Nicholas Brathwaite - Technology, Innovation and Entrepreneu

TECHNOLOGY, INNOVATION AND ENTREPRENEURSHIP

NICHOLAS E. BRATHWAITE Founding Managing Partner, WRVI Capital

D I A L O G U E

5 T H G R O W T H & R E S I L I E N C E

WHAT YOU WILL LEARN TODAY

- ENTREPRENEURSHIP & IT’S IMPORTANCE TO THE CARIBBEAN

- INNOVATION AS A FOUNDATION

- TECHNOLOGY AS A PLATFORM

- REQUIREMENTS FOR SUCCESS

- FOSTERING AN ENTREPRENEURIAL CULTURE

MY JOURNEY

INTEL (ENGINEER / ENGINEERING MANAGER)

FLEX (CTO / EXECUTIVE VICE PRESIDENT) - One of the largest technology companies in the world - $93M to $36B in revenue - 300K employees

RIVERWOOD CAPITAL (FOUNDING GENERAL PARTNER) - Global Growth Equity Firm - A Leading investor in LATAM - Investments: GoPro, Globant, Nutanix, Industrious

NCHIP (VP - OPS & TECHNOLOGY, FOUNDING TEAM MEMBER) - Innovative Semiconductor company - pioneered advanced multi-chip module assembly process

APTINA IMAGING (CHAIRMAN & CEO) - Pioneer of cellphone camera & automotive imaging technologies

WRVI CAPITAL (FOUNDING MANAGING PARTNER) - One of the Top Performing VC Firms in Silicon Valley

- $700M Revenue, - 700 Employees - 2500 Patents

SEVERAL PATENTS + PENDING APPLICATIONS LED THE DEVELOPMENT OF SEVERAL INDUSTRY-LEADING PRODUCTS STARTED MULTIPLE BUSINESSES (COMPANIES + BUSINESS UNITS) 7 PUBLIC COMPANY BOARDS (INCL. INDIA & LATAM) OVER A DOZEN PRIVATE COMPANY BOARDS

DELIVERING CONSISTENT RETURNS ACROSS FUNDS WRVI Has Delivered Top Decile Performance Across Funds I-III

814 Funds 210 Firms

2.57x

13 Firms > 1.84x Net Multiple 6% of Firms > 1.84x Net Multiple

WRVI HAS DELIVERED TOP DECILE PERFORMANCE

WRVI Fund I-III Combined Net MOIC: 1.84x

1 st Quartile Net MOIC: 1.47x

Weighted Average Net MOIC: 1.28x

Median Net MOIC: 1.25x

3 rd Quartile Net MOIC: 1.06x

Preqin Net Multiple

0.47x

OECS SUSTAINABILITY GOALS

NO POVERTY

NO HUNGER

GOOD HEALTH

QUALITY EDUCATION

GENDER EQUALITY

CLEAN WATER & SANITIZATION

CLEAN ENERGY

GOOD JOBS & ECONOMIC GROWTH

INNOVATION & INFRASTRUCTURE

REDUCED INEQUALITIES

SUSTAINABLE CITIES & COMMUNITIES

RESPONSIBLE CONSUMPTION

PROTECT THE PLANET

LIFE BELOW WATER

LIFE ON LAND

PEACE & JUSTICE

PARTNERSHIP

SOURCE(S):

1. OECS Strategic Objectives

CHALLENGES FACING THE OECS

3.

1.

2. UNEMPLOYMENT

RISING POVERTY Set to increase by nearly 10%

ECONOMIC GROWTH Lowest in decades

20%+ over past decade.

GDP (Current US$)

UNEMPLOYMENT FORECASTS (SOURCE: UNICEF, ILO)

$2.5B

Before

Pandemic

Antigua and Barbuda Dominica Grenada St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines

30%

Antigua and Barbuda

8.7%

$2.0B

40%

Grenada

10%

25%

Montserrat

7%

$1.5B

28%

St. Kitts & Nevis

2%

44%

St. Lucia

21%

$1.0B

39%

St. Vincent & The Grenadines

20%

$0.5B

Jobs lost between March & December 2020 in SVG 2754

Of GDP for OECS States is Tourism dependent 40%+

Our projected external current account defcit. -21.4%

$0.0B

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

SOURCE(S):

1. World Bank - World Development Indicators Dataset (2019)

2. World Bank Group OECS Systematic Regional Diagnostic (2018) 3. Caricom

ACHIEVING THESE GOALS WILL REQUIRE:

1.

2.

3.

4.

LEVERAGING EARLY ADOPTION OF TECHNOLOGY, AND THE FOSTERING OF AN ENTREPRENEURIAL CULTURE

A MANIACAL FOCUS ON EXECUTION AND INCREASED EXECUTION VELOCITY

INCREASED GROWTH RATES OF TRADITIONAL SECTORS SUCH AS AGRICULTURE, AND FISHERIES

IDENTIFICATION & DEVELOPMENT OF NEW ECONOMIC GROWTH ENGINES

ENTREPRENEURSHIP, INNOVATION & TECHNOLOGY ARE ESSENTIAL FOR FUELING GROWTH & RESILIENCE

ENTREPRENEURSHIP

"ENTREPRENEURSHIP IS THE PURSUIT OF OPPORTUNITY BEYOND RESOURCES CONTROLLED."

—PROFESSOR HOWARD STEVENSON (HARVARD UNIVERSITY)

“PURSUIT” OF OPPORTUNITY

FEDEX

HONDA

DYSON

HERSHEY’S

RELENTLESS FOCUS

BEYOND RESOURCES CONTROLLED

WORKING WITH CONSTRAINTS: RELYING ON THEIR INTELLECTUAL CAPITAL, DOMAIN EXPERTISE, PASSION, AND SELF BELIEF TO HELP MOBILIZE BOTH HUMAN AND FINANCIAL RESOURCES

- Nick Woodman - GoPro - Jan Koum - Whatsapp

INTELLECTUAL CAPITAL non-tangible resources that contribute to the delivery of the value proposition.

FINANCIAL CAPITAL Funds used to buy physical capital and expand on human capital

WHAT IT TAKES

01 VISION 02 DETERMINATION 03 OBSESSION 04 RISK TOLERANCE 05 COMPETITIVENESS 06 KNOWLEDGE & EXPERIENCE 07 TEAMWORK 08 COLLABORATION 09 PLANNING 10 INNOVATION

& AN ECOSYSTEM IN WHICH ENTREPRENEURSHIP THRIVES

ENTREPRENEURSHIP AND INNOVATION

To be considered an entrepreneur, the new business must create a new level of consumer demand or satisfaction

Innovation is the specifc instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth

PETER DRUCKER

AREAS OF INNOVATION

01 PRODUCT DIFFERENTIATION

02 BUSINESS MODEL

03 SALES & MARKETING STRATEGY

1. PERFORMANCE

5. PROCESS

9. CUSTOMER ENGAGEMENT

• Distinguishing features & functionality

• Superior and e f cient ways of working

• Distinctive interactions & experiences

2. SIZE

6. STRUCTURE

10. BRAND

• Dimensions and variants

• Alignment of talent and assets

• Representation of the business

3. QUALITY

7. NETWORK

11. CHANNEL

• Meet needs, improve satisfaction

• Partnerships to create value

• How o f erings are delivered

4. PORTFOLIO

8. PROFIT MODEL

12. SERVICE

• Complementary products & services

• How money is made

• Support & Enhancements

“INNOVATION IS THE PRACTICAL IMPLEMENTATION OF IDEAS THAT RESULT IN THE INTRODUCTION OF NEW GOODS OR SERVICES OR IMPROVEMENT IN OFFERING GOODS OR SERVICES.”

—JOSEPH SCHUMPETER

TECHNOLOGY AS A FOUNDATION

TECHNOLOGY LANDSCAPE TODAY

- Meetings & Work: Physical to Digital - Drug Discovery: Disease to Vaccine in less than 12 months - Internet: Broadband Wireless on every Handheld Device - Cars: Computer Controlled, Software Upgradeable device, Self-Driving - Watch: Analog to System of Engagement - Imaging: Desktop Devices to Molecular Sensing & Analysis - Finance: More Digital Payments than Physical - Interactions with Computers: Keyboard & Mouse to Voice / Gesture Control and Automation TECHNOLOGY HAS CHANGED THE WAY WE LIVE, WORK AND PLAY

DRIVEN BY TECHNOLOGY AND GLOBALIZATION, WE LIVE IN A:

RAPIDLY CHANGING MASSIVELY CONNECTED

HIGHLY COMPETITIVE GLOBAL MARKETPLACE

- Realities: Now Mixed - Augmented / Virtual - Photography: Film to Digital + Wearable

LEVERAGING TECHNOLOGY TO IMPROVE BUSINESS PROCESSES

Mobile cellular subscriptions (per 100 people)

200

- Streamlining Business Processes - Improving E f ciency, Reducing Bureaucracy, Eliminating Corruption - Increasing Productivity - Improving Ease of Doing Business and Customer Service - Reducing Costs - Expanding Market Opportunities - Reaching More Customers - Increasing Di f erentiation and Improving Competitive Positioning - Improving the Quality of Goods & Services - Increasing Access to Knowledge - Enabling Communication & Access to Resources - Improved Decision Making

← 10 YEARS →

180

160

140

120

100

80

Antigua and Barbuda Dominica Grenada St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines

60

40

20

2000

2011

2012

2013

2014

2015

2016

2017

% of Population using the Internet

Antigua & Barbadua

St. Lucia

St. Vincent & the Grenadines

St. Kitts and Nevis

47%

Grenada

Dominica

67%

73%

77%

56%

21%

1. World Bank - World Development Indicators Dataset (2019) SOURCE(S):

TECHNOLOGY ENABLES GLOBAL BUSINESSES FROM ANYWHERE

GLOBANT (Argentina)

MINECRAFT (Sweden)

ATLASSIAN (Australia)

GRAMMARLY (Ukraine)

SPOTIFY (Sweden)

SKYPE (Estonia)

NUBANK (Brazil)

UALÁ (Argentina)

REQUIREMENTS FOR SUCCESS

WE MUST IMPROVE ENTREPRENEURIAL OUTCOMES

New Businesses Registered

NEW BUSINESSES MUST RESULT IN MORE EMPLOYMENT OPPORTUNITIES.

700

Antigua and Barbuda

Dominica St. Lucia

10.63K

Grenada

600

9.56K

St. Vincent and the Grenadines

Cumulative Total

8.5K

500

7.5K

Each generation of new businesses must be more competitive

6.67K

400

5.75K

4.8K

300

3.76K

200

2.78K

Businesses must drive the evolution to a higher quality labor market

1.43K

100

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

10K+ COMPANIES REGISTERED BETWEEN 2007 AND 2016. IF 10% HAD BEEN SUCCESSFUL AND EACH HIRED 25 PEOPLE, WE WOULD HAVE ADDED ≈ 25K NEW JOBS

1. World Bank - Jobs Dataset (2020) SOURCE(S):

ENTREPRENEURIAL MISTAKES

- Over estimate the size of the market - Over estimate the percentage of the market they can capture - Under estimate how much and how long it will take to develop their business - Insu f ciently leveraging data & insights - Not comprehending intellectual capital needs

- Do not invest enough time studying the competitive landscape - Underestimate the competitive response - Do not invest enough in sales and marketing - Failure to plan and forecast resource requirements - Not managing fnances appropriately

SUCCESS IS ABOUT BEING THE BEST

GOOGLE not the frst to develop a search engine

FACEBOOK not the frst to create social networking

APPLE not the frst to develop an MP3 player

TESLA not the frst to build an electric vehicle

SPOTIFY not the frst to stream music online

REQUIREMENTS FOR ENTREPRENEURIAL SUCCESS

1. MARKET INTELLIGENCE - Understanding market requirements and the competitive landscape - Insights and vision to develop competitiveness & carve a unique position. 2. - Market and Technology domain expertise and the ability to attract additional human capital HUMAN CAPITAL / DOMAIN EXPERTISE 3. CONDUCIVE LABOR LAWS - Need more collaborative relationships between Governments, Labour Unions and Business Leaders

GOVERNMENT SUPPORT 4. - Eliminate Corruption, Reduce bureaucracy, End Nepotism, Support New Disruptive Enterprises 5 - Supplement small local market with access to much larger markets ACCESS TO MARKETS 6 FINANCIAL RESOURCES - Require access to di f erent types of capital at di f erent stages of a company’s development - More Entrepreneurial-friendly Banking Policies

FRAMEWORK FOR IMPROVING ENTREPRENEURIAL SUCCESS

1

2

ENTREPRENEURIAL IMPACT CENTERS Access to support necessary to improve global competitiveness and capital e f ciency. ‣ ACCESS TO MARKETS Facilitate introductions to global customers, suppliers and partners ‣ GO-TO-MARKET STRATEGY Identify target markets, customers, channel partners ‣ OPERATIONAL SUPPORT Supply chain optimization, fnancial management ‣ TALENT ACQUISITION Hire key executives and advisors ‣ MARKET OPPORTUNITY AND PRODUCT ANALYSIS Competitive landscape, market research

STRATEGIC ALLIANCES - Economic corridors for access to large markets - Access to global talent pools - Sponsorship & Support for advanced startup programs

INTELLECTUAL CAPITAL - Up-skill programs to develop talent - Education reform and @- School initiatives - Collaborations with leading global institutions - E-Learning Programs

3

4

MENTOR NETWORK - Technology & Operational guidance - Support to develop more competitive businesses - Access to customers, supply chain partners, investors

FINANCIAL SUPPORT - Easy access to banking / debt funding - Govt. funding support - Diaspora Initiatives / Involvement - Support from established businesses

STARTUP FINANCING REQUIRES A 360° APPROACH

Startup Financing Cycle

INTELLECTUAL CAPITAL IS CRITICAL - Financial capital follows intellectual capital - Businesses founded with lower intellectual density require more fnancial capital. NOT JUST INCUBATORS - Companies don’t fail for lack of a workspace. - Remote, distributed teams can work e f ectively. INCUBATORS ARE A START - More focus on acceleration than incubation - Need thriving markets, access to scale-up resources INCUBATORS AND VENTURE FUNDING ARE PART OF THE SOLUTION. THEY AREN’T THE SOLUTION.

Private Equity

Govt. Grants / Programs Venture Capital

Revenue

FFF, CrowdFunding, Bootstrapping, Bank Loans, Angel Investors

Startup Incubators / Accelerators

Co-Founders

Early Stage

Later Stage

IPO

Public Market

Valley of Death

Time

Sources of Funds:

1. 2. 3.

CROWDFUNDING

4. 5. 6.

BANK LOAN

7. 8.

STARTUP ACCELERATORS

9. VENTURE CAPITAL 10. PRIVATE EQUITY

FAMILY AND FRIENDS

ANGEL INVESTORS

GOVT GRANTS/ PROGRAMS

BOOTSTRAPPING

STARTUP INCUBATORS

INVESTORS’ RISK CONCERNS

1

2

3

4

TECHNOLOGY RISK - Dependencies - Disruptive Innovations - Time / Speed

MARKET RISK - Adoption - Market Size - Competition - Timing - Legal

EXECUTION RISK - Talent - Capability - Funding

GEOGRAPHIC RISK - Political Uncertainty - Policy Inconsistencies - Taxation - Labour Laws

COMPANIES DON’T FAIL BECAUSE THEY RUN OUT OF MONEY. THEY FAIL BECAUSE OF THE REASON THEY RUN OUT OF MONEY

TYPICAL REPRESENTATION

TIME

COMPANIES DON’T FAIL BECAUSE THEY RUN OUT OF MONEY. THEY FAIL BECAUSE OF THE REASON THEY RUN OUT OF MONEY

REALITY

SUCCESS REQUIRES MANAGING GROWTH HARMONICS

TIME

FOSTERING AN ENTREPRENEURIAL CULTURE

CULTURAL BARRIERS TO ENTREPRENEURSHIP

Serious changes are required. - Progress has been made over the past 35 - 40 years … but not enough - Governments and businesses still operate based on old practices and traditions - Philosophically tied to old colonial practices - How many times have we heard, "that is not how we do things down here” - Traditions are important, but we cannot allow some them to weigh us down - Time to try some new approaches

RISK AVERSION

RESISTANCE TO CHANGE • Tied to old practices that are holding back development

MISPLACED GOVERNMENT FOCUS • Too much focus on FDI not enough focus on assisting both established and new local businesses • Improved strategic relationships with the diaspora

FALL IN LINE CULTURE

Discouraging innovation & creativity

•

LACK OF COLLABORATION Not working together / tearing each other down

•

ENTREPRENEURIAL ECOSYSTEMS

2. BUSINESSES & FINANCE ECOSYSTEM

3. ACADEMIA & INNOVATORS

Adopt technology faster, strive for growth & expand into new lines of business, create more jobs, develop and upskill workforce, partner with and support startups, extend fnancial support

Challenge youth, push boundaries, stretch imagination and eliminate risk aversion. Partner with overseas institutions, enhance curriculum, mentor the youth, develop knowledge-based industries

1 GOVERNMENT & LEADERS Improve strategic planning

4. YOUTH

Be bold, and pursue goals relentlessly. Take calculated risks, seek help and guidance, conquer fear of failure, think beyond the islands

process & performance, infrastructure, eliminate bureaucracy, instantiate policies fostering entrepreneurship & supporting innovation

ROLE OF GOVERNMENT

- Improve strategic planning process and performance - Develop / improve infrastructure - Eliminate bureaucracy - Policies encouraging the transfer of technology and know-how, fostering entrepreneurship and supporting innovation

- Policy framework that will result in consistent, long-term policies that will not be subjected to arbitrary changes - Provide (at least) equal attention to local businesses and entrepreneurs as to FDI - Clear the path for progress and then get out of our way

WE HAVE THE ABILITY TO COMPETE AT A GLOBAL SCALE

Founded in 1938 MASSY

EMPLOYEES 12K ANNUAL REVENUE $1.6B

3. 4.

1.

PUSH TO BIZ. SERVICES & B2C

Acquired Geddes Grant (incl. Brinks Barbados) in early 90s. In 2001 acquired largest Pharma distributor in Jamaica, and expanded to FMCG, retail. Acquired BS&T in 2008 - supply chain consolidations

INITIALLY AN ENGINEERING COMPANY

(early 50s) Massy was involved mainly importing machinery and engineering services. IPO in 1958

2.

FINANCIAL SERVICES

Launched in 1971 primarily to solve for corporate credit, by ’74 expanded to auto-loans and by 80s to housing loans. $400M+ AUM. Businesses also include insurance and remittances

MASSY’S PATH HAS INVOLVED MULTIPLE BOLD EXPANSIONS TO ADDRESS AVAILABLE MARKET OPPORTUNITIES. THEIR HISTORY OF LEVERAGING M&A AND PARTNERSHIPS TO LAUNCH INTO NEW VERTICALS SPEAKS TO THE RECOGNITION OF INTELLECTUAL CAPITAL AS A CRITICAL ASSET.

INITIAL MARKET EXPANSIONS

Guyana in ’68. Launched IT & Comms in late 70s as well as o f ce services etc. Expanded to Jamaica in ’74 (25% stake in Xerox Jamaica), re-treading plant. By late 80s portfolio incl. food processing

1. MASSY SOURCE(S):

Founded in 1922 GRACE KENNEDY

EMPLOYEES 1.8K

3. 4.

1.

SUPPLY CHAIN & EXPANSIONS

Starting with the acquisition of Standard Soaps in 1935, launch of myriad manufacturing units, acquiring Cecil de Cordova - Grace consolidated into a verticalized food company. In 90s, added Financial Services vertical

INVESTMENT OPPORTUNITY

ANNUAL REVENUE $696M

Grace’s divesture from its parent company in NYC was due to recession & fnancial pressures of the parent. Grace Foods’ founders recognized the Jamaican company had potential & acquired it.

2.

GLOBAL PUSH

In ’95, GraceKennedy developed its 2020 Vision - to transform from a trading company to a global consumer group by 2020. By ’06, its market value touched J$21B (from J$1.3B in ’95) — 1500% increase

GRACE’S PATH TO A GLOBAL CONSUMER GROUP WAS OVER DECADES STARTING IN THE LATE 50S WITH SALES TO CANADA & GERMANY. GRACE’S PARTNERED WITH B. TERFLOTH FOR THE DEVELOPMENT OF THE "GRACE" BRAND OF FOODS, SELLING OVERSEAS INTERESTS IN ’77 AND RE-ACQUIRING THESE RIGHTS IN ’84.

INITIALLY TRADING & WHARF OPERATION

Started in Jamaica as a small trading establishment which soon acquired wharfng facilities in order to facilitate its imports.

1. Grace Kennedy SOURCE(S):

WE NEED TO ACT NOW

- We must move beyond our history of dependence - trade preferences - hand outs - non-productive grant subsidies - Eliminate the annual themes, articulate a vision and create a meaningful, measurable goal - 3X increase in GDP over the next 15 years. - Traditions are important and we have many we should not lose ... - ... but we cannot allow some of these old colonial-era philosophies to weigh us down

ECONOMIC TRANSFORMATION WILL REQUIRE US TO LEVERAGE EARLY TECHNOLOGY ADOPTION, ENTREPRENEURSHIP, INNOVATION AND RAPID EXECUTION

CASE STUDY: ISRAEL

Export of High-Tech Goods, Software and R&D

SPAWNED FROM GOVT. INVESTMENTS IN R&D, ISRAEL IS ARGUABLY, THE MOST CUTTING EDGE INNOVATION ECOSYSTEM OUTSIDE OF USA & CHINA.

$10B $15B $20B $25B $30B $35B $40B $45B $50B

Export of high-tech goods Export of software and R&D

25 29

21

16 18

14 14 15

ISRAELI INVENTIONS THAT CHANGED THE FIELDS OF:

10

9 8

8

1.

AGRICULTURE • Drip irrigation tech • Biogas generation • Biological Pest Control

3.

COMPUTERS • VoIP • USB Flash Drive • Internet Messaging AUTOMOTIVE & OTHERS • GPS navigation • ADAS

21 21 20 22

7

6

19 20 20 20 20

17

16 17

Billions of Dollars 5 5

13 14

10 11

$0B $5B

2.

MEDICINE • Flexible Stent • Pill Cam

4.

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Percentage of high-tech exports from total exports

50%

4. ENTREPRENEURIAL SPIRIT Highest concentration of leading startups. 4K startups / 9.2M residents 1. HIGH INTELLECTUAL DENSITY Nearly half of Israel’s population acquires higher education

2. R&D HUB 300+ multi national corporations have R&D centers in Israel 5. THRIVING ECOSYSTEM Ranked 4th in the 2019 Global Startup Ecosystem Ranking

3. MATURE HIGH-TECH INDUSTRY 13% of GDP comes from the high-tech industry 6. GLOBALLY COMPETITIVE Israel is ranked 3rd in the # of companies listed on NYSE

40%

30%

20%

10%

0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

SOURCE(S):

1. IVC 2019 Report

2. Israel Ministry of Economy & Industry

CASE STUDY: INDIA

$15.5B

EMERGING FROM A 40+ YEAR HISTORY AS A TECHNOLOGY SERVICES HUB, INDIA’S STARTUP ECOSYSTEM IS NOW AMONG THE MOST THRIVING ENTREPRENEURIAL HUBS GLOBALLY

700

Total PE & VC Investments in India ($B) Deals (#)

600

$11.1B

Internet launched. Online banking, Dotcom startups 1995 - 2000

500

$10.1B

First & 2nd waves of startups emerge. 2007 - 12

400

300

$6.2B

$5.6B

200

$3.4B

1978 First tech processing & Services companies founded

2002 - 06 Multiple IPOs, Major Data centers, GCCs & R&D centers ramp-up

2012 - 20 Multiple unicorns, IPOs, M&As, Scale up & global presence by many Indian startups

$2.4B

100

$0.7B

$0.6B

$0.4B

0

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

150K

4. LARGE MARKET $1T+ expansion from digital in next 5 years 1. MATURE TECH ECOSYSTEM 40 Year History as a technology services hub

2. HIGH INTELLECTUAL DENSITY 4 Million Engineers, 300K+ more every year 5. EXPOSURE TO CUTTING-EDGE GCCs & R&D centers enabling exposure

3. FAST GROWING ENTERPRISES 1K+ Medium & Large enterprises serving global customers 6. ASPIRATIONAL YOUTH 50%+ population is less then 25 years of age

India - New Businesses Registered

120K

90K

60K

30K

0K

2011

2012

2013

2014

2015

2016

2017

2018

SOURCE(S):

1. Source: Bain - India VC Report 2020

2. World Bank - World Development Indicators Dataset (2019)

THANK YOU!