BHUBANESWAR: Two key factors which would determine the sustainability of Indian MSMEs and startups in the United Kingdom are value addition, punctuality and quality. When it comes to big multinational companies, UK-based clients are assured of the delivery model and adherence of timelines. However the newbies need to push for building the same level of confidence from the potential clients, British Deputy High Commissioner to India Bruce Bucknell said.
Speaking at an event - India-UK: Partners in Technology and Innovation here on Wednesday, Bucknell said, without developing an ecosystem to support startuaps, it was very difficult for new businesses to get established. “British clients are finicky about quality. If a startup is able to setup business in UK and sustain it over a period, the same firm can do business in any part of the world, Bucknell said.
UK is really keen to develop business relations across eastern and north-eastern India in the same way as North and South of India have connected to Britain. The eastern States have lagged in value addition due to which investments from UK for venture capitals has been largely absorbed by the North and Southern States in India.
“Prime Minister Theresa May’s meeting with Narendra Modi was extremely significant as it was the first bi-lateral meeting of the PM to a non-European Union State. This is a sign that UK will give importance to countries like India post Brexit,” Bucknell added.
At a panel discussion during the event 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 like gaming, which have been largely unaffected by Brexit. “Though there has been some inconvenience and created a bit of uncertainty, UK’s GDP growth and productivity were up post Brexit. MSMEs have carried on with their investments as usual,” Patel said.
Sharing his experience about the UK market, Quantum Business Advisory Board (a Kolkata-based consultancy) Director, Sanjoy Chakrobarty said, the British market is very mature. One needs to do the homework very 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 said.