A city can support ventures… and should, because ventures return the favor in ways you might not expect.
This article shows how the presence of venture can energize the hosting city, leading to a virtuous symbiotic equilibrium. It uses as a case study the South Indian city of Chennai, founded in 1639, which is one of the thriving metropolitan cities of India today.
After introducing us to Chennai and to the role of large (“Tier 1”) cities in the world of venture in India, the authors proceed to show the impact of ventures in two domains: reinforcing the economic fabric of the city, and reinforcing its social fabric. Chennai is a center of four economic sectors: Healthcare, Automobiles, Movie and Music, and Information Technology. Ventures are playing a key role in sustaining the leadership position of the city in these sectors. They have augmented existing capacity, pushed forward the industry frontiers, introduced new processes to bring about greater efficiency, and facilitated a change in mindset by breaking new ground. Meanwhile they also play a role in the social sector through their ability to achieve depth impact, offer niche services that public agencies themselves are unable to provide, and design technology driven solutions to enhance the delivery of civic services.
The article provides numerous examples from diverse domains, all demonstrating this symbiosis between the city and its ventures. If you thought that the only effect of ventures was in the jobs and profits they created, read this article and think again!
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About the Authors:
|Thillai Rajan A. – Professor, Indian Institute of Technology Madras and International Research Affiliate, Coller Institute of Venture.|
|Vikram Kapur – Principal Secretary, Industries Department, Government of Tamil Nadu.|