BHUBANESWAR: Value addition, punctuality and quality are the key factors which would determine sustainability of Indian MSMEs and start-ups in the United Kingdom, said British Deputy High Commissioner to India Bruce Bucknell here on Wednesday.
Speaking at ‘India-UK: Partners in Technology and Innovation’, Bucknell said, “When it comes to big multinational companies, UK-based clients are assured of the delivery model and adherence of timelines. The start-ups need to build the same level of confidence from potential clients.’’
Bucknell said British clients are finicky about quality. If a start-up is able to set up business in UK and sustain it over a period, the same firm can do business in any part of the world.
UK is really keen to develop business relations across eastern and north-eastern India in the same way as North and South have connected to Britain. The eastern States lag in value addition due to which investments from UK for venture capitals have been largely absorbed by North and Southern States in India.
‘’Prime Minister Theresa May’s meeting with her Indian counterpart Narendra Modi was significant as it was the first bilateral meeting of the PM with a non-European Union State. This is a sign that UK will give importance to countries like India post Brexit,’’ Bucknell said.
At a panel discussion on ‘India-UK: Driving Entrepreneurship in Technology and Innovation’, MHA MacIntyre Hudson partner Yogen A Patel advised Indian firms to look beyond IT and invest in sectors like advanced engineering, manufacturing and creative fields such as gaming which have been largely unaffected by Brexit. ‘’Though there has been some inconvenience and uncertainty, UK’s GDP growth and productivity was on the rise post Brexit. MSMEs have carried on with their investments as usual,’’ he said.
Sharing his experience about the UK market, director of Quantum Business Advisory Board (a Kolkata-based consultancy) Sanjoy Chakrobarty said the British market is very mature. One needs to do the homework well and be ready for value addition before venturing into UK with a service or product. Data analytics and product development are big areas where Indian firms can score well in the UK, he added.