. And today they're based on the number of consumers. Look at Ku, which has come up suddenly to challenge Twitter. Look at the way everybody's going on to the platforms. So platforms have become the big story. Science has become the big story. Getting people together is a big story because the internet is connecting everybody. And that's a new model. And then lastly, what will make sure that you succeed? I think the biggest thing that will make you succeed is customer focus and customer transformation. So long as customers come on your platform, you get people to transact with you. You get people to do active things with you. Look at cred with Kunal Shah. What has Kunal done? Kunal has created a new business model. He's got millions of the top 30% of this country come onto his platform and he's getting credit value. He's sitting back and counting the money that comes in and seeing his valuation goes up and money coming in because investors are going to back people like Kunal and Baiju and others who are there and getting the people to come and transact onto their platforms. So the platform business getting people together is going to be the big way. So I want to tell you that when you build a business model, it has to be sustainable because without sustainability, there cannot be a business model in future. And a huge amount of the capital in the world will follow the sustainable business model. ESG is going to be big. So focus on ESG. Focus on getting consumers in. Focus on raising capital. Build sustainable business model. And you can go to the IPO market. There are maybe 10 of the startups wanting to do the IPO market. And why is the IPO market? Because you're going to get access to huge amounts of capital. Going to venture will get you access to a certain amount of capital. But doing an IPO beyond a certain size means you get access to maybe $100 trillion of capital that's available in the world. And more and more new source of capital is coming into the IPO market. And that is going to be a differential because this is going to be a capital led game. This is going to be an innovation led game. This is going to be a digital game. And what you're trying to do the next three years is what people in the world did maybe in 10, 15 years to build a global company. Infosys today is worth close to $100 billion. They earn maybe two and a half, three billion dollars of profits every year. But they're worth $100 billion. And people are coming to them and buying the stock. And if you want to create a great company, it has got to be sustainable. It has got to be ESG based. It's got to have cash at the balance sheet. It's got to have real consumers. And it's got to have a great team to execute relentless execution, creating new models, fighting innovation is going to be there. And innovators are people who understand new business model and way of investing. Because in any business, there are four things that are important. One is the business model. Are you innovative? Do you have a good business model? Second is the team. Do you have a great team which can change, which can understand, which can, you know, private and which can understand everything else and get the great take this. Third, you have access to capital. And capital is extremely important. Because without capital, you can't grow fast. And when you get capital, you must grow and do things in two years, what people did in three, four years. Look at Licious. Licious started five years back. We get the first check, 50 lakhs on 10 crore per year, 11 crore per year. Today, it is $700 million. And I hear there could be a unicorn close, unicorn very soon. I don't know. I mean, we are investors, but you know, you've got to talk to be very kind of a, but that's going to be unicorn by December or January at whatever. And they're going to get capital and they're going to fight the battle and create a new business model. And you know, that is important. Capital. And lastly, consumers and sustainability are extremely important because every business requires a consumer and the consumers are going to keep coming back and consumers will come back if they've got consumer focus and you're going to make sure that people have a great business model. So I want to end here by saying entrepreneurship is an art. Entrepreneurship is marketing. Entrepreneurship is innovation. Entrepreneurship is relentless execution. Entrepreneurship is creating a great team. And entrepreneurship is about a dream of changing society, of creating something new, of disrupting and of energy, of passion, and you know, doing everything else. And it's okay if the model doesn't work, just private and try the new model on the fly. And entrepreneurship is about high energy and passion and the will to succeed. Let me wish you all the best and to say India is changing forever. By 2025, we'll have more than 150 unicorns in this country. They're all going to create trillion dollars of value. We have 55,000 startups today, 5000 startups come up together. They created 350 billion dollars of value. And they got 62 unicorns. By 2025, we'll have 100 unicorns and the world is going to change and you people are going to do. Thank you very much. Well, that was fantastic, Mr. Bai, as always, and very high energy. And I think very, very inspiring to all the startups out there who were there in the audience and listening to this. Thank you for sharing. We've in fact got a few questions from the audience that have come in, which I'm going to request you to please take up. So one of them says that, you know, so this person is emerging as an angel investor. So today, what does he need to know? Or how has the landscape changed? And what does he need to be in control of? Well, as an angel investor, the first thing you must understand is before you invest, do the people who come and pitch to you have a business model. Okay. But, you know, it could be a PPT, it could be an idea because you are an angel, right? But the most important thing is you are investing in the team and the people. Are they going to transform? Are they going to disturb? Do they have the capacity to raise for the capital? The greatest failures happen because people can't raise more money. Can they go get money in the next round and the round after that? And today, to my mind, the biggest differentiator for angels is going to be the ability of the team to raise capital. And once they have the ability to raise capital, because they have a great idea, they can execute well, you'll do well. That's the thing that you must keep in mind. It's very simple. To me, if you're an angel investor, are they going to get the next round? And can they get the next round? And what are the next round depending on? Do they have a good idea? Are they going to execute it? Are they able to sell to new investors to come in the next round? Sure. And I think further, this question goes that, you know, what should be the consumer metrics or analytics they should apply as an angel investor for a startup? You know, you're not going to have consumer metrics as an angel, right? What do you have in PPT, a group of people who come and sell? I remember, you know, Vivek and Abhay coming to us and trying to sell leashes. The first meeting did not go well. He said, great idea, but you know, come back and give us some more meat. Of course, they're in the fresh, they're in the fresh meat and great stuff. So they came back, they're a consumer and they came back and they sold the idea, said, this is what we're going to, they're going to transform and we saw the energy and the passion and said, okay, we are investors. And they executed to perfection. But at the point of investment, what did we see? What did I see? I saw two wonderful people who had this passion and the energy to change the business model and who had a particular model. That's all. And what are the customer metrics you're going to invest in? There's nothing. Just two people, passion, energy, idea and said, we are going to do it. Sure. So there's another question which goes that how technology and education will further change the future of our country? I guess they mean post the pandemic. Technology has changed the world. Let's be very clear, the world is changed forever. The digital revolution is being there. I explained to you how the world has changed. Please understand that the world has changed forever. Okay, we're all technology-led, AI, machine learning, business model, digital, mobile, et cetera, it's changed the world. And if you don't understand that, you're going to be left behind. And what about education? Well, young people talk to young people how they're getting education, what they're thinking, et cetera. Now, education models have changed. We are in the digital world for education. We were all, I grew up in education 2.0. 2.0 is what you go to a classroom. There's a teacher who's read the book, the teacher teaches, you take the notes, you pass an examination, you get a certificate. He says what you are. That's no longer relevant. With all the information they give us on Google, what is it that teachers, you know, much more than the teachers, you just Google and ask questions, you get everything. The world's accumulated knowledge is available on the internet. So what is the teacher going to teach you? But the teacher should teach you problem-solving skills. How to use all that information? How do you apply it? And how do you make sure that you can solve life's problems? And how can you communicate? And how can you be a problem solver? That is the biggest skill that you should have. And that's the biggest skill that's going to be important in the future. And for you to succeed, you must analyze problems. You must analyze the data, come out with solutions. Problem-solving skills, the biggest asset you and I can have to succeed. Sure. So the next question is that recently we have found funding in D2C and small box retail ideas happening. Do you think the SMEs and innovative products and with innovative products and services are now likely to find inclusion in the funding ambit? Yes. You see, why do people invest? There are only two things that make investment, fear and greed. Fear of being left behind because the world is changing and greed because you want to make money. Now you as an entrepreneur for any business, should be able to capitalize that and go to an angel and go to invest and say, hey, this is what I found. This is my business model. This is the idea that I got and this is the way I'm going to change. And this is how I'm going to get value. And your passion and energy should convince the person, this is a person worth banking. Let me put some money. Right? Now that's important. Now you could have a great idea which you think will transform but you can't sell that idea. Nobody's going to give you money. So learn how to market, how to raise capital. All right? That's all. So there's another one about cryptocurrencies saying that they are now slowly becoming acceptable. Lot of brands are now accepting cryptocurrencies. Do you think it's here to stay or it's just a fad? No, I think cryptocurrency is there to stay but the users currency I'm not very sure because governments and central bankers are not going to allow them to grow. If the US goes after them, the Fed goes after them and puts in regulation, there'll be trouble. But the underlying blockchain technology and the underlying technology is going to stay. The key thing is check up what are the underlying technology, whether the technology will say whether it's going to be used. Now tell me, will you use a Bitcoin for payment? You could. Why are people buying Bitcoin because they're buying Bitcoin as an asset class for investment? They're not buying Bitcoin because you can pay for a car. Because if you want to pay for a car, the Bitcoin price goes from 10,000 to 50,000 in three weeks. Now what will Elon Musk do? Okay, the Bitcoin was worth 10,000. Now it's worth 50,000. It could come back to 10,000 day after. It doesn't know. So there has to be a market. The market has to be stable and that is unstable. That's why he said, I'm going to buy Bitcoin. He made a lot of money. He probably sold it and said, I'm not going to use Bitcoin again. So cryptocurrency as an asset class is something that is there for an investment like gold, like silver, like stocks. That's what people are looking at today. Are they looking at the currency? I don't think so. So we've got to be careful. But they're here to stay. So sir, I think we'll take this as a final question. It says that I am getting M&A offers for my early state startup. Is it better for me to take it up or wait it out? Well, I think if you are looking to build a great company, Shikon, if you think that you're realizing great value and you can use the capital better sell, let me tell you one thing, my personal view, everything in life is for sale, except the one you love because you can't keep falling in love again and again. Everything else, business, houses, cars, everything else, if you get a great price, sell it. Now with the price, a great price, that's the judgment that you have to offer. And once you do something, no regrets. No regrets. Look, we sold a bit of Beju long back and if we held it, we'd be billionaires by now. But we sold it because we wanted some money and we still had Beju later. People had infosys at 100 crore valuation. Many people bought the share, kept it today is worth 100 billion. Correct? They just locked it away and kept it. Now with the smart investors, I don't want to say whether they're smart or not, the fact is they didn't sell, they still got it and they're billionaires. There are people who bought it, who made 40% returns, sold it and now they're regretting. If they held on, it'll be worth so much else. So what are the judgment you're going to offer? Is the judgment that you make, correct? And you know, you stick to the judgment. Sure. Thanks very much, sir. I think you give tough answers but they're always right, bang on. And as entrepreneurs always, there are tough choices to be made. But thank you so much for sharing these wonderful insights.