Introduction: This week in our column ‘The Industry Innovators’, we have IIT-Alumnus Nilesh Ukey, Founder of Nickelfox Technologies, who shares his expertise on thriving in the ever-evolving landscape of entrepreneurship. From leveraging emerging technologies for a competitive edge to fostering a strong company culture in a remote work era, Ukey offers invaluable guidance that comes from his hands-on experience in running a successful startup and driving it well even though the COVID-19 pandemic era. In an intense and EXCLUSIVE conversation with Senior Journalist Mahima Sharma, come and learn how human creativity remains essential amidst AI advancements, and gain inspiration on incorporating sustainable practices into tech-based business models.
Mahima: In the post-Covid era, how has the rapid advancement of technology impacted the landscape for entrepreneurs, and what opportunities and challenges does it present?
Nilesh Ukey: The advancement of technology has been rapidly progressing over the past decade, but it is the recent widespread adoption by the general masses, companies, and the entire ecosystem that has truly witnessed exponential growth. The COVID-19 pandemic served as a catalyst, making everyone realize the significance of going digital and utilizing technology to operate their businesses and develop innovative solutions. Consequently, the pace of adoption has accelerated significantly.
This rapid adoption has led to numerous opportunities, as a multitude of individuals and organizations eagerly seek out new technologies. People are constantly seeking to stay updated with the latest developments in the technology domain, with a growing desire to incorporate these advancements into their own lives and work. As a result, new markets are emerging practically overnight. A prime example of this is ChatGPT which has created an entirely new ecosystem for enhancing productivity and leveraging AI capabilities by common masses.
However, these developments also pose challenges for entrepreneurs. The technology landscape is evolving at such a rapid pace that it becomes difficult to keep up with service offerings and products. Constant updates and staying current with the latest trends are necessary to remain competitive in the market. Thus, while the technology boom brings about numerous advantages and opportunities, it also presents challenges that entrepreneurs must navigate effectively.
Mahima: With the rise of artificial intelligence and automation, what role do you see for human creativity and innovation in the future of entrepreneurship?
Nilesh Ukey: Let me begin by thanking TechThirsty for inviting me to this interview. Coming to the question, human creativity and innovation are crucial aspects of entrepreneurship. While AI technologies and automation serve as tools to implement these ideas, they still require a hands-on approach. These technologies enable entrepreneurs to implement their ideas faster, test them more effectively, and roll them out efficiently. However, the true essence of innovation and value creation stems from humans themselves.
Although AI can assist in analyzing vast amounts of data and emotions, human creativity remains unmatched in deciphering subtle human emotions. Trained and skilled individuals possess the ability to understand the nuances of human emotions and identify their significance. AI, on the other hand, is limited to specific goals or objectives.
Now, getting back on track, it is important to note that AI primarily solves problems. However, entrepreneurship is not solely about problem-solving. It involves various stages, such as identifying a problem, determining if there is a market for it, assessing whether you possess the necessary skills to implement a solution, and most importantly, having passionate conviction in your idea.
These elements are inherently human and cannot be replaced by AI. While AI and automation tools can be utilized to address specific tasks or expedite certain processes, they cannot encompass the entire spectrum of human creativity and innovation that are essential to entrepreneurship. These qualities are unique to humans and play a fundamental role in shaping successful ventures.
Mahima: In a highly competitive market, how can entrepreneurs leverage emerging technologies to gain a competitive edge and differentiate themselves from others?
Nilesh Ukey: As entrepreneurs, we are witnessing the rise of powerful technologies like AI, automation, data analytics, and cybersecurity. We need to harness these tools and leverage them within our businesses. However, we must recognize that technology alone cannot be the sole differentiator or source of competitive advantage.
Think about it this way: Let’s say you run an IT services company like ours. Utilizing technology can undoubtedly enhance the overall customer experience. But if your customer service support or sales processes are subpar, the holistic solution you offer won’t set you apart from your competitors. Technology should be viewed as an enabler—a means to augment and improve the entire experience.
To truly stand out and gain a competitive edge, we must identify separate factors that will differentiate our business. It requires a comprehensive assessment of various aspects beyond technology. While emerging technologies can enhance our operations, they cannot singularly create that distinctive edge or competitive advantage. It’s important to consider the broader picture and explore how technology can play a role in supporting and enhancing our overall business strategy.
Mahima: As technology continues to evolve at a rapid pace, what overall skills and qualities would the entrepreneurs be looking for in their new staff that would be able to keep pace with AI as well as Hybrid work mode?
Nilesh Ukey: To thrive in the future, it is essential to recognize that technology will continue to evolve, and our way of working may undergo significant changes. The key qualities and skills that we should seek are rooted in having a growth mindset. We as entrepreneurs must look for individuals who excel in problem-solving, embrace challenges without fear, and demonstrate a willingness to swiftly learn and adapt to new developments.
Adaptability, quick learning, and problem-solving abilities are crucial attributes. However, one of the fundamental aspects is cultivating a collaborative attitude, which lies at the heart of effective people management and building strong relationships. Possessing these qualities enables individuals to keep up with evolving technology trends and embrace new work modes that may arise in the future.
It is important to acknowledge that the landscape will continuously transform, and being open to learning and growth will be vital for success. By embracing these qualities, individuals can stay ahead of the curve and navigate future changes with confidence and competence.
Mahima: With the increasing prevalence of remote work and virtual collaboration tools, how can entrepreneurs foster a strong company culture and maintain effective communication within their teams?
Nilesh Ukey: To establish a robust company culture, we must first grasp the essence of what it entails. Company culture encompasses the values that permeate every employee, from the top to the bottom. It’s about ensuring that these values are respected and upheld regardless of the work format—be it remote, virtual, or in-person. When these values are preserved, that’s when a strong company culture emerges. However, simply physically being in the same space or meeting regularly isn’t enough; it’s the preservation of these values that truly matters.
So, how do we build and maintain such a culture? Firstly, it starts with having a solid value system that you expect everyone to embrace. Secondly, constant communication is key. Utilize different channels and seize various opportunities to reinforce and emphasize the importance of these values.
At our teams, for instance, one of our core values is “Respect”. It extends beyond mere gestures like greetings; it encompasses honouring everyone’s time. When you schedule a meeting, it is crucial to be punctual and mindful of others’ schedules. If you happen to be running late, communicate it promptly. Taking someone for granted is simply not acceptable. At our organisation respect is a non-negotiable value that everyone must adhere to.
These strategies lay the foundation for nurturing a thriving company culture. It all boils down to identifying your core values and ensuring that they resonate throughout your entire organization, from the top executives to the very last employee. Remember, a remarkable company culture is built upon the pillars of a well-defined value system and the commitment to upholding it unwaveringly.
Mahima: A personal question at the end, during and post-COVID era what strategies did you employ to ensure continued employment for a substantial number of individuals who are the primary earners for their families?
Nilesh Ukey: At our organisation, we have always prioritized providing dignified employment, and this commitment remained steadfast during the challenging times of the COVID-19 pandemic. While many tech giants and startups, unfortunately, had to let go of their staff, we took a different approach.
Our primary strategy was to focus on reducing operational costs without resorting to employee layoffs. This involved implementing cost-saving measures across the organization. In a remarkable show of solidarity, the entire leadership team willingly took a pay cut to support the company and its employees. Fortunately, we were able to maintain stability and continuity by leveraging our existing client relationships. Our long-standing clients showed faith in us and continued to provide us with projects and work throughout 2020, which allowed us to sustain our team without any job losses. However, it was in 2021 that we experienced a significant surge in new business opportunities. This growth in demand led to the expansion of our team, as we were able to welcome new employees and create more job opportunities for individuals seeking employment.
In summary, our strategy revolved around cost reduction, internal solidarity, and leveraging existing client relationships to sustain our team during the initial wave of the pandemic. This foundation, coupled with the subsequent influx of new business in 2021, enabled us to not only retain our current employees but also expand our team and provide employment opportunities to more individuals.
About Nilesh Ukey
Nilesh Ukey, an IIT alumnus and Founder of Nickelfox Technologies, oversees operations and growth at the Delhi NCR-based technology company. Established in 2014, the company specializes in IT services and staff augmentation.
Disclaimer
The opinions expressed within this interview are the personal opinions of the protagonist/protagonists. The facts & statistics, the work profile details shared by the protagonist/ protagonists do not reflect the views of TechThirsty or the Journalist. Neither TechThirsty nor the Journalist hold any responsibility or liability for the same.
