Rising Bharat: Why Mentorship for Startups is Crucial?

India has emerged as a global leader on the world stage in the wake of its successful presidency of the G20 and its remarkable economic growth. Currently the fifth-largest economy, India is poised to ascend even further, projected to become the third-largest economy by the fiscal year 2028, surpassing both Japan and Germany. A recent report by Ernst and Young estimates India's GDP to reach an impressive US$5.2 trillion in that year, marking a significant milestone by crossing the coveted US$5 trillion benchmark. 

However, this ascent to economic prominence hinges on India's ability to nurture and empower a new generation of visionary leaders who will steer the nation towards unprecedented glory and prosperity. Colonel Hemraj Singh Parmar, teh co-founder of health tech startup AyushPay in an exlusive interview with TICE TV, shed light on the importance of leadership and mentorship in India's journey towards a brighter future. He also talked about the transformative role of technology in India's healthcare ecosystem and startups. This conversation took place at the "Erudition" event, centered around the theme of "India's Inspirational Leadership at the Global Stage: Inspiring and Empowering the Next Generation of Leaders."

Mentoring the Leaders of Tomorrow

The interview culminated with Colonel Parmar sharing key insights for future leaders and entrepreneurs. He highlighted India's significant strides on the global stage, having successfully hosted the G20 Summit and its aspirations to become a permanent member of the UN Security Council. India's burgeoning economy and ambitious goals require visionary leaders. He emphasized that programs like "Erudition" play a crucial role in shaping the next generation of leaders who will lead India in various domains, including the economy, trade, investment, and technology.

"Sure, so we recently conducted G20 very successfully that gave us the required respect and acclaim globally. We part of G20. We are part of Quad and very soon hopefully we'll be part of the permanent member of UN Security Council as well. Economy is growing rapidly. We will be the largest economy very soon. By 2027 we will be the third largest and by 2047 we will be the hopefully second or largest economy with almost 35 trillion dollars. So all this needs leaders who will propel the country to that level and this wonderful theme which Erudition has had is timely very relevant to the current circumstances and also you know it will help build leaders for tomorrow. Some of these students who are undergoing this training will get critical insights and be inspired to lead some of the company's policy initiatives," the co-founder of AyushPay said. 

Technology's Role in Healthcare Transformation

Ayushpay's role as a health tech startup was also brought to the forefront. Colonel Parmar elucidated how technology is rapidly transforming healthcare delivery in underserved areas. He pointed out that while the private sector has primarily spearheaded this transformation, Ayushpay initiated its journey with telemedicine centers, offering super-specialty treatments to patients in smaller cities. The healthcare industry as a whole is rapidly adopting these technological advancements, reducing patient expenses and enhancing accessibility to quality healthcare.

The Military Influence on Leadership

The interview commenced by discussing Colonel Parmar's army background and its influence on his leadership style at Ayushpay. With a firm nod to the armed forces, he emphasized the importance of leading large teams with resilience. He highlighted that startups often face a challenging journey, with a staggering 95% failure rate. His military experience instilled the discipline and determination necessary to navigate the volatile startup landscape.

"So one of the major advantage we have in the armed forces is to lead large teams with resilience and you know a lot of these startups actually land up in failure almost 95 percent statistically speaking, so it requires a lot of a resilience on part of the founders to hold a team together to ensure continuous growth and take these startup towards profitability. I think my army background and subsequent organizations that I have handled have empowered me and given me the required skills to ensure continuous growth while also facing various challenges along the way which are associated with any startup," he shared. 

Inclusion in the Indian Startup Ecosystem

The conversation shifted to the topic of inclusion in the Indian startup ecosystem. Colonel Parmar identified a significant gap in healthcare delivery, particularly in Tier 2-3 cities, where a substantial portion of the population resides. Accessibility to specialized healthcare was a major issue. In response, Ayushpay partnered with smaller hospitals in these regions, aiming to provide super-specialized treatments at affordable costs. They have also played a pivotal role in funding patients seeking expensive specialized treatment.

Colonel Parmar's interview provided a glimpse into his journey, Ayushpay's transformative role in healthcare, and the vital importance of mentorship and leadership in shaping India's future. As the nation marches towards becoming a global leader, the foundation laid by leaders like him will undoubtedly be instrumental in this remarkable journey.