Four TN Firms Make It to Potential 'Billion Dollar Babies' List
CHENNAI: Four of Tamil Nadu’s companies have been judged as potential ‘Billion Dollar’ concerns by The Indus Entrepreneurs (TiE) Chennai. Not one of these four potential ‘big billion’ firms though, are from the state’s manufacturing sector.
Seeking to showcase Tamil Nadu’s success stories and their potential to become truly big players in the global industry, TiE Chennai’s ‘Billion Dollar Baby’ program announced four winners on Monday - Cross platform, global digital magazine store Magzter, Financial services major Financial Software Systems, water processing giant VA Tech Wabag and technology services company Congruent Solutions.
With the four companies showcasing the strength of the Services sector, manufacturing was conspicuously absent on the list. When asked, CEO and MD of ICICI Securities Anup Bagchi, one of the two jurors who selected the companies, said the spectrum of entrepreneurship was very broad in the state and that the absence of a manufacturing firm in the top four was only a coincidence. “I was quite happy with the spectrum of entrepreneurship in the city. But we did not see it through any particular lens when judging the companies. It is only a coincidence that there aren’t any manufacturing firms,” he said.
Chairman of the program committee of TiECon Chennai 2014 R Narayanan did admit that of the 12 companies that were shortlisted from the 50 nominations they received, only four were from the manufacturing
sector. “The conditions of the last few years have made it hard for manufacturing concerns to grow at the pace that the services sector has grown. This could be where the economy is headed,” he admitted. The four companies will be showcased at the TiECon Chennai 2014 conference which will begin from November 1.