If you want to succeed be original; do not be a copycat : KTR

HYDERABAD: “If you want to succeed, be original; do not be a copycat. It's easy to be a copycat," said Telangana Minister KT Rama Rao on Saturday at the L V Prasad Eye Institute (LVPEI) Incubators Startup Challenge event in Hyderabad.

Addressing the gathering at the event, saying, "It's easy to be a copy cat and create a Flipkart, Snapdeal copying Amazon." It is simple to replicate and create what has already been done and dusted in the West. However, if you are unique and create something truly world-class, the best moment to be an entrepreneur is now."

He said, that when BVR Mohan Reddy founded Cyient, it was known as Infotech. “I believe he did not have the same level of privilege that you do now. If you have exceptional ideas, capital is not a problem in today's environment. The capital was a tremendous difficulty a few years ago.”

"Raising money, funding your idea, and promoting your idea used to be difficult, but capital is no longer an issue. Capital is one of the last topics on people's minds these days. It's the idea, it's the product, how quickly you can get your idea to market, and how unique you are that matters these days. Fund raising is not an issue for great ideas," the minister added.

“Another suggestion I have for everyone is to celebrate your failures, no matter what. Apart from being original and courageous, it is important to appreciate your failures,” said KTR.

"Many of us realised during the COVID19 phase that none of us will be here forever," he said. During COVID19, we all lost loved ones, friends, and family. We all live as though we'll be here for 1,000 years, but what matters most is the impact our lives have on society. Outstanding people who establish institutions outlast them, as proven by the LV Prasad Eye Institute. My congratulations go to the entire team. You have done an outstanding job from 1,978 to the present."

T-Hub CEO M Srinivas Rao stated, "When I joined T-Hub, I was told that we are looking for you to build an institution. Today, I heard what all those folks who spoke before me said. Today I learned how you arrived to India and developed this amazing organisation in 36 years, which is extremely encouraging."

"Entrepreneurship is obviously a lonely journey," Srinivas Rao remarked, "and it will take a lot of hard work, passion, and commitment to be successful.

"You need an ecosystem to support you, which is what we are doing in Hyderabad. To be a successful entrepreneur, you must have fantastic ideas, which I'm sure you all do. It is said that it takes a village to raise a kid, and entrepreneurs require the same kind of assistance to launch successful businesses. That is the ecosystem that is being established at the LV Prasad Eye Institute (LVPEI) Incubator Startup Challenge. I congratulate and encourage all participants, not just the winners.”

"Hyderabad probably has the best ecosystem in the country for producing world-class firms, and I believe you will all continue to build world-class enterprises with "Profit and Purpose,” Rao added.

Cyient chairman emeritus BVR Mohan Reddy, LVPEI chairman Gullapalli N Rao,

RICH CEO Ajit Rangnekar and others participated.

The chosen startups were given away awards.