Interview with Salman Waris

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Salman Waris, Head of Technology, Media and Telecom Practice at HSA Advocates Brief Profile: Salman Waris LL.M. (U.K), Heads the Technology, Media & Telecom Practice at HSA Advocates (formerly known as Hemant Sahai Associates), and regularly advises on legal/regulatory issues concerning telecommunications, new media and the Internet, data protection/ privacy, outsourcing (IT or Business Processes), technology transfers, M&A and joint ventures. He has been recommended by Expert Guide to the Worlds Leading Information Technology Lawyers 2010& 2011, AsiaLegal500, International Whos Who of Internet & e-Commerce Lawyers 2010 & 2011 and Guide to the Worlds Leading Emerging Markets Practitioners 2010 & 2011and AsiaLaw Leading Lawyers 2010 Guide, for his work. He has also been awarded the International Law Office Client Choice Awards 2011 and again in 2012.

The Hatch: What excites you about being involved in the entrepreneurial eco-system? Salman : The innovation prevalent in the Indian business environment is praiseworthy. The high innovation potential, and low manpower and raw materials cost, certainly provides Indians a significant business advantage. Besides, theres a lot of great talent available in India and working with such startups and advising them with their unique approaches sometime on issues relating to cutting edge technologies where as a lawyer you get to push the boundaries of legal jurisprudence for there may not be any law on the subject in the country really excites me.

The Hatch: What are the three things you would ask aspiring entrepreneurs and startups to focus on? Salman : I would say aspiring entrepreneurs and startups should focus on the three Ps i.e. Partners, Principles and People. Startups that have been setup by people who complement each others skill sets and can forge the right partnerships grow more quickly, besides startups need to focus on and provide for People whether its adding value to customers or having employee friendly workspace its ultimately the go a long way in building not only a business a support system. Finally, Principles and business ethics should never be lost sight of in effort to succeed or grow.

The Hatch: What is your view on the entrepreneurial eco-system in India today? Salman : The business climate of India has undergone a whirlwind change, as reflected in Indias retail and IT se ctor. Further, India is now considered amongst the top three investment destinations. At a broad level, let us look at the various factors both external and internal to a company that shape up an ecosystem. Externally, factors include regulations, gove rnments role, infrastructure, legal frameworks and availability of funding, among others. From an India perspective, the external factors continue to be a problem. The universities, research labs, and the government need to view themselves as enablers in this ecosystem.

Internally, in a startup, the issues are the same across the world how do you sell your startups concept to a prospective employee, how do you convince your first few customers, how do you manage rapid growth and so on. Internally, the Indian startup ecosystem is rapidly evolving and learning and there are four factors facilitating this learning: one, mentoring or teaching; two, practice or sheer hard work; three, similar peers experience; and four, personal experiences. We in India certa inly have hardworking people, both as entrepreneurs and employees. Were getting better in terms of mentorship and in learning from other entrepreneurs. As time goes by, the Indian startup ecosystem will continue to improve and thrive. But while its nice to see the current progress, it would always be better if things could happen faster so we can showcase more success from India sooner.

The Hatch: What are the common mistakes entrepreneurs make? Salman : Startup Entrepreneurs in their eagerness to go to market and grow often overlook and compromise on compliances and legalities. They fail to appreciate the importance of building a sound legal and compliance foundation for the company. We must remember that when things go bad that strong foundations help businesses sustain and survive the storm. Besides, Entrepreneurs often do not evaluate the affordability of doing the business under the worst-case scenario. Hence they need to strategize and plan for business uncertainties and be able to run the show in difficult times. The Hatch: Whats your mantra or a one-line thought about entrepreneurship or for entrepreneurs? Salman : The hallmark of a successful entrepreneur lies in his ability to transform innovations into economic goods by undertaking calculated risks.