The BYJU'S Joker Syndrome
Sharavana Raghavan
FMCG Growth Consultant | Accelerating Brands from ?50cr. to ?500cr. in revenue, profitably | On a mission to enable 10,000 Super Brands | Podcaster | ex Godrej Consumer, Reckitt, Mondelez, Henkel
"Some men want to watch the world burn" -Alfred Pennyworth (The Dark Knight)
We, as a society, resemble Joker in certain ways. We delight in causing harm, especially to those more significant than us. The sadistic pleasure of seeing them suffer is incredibly entertaining. This streak persists within us, despite the disguises of evolution, civility, and even professionalism on LinkedIn.
This rant is triggered by the numerous posts and news articles about Byju's that I encounter daily. How many of us who criticize Byju's have accomplished something as significant? Building an empire as a first-generation entrepreneur in any sector is a remarkable achievement.
Most of us possess limited information but hold strong opinions. When we encounter something we dislike, we question it extensively, but when it defames someone else, we readily embrace it for the thrill of it.
Valuation
The criticism against Byju's valuation is common. How can such a young company have such a high value? It is audacious, indeed. However, we are not the investors. The reality of valuation eventually catches up, as demonstrated by recent IPOs. Is it worth getting upset over? Perhaps the VC fund participants should be the ones concerned, not the entrepreneurs. Definitely not you and me.
Sales Tactics
Many people criticize Byju's unethical sales practices due to the pressure the company currently faces. Having worked with ed-tech start-ups, I was appalled by the sales calls. But if these tactics didn't work, why would the brands continue to use them? As prospective customers, we have every right to reject their offers and move on, just as we do with calls from Bajaj Finserv. Are we merely using a sales conversation as an excuse to call for the destruction of a business?
Customer Complaints
Paying customers have the right to express anger and frustration toward a brand. They have paid in advance for promised services, some of which were not delivered. Publicly airing their grievances and calling for action against the business is their prerogative. However, Byju's is not the only company facing such complaints. From movies to food delivery to electric scooters, we as consumers face it in every day life.
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Bad PR
Byju's deserves criticism for its terrible PR. Announcing the signing of Messi as the Brand Ambassador the day after laying off staff was tone-deaf. The explanation that it was for the CSR arm is ridiculous, considering Messi's shirt only said 'Byju's.' We are a country where proven match-fixers are presidents of state cricket boards and even get their biopics made to show them in a whole new light.?Surely Byju's PR can be redeemed.
Image of Other Indian Start-ups
The media-driven hype often leads people to overestimate India's short-term growth potential and underestimate its long-term potential. We are a rapidly growing country, among the fastest in the world. The start-up ecosystem is less than 10 years old, so there will be good and bad examples. One bad example does not ruin the case for other entrepreneurs. It might force you to be more diligent, but when is that a bad thing??
What if Byju's Fails?
Is Byju's too big to fail? Will the entire ed-tech industry collapse if Byju's fails? Absolutely not. On-the-go education will always have demand. Transformations will occur, but dead ends are unlikely. We need to stop viewing failures as inherently negative. In a growing market, businesses will fail, go bankrupt, and close. New entrepreneurs will rise. This is the natural evolution of markets and businesses. All will be well.
Let's Hope They Succeed
Having worked closely with start-ups and founders, I have witnessed the sacrifices they make to keep their businesses running. Byju's incredible rise serves as a beacon of hope. While Byju's failure would not have a lasting impact, its survival and growth can inspire more entrepreneurs. India needs more success stories.
All said, this circus is far from over. Once done, we can get ready for our next fall guy to kick in the face and call a scoundrel, only to rejoice in the comfort of our social media pages and assumed moral high ground.
Watching the world burn is just too entertaining!
Ex Deputy GM in Marketing and New Business Development with a decade of expertise. Tech enthusiast transitioning to launch an Information Security startup, dedicated to fortifying digital landscapes.
1 年?Netas with fixing background also get to top because of the same factor that mistakes of rich also get supporters/markerters and writers writing in their favour. Even if they do a multi crore scam , they can default and then do everything to gain sympathy. They do image washing and people.forget And here everyone knew that there was a scam in valuations\false promises to parents, manipulating parents ,tricking them to take loans , selling them unwanted courses by using their insucrities and scaring them about their child and future. There is nothing like a joker wanting to see world burn But people happy to see that a scam is stopped which was hevily funded and overvalued. P3ople are happy to see it getting settled. They loving the moment that no one can be too big too fail especially thsoe whoes auditors even left.
Making B2B websites and branding interesting.
1 年I don’t entirely agree with this, that makes me a Joker may be :) The points you addressed - valuation, sales tactics, the impression it creates as a startup - they all have larger implications. Now the value it created vs value it destroyed - it’s a difficult calculation. What they did is remarkable, by no means it’s anywhere close to an easy journey, but at what cost. Especially in a space like education, the responsibility you have is huge.
Do have a look at the financials of Byju's since inception to get more insights! https://www.dhirubhai.net/posts/kwintl_10-year-financials-of-byjus-balance-sheet-activity-7081413736703414272-BIhw?utm_source=share&utm_medium=member_desktop
Director, Microconnect
1 年Very true!!
Managing Partner - Bril. Consumer products | Angel Investor | Mentor | Author | Dharmic Thinker
1 年Good article. I too want entrepreneurs to succeed. Just that in the case of Byju's specifically, there is no correlation between words and actions. Actions always speak louder than words.