In an exclusive conversation with Faiz Askari Founder Editor of SMEStreet, Tausif Malik explained some key insights and market observations around Indian entrepreneurs, startups and have shared really insightful on the status of Muslim Entrepreneurship scenario.
Today the industry is fast graduating towards bigger and better horizons. Technology, Globalization and many other significant influencing elements are making strong impact and ultimately our markets are growing. But an expert can definitely not just understand the latest trends but can also shape the next wave of growth.
Meet, Dr Tausif Malik who is an Indian American Social Entrepreneur based out of Chicago, USA & Pune, India. He recently got elected as Treasurer to Democratic Party USA’s India Chapter (Democrats Abroad). He is the founder of America’s Largest community based SpeIIing Bee competition MuslimSpellingBee.com , IndiaStartUpFest.com GCCStartUpFest.com Schoolpreneur.Biz and AIMBSN.com.
He is also Managing Editor & Publisher for www.GCCStartup.news – Gulf regions 1st Startup & Entrepreneurship News portal , editor for the TheDesiTimes.com Chicago and Managing Publisher for asianlite.com US edition. A public speaker and promoter of Startup Ecosystem through his startup events AIMBSN, India Startup fest Mr Tausif is a versatile personality who is dedicated to give shape for a better future. A Future which can have better economics, trade exchange and an ecosystem for entrepreneurship. In an exclusive conversation with Faiz Askari Founder Editor of SMEStreet, Dr Tausif Malik explained some key insights and market observations around Indian entrepreneurs, startups and have shared really insightful on the status of Muslim Entrepreneurship scenario.
Faiz Askari: What are the key opportunities you foresee for entrepreneurs in India?
Dr.Tausif Malik: India is a young country with great talent, hence there is tremendous amounts of opportunities for entrepreneurs.
Based on our research, the following sectors have a great future 1.Bio-technology, 2.Food & Hospitality 3. Healthcare 4. Franchising 5. Education & 7. Renewable Energy.
The reason for the above mentioned sectors to blossom as population increases, so does their demand.
Entrepreneurship especially in IT, Startups are copycat versions of the west primarily America. Indian entrepreneurs should move to developing their own ideas for India centric market. Hence we are launching a new project called NewSwadeshiMovement.com to find innovation and Indians.
“Entrepreneurship especially in IT, Startups are copycat versions of the west primarily America. Indian entrepreneurs should move to developing their own ideas for India centric market. Hence we are launching a new project called NewSwadeshiMovement.com to find innovation and Indians”.
Faiz Askari: What are your observations regarding the status of entrepreneurship among Muslim community?
Dr. Tausif Malik: My observations regarding the status of entrepreneurship amongst Muslim community, that the community is highly entrepreneurial type and is very prominent in handicraft market as artisans, small vendors and store owners, technical business such as repair shops, restaurants, SMEs’ and traders.
There are living legends such as Mr.Azeem Premji, Khorakiwala family, ‘Dr. Khwaja Abdul Hamied of CIPLA, whose contributions to the Indian economy has made everyone proud.
Currently, the community needs to jump start their entrepreneurship and move up the value chain.
Faiz Askari: Please share your vision and activities for motivating Muslim entrepreneurs in the country?
Dr.Tausif Malik: In 2015, we decided to move back from Chicago, USA to our home town Pune, India. I had a vision to kick-start entrepreneurship and add value chain amongst the Indian Muslim entrepreneurship community. The reason was if 15% of the Indian population increases their contributions to business than the Indian economy GDP will further increase. And, this was made more possible due to the Government of India’s Make in India, Digital India, Skill India programs and Stand up & Startup India.
Hence in 2016, we conducted One day long (February & July 2017) Business conference, networking and Startup event in Pune, Maharashtra. The vision and objective of our activities is to promote and harness entrepreneurship amongst the Indian Muslim community and increase the contributions towards the Indian economy. In-fact entrepreneurship is the cornerstone for earning halal income according to Islam.
We are currently building an ecosystem to support the entrepreneurs, businesses, investors and inform and educate them about market potentials and Prime Minister Narendra Bhai Modiji‘s programs such Make in India, Digital India, Skill India programs and Stand up & Startup India.
AIMBSN.com (All India Muslim Business Startup Network) ecosystem consists of the following:
Events: We would conduct grand day long Business conference, networking and Startup events across India and Monthly Breakfast Business Networking events
Social network: AIMBSN.com Social Network Site, where indviduals & businesses, can post their businesses, requirements, investment opportunities, blogs and we will promote them to our database of global investors and business community.
Incubators & accelerators: We are in talks with minority institutions to establish Incubators & accelerators, where the startups, mentors, investors and community can interact with each other to promote business and startups. We will also encourage minority institution to apply for Government of India promoted Atal Tinkering Labs & Atal Incubation Centers
Venture capital: Our vision is by 2018 to launch AIMBSN Venture Capital fund, there are many NRI Indian Muslims who want to invest in their motherland India.
Faiz Askari: PM Modi has a strong vision towards MSMEs, Entrepreneurs. What are your views from the perspective of Muslim Entrepreneurs?
Dr.Tausif Malik : Our Indian Prime Minister Mr Narendra Modi’s vision of transformation is amazing & outstanding and his programs such Make in India, Digital India, Skill India programs and Stand up & Startup India has changed the perceptions about Indian business. Now India is not viewed as mere a back office or outsourcing partner, it is viewed as the next innovation hub of the world.
Our Prime Minister Mr Narendra Bhai Modi’s vision of transformation is amazing & outstanding and his programs such Make in India, Digital India, Skill India programs and Stand up & Startup India has changed the perceptions about Indian business.
The Muslim community can benefit from these policies, and many of them as an individuals are already benefiting from the policies. We as AIMBSN.com would want to be an active partner to promote these policies to the community through our events, social network etc.
in sha Allah we are planning a Grand One Day Business conference, networking and Startup event in Delhi, 2018 and we would be requesting our Prime Minister to be the Chief Guest and address the attendees. This would tremendously motivate the community and they can have direct interaction with Prime Minister. Indian Muslim wants to contribute back to their motherland ‘India” and doesn’t want to be in isolation and wants be part of vision of the Prime Minister Modi’s vision of transformation.
“Indian Muslim wants to contribute back to their motherland ‘India’ and doesn’t want to be in isolation and wants be part of vision of the Prime Minister Narendra Bhai Modiji’s vision of transformation”.
Faiz Askari: Please share your experience while working on analysing the Muslim consumer market?
Dr.Tausif Malik : In the year 2007, global advertising group JWT & Ogilvy conducted a research to understand and estimate the American Muslim consumer. the conclusion of the research was the market was estimate at $ 170 Billion. Based on this I launched my first major venture in the USA called Muslim Spelling Bee Competition, targeting the Muslim Students in 2011 and within a year we became America’s Second Largest spelling bee competition in terms of reach and America’s Largest community based event. Over the years, we have now participants from other faiths participating at our competitions due to quality standards and uniqueness.
Hence, to further endorse our experience, I did my Doctorate in Business Administrations (DBA) from Argosy University -Chicago and my thesis topic was ” Impact of Word of Mouth (WOM) on online purchase of American Muslims”. We started evaluating the same in Indian market and our estimate is Indian Muslim Consumer market size is worth $350 Billion plus and recently, many advertisers have started targeting this market such as Big Bazar, Asian paints, Brooke Bond Red Label etc.
“We started evaluating the same in Indian market and our estimate is Indian Muslim Consumer market size is worth $350 Billion plus and recently, many advertisers have started targeting this market such as Big Bazar, Asian paints, Brooke Bond Red Label etc”.
The Muslim consumer follows certain guidelines prescribed by Islam regarding dietary laws, investment laws etc. Its a huge consumer market if advertisers and marketers can target this market than they can increase the share of revenue and also helps generate jobs, income and economic activity.