 Dr. Nakul for his, you know, we were asking him to show some, you know, very interesting case studies around the world. Also, a little bit of one strategy and how design and strategy can go hand in hand in understanding the entrepreneurship ecosystem. Thank you very much also, Dr. Bharti. And since you've asked me to introduce, I did my PhD from IIT Delhi. Prior to that, I've worked in a corporate for a year and a half. After my PhD, I primarily work on strategy management and that's that too on corporate strategy. I work on joint investor alliances, mergers and acquisitions. And over the last three years, I've been affiliated to a few organizations where entrepreneurship happens to an important domain. And I gradually started looking at how can we merge strategic management concepts to entrepreneurship concepts. And that's how I happened to be here. And when you look at entrepreneurship and strategy, the terms are very, very, very widely vividly used. And people may or may not be understanding the real me. So I was focusing on the discussion of Professor Surya, Professor Renu and Professor Ganesh. And they all almost emphasize the fact that there is the importance of taking your idea and making the reality and looking at the commercial success of it. Commercial plus social as we are also looking at social aspects to be fulfilled. So when you actually try to turn an idea into action, your plan to enter an action, you are actually dealing with integrative, summative kind of a team, which primarily connects to strategy management. So I was basically going through the different ideas of the different teams. And I realized that the huge potential that exists in each of the ideas. But at this stage, you might be planning. But eventually, when you want to take it forward and ensure that the plan is put into action and you are able to leverage the value out of it, that's where the real challenges come. And Professor Chakravarty had requested me that if I can discuss you examples of established organizations that we see now and what was the case during their initial stage, what was the scenario during the startup stage. So I thought, let me bring up the perspective writer. There's an organization known as Serebro. How many of you know this? Anybody who knows this organization? Rather, the organization name was Bioscan, which is trying to create a product in the healthcare setup. And you know whom are they challenging? They're challenging CT scan machine manufacturers. Now, if I want to take a much simpler example, let me start with an example on SITSAN. How many of you know this organization? It's a Hyderabad, Vikanderabad based firm. Anybody knows this organization? It's not a tech startup. It's a very fascinating organization to look up to. This organization deals with organic daily products. And they are just limiting their operations only to Hyderabad and Vikanderabad. And they hire people from across the country, the top B school, the top dairy institutes, so on and so forth. Now, as an organization, the founders of this firm would have taken a conscious decision to restrict their themselves to only Hyderabad and Vikanderabad. And if you look at their competitors that they're competing with all dairy heavyweights, the heavyweights could be regional, the heavyweights could be national. It can be an international firm. Now, as an organization, you have a very pious idea saying that you're looking at providing organic dairy products within Vikanderabad and Hyderabad. The moment you restrict yourself, you're able to look at focusing your resources, ensuring that your resources create value in that specific market. Now, if I go back to the team's ideas, the moment you are saying we are to release stress and relax, I'm just arbitrarily taking a few names out here. So if the moment you're saying we are going to look at, we are to help you release stress and relax. Now, this is the initial stage for all of you to quantify here. But you need to graduate to a level where you say for whom, which market are you targeting? Which market then would get into marketing concepts? Which segment, which target? What is the position that you want to create? So eventually, you would have to build an understanding about how are you taking the plan, putting it into action? Let's take another example. How many of you know this organization, CRED? People who watch IPL would surely have come across multiple ads by CRED. They are helping you settle credit card bills. But how do they earn money? Is it that just that providing a mechanism to help you settle the bills or they are looking at an eventual opportunity that they want to capture? How many of you know that there is a membership requirement? There's a club known as CRED's club. If you want to eventually get into CRED app and start doing their specialty to settle your credit card bills, your civil score should be above 700. So the moment you have this classification of the customer group, you're engaging with those people who have the highest credit rating in the country. And eventually, you would see how is CRED Kunal Shah going to use this market, going to use this audience to create value not only by helping you pay your credit card bills, but also creating an ecosystem for e-commerce within the application. Not only that, if you look at commentaries on this organization, people are looking at CRED becoming an important consideration, maybe 10 years down the line, 5 years down the line, to actually play an important role in determining whether that person should be provided a loan or not. So what are we saying? Are they going to replace a bank's credit department? So look at the onset of the idea and there it has been actually taken forward. So you all have immensely potential ideas. I was looking at another idea and I was fascinated if I had an opportunity to play Pallanguri, if I'm pronouncing it correctly, or Chaturanga and learn say some skills during my childhood that those skills would have been retained by me forever. There's an organization, I don't know which team is it. I don't exactly recollect the team which is trying to recreate or pull out a game which has been forgotten and trying to develop it further. Yeah, team 5. So when I look at those ideas, it's an immensely potential idea, but the challenge will be when you approach an education institution, they would ask you, okay, what do I gain? You might be creating value, you might be creating value to my stakeholder also with my students, but what do I gain? What do you gain? What do you, your suppliers gain? What do your compliments gain? When we are actually planning for a startup and entrepreneurial venture, we need to look at it holistically. What you are right now doing is perfect for this time period, but the moment you want to take it forward, things will become much more complicated. Things will become much more challenging. You will be constrained for resources. That's where the duty of an incubation center, an accelerator program, support by government and other entities, support from academics, support from faculty members, departments do come up. Let me go to the third example. How many of you know this organization known as Organico? So what they're trying to do is they are trying to create cosmetic products from donkey's milk. So I met this organization founder in an earlier organization that I was working and her emphasis, I think they found out in this puja, her emphasis is totally on helping donkey rears, people who own donkeys to actually know the value of the products which could be created from donkey's milk. And in that process, she's also trying to create economic value for her own cell. Their products are listed in all Encombo's platforms. There's a technology involved in it in converting or in putting into use donkey's milk, creating a cosmetic product out of it. And the price value for this is very high. If you look at the audience that they are targeting, it's like celebrities, people are conscious about their looks, they are looking at providing aging solutions, so on and so forth. But you know how did they start the idea? The conceptualization of the idea was puja was interacting with donkey rears, who primarily provides support to construction, if you have local construction, if you see how it's getting built in rural areas, usually the load would be put on the donkey. Majority of the people who own these donkeys did not know that there's a human value for donkey's milk. From there, they identified a potential problem, which they can tackle using the milk from donkeys and provide value back to the commerce dealers or the cattle dealers. Now, again, connecting back to the teams and their ideas, I realized that all these eight teams are really part-breaking ideas. The whole intent is that these eight teams can come out with viable proposition and we can actually see an organization coming out from these eight teams. So you should be able to foresee what are you going to face in future. Now, I'll go to much more specific examples, which are maybe I'll come from the world perspective and then I'll come down to India. When you're looking at turning ideas into action, you need to break the shell. The shell is usually the limited thinking capabilities, limited thought that we all have. And if I can say in Hindi, it's like saying people who understand Hindi would be able to relate. They're all like frogs stuck inside a well. We know the well. We know the peripheral area within which we are stuck in. But we want to actually take this idea and put it into action. You need to look at the bigger picture. You need to be focused on your context, but at the same time, you should be able to extrapolate your thought and see what is it that you're likely going to face when you're going to take it forward. Let me give you an example. How many of you have played Mario as a game or a recent example? Pokemon Go as a game. So isn't this an organization which is looking at design aspects plus technology aspects, packaging it into a console, giving you a device which can be connected to a TV and there's audio visual and people are entertained. But how many of you know that this organization was actually trying to recreate the video game industry in the world? Because until Nintendo came into picture, the games that we played were arcade basics. You go to a shop, there'll be big units put up, you put in a coin there, you pay money, get the token, put it in the coin, then you play. Such models also exist even now. Like there's a very famous gaming arcade known as Amoeba in Bangalore, where you go and engage yourself in a location which is meant for gaming. This organization, based out of Japan, started in 1889, was actually into building arcade games. At one point of time, the founding team with a family owned organization, the founding team realized that we're not going to sustain ourselves only looking at providing arcade games forever. We need to see how we can leap the chip. We need to leap the curve and see if it can be the first one to create a new industry all together. Amazing idea. At that point of time, 1980s, 1970s, nobody could have thought about such a proposition. But then when they tried to conceptualize, they were ready to come up with the first game by themselves. They also developed the console, they developed the cartridge which you put on the console to play the game. They were able to put the tech part, ensure that they find the right clientele. No, they did not have a direct to consumer model. They went to Walmart, Kmart. Now, as a startup, you engage with Walmart, Kmart, they will have much higher bargaining power than you. I forget your idea getting into action without getting their support. Because you will not be able to reach out to the customers. Now, what they did is initially they came out with a few games by themselves, but lately realized that we should not be into the game developments here. We should have a dedicated set of organization which will develop games for us. Now, the moment you are looking at a scenario where you are expecting that an organization will develop games for you, you are actually creating a market for Nintendo's consoles. And the games will be provided by external entities. Now, fast forward yourself from their initial stage of developing arcade games to their thought of developing video games. To further their thought that we should be a reading team. We should be like the controlling unit of this video game industry in the country, like the US at that time. And then you'll see how we can leverage value. You know what they did? They looked at technical capabilities and managerial capabilities simultaneously. And they realized the fact that they cannot make sense in the world without engaging with Walmart, Kmart on one hand. They cannot make sense in the world without engaging with chip manufacturers on the other hand as supplier. They cannot exist in the world without having game developers. Also, they cannot exist in the world without having substitutes, without having competition. And they engage with each of them individually. Now, why am I getting into the detail? Each of your idea will have a complex relationship with four set of people. The customer, your suppliers, your complements, and your substitutes. How many of you understand the term complements can tell someone explain me what is complements? It means that your product, your service, you're offering will have certain products, certain services, certain offerings which go in tandem. Right? You have automobile. For putting automobile into use, you need a fuel. You want to make tea. You need milk. If you want milk with added tea, that's a compliment. But at the same time, tea and milk could be substitutes also. If tea is not available, if milk is available, I can go ahead and have it. Tea can have a substitute in water also. So we all need to understand that we are all engaging with four set of people as individuals as organizations. One is customers, the other is suppliers. Substitute complements. I look at this session, I have complements, people who spoke before me. There's an opportunity that has been created by Professor Thakravarty. You are all there. You're all stakeholders. I will not call you as customer. You're more like a student. My customers will not be perfect for you. So I have an ecosystem which is created. Now I have been given this opportunity to play around with this ecosystem. Nintendo similarly wasn't the same tradition. Excellent idea to create home-based entertainment products. They developed their prototypes. They came out with a game. They approached the customers. Walmart came out and others. Now, do you think that Walmart will agree to the terms of Nintendo? Initially, their customers arm twisted Nintendo. Think that you're a startup. I don't know what the market exists for you. I'll give you space, but I should get 70% commission. If your product is 100 rupees, I need to get 70 rupees. Nintendo is like, okay, it's fine. No problem. When the right time comes, we'll turn the tables. But this thought of turning the tables is not stuck at that moment. You have to pre-plan this. You have to see through different scenarios of how the plan actually fare in different scenarios and can you think about viable mechanisms to ensure that you create more value? Let's go to the other side of supplier. Now, if Nintendo uses high-end technological components in their products, in their console or in their cartridge, obviously the supplier will demand a huge value. If Nintendo happened to be in 2021 thinking about a startup, if I approach Intel and say that I want I5 kits, Intel would say, boss, yes, I'll give you, but I need a huge value for it. Now, would I be able to factor in that value within my price? Question mark. And at that time, they were actually trying to create a new industry. So if your price is not kept low, people will not buy for the first time to experience it. What they did? They approached an organization which was dealing with an obsolete technology and they were fine with developing games which can run on that chip and they bypassed the value that the supplier would have taken away from them. The story doesn't end here. When they initially started out, started to roll out games in US, they made it a point that Walmart, Kmart and others, other retail stores in US, provided them enough shell space and ensured that they did a wide marketing using word of mouth. Now, who would be the word of mouth? Gaming enthusiasts. People who were stuck in, say, arcades, playing games inside arcades, these organizations caught up then, provided them free console, provided them free environment, ecosystem to play experience in those games and then spread the word. Now, the moment this word was spread out, people realized that why should we go and wait in front of our arcade? Can't we have our own gaming consoles and cartridges through which we can play the game? People gradually start buying those games and that's the Nintendo turned the tables. How do they turn the tables? When people start buying Nintendo games, there was a column given to this known as Nintendo Mania. You can check this on the internet. It was a situation wherein each household had more than one gaming console of Nintendo. At that time, Nintendo realized that Walmart, Kmart and others were actually coming to Nintendo and asking them for more supplies. As a human number, all of them together are asking for, say, 5 million units. Nintendo burned its own assets. Rather than supplying all of the 5 million, they short supplied Walmart, Kmart and others. Now, people can argue whether it's ethical or unethical. That's a different story where you're looking at a business finale. They short supplied Walmart, Kmart and Target and made them actually reduce their bargaining power so that they can get hold of whatever supplies Nintendo is provided. On top of it, when the games gained acceptance, organizations like Sega, I'm sure people might be knowing these organizations, Electronic Arts, which are EA, who were trying to conceptualize games to compete against Nintendo said that we are not interested in developing a substitute for Nintendo. Rather, we are interested in developing games for Nintendo. Why? There are already pre-existing consoles that are available that are being sold by Nintendo. There's a market for Nintendo console that has already been set. Now, can I develop games which can work on these consoles? Nintendo realized that there is a huge potential in how you interact with the company. So, Nintendo came up with Nintendo Seal of Quality, seeing that we will manufacture it. You need to give us the games. We will validate it, we will ratify it, we'll ensure that it meets the quality of Nintendo, then only we will allow you to go ahead and sell the games. Plus, you have limitations, the number of titles that even come up. Now, why am I telling you this whole story? This whole story is to emphasize on the fact that the moment you realize that your idea has potential, please start looking beyond the usual. We look at customers, we look at suppliers for sure. At times, we forget compliments and substitutes. We usually use the word competitor in place of substitutes. Competitors have a very negative connotation. The moment you say competitor, you leave out all opportunities to collaborate with that organizer. Substitute is more subtle and it's more open to having some kind of a collaboration. Now, if I go back, by Nintendo's approach right from the start, to look at the whole ambit of interaction that they may enter into, they were able to create their presence felt in the initial days in the video game industry and that was just limited to 8-bit market. There's another organization which looked at Nintendo and said, okay, this organization is already there in 8-bit market. Now, even if I'm interested in developing a game, I should not go to the stronghold of Nintendo. So what should I do? The organization was Sega in this case. They took the gaming industry to the next level, to the 16-bit. By taking the game to the next level, Nintendo was faced with the problem. In that, should we cannibalize our existing consoles and cartridges or should we allow compatibility? Should the 8-bit game console be available to play 16-bit games also? Now, you might face this problem also, right? And after 8-bit games, Nintendo went into a deep slumber. After 30 years, they came up with Pokemon. Until then, they were in the back talk. They were developing games for Sega, EA and others. Again, they're learning for all of us. We should be ready to undertake strategic retreats. We should be ready to take the blows and go back and see, okay, if I'm not there in the front-end market, can I provide support to the existing organization? Let's go to another example. Dell. We have all used Dell and they were the pioneers in providing customization facilities. Now, at that time, major players like IBM, HP, Compact, Apple, many others. And Michael Dell, who was just passing out from his undergrad degree, I think, realized that there's a huge potential in providing customization, letting the customers, letting the people choose what is the ingredient that should make up the system, that should make up the PCs. Amazing idea. But he faced n number of challenges. I have listed some six challenges. First one is being a startup. Do I hold inventory or do I get into a contract with the supply saying that whenever I place an order for X, I should get it? Now, what kind of customization would be available to provide then? I might be requiring an AMD chip. You might be requiring an Intel chip. That means Dell should be open to approach both the supply beforehand. Do you maintain inventory or is it that you're saying, okay, the moment I place an order with Intel, they are ready to give me the chips? Excellent challenge looking at customization. Even now, Dell faces this challenge. What they did is they went and located their own factories, their own assembling units right beside their suppliers, so that they can minimize the transportation line. Second, for the initial orders to their supplier, they give a huge order and it was not for stocking in their unit. It was not meant for stocking in their manufacturing process. Dell initially went to business organizations. When I say business organization, one of them being a very big retailing unit in US and said that we are ready to provide you whatever customized software and hardware you require within the system. But you should allow us to replace all the existing systems in your retailing system. And this retailer, the owner of the retailer said, okay, I need 10 customizations in hardware. I need few customizations in the software. And Dell went beyond their reach to provide for the requirements of their customers so that they get a huge order at first. Taking this order, they can approach their suppliers. Now, the moment you give a big order in the initial days, you'll have a fruitful relationship in future also. You're paving the path for a cordial relation, mutual relationship. Now, the challenge for Dell at that point of time, I'm sure you must have run pillar to post to get a new job. It's not the case that he went to the first organization and he got a new job. But that helped them define the customers. Now, if I go back to the teams, how do you define your customer? It's a very important aspect to think right now. If the definition of your customer is wrong, the whole idea will fall down. Now, when customization really was provided by Dell in the initial day, they didn't provide it to retail customers. It was not provided to us. Dell provides customizing now to us. I think after 2000, they have opened it to individual customers. They realize that if I am entering this phase of customization as a provision, I need to ensure that I get sufficient number of pieces, sufficient number of volume before I can provide the customizing. So they went to government agency. They went to organization and started replacing the existing inventory. Now, by doing so, by defining your customers in that way, you are bypassing IBM HP Compact Apples customers, which are primary retail customers. And in the segment wherein Dell was playing its game, the prominent player was IBM. So you are actually competing with a subset of the competitors that you might be initially thinking that you're actually going to compete with them. Now, if I ask the team which is developing games, are you going to compete with Lego? Important question for you to answer. Are you going to compete with one school? Another important question to answer. Are you going to compete with local toy manufacturer or game manufacturer? Are you going to compete with Educom? There was a providing, say, smart classroom-based gaming saturation. So how do you define your customers will have an effect on how are you going to strategize if I can use this word now? What are the cost of customization? Again, it boils down to the number. Are you going to establish a standard or are you adopting a standard? At that point of time, there was a standard known as Windows with Intel chips. There was another standard by Apple. These are the prominent two standards within the PC or the computing industry. They said that we are open to adopting both. And over a period of time, they identified the best standard that fits in for their customization purpose. Another question. How do you approach the customers? Are I going to have a direct model or am I going to have a retailing model? Retailing model means having a store where your laptops, your PCs have been sold. Now, look at the way Dell has standardized energy over the past 30 years. You will realize that they took each step cautiously. All of you would have great ambitions of turning around your startup into a multi-billion dollar unicorn. But is it the case that you are looking at a unicorn from day one? Or is it that you are ready to toil hard, spend time, look at the aspects of how are you going to manage your organization? It's important to think. How many of you know this organization, I am used to asking this question? Yes. Any word? Yes. Yes. What do they do? Ms. Ria, can you tell me? They assure the customer of a better privacy and that their breadcrumbs won't be trapped by Google. Okay. Good. Excellent. Can you see this image? They had the audacity. I can actually say the word audacity. They had the audacity to put this billboard in front of Google's office. They found that Gabrielle Wienberg knows that the market share is around less than a person, less than half a person. It's 0.24% in 2017. But still they give a runoff money to Google. You look at your type in Google's important competitors. You will find reports by Google, which mentions that that goes by name. Saying that they are actually giving them a stiff competition looking at only one aspect that is privacy. And the irony of the story is that they utilize Google services in the back end. And if you look at Gabrielle Wienberg now, he's being challenged by the question whether he should continue with privacy focused or should he go the Google way. Because the moment you say, I provide maps, that doesn't have a map. I think it doesn't even have a news because the moment you say news as a service, you're going to look at the preferences. How will you track the preferences? You'll track my Google search, my search. At this juncture, they realize that they are fine with this 0.24% in search engine industry. And Google has almost like 70, 71%. And there are a number of players in between there. Now, do you look at Dagnago and say that it's a worthless idea? Absolutely not. They are now channelizing their energy to get into organizations which pay attention to privacy so that they become the tag search engine without this and that organizing. And one of such organization is into R&D. They also need to search something. Now, they are looking at how can they combine Google's color within Dagnago. And for that, they have gone with a white flag to Google and said that we want to see how we can complement each other. We have substituted perfectly fine. But can we change the lens that we are using and identify an opportunity where we can complement with each other? Sorry to interrupt you, but I still want you to ask like, how does this work? You know, you collaborating with your biggest competitor. I just want to understand how does the dynamic work here? Excellent question. I think I was going to answer that question to a current contemporary example. If you look at Indian airline industry, we all know that Indigo, Go Air, Five Dead, Air India, all these airlines compete with each other. Can someone tell me a scenario where they collaborate with each other? And this is usually a newspaper article. The outcome of that collaboration comes up in the newspaper. Think any thoughts on how Indigo, Five Dead, so we look at it from the customer's side and we look at that option Indigo, Five Dead, Go Air. Change the lens. Who are their suppliers? Airbus and Boeing. Do you think that Indigo, Five Dead individually goes with Boeing and Airbus with a small number of aircraft requirements? Or will they accumulate their requirements, go as a unit, sit in front of Boeing and have a negotiation where they will get a penalty? Why did I say that it's a newspaper item? Primarily because whenever there's a delivery by Airbus or Boeing, the newspaper article would say that Airbus has delivered X number of aircraft out of which few will go to Indigo, few will go to Five Dead, few will go to Air India. Now, if I were to answer our contrast question, you look at the potential. Now, why do you want to collaborate with another airline which was upskilled? Primarily, you're looking at the value that you can create by collaborating. Look at another scenario, like COVID vaccine. Majority of the pharma firms came together. Basic Lab came together and said, can we invest together so that we divide the risks and we're also ready to divide the future return also. Now, in both these scenarios, the stakes are very different. In vaccines, the stakes are very different as compared to buying aircraft. But both of it gives you an opportunity to actually think whether you want to take that step forward of collaboration or you only want to compete. I'll give you another example. You have court sharing mechanism, Vistara has court sharing with Turkish Airlines. Now, Turkish Airlines might be operating in the same group. Vistara might be operating in the same group. But why do you want to have a court sharing so that you do not miss out on customers? And there's a huge alliance of airlines, not a star alliance. There are a couple more such alliances where competitors come together to collaborate. And the more I speak on this, I'll actually get into joint venture space. Two automobile firms coming together, Mahindra and Renault. Why do they come together? Looking at Indian market. Renault was interested in coming into Indian market. And there were specific legal requirements that mandated that you need to form a venture with an Indian firm. So when you look at an opportunity, then you see, okay, is it worthwhile to go and collaborate with the other organizations? In this case, DugDugGo, even if it's priced for next few years to develop its own scholar-like page, it will not have the experience. It will not have the path that Google has traveled. So over a period of time, Google has turned its search, especially in scholar, which DugDugGo is interested in inviting. I don't know whether DugDugGo will actually adopt Google Scholar or not, but they've approached it. And you might be competing and collaborating at the same time. There's a term known as co-opetition. Very widely used. You'll now see it in newspapers also. If you look at all these scenarios, you're trying to turn your idea into action. Let's come to a science, engineering-based startup. Anybody heard this organization? It was in news also, and it's widely being utilized by people now. And if you focus on this, news item, you will get a fair bit of idea of what they're trying to do. It's an IIT Delhi incubated startup. Primarily focusing on chemicals or other chemical engineering. Pardon me if I say something wrong from science field. I'm not an engineer. They primarily conceptualize certain components, certain chemicals, which can help you cleanse without water, huge potential. But when they hit the market with this waterless body bath and waterless shampoo, you can go and visit that site. They realize that the usual public, the general public is not the right audience for that. Why? The general public needs water. Water is like a compliment for cleanliness or hygiene. So they approach a different set of customers altogether. They approach different sectors. If you're in CHN, would you even dare to touch water? No, you need a solution like this. And for the regular customers, they're coming out with other solutions like car wash. And usually if you want to wash your car, you need water. So they have come out with a solution where you just spray that car wash, wipe it, your car is fresh. It's clean. An excellent idea. And I can drop parallel to such ideas to the 18th idea, your part breaking idea. You should actually see how you can actually put them into action. Another interesting example. It started by teenagers. I think they would have passed out college recently. We all get pocket money. Kids get pocket money. And usually the parents are wary about where does the pocket money be used. And if you give cash to kids, usually they can misplace it. They looked at the opportunity of banks not providing teenagers banking solutions. And they come up with an idea. Just looking at a card and it's a prepaid card. They approached a bank, a new age bank known as IDFC first, collaborated with them, got the necessary permissions, launched their product. Only they only have one product that is prepaid card for teens. And they have connected this card to an application in the parent's phone. The parent can see where is this card being used. What is the transaction that kid is entering into? I request all of you to look at this organization website. Amazing idea. If you ask me, they will create value before banks actually get into the space. And from banks point of view, they're not even interested in getting into space because they're still dealing with the idle population. They're still talking about financial inclusion of idle for their teens. And there's a startup which says, okay, I can conceptualize. I can take this leap forward and look at only teens specifically. And they are a huge area of services that they are trying to conceptualize now beyond the prepaid card. I wanted to end this with a design-based science and technology idea. Can someone tell me what could be this? Embrace Nest and Embrace Care? And Sir, if you might be knowing it's like a sleeping bag. Very close. But for whom? Sleeping bag for whom, yeah, correct. Sleeping bag for babies, okay. It's a sleeping bag for babies, but the utility is much beyond a sleeping bag. It's an incubator. So it can replace an incubation device and keep the babies supported. They're prematurely born. Now, compare the price, if you look at this website, again, a Stanford University startup. Their problem statement was provide incubator solutions at 1% of the cost of a usual incubator. And if you look at the science part of it, I think it contributes on 50-70% of the utility of an incubator. Which market is it intended to? Do they compete with mainstream incubators? No. Mainstream incubators, organizations actually look up to Embrace and say, I want you. I will fund you for supplying embrace maybe in Africa, maybe in say, these other countries where there's a problem of incubators being adopted, primarily because of limited economic ability of the business. Another design-based startup out of India. It has sound potential outside India. And you must have seen women carrying pots of water in their head, usually leading to health problems to them. An organization can't supply this wheel. And you don't need an adult to pull this. A kid can pull this. Primarily, this design is kept in mind kids who can be sent to fetch water. Amazing organization, wherein they thought about how will the organization be adopted, how will the solution of the organization be adopted. Mitti Kool is another, Mansukh Bhai Patel. He competes with refrigerator manufacturers. And the more we are focusing on sustainability, another thing, probably we will adopt Mitti Kool's clay-based rich. The whole emphasis is that you need to look at things holistically. I'll end here, sir, as an organization, as a budding startup on, as a budding entrepreneur, start looking things integratively. Look at how you submit different things and be interdisciplinary, like you are already doing. I hope I could give a flavor of strategic management. I'll share the next slide with you. It is just meant to help them with maybe the basic building blocks, which can help them develop an organization. Most welcome, Nakul. It was wonderful. That large side was fabulous, though. And then very, very grateful for taking cue from our projects and talking about it, Nakul. Thank you so much and bye. Thank you very much. All the very best.