Tech moguls tout innovation in India

In order to create a successful company, entrepreneurs must utilize both imagination and innovation, a leader of an international tech giant said this weekend.

Great leaders need to simplify complex ideas and show compassion to others, said Narayana Murthy, founder and chairman emeritus of Infosys Limited, in an address to a full auditorium at the Fuqua School of Business Friday. Infosys is a global technology services company based in India that provides business consulting, technology engineering and outsourcing services to businesses in about 30 countries.

Murthy and other noted industrialists discussed their experiences and offered advice on entrepreneurship and technology in India. Murthy was the keynote speaker of the fourth annual Duke India Business Forum, which was centered on the theme of innovation.

Murthy, who founded the multibillion dollar Infosys with only $250, noted that the key to success depends largely on trust and mutual respect within the business team. In order to form trust within a team, leaders must lead by example, Murthy said.

“When [Infosys] first started, I took 10 percent of my allotted salary while everyone else received 20 percent higher of theirs.” Murthy said. “To earn trust, the best instrument you have is yourself—be the change you want to see in other people.”

The forum also featured panels of prominent businessmen, who offered their opinions on doing business in India. Raghuveer Mendu, general partner at venture capital firm Ventureast, noted that success in business requires flexibility and a level head under pressure.

“There are a thousand things that can go wrong in business, so you need to find people who are flexible and can function under pressure.” Mendu said. “I lost a lot of good workers in the beginning because of poor management, but it was an important learning process.”

In his remarks, Murthy also advised audience members to seek the respect of customers, employees and investors alike. Effective communication is necessary to become a globally valued corporation.

“Investors want you to be level with them at all times, and Infosys believes it’s best to give bad news early and proactively,” Murthy said. “Once you deliver more than you promised, you get respect and engender harmony.”

Most importantly, an effective company must create an open environment for the exchange of ideas, Murthy said. Leaders of large corporations have to keep everyone focused on innovation and selling that innovation.

“Every day when you go to work, ask yourself—‘Can I do this faster, cheaper and better?’” he said. “Give everyone a chance to share their ideas—they’ll be more enthusiastic that way.”

Another important part of becoming successful in entrepreneurship is making mistakes along the way, said Sandeep Ahuja, CEO and co-founder of Operation ASHA, a nonprofit organization focused on tuberculosis treatment and prevention.

“I put $6,000 into my first venture at 21[years old], but within six months, I lost everything.” Ahuja said. “By making mistakes, you progress, and soon you start realizing which mistakes are permissible within an organization.”

An integral part of maintaining prosperity is paving the way for the future, Murthy said. Leaders need to have conviction and believe what they do is right.

“It is extremely important that you plant trees that you might not be able to eat fruits from,” he noted. “A civilized society is one that works to make sure that the next generation is better off.”