EY EOY Awards- Celebrating 25 years of Indian entrepreneurship

The past 25 years have seen a dramatic transformation of India’s economy. From being the 13th largest in 1999, to becoming the fifth-largest, we are now the fastest growing economy in the world. Entrepreneurs have been vital catalysts in this journey.

EY was among the first few organizations globally that recognized the power of entrepreneurship, by launching the World Entrepreneur of the Year (WEOY) Awards. Realising its impact, the Indian chapter of the program was instituted in 1999 to honour the exceptional spirit of its entrepreneurs.?

Since then, the Entrepreneur Of the Year (EOY) Awards have sought to acknowledge the contribution of prolific entrepreneurs and nation builders who made a mark through their outstanding vision and relentless execution. Their endeavours have helped disrupt and transform industries, create new jobs and generate wealth for shareholders. It would be no exaggeration to say that today’s India has largely been shaped by this league of extraordinary people.

When the EOY program started, the government’s liberalisation policy was less than a decade old. India was entering the new millennium with hope and optimism, tempered with trepidation about the future. As a US$450 billion economy, we were shrugging off the vestiges of the licence and permit regime of the past five decades.

A new breed of entrepreneurs was emerging, even as questions remained about their ability to build fast-growing, enduring institutions. Those who had established themselves still had to prove if they could compete successfully in the more challenging global markets. India’s entrepreneurs have since given a fitting response to these questions.?

I would broadly classify their success stories over the past 25 years, across three categories:

First, there were the entrepreneurs coming out of well-established business houses. While some ventures perished over the years, quite a few survived and went on to become inspiring success stories. The successful founders adapted by restructuring their businesses, building world-class capabilities, leveraging technology and diversifying into new areas. Importantly, they married traditionally prudent business practices with king-sized ambitions.

The next category comprised first-generation entrepreneurs who came of age in the 1990s and 2000s. This cohort smartly leveraged opportunities created by the opening of the economy and unencumbered by the baggage of the past, nimbly moved into new business lines. These entrepreneurs were quick to scale up and dominate the then sunrise sectors of software, business process outsourcing, telecom, aviation, media, healthcare, financial services and pharmaceuticals, to name a few.

The third category came into being during the last 10-15 years. Young, and fresh out of India’s premier engineering colleges with a passion to make a difference, these entrepreneurs rode the venture capital boom and the digital revolution to deliver disruptive and innovative solutions. The recent proliferation of Indian startups and unicorns has been a result of the entrepreneurial drive and risk-taking abilities of these young founders.

Though the entrepreneurs in these three categories straddle diverse industries and age groups, and come from varied backgrounds, the inspiring men and women in all three categories have a few traits in common – the ability to take risks and think big, explore untapped opportunities, access capital at competitive rates, execute with precision, build large organizations, and scale up businesses for a bigger, global play.?

India is in the midst of the most exciting times in recent memory, with unprecedented opportunities to create new businesses. I am humbled that the EOY program, in its own small way, has celebrated and supported the spirit of entrepreneurship and the exemplary contribution of our entrepreneurial nation builders. I thank all of them and many more who have supported us along this exciting journey. The EOY program would have not been able to attain this milestone without their active support and inspiration. Reaching here has truly been a collective effort and a rewarding journey for all of us at EY.

I look forward to celebrating the 25th Anniversary of EOY with some of the finest entrepreneurs on Friday, 23rd February. You can also watch the live streaming of this glorious ceremony on this link .

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