By Kanwar Chadha, Executive Chairman, Hubble Connected
Kanwar Chadha starts off being realistic. "Yes, being an entrepreneur is exciting no doubt, but your thoughts also have to be grounded to reality", he points. You really have to be passionate to be an entrepreneur and you have to know what you are trying to achieve here. Having a foresight and being able to identify what the next "big thing" is also a key skill that comes in handy. Without the flair and the passion to support your plan, you are making yourself vulnerable to be sidelined and eventually forgotten. In this competitive field, being forgotten pushes you towards frustration and that would be the last thing an entrepreneur needs.
Being in Silicon Valley, I have witnessed a surge of trends over the past three decades says Chadha. He pointed the fact that as these trends initiated the inflow of large investments. The large quantity of cash flow can be attributed to the hype surrounding those trends like Big Data and IoT leading the way. Chadha reminded the then naive technologies such as the semiconductor space, wireless space and the GPS technology as he talked through to the recent ones in cloud and the Internet of Things. Chadha reiterated to solve the 'Big Problem', "During the hype phase, it is important that one understands their target customers and analyze the real problem to be solved and how to solve them with the new tools on hand". Taking an example of the GPS technology, there were a lot of firms that sprung up offering location based services, and that followed with technical conferences and a lot of venture money was raised. But then, people missed the target. All the necessary pre-requisites required to launch 'The' platform was either lagging or missing. The providers had to ensure the mapping technology and wireless connectivity, upon which all of these services depended, ran seamlessly.
The field was a very regulated and an experienced trickled flow of elements that were needed to shape and mold GPS and today as we can see, GPS is all pervasive and has been a huge success at an enterprise level as well as at a consumer level. IoT should be more than just a buzz word thrown around during conferences, IoT holds potential to change the way people use the internet today Chadha says. In order to make this technology more complete and successful, we have to look at the end to end solution and what IoT can do for consumers. Unlocking this potential can help unshackle IoT and give it wings. There are lots of opportunities for leveraging IoT in both the consumer and enterprise space. Healthcare, fitness, entertainment, and travel are just come of the areas where IoT has started gaining a foothold. Many companies have already made investments and are developing solutions to capitalize in this area early on. Consumer IoT certainly has a long way to go and its time enterprises enhance the consumer experience with IoT connectivity.
As an entrepreneur you should learn from failure, my first entrepreneurial venture failed too. One of the lessons you learn as an entrepreneur is that you have to grab the money even when you may not be in great need, because when you actually need you won't have one on your side. This comes off from my own journey as I needed at the most crucial times for my own venture, the market had dried down and the venture industry was on the lock up mode. Often hard times teaches you to endure, the more you endure the stronger you develop your vision given there is a passion for your vision. People sometimes confuse idea to vision, idea is just a nascent form of your vision, and likewise dream too is not grounded to reality so people again posses the same reflexes. A vision is something which starts with an idea and is grounded to many realities, in the context of an entrepreneur these realities are in consideration to the market, technology and your own expertise. (Based on an Interview with Kanwar Chadha)