Business Goa November 2021

NOVEMBER 2021

VOL 7 ISSUE 11 PANAJI GOA

GOA’S ONLY BUSINESS MAGAZINE

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INDUSTRY DOSSIER

ASIAN WOK AT GRAND HYATT GOA TECH BIZ LEADERS EP KAMAT GROUP CELEBRATES MILESTONE

GOA STARTUP POLICY 2021 The new State Policy seeks to promote startup entrepreneurship and generate economic opportunities in Goa

NEWS VIEWS ARTICLES INTERVIEWS PROFILES FOCUS ANALYSIS OPINIONS EVENTS FEATURES

CONTENTS

Cover Story 12

The new state policy seeks to promote startup entrepreneurship and produce economic opportunities in Goa

Focus Goa / Tourism 18

With Goa all set to welcome tourists during the season, Travel & Tourism Association of Goa (TTAG) becomes choosy and wants penalties to be imposed on tourists who create nuisance

Starting Young 20

Three young founders speak about their tech startup, Scanwich, which started as an idea to make a difference to Goan restaurants

12

New Biz 22

With the aim of making good health accessible to all people, Oorja Wellness Spa throws open its doors in the city of Panjim

Interview 26

38

26

36 24

Sonia Kuncalienker speaks to Sridevi Sira, National Lead, NASSCOM FutureSkills, regarding the organisation’s MoU with Goa Technology Association; and their plans for Goa

Technology 30

A list of some of Goa’s leading tech companies, which are built on innovative and quality solutions that deliver customer satisfaction

Professional Dossier 36

Dr Vikram Dukle highlights Goa’s first Aesculap Einstein Vision 3.0 3D laparoscopic surgical system which will give surgeons more confidence while performing subtle aspects of the surgery

22

Lady Power 38

50

Chartered Accountant Edwina de Souza Cordeiro talks about the importance of being thorough without taking short-cuts and being true to her work and herself

Bon Appétit 50

A Japanese Dining Experience at Grand Hyatt Goa

20 COLUMNS

42 Corporate Citizen

47 The Family Man

43 Uncomplicate Business

48 Wise Words

44 Invest Right

49 Cabbages and Queen

Daniel Albuquerque on Int’l Commercial Arbitration and the conflict of laws with companies belonging to different countries Sunil Dias highlights different the roles that one plays in a family business and the importance of open communication Mahesh Pai explains whether one should book their profits or invest more according to their end-goals in a 60k+ Sensex boom

46 Beyond Classroom

Dr. Pradeep Salgaonkar explains revenge shopping and the objective behind it

04 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

Dr Vivek Mendonsa lists out various challenges faced by the new generation in a family business and solutions to each of them CA Santosh Kenkre points out to different problems arising from bad management of working capital

Nandini Vaidyanathan speaks on the importance of brinkmanship and innovation

06 Editorial 08 Corpo Scan 24 Goan Brand 28 Curtain Raiser 32 BookShelf 32 Campus 33 Accolades 34 Profile 40 Biz Bytes 41 Events 52 Goa Buzz 54 Newsmakers 54 BG Quiz

Shree Mahalakshmi Damodar Prasanna

EDITORIAL IFFI and Goa NOVEMBER 2021 Publisher & Editor Harshvardhan Bhatkuly Group Director Urvija Bhatkuly Business Head Annalise Gouveia Chief Reporter Sybil Rodrigues Accounts & Admin Ashok Kolvekar Circulation Mayur Santineskar Contributors in this Issue Daniel Albuquerque Mahesh Pai Marilyn D’Souza Nandini Vaidyanathan Dr Pradeep Salgaonkar CA Santosh Kenkre Sonia Kuncalienker Sweta Sharma Sunil Dias Vaijayanti Khare Dr Vivek Mendonsa PRESENTED BY

Editorial, Advertising & Administrative Office

Business Goa

409, Citicentre, EDC Patto Plaza, Panaji, 403001 Goa India Tel.: 0832-2437822 Email: businessgoa.media@gmail.com Unsolicited material may not be returned. The opinions in columns and other stories expressed in Business Goa Industry Dossier are not necessarily that of the publishers and the Publisher/Editor shall not be held liable for any inaccuracy or otherwise.

While great care is being taken to ensure accuracy of information, the publishers are not responsible for omissions or incorrect information. No part of this publication may be reproduced without the permission of the publishers.

It is that time of the year again where Goa gets to host yet another edition of IFFI, the 52nd one this time.

Looking back at the 17 years of the festival, one has to reflect that the former Chief Minister, Late Manohar Parrikar had started a special Goan section at IFFI to encourage a film culture in Goa, and promote local talent and the Goan film fraternity. However, the right boost to Konkani film industry is still a mirage.

What has Goa and Goans gained from hosting the film festival for the last 17 years?

The gains to Goa have been negligible be it economic, cultural or even in the film industry where Goans have failed to make a name for themselves, unlike the yesteryears.

During the days of the festival, the local hotels, restaurants, transporters, entertainers, decorators and those dependent on events, do make their money; but once the curtains drop, the business comes to a standstill.

Goa takes pride in being the number one tourist destination in the country, but has never been able to market itself as a permanent host of the IFFI. For the last 17 years that Goa has been hosting this prestigious film festival, we have made little to no progress in the film world, nor does the State attract tourists as a film festival destination, the way other film festival cities like Cannes and Shanghai do.

This grim situation will continue to prevail unless Goa makes the effort to leverage the hosting of the festival and use it to our best advantage. As of now, Goa decides to wake up from its stupor only in November when it is time for the festival to commence, while for the rest of the 11 months, precious little is done to promote Goan films and local talent in the State.

Today, film festivals operate more like micro economies. They can make smaller cities boom by bringing in business, giving

Harshvardhan Bhatkuly young people a reason to remain in the region, and develop a city’s national and international links. Park City in Utah, USA home of the prestigious Sundance Film Festival, is one example.

But when a State becomes this synonymous with its film festival, the effects can be mixed.

The economic boosts delivered by a festival, such as large visitor numbers, can also drive up prices and put undue strain on the local environment. The festival’s logistics demands temporarily monopolise the State’s human resources. The end result is that businesses servicing the needs and desires of this highflying group – luxury restaurants, private transport companies, florists, hotels – benefit; while those that provide city residents with their everyday needs – grocers, pharmacies, schools – usually don’t. Not to mention the huge traffic jams that Panaji witnesses around this time.

IFFI is one international platform that we have to showcase Goa’s cultural richness and heritage. Meanwhile what happens is that Goa pays out from its pocket to host the festival and gets next to nothing in return. This raises the question whether the hosting of the festival is a burden on the State’s exchequer and resources.

Film festivals help celebrate diversity.

We live in troubled times. Polarisation is a trend best opposed – and could be well done through cinema. Is it not that most of today’s troubles are caused by misunderstanding of how different people live, or how they love, work or eat in different cultures with different religions? We must break down these gaps in communication and misunderstandings and take the audience to these different worlds and show how life really is. And if we are really serious about showcasing the best of Goa, along with its people, its culture and heritage, then IFFI should work in the direction and needs to really walk the talk

Printed, published and owned by Harshvardhan V. Bhatkuly and printed at Elegant Offset Printers, D2-31, Tivim Industrial Estate, Karaswada, Mapusa Goa 403526 and published at 409, Citicentre, EDC Patto Plaza, Panaji, Goa 403001. Editor: Harshvardhan V. Bhatkuly

06 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

CORPO SCAN

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CM STATES THAT PENDING PAYMENTS FOR GOVT SCHEMES WILL BE CLEARED BY YEAR END

Dr Pramod Sawant

Chief Minister Dr Pramod Sawant has announced that pending payments of various schemes like Griha Aadhar, DSSY and scholarships will be cleared by December 31.

Sawant was addressing people at the ‘Sarkar tumchya dari’ programme at St Thomas Higher Secondary School at Aldona wherein people in

large numbers participated.

Sawant said that despite the pandemic, the government did not stop extending benefits of any social welfare schemes. He pointed out that electricity charges are low for both residential and commercial premises, that Goa is 100 per cent electrified, and if there are people who have missed out then they could contact the Department.

“Recently 100 houses were supplied electricity through solar power,” said Sawant.

He further said that 70,000 beneficiaries in Goa benefited under Jan Dhan Yojana as during the covid pandemic `6,000 was deposited in each of these beneficiaries’ accounts

Centre to promote blue economy activities in Goa Chief Minister Dr Pramod Sawant stated that the Central Government is helping in exploring blue economic activities in Goa. He said that the government has undertaken various educational activities. On the 50th anniversary of MES College, Zuarinagar, Dr. Sawant felicitated the senior teaching staff and applauded their contribution in the production of valuable human resources for the State. On the maritime sector, he said: “Recently the first maritime cluster was started in India.

We have managed to bring

the first maritime cluster to Goa. Students who are graduating will have bright future in the maritime cluster in Goa.” Dr Sawant asked private companies to invest in the blue economy in a bid to ensure a brighter future for Goa and the country

Goa languishes at the bottom of the logistics index Goa continues to maintain its position at the bottom of the Logistics Ease Across Different States (LEADS) ranking for 2021, despite its natural advantages. Goa stood at the 18th position in the 2021 LEADS report released by the Union Ministry of Commerce due to poor infrastructure, high transportation costs and regulatory constraints.

Much as Goa improved its ranking by three positions as compared to the 2019 index, the relatively low score goes to show that despite the State Government’s intent, not much has been done to change things on the ground.

The report ranks the states based on their logistics ecosystem, highlights the keylogistics related challenges faced by the stakeholders, and

includes recommendations.

As per the report, Goa needs to improve the availability and quality of infrastructure, especially road, rail and terminal infrastructure.

Goa has a low score when it comes to road freight rates and prices of terminal services, which in turn leads to high transportation costs.

Goa has tried to address these challenges by granting industry status to the logistics sector and by preparing a State Logistics Policy

Mining companies challenge recovery notices

Some mining companies have approached the Union Ministry of Mines to challenge the recovery notices issued by the State Government based on the audit report prepared by a team of chartered accountants on illegal mining.

The Directorate of Mines and Geology is considering issuing reminder notices to the companies, which have not paid as per recovery notices. The Directorate has issued recovery notices to the tune of `360 crore, but only `100 crore has been recovered until date. Senior officials stated that if a mining

company does not pay the amount within 60 days from the issuance of the notice then they have to pay 18% interest on the amount. The State Government had issued these notices to the companies in April. 15 chartered accountants were appointed by the Government in 2015 to undertake a comprehensive audit of leaseholders and traders of mineral ore in Goa during the past five years, when exports touched peak figures. The Mines Department analysed the report to ascertain the exact loss due to illegal mining

STATE GOVERNMENT TO WOO TOURISTS, INDUSTRY AT INTERNATIONAL TRADE FAIR Goa is participating in the 40th edition of the India International Trade Fair (IITF), where it hopes to highlight the tourist state as a promising destination for tourism as well as private investments.

Organised by the India Trade Promotion Organisation (ITPO) at Pragati Maidan in New Delhi, IITF is one of the most awaited trade fairs in the South-Asian region.

Goa is being represented by the Department of Information and Publicity (DIP), Goa Investment

08 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

Promotion and Facilitation Board (Goa-IPB), Goa Tourism Development Corporation (GTDC) and the Department of Tourism, along with several other departments.

Apart from the day-today activities, there will be cultural performances by the Goan folk artistes depicting the rich cultural traditions and sale of Goan handicrafts and artifacts by the artisans.

Besides the rich cultural

heritage, Goa’s hospitality sector will be projected and efforts will be made to promote Goa as an international tourist destination, as well as attract investment to boost industrial growth and tourism activity in Goa. The Government has further stated that the Goa pavilion has been aesthetically designed to depict Goan architecture and the achievements of the State Government

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Subsidy for fish vendors on purchase of accessories Those fish vendors who have registered themselves with the Directorate of Fisheries in the State can now avail of a subsidy for the purchase of accessories required for fish vending, so that fish can be delivered to consumers in hygienic conditions.

By way of this scheme, fish vendors can purchase accessories such as crates, weighing balance, insulated box, gloves, stool, and platform to keep fish, choppers and other equipment.

Beneficiaries belonging

to the general category are eligible for the grant of 50% subsidy limited to `10000 on a unit cost of `20000. The beneficiary belonging to SC/ ST/woman category is eligible for the grant of 60% subsidy limited to `12,000 on a unit

cost of `20,000. There are different types of fish vendors in Goa such as those that sell fish door-to-door, with a bicycle or a motorcycle or a rickshaw or fish vans, as well as in fish markets in villages and municipal areas.

The beneficiary can avail the scheme once every three years. As per the scheme, the beneficiary should produce bills from the registered dealers towards the purchase of accessories required for fish vending and other equipment related to the fish vendor

State grants 50% reimbursement on major tourism activities The Goa government has decided to give 50% rebate on the renewal charges of major tourism activities.

A notification stating the same was released by the Department of Tourism in a bid to reduce the burden on tourism stakeholders whose business had been badly affected due to the pandemic.

According to it, the stakeholders of tourism activities like hotels, dealers, travel agents, tour operators, private shacks and private huts, photographers, tourist guides, hoteliers and unemployed youths, and spice plantations who had renewed/ registered their registration certificates during the

Non-issuance of visas may hit bookings Much as the Union government has started issuing visas to travelers from the UK, British tourists who are keen on visiting Goa aren’t likely to have it easy. They are forced to visit their local high commission office for a visa as India does not provide them e-visas. Ralph de Souza, President, Goa Chamber of Commerce and Industry stated that it is not easy to get a visa and visitors to the State were usually senior citizens who travelled to Goa to avoid the harsh winters of England.

“They are eager to come but are having difficulties getting visas.”

Further, there are pending applications to account for, as several Indian expats were unable to visit their home country over the past two years, due to the pandemic.

Indian expats too, are having problems getting their visas stamped, as processing of applications takes time.

De Souza added that

although India has removed quarantine conditions and has allowed vaccinated travelers entry, the critical issue is that visas are difficult to get and that the only solution is that India starts issuing e-visas. He also stated that if the issue was not sorted out, Goa will have fewer footfalls from England.

Ralph de Sousa said that GCCI has made a representation to the Chief Minister to intervene in the matter. The Chamber has also requested help of the Union Minister Shripad Naik. India is also not issuing e-visas to travelers from Kazakhstan, another country that matters to Goa for tourism

10 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

financial year 2021-22 will get the benefit of 50% rebate.

As for the stakeholders who have already made a complete payment of their renewal charges for the current financial year, the fees will be adjusted against the charges payable for the oncoming year

Mineral Corporation report on leases expected around November-end The Mineral Exploration Corporation Ltd (MECL) is likely to submit the report on mining leases inspection by the end of November, based on the report the State Government will take a decision on the number of leases to be put for auction.

MECL representatives have begun inspections of 77 leases in order to quantify the ore in these leases, after which the leases will be auctioned.

Further, MECL will also determine if there is any kind of vegetation or habitation on the land.

The Government submitted documents pertaining to these leases to MECL. Earlier, a Memorandum of Understanding was signed by the Government with MECL

Government preparing 100% renewable energy plan

Goa is in the process of preparing a 100% renewable energy plan with the assistance from the Union Ministry of New and Renewable Energy (MNRE) to achieve the goal of cent per cent use of renewable energy.

Currently, Goa requires about 540MW of electricity during the day and 640MW during the night, i.e., from 6pm to 11pm. Even though the government has announced a 50% subsidy on the standard costs of solar panel installation, presently only about 15MW installations have been completed. The State has decided to set up solar power plants at Amthanem, Anjunem, Chapoli and Selaulim dams on a design, build, finance and operate model for a span of 25 years and has invited Expression of Interest (EoI) from interested developers in order to identify new iron ore mines in the State.

Given the delay in resumption of mining activities, a mining corporation was formed by the State Government to identify new mineral blocks, in order to restart mining.

A senior official of MECL stated that once they finalise the blocks to be auctioned, the leases will be transferred to the mining corporation, and later auctioned.

Mining in Goa came to a stop in March 2018 following the decision of the Supreme Court to quash the second renewal of 88 mining leases

COVER STORY

The new State Policy seeks to promote startup entrepreneurship and generate economic opportunities in Goa, writes SWETA SHARMA

T

he State Government has unveiled the Goa Startup Policy 2021 earlier this month, after its predecessor, the 2017 policy lapsed this year. The new policy aims to create and support new startups, and boost economic opportunities in Goa. The 2017 policy expired in 2020 and was extended two times for six months each till September 30, 2021.

The Goa Startup Promotion Cell (SPC) began work on the new policy in the first half of 2020 by keeping in mind the 2017 startup policy and seeking inputs from various stakeholders and startups. Ideas were also sought from the Centre’s Department for Promotion of Industry and from Industry and Internal Trade (DPIIT).

The State government has also assured that all the existing startups registered under the Startup Policy 2017 shall continue to be registered under the Startup Policy 2021. All incentive applications submitted on or before September 30 shall be processed and paid.

Moreover, all registered

startups will now be allowed to operate 24x7.

What is a StartUp? According to the Goa Startup Policy 2021, all entities with an annual turnover not exceeding `100 crore in any of the preceding financial years, regardless of the type of business but working towards development or improvement

“The mentorship programmes, technical and financial support will be crucial to first generation entrepreneurs.

Incentives to womenled startups is a welcome step, thanks to the policy” SUNAYA SHIRODKAR

Founder, Robokits

12 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

of a product, process or service and/or have a scalable business model, are officially recognised as startup units.

Vision The Policy 2021 envisions ‘to put Goa on top of the Start-up game’ and make it feature in the top 25 startup destinations in Asia by 2025.

Objectives The ambitious policy aims at making Goa an inviting destination for high value startups and bring along the best entrepreneurial minds to make it a strong startup ecosystem. The creation of at least 500 innovative, sustainable, and technology enabled startups in Goa by providing essential assistance and support in the next three years, and providing employment to at least 6,000 Goans will also be undertaken under the policy.

The Startup Policy also seeks to develop technology and innovation hubs, incubation centres, and research and development labs in the next three years.

The policy endeavours

to provide technical and problem-solving skills to Goan students in a bid to increase their chances of employability in various startups. This will be done through a collaboration between industry, academia, and through the introduction of DIY modules in schools, and online open courses in the University.

The Policy A venture capital fund (VCF) and incentives for women entrepreneurs are some of the new offerings of the 2021 policy.

The government will create a venture capital fund (VCF) to meet the funding

GOA STARTUP POLICY 2021

requirements of startups in the State. The fund will operate as ‘fund of funds’ and indirectly invest up to `One Crore, in lieu of equity in promising startups. Through this, the government aims to finance at least 25 startups in and around Goa. In order to boost the State’s prospects as a startup destination in the country, the Startup Cell will also extend the support from Fund of Funds to Startups from outside Goa who set up their major operations in the State and employ more than 50 per cent locals.

There is not much of an increase in other incentives and funding provided under

“The Government can do better in terms of implementation of the policy and disbursement of funds so that deserving startups get timely support” ROHIN PARKER

Co-founder, Spintly

the 2021 policy in comparison to the 2017 policy. Financial incentives to incubators and for R&D, patent, and working capital are more or less the same.

Special benefits are being provided to startups hiring local talent; they will be entitled to a maximum salary reimbursement of `15,000 per month per recruit from the earlier maximum reimbursement of `10,000 per month per recruit.

In order to promote innovation amongst Goan startups, 50% of Research & Development expenses, including salaries of PhD holders by startups will be reimbursed for a period of

two years subject to a cap of `5 lakh per annum. As per the new policy, it will also include salaries of employees with master’s degrees.

The State is also offering exemptions beyond the scope of the policy on a case-to-case basis for startups operating in the domains of smart cities, urban management, mining, tourism and hospitality, gaming, waste management, renewable energy, education, health care, communication, and entertainment.

In addition, various funds like the Proof of Concept Fund, Seed Loan Fund, Working Capital Fund, Women Entrepreneurs Development Fund, Research

NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 13

COVER STORY

www.businessgoa.in

MILIND ANVEKAR | President, Goa Technology Association

“We must create additional quality workspaces in Goa for startups, with better and stable internet connectivity”

“With an objective to build a strong IT and startup ecosystem in Goa, Goa Technology Association has worked closely with the Government of Goa towards drafting the best possible startup and IT policy for Goa. While IT policy implementation has always been a challenge in Goa, I am glad that this time around, we have examples wherein some startups and IT companies have been the beneficiaries of the policy incentives. This goes a long way in building trust in our policies and attracting investment and job creation. There are more than 100 startups now registered with the DoIT and the number & Development Fund, Student Innovation Fund, Skill Development Fund, and Incubation Support Fund have been dedicated to financially support various startups.

Special Incentives to Women Entrepreneurs In an effort to encourage women to launch their own startups, the policy provides special incentives and funds to women entrepreneurs. It offers a monthly allowance of `22,000 to these startups for a period of one year at the inventive stage. Startups by women will also be eligible for marketing or technology support assistance of up to `10 lakh. A Women Entrepreneurs Development Fund will also be set up through which a maximum of 40 women-led startups will be supported annually.

“As an entrepreneur, I feel that it is a welcome move that special attention is being given to female entrepreneurs,” says FiiRE (Forum for Innovation Incubation Research and Entrepreneurship) incubatee, Sunaya Shirodkar. “The

“It is great to see the startup ecosystem growing in Goa and providing innovations and solutions to the world. GTA continues its efforts and support towards building a strong IT and startup ecosystem in Goa”

Milind Anvekar

is expected to increase 5 fold in the next 3-4 years.

I welcome the new startup policy which has additionally focused on 24x7 operations, relaxation of labour laws and encouragement to women entrepreneurs. While the policy aims to have 500 plus startups registered or mentorship programmes, technical and financial support will especially be crucial to first generation entrepreneurs. In addition, constant communication and one to one correspondence between entrepreneurs and the policy-makers will be important to ensure that the policy is implemented in the correct manner.”

The Policy at Work The Goa Startup Policy 2021 hopes that the State’s diverse culture, human and environmental resources and quality of life will convince entrepreneurs to make Goa their operational base.

According to D S Prashant, CEO of FiiRE, “The Startup Policy is an acknowledgement of the role of startups in the developmental activities of the government. The revised policy shows the intent of the State to make the necessary changes required to support this dynamic space.”

He further added, “If we are able to implement the policy effectively, it will be a great tool for the development of Goa and a great model to

14 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

operating from Goa, it will be important to understand how the 6000 job creation objective will be achieved.

Previous policy projection was at an average of 50 jobs per startup. This is now revised to 12 jobs per startup, on an average, which might still be a challenge as per the current average numbers for Goa. It

“The Startup Policy is an acknowledgement of the role of startups in the developmental activities of the government. The revised policy shows the intent of the State to make the necessary changes required to support this dynamic space” D S PRASHANT

CEO, FiiRE

utilise the raw power of India.

Its implementation will decide the impact of the policy on the startup ecosystem and the impetus it has on the future of entrepreneurship in Goa.” “The Startup policy is a great initiative by the Government to promote startups in the state to help create employment. We have received great benefits from

is also important that we also focus on creating additional quality workspaces in Goa for startups, with better and stable internet connectivity.

The Labour Department has partnered for fully supporting the relaxations in the policy; quick policy benefit rollouts to eligible startups through a transparent process and showcasing the success stories from Goa to the world.

It is great to see the startup ecosystem growing in Goa and providing innovations and solutions to the world.

GTA continues its efforts and support towards building a strong IT and startup ecosystem in Goa” the previous policy and as a startup, it was really helpful.

So far we have created 60+ jobs in Goa and plan to create more jobs. I think the Government can do better in terms of implementation of the policy and disbursement of funds, so that deservingstartups get timely support. Also they need to have a strong definition for startups and IT companies as currently there is some confusion between the two,” opines co-founder of Spintly, Rohin Parker.

Currently, there are 111 startups certified with the Startup Promotion Cell (SPC), while there are over 350 startup units across all industries and sectors of which more than 140 startups are certified with the Department for Promotion of Industry and Internal Trade (DPIIT). Goa has more than 15 co-working and incubator spaces and over 20 e-cells and innovation councils in the State.

The stakeholders of Goa’s startup and technology space await the roll out of the new Startup Policy in its true intents and vision

COVER STORY

@businessgoamagazine

ROHAN KHAUNTE | MLA Porvorim, Goa / former Information Technology Minister, Goa

“The current policy is framed to facilitate more outsourcing and lesser job opportunities for Goans”

“The absolute stagnation in the Goa Government for the past 2.5 years has led to diminishing economic activities, including lack of support and promotion for startups. Policy paralysis and poor implementation have caused existing startups to suffer, as the benefits fail to filter down to the founders and team members.

A cursory review of the newly proposed policy reveals that it is not very Goa-centric and will only help siphon off funds and benefit outsiders.

While the current Goa Government has increased the budget four times the previous amount, the targeted benefits will only reach an additional 20%. The current

Rohan Khaunte

policy is framed to facilitate more outsourcing and thus lesser job opportunities for Goans.

The creation of ‘Incubation Support Fund’ and its modus operandi gives rise to a lot of suspicions. The lack of transparency makes it

Silicon Valley-based FOUNDER INSTITUTE launches pre-seed startup accelerator in Goa

Priyanka Row

Founder Institute, one of the world’s largest pre-seed accelerators, is officially launching its newest chapter in Goa. Based in Silicon Valley and with chapters across 200 cities, the Founder Institute provides high-potential entrepreneurs and teams with the devoted support network and structured growth process needed to get to traction, mentoring and funding. Leading the efforts to launch the Founder Institute in Goa are local startup leaders Chintan Oza (Advisor, Lloyds Ventures), Pritam Onsker (Co-Founder & CEO, Brunchbites), Priyanka Row (Co-Founder, Brunchbites & Mind Coach, Priyanka Row LLP) Many of the region’s top

look like a BJP Collection Box of election funds wherein the stakeholders will contribute much like the PM Cares Fund, which caters only to the party and not the public.

As the Information Technology Minister in 2017, I had come up with a policy that would have benefitted Goan startups more. Under my tenure, the policy was so framed that most of the funds had a dedicated purpose – like creation of Greenfield/Brownfield incubators or accelerators, working capital loan, loan or grant for creating MVP, etc. All this is now replaced by the VC Fund which only reduces the transparency in the system and gives more

financial powers to outsiders, that will easily facilitate the mismanagement of funds.

While the idea of creating a ‘Fund of Funds’ is good, the devil lies in the detail and only time will reveal the implications of implementing such a non-transparent and outsider-centric policy.

The current government has been dragging its feet on startups for the past two years and has had a sudden electoral wakeup call to review its Start-Up policy.

It is clearly evident that the intent of this sudden change of interest is purely political and will not contribute to any substantial changes to the startup scenario in the long run”

First ‘Startup Social’ hosted at Anjuna

Pritam Onsker

startup investors, founders, and local accelerators have expressed interest in mentoring entrepreneurs in the program and collaborating to benefit from the global exposure. Any aspiring entrepreneur or team interested in building an enduring technology or other startups in Goa is invited to apply to the Goa Virtual 2022 Founder Institute. The Founder Institute Goa Virtual 2022 pre-seed accelerator program begins on Mar 22, 2022; and aspiring and early-stage entrepreneurs will have the opportunity to get constant feedback and regular office hours with 50+ Goa mentors, investors, and entrepreneurs, make quick progress on their business

16 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

Aditi Seshadri of Unlock Impact, a social impact consultancy that is launching a platform for women entrepreneurs, and Sapna Shahani of Blurb, a brand and marketing consultancy wanted to create a space for startups like themselves to share challenges and find solutions in a casual setting.

So they organised a gathering called ‘Startup Social’ at a café in Anjuna called Nata on Thursday, November 11 from 6-8pm.

Around 25 entrepreneurs, small business owners and enthusiasts attended the event which featured a talk by Samarth Kholkar, co-founder of B:Live, an enterprising startup based in Goa. B:Live began as an electronic vehicle

tour company, got funded, held on to their team of around 45 staff pan-India during the pandemic and recently launched their first electronic vehicle store in Hyderabad, besides retailing EVs online.

Attendees introduced themselves and participated in a ‘reciprocity ring’ where they could ask for help that they needed and anyone in the crowd could offer their assistance.

Requirements ranged from investment advice to recruitment and connections.

The event is planned for the second Thursday of every month at a different location. If you would like to be informed of future events, please contact Blurb or Unlock Impact

FOCUS / TOURISM

business-goa

The need for ‘well-behaved’ tourists in Goa

With Goa all set to welcome tourists during the season, Travel & Tourism Association of Goa (TTAG) becomes choosy and wants penalties to be imposed on tourists who create nuisance

I

By MARILYN D’SOUZA

t is not just about scenic beauty accompanied by world-heritage-listed architecture, but about the culture and the vibes that Goa exudes. The State offers it all, which is why as soon as the lockdown and curfew was lifted in Goa, tourists started flocking to the State. While most tourists are generally well behaved, there are those who go about creating a nuisance by littering the place, zooming around on rented bikes and cars, creating a ruckus, breaking bottles on the beach and the list goes on.

The Travel and Tourism Association of Goa (TTAG) wants penalties to be imposed on those tourists who create a nuisance. Goa is known as a family destination and that is the image that the sunshine State should have.

While striving for adequate planning and promotion of Goa in domestic and international markets, with the participation of industry stakeholders, TTAG President Nilesh Shah said

“We welcome all tourists coming in Goa. However, we do not want tourists creating nuisance and those cooking by the roadside. If unruly tourists travel to Goa, it will affect the local public, as well as the other tourists travelling with their families” NILESH SHAH President, TTAG

Beaches are teeming with tourist footfall

international or domestic tourists should maintain decency.

To have sustainable tourism in Goa the best way to go about it, is to set down proper rules and regulations while ensuring that they are properly implemented. For example, when tourists travel specially by road, signage of ‘Dos’ and ‘Don’ts’ should be put up at every tourist spot. If rules are broken they need to be punished or fined”.

Shah says, “We welcome all tourists coming in Goa. However, we want wellbehaved tourists in Goa. We do not want tourists creating nuisance and those cooking by the roadside. If unruly tourists travel to Goa, it will affect the local public, as well as the other tourists travelling with their families.”

Further Shah stated that be it global or domestic vacationers, both ought to follow decorum and respect the local culture. “Goa is known as a family destination and we do not want to disturb that part of it. Tourist police force should be activated and complaints should be addressed fast. Beach cleaning, changing rooms and toilets should be maintained.

It should be properly used by the tourists so that it can be sustained”, he continued.

For people who travel by road for overnight picnics he suggests about camping sites in north and south Goa,

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“The Goa Tourism Department along with local authorities, should enforce strict laws which should be implemented in line with other countries.

Tourist police manning beaches and prominent tourist spots are an absolute must not just to enforce law but also but also to guide tourists” RAJESH DEMPO

Managing Director, Vision Dempo Hospitality and Estates Pvt. Ltd

where people can use paid camping sites. “To attract the right type of tourists we need right type of camping facilities. Illegal hotels and villas which are not on the tourism network have to be cut off. We have to address the issue of transport system and implemention of taxi meters, as well as good bus network at all tourists spots.

Our tag line as ‘a friendly tourist destination’ shouldn’t get eroded,” he added.

Shah’s comments came

less than a month after Tourism Minister Manohar Ajgaonkar had said something similar and had added that Goa wants ‘richest tourists’.

According to Shah, the government has allocated `5,000 crore for the policy of promotion of hinterland and eco-tourism and he suggests that the government should take locals into confidence while promoting these offbeat places.

“Tourism is the best industry which Goa can take forward. Tourism will boost all segments of economy in Goa, given that we depend on tourism, right up from vegetable vendors to people working in hotel industry or any other sector. In Goa, tourism is there for each and every segment of the industry.

There is scope for Russian, French and Portuguese speaking guides. Tourist guides programme should go with language training programme,” he added.

The TTAG President further said the State government has already constituted the Goa Tourism Board to be headed by the Chief Minister. There would be sixteen members, eight from the industry and eight from the government.

The duties of the Goa Tourism Board involve the development of comprehensive guidelines and plan the implementation of the initiatives set out in the Goa Tourism Master Plan such as tourism education, marketing and promotion activities, new tourism services through State funding, development of infrastructure, and private sector participation.

Meanwhile Saurabh Khanna, General Manager, The Park Calangute says that the right infrastructure is needed in order to develop the right mindset among

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tourists. “To develop the right mindset for the long-term we need right infrastructure, facilities, discipline and marketing compared to the other world-class tourist destinations. For people looking for an experience like camping, we can create an additional organised sector to manage these tourists.

We need to ensure that the tourists follow the law of the land and all necessary protocols, just like how the same tourists will follow all protocols when visiting an international destination. It is about a gradual cultural and mindset shift, which may take time and stricter controls over people adding a nuisance value. It is up to the tourism stakeholders to practice responsible and sustainable tourism for the growth of the industry in Goa. The good pace of vaccination in Goa has

“To develop the right mindset for the long-term, we need right infrastructure, facilities, discipline and marketing compared to the other world class tourist destinations.

For people looking for an experience like camping, we can create an additional organised sector to manage these tourists” SAURABH KHANNA General Manager, The Park Calangute

created a positive image and helped in creating confidence amongst tourists about Goa”.

With Goa having opened up after a non-existent season in May this year, one cannot afford to be selective. Rajesh Dempo, Managing Director, Vision Dempo Hospitality and Estates Pvt. Ltd while stressing on the need for high-end tourists in Goa, he is also of the opinion that Goa cannot afford to be choosy and stop anybody from travelling to the State. “The Goa tourism department along with local authorities should enforce strict laws which should be implemented in line with other countries.

Tourist police manning beaches and prominent tourist spots are an absolute must not just to enforce the law, but also to guide tourists.

Goa needs good and efficient transport system, washrooms and changing rooms at tourist spots and traffic and parking management. This will benefit

tourism stakeholders help Goa’s image as international tourist destination. Goa continues to be one of the world’s most sought after destinations. We will see further rise in footfalls with opening of international borders and commencement of charter flights. With vaccinations going on in full swing, people will feel more comfortable and confident to travel to Goa”.

Goa can experiment like tourist destinations across the world are doing – regulate accommodation, bring together communities to brainstorm and enforce sustainable tourism, thus attracting tourists who are looking for a peaceful holiday amidst nature; thus ensuring that the beauty of the State is preserved while sticking to its image as India’s topmost holiday destination

NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 19

STARTING YOUNG

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SCANWICH

Scan it and get it B

Three young entrepreneurs speak about their tech startup, Scanwich, which started as an idea to make a difference

By SYBIL RODRIGUES

eing an entrepreneur is about an idea, a vision and action that translates into a product that can change lives.

Scanwich is a tech startup founded by Adrian Menezes, Vedant Shah and Devesh Prabhu started amidst the covid-19 lockdown in August 2020. Scanwich has a computer engineer, designer and restaurateur onboard.

Scanwich started as an idea to scan a QR code and get a menu. The three young men, have their roots in Goa and were students of Sharada Mandir School. They went on to pursue their education from the State’s most prestigious colleges, which includes the Institute of Hotel Management, Goa and Goa Engineering College.

To add to their portfolio, the trio have had educational exposure from ISD Rubika, one of the finest design colleges located in France and Carnegie Mellon University, which consistently ranks amongst the top 50 colleges worldwide and is a leader in the fields of computer science, information technology management, as well as artificial intelligence.

With Adrian coming from a software background, Vedant and Devesh, each having a degree in design and hotel management, they make an enterprising team to deal with the core aspects of a business that includes technology, design (user experience), financial and operational aspects.

The idea of Scanwich struck when the three of them decided to bring about a positive change in the basic ways of how ordinary restaurant menus are being used and to solve five main problems.

• Give restaurants an online website presence that could help feature them on Google • Give them additional visibility in an online space

L to R: Adrian Menezes, Vedant Shah and Devesh Prabhu

that goes beyond just the big food delivery aggregators (Swiggy and Zomato) • Save on menu reprinting costs • Make menus interactive, engaging and visually appealing • Provide a contactless solution to cope with covid-19 Furthermore, during the pandemic plenty of homegrown businesses were born. At Scanwich, the three youngsters saw this as an opportunity to make a difference. They created an entire section for all the ‘Home Creators’ to support them and wanted to play a significant role and make a noteworthy contribution to society. In less than a year, the startup has grown and put itself on the map. Not only does Scanwich have some of Goa’s leading restaurants as its partners, but also other businesses like homecare brands, pharmacies, clothing brands, retail stores, spas, and the list is growing. Scanwich has already become a local name as not only does it have a good rhyme to it but it also has partnered with 100+ clients not only in Goa but in Himachal Pradesh and Gujarat, too. They also have a deal lined up with a Bangalore based food court which aims to use Scanwich as a one-stop complete solution for all its guests and provide online menus in an extremely effective and cost efficient manner.

Scanwich works in 2 broad areas – the first being

20 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

a QR code solution for dine in / in-person guests at a restaurant/café/pop-up stall/ retail store to scan a QR code and view the entire list of products/services offered by a business. The second includes a website, wherein businesses can also use the web link provided, which functions like their very own website Scanwich provides businesses with all the tools required to get themselves running in the online space comprising of a website based front end, attractive user interfaces, ordering system, receive payments online, PoS/ billing system integration and a discount coupon system. Moreover, there is the feedback / review system, analytics and links for social media. Scanwich’s USP is that it is a web-based solution that requires no download. In addition to providing a wide range of services as described above, they also provide any and every business a powerful end-to-end online solution with the main focus being value-for-money with price competitiveness, and customer satisfaction, above all else.

Over the past year Scanwich has worked with various Goan brands like Petisco, Goenchin, Snip, Brewed Blak, Soi, Cafe Bodega, Joseph Bar, Lounge Terminal & Spiriit at Caculo Mall, Tesouro, O’Pescador, Cafe Rasa, Pastry Cottage, Navtara and Cafe Central.

When asked about the response to their startup, the founders say, “The response

so far has been simply outstanding! We are glad to see with more businesses realising the need for an online avenue, both for visibility as well as to transact, combined with our increasing familiarity with customers and businesses, we seem to face less resistance as we did compared to when we first started out. It is simply great to see businesses and your earlier mom-and-pop stores keep up with the times with our simple solution that gives them everything that they need in an online world that they may not understand much about.” Like all other businesses, the trio has had their fair share of roadblocks.

“Despite giving businesses the online platform to receive orders, one area we do not touch upon yet is order deliveries. Order fulfillment and deliveries is a highly resource-intensive sector which we do not plan to get into for now. However, we do provide businesses the tools and a solution wherein they could use their own staff to fulfill orders and save `4 to `8 lakhs per year.”

Regarding their future plans, the trio plans on bringing all businesses in Goa online. “Our goal is to and create an ecosystem without them being left at the mercy of third party aggregators.

Further, they do not have to pay between `40,000-`50,000 for a website/app to website development agencies and can get a complete solution at just `4,000 (one-tenth the cost). Lastly, we want to leverage key technologies in the fields of Data Science, Artificial Intelligence and Machine Learning to produce extremely valuable insights and analytics to businesses.”

The three budding entrepreneurs conclude with a message to aspiring entrepreneurs: “Start small and chase an idea that you believe in, do not be afraid to fail; and remain patient”

20th - 28th November 2021 9 Days of Film Extravaganza Over 200+ Films from 70 Countries

@52nd IFFI

Experience the finest cinematic works from across the world Festival Format: Hybrid (Physical & Virtual) Country focus: Brazil, Russia, India, China & South Africa (BRICS)

Physical Format will showcase: Opening & Closing movie screening

44 blockbuster films under Indian Panorama 55 Blockbuster films under World Panorama BRICS Film Festival 15 acclaimed films for Golden Peacock award ‘75 Creative Minds of Tomorrow’ Competition Festival Kaleidoscope Homage to Indian & International Stars Retrospective - Bela Tarr and Andrei Konchalovsky

52

Special tribute to Sir Sean Connery Master classes & in-conversation sessions

International Film Festival of India, Goa

Virtual Format will showcase:

Festival Venue -ESG & INOX PORVORIM

Master classes & in-conversation sessions Screening of Indian and International films from various sections

For more information & Registration log on to www.esg.co.in and www.iffigoa.org IFFI Help Line number - 0832 2492911

Collaboration with major OTT platforms for various events Homage to Indian & International Stars Retrospective - Bela Tarr and Andrei Konchalovsky

www.iffigoa.org

@iffigoa

@iffigoa

@iffigoa

NOTE: Wearing mask, maintaining social distance and following of all other COVID-19 SOPs is mandatory.

Delegates are required to enter the theatre before show start time to avoid reduction of their daily tickets quota.

NEW BIZ

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OORJA WELLNESS SPA

WHEN ‘WELLNESS’ IS NOT JUST A WORD

With the aim of making good health accessible to all people, Oorja Wellness Spa throws open its doors in the city of Panaji

By VAIJAYANTI KHARE

A

yurveda has become the backbone of the idea of a wellness resort. In addition, like the awe and attraction of a levantine hammam of the Mediterranean or the natural hot springs and sulphur-pools, the wellness with ayurveda as its focus has become the promise of holistic, natural living for all generations in India.

It is with this sense of pride and service – pride in the ancient traditional roots and service to the growing need of health and well-being, that Oorja Wellness Spa comes to Panaji. Set in a 350 sq.mt of space in a convenient and prime location of the Panjim Residency facing the beauteous Mandovi, the spa is tastefully appointed to give you complete relaxation towards healing and rejuvenation. In addition to the traditional and familiar/ popular Kizhi, Udwarthanam, Tarpanam, Panchakarma, herbal bath, Shirodhara, a range of massage and natural beauty treatments are offered.

All appropriate diagnostic, preventive, and curative aspects would be conducted, counseling and continuous evaluation would be a constant.

Oorja Wellness Spa comes as a relationship, not just as a word. A team of professionals

is key to the operations, service, and management of the Oorja. Other related ayurveda practitioners will be appointed and calledin to give you an all day consultation, and enrich the experience at Oorja Wellness Spa. Dr Sneha Bhagvat, Dr Pranav Bhagvat, and Poonam Naik, bring in specific competencies and a range of experience in their planning, delivery, and performance of the Spa.

Dr Sneha is an accomplished Ayurvedacharya specialising in women health, infertility, and skin and scalp disorders.

A founding partner of the famous Oorja Training and Research Academy, she has been instrumental in reaching out to the under-privileged of

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Goa’s villages during the peak times of covid19. She is also the regional representative of AYUSH and is responsible for rolling out related trainings and best practices to Goa’s Ayurveda practitioners. A soft-spoken, empathetic Sneha understands the urgency of wellness and the efficacy of Ayurveda – and is committed to blending the two at Oorja.

Poonam Naik is a dreamstory of a homemaker: a decade and half of nurture of her family with a graduation in commerce, a certification in Patanjali Yoga, a certification in beauty therapy, and an experience as customer relations executive with Eureka Forbes tucked in her pockets – much like the proverbial ‘lamp under the bush’! Poonam now emerges

to take on the managerial role of the Oorja Wellness Centre & Spa! She brings all the patience, multi-tasking, prioritising, and caring aspects that she has learned as a homemaker.

Dr Pranav Bhagwat, a founding partner of the Oorja Wellness Centre at Madgaon is an Ayurveda expert and has won patents for his scientifically – grounded, Ayurvedainspired formulations from Berlin, Germany. Pranav’s expertise is in areas of diabetic retinopathy, macular degeneration, ENT, and chronic neurological issues.

His confident and caring demeanour would bring the toughest of you and your ailment to heal, relax, and recoup.

Ofcourse, it goes without saying that both Dr Sneha and Dr Pranav would be giving regular consultations and counsel, making your Oorja experience that much more richer and wholesome, always. Poonam, in her quiet professional attitude, would take care of every person ‘like family and friend’ and will always be there at the Oorja.

Oorja Wellness Spa has been launched with Wellness at its heart, and the commitment of making such a ‘holistic sense of being’ accessible for all

GOAN BRAND

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TITO’S

Golden jubilee of brand Tito’s

As the iconic Club celebrates its golden jubilee, the D’Souza brothers unveil expansion plans and Tito’s Foundation for the underprivileged and homeless Ricardo (Left) and David D’Souza

I

ndia’s No. 1 Night Club, Tito’s celebrated its golden jubilee, recently. Walking down memory-lane, Ricardo D’Souza and David D’Souza described this journey of 50 years to be one filled with warmth, nostalgia and gratitude.

On the eve of the mega milestone occasion, Ricardo said, “Any visitor to Goa never leaves without experiencing the best of nightlife at Tito’s and this is the benchmark which we are committed to keeping today and always.”

Since 1971, Tito’s, Goa has grown into one of the best night clubs in the country which has drawn tourists from far and wide.

“The response has been so overwhelming, we are sure that both domestic and international visitors from every nook and corner have

stepped foot at Tito’s,” adds David.

Tito’s is the most famous and popular nightlife place in Goa. Located at Baga, this was one of the first discotheques to open in the State. Electrifying lights, rhythmic music, and a thundering dance floor, there is a party every day here in the tourist season. But on Saturday nights, the dance floor is on fire. Music and party lovers from all over the world converge here to party.

Tito’s courtyard comprises of an open-air restaurant, a concert space, and the nightclubs namely – Club Tito’s, Tito’s Arena and Café Mambo.

Café Mambo, which is just across the lane, has also become very popular. Tito’s can accommodate 10,000 party people at any given point of time.

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Call 9834340633 for advertising options.

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Tito’s is expanding globally and has started its first Club Tito’s franchise in Pune; and will see 27 more within the next 18 months across globally “And while we are growing year after year, we now feel it is time to expand further with a mission in mind,” explains Ricardo.

Tito’s is expanding globally and has started its first Club Tito’s franchise in Pune and will see 27 more within the next 18 months across globally.

Ricardo said, “We have already started our new affiliate called Tito’s Hotels which has begun operations in two properties and it will be expanding with six more

by August 2022. We have also

started a new affiliate called Tito’s Eats which we will be launching on 19th November 2021. We already have Tito’s Spirits and will be marketing it aggressively across India.”

The D’Souza brothers further said, “We have launched the Tito’s Foundation that will look into the needs of the under privileged and homeless with immediate effect.”

They concluded saying, “We are extremely thankful to the Goa government for their support and all the local authorities. We thank the media immensely for all the support that has been extended to us in this journey of five decades, promoting us and helping us in our endeavours. We are looking forward to your continued support in our new ventures and initiatives”

INTERVIEW

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SRIDEVI SIRA

“We want to work closely with GTA and empower the Kuncalienker speaks to Sridevi Sira, National Lead, NASSCOM FutureSkills, youth in Goa” Sonia regarding the memorandum and their plans for Goa NASSCOM is the premier trade body and chamber of commerce of the tech industry which focuses on accelerating the pace of transformation of the industry to emerge as the preferred enablers for global digital transformation. FutureSkills Prime is a NASSCOM initiative to enable thousands of IT professionals to be future-ready by creating a culture of continuous learning, collaboration and cocreation. FutureSkills Prime is an extension of the B2B offering launched in 2018, called NASSCOM FutureSkills. Recently, FutureSkills Prime signed a Memorandum of Understanding with Goa Technology Association (GTA) to provide much needed skill-set revamping for its associates and nurture talent on emerging technologies Sonia Kuncalienker: FutureSkills Prime clearly bridges the gap as we see emerging technologies evolving so rapidly, that constant skill-set upgrade is the need of the hour. How did this initiative take shape?

Sridevi Sira: This initiative is driven by our dream to ensure that India stands as a global leader in the technology space. As we march towards making that dream a reality the ultimate need to ensure that industries across the globe see merit in India as their IT destination – this will be possible when we have the right talent pool.

Under the aegis of NASSCOM, a Skill of the Future Workgroup was set up, with representatives from the industry to understand the implications of the disruption caused by technology.

Led by Boston Consulting Group (BCG), a research was conducted to understand the shape of future skilling/ reskilling initiative that will be able to deal with the wave of digital disruption.

The research identified the technologies poised to grow tremendously, associated job roles and corresponding skills required for those technologies.

FutureSkills thus focuses on 155+ skills spanning across 70+ job roles on 10 emerging technologies.

SK: FutureSkills Prime was launched in November 2020, at a time when the Covid pandemic was on the horizon. Since that time, online has become the very model of education, even at the primary level. How have you geared up for this change?

SS: We had experience of

SS: We have over 4 lakh learners signed up on our platform, approximately 1.3 lakh learners enrolled into courses, over 2.6 lakh learners have secured their digital badges, as well. Some of the universities have recognised the merit of these industry backed courses and have advised students to take them up and step ahead in their career.

Sridevi Sira

how online learning happens, through our B2B platform, and we have nurtured about 500K learners from both industry and academia on our B2B Platform. It was not very difficult to align to the change; we just needed to bring forth the importance of moving into online mode of learning so that time (a precious element) is not lost for any user. The pandemic will move away and it will pave way for new ways of business models. Changing business needs will call for changing resource pool which is ready to embrace the work and just keep moving with pace – this is precisely

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our communication to the segment – and fortunately tough times have taught us that we cannot rest – we need to pick our strength to run ahead. We are all set to be a $1 trillion economy by 2024 and nothing can hold India back.

SK: Do you partner with other organisations for taking this ahead?

SS: Yes, this is a collaborative effort – industry experts’ curated content is made available for learners.

SK: Please share the response that you are getting across India, with some success stories if possible.

SK: Do you undertake ondemand courses, if a particular organisation requests for it?

SS: This is more of a platform, which hosts relevant content for learners and is backed by the IT industry and Government of India. The courses map the standards that are approved, and the outcome of the learning is to demonstrate that the learner is industry aligned or industry ready. We have not made provisions for on-demand courses. However, if the industry needs a particular skill, they will find it on the platform since our industry experts are always ensuring relevancy.

SK: What are the fees and other modalities of these courses?

SS: The cost of the programs are listed under each course and the Government incentive benefits are clearly called out on the course tile.

SK: Do you see any particular course or group of courses getting more demand from the IT professionals?

SS: Almost every technology is hot technology with huge demand – cyber security, AI, cloud, data analytics, IOT and of course, professional skills

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Sridevi Sira with Goa Chief Minister Dr Pramod Sawant and Goa Info-Tech Minister Jennifer Monserrate and members of Goa Technology Association at the GTA Awards Night held recently

development courses.

SK: Are any plans to complement this online education route with actual physical courses, as India unlocks? Do you see any specific benefit or otherwise in any such route?

SS: Frankly speaking, as a nation, we are in a phase of change and the pandemic has taught us to learn to live in a blended mode – so even in education, physical courses are not in for replacement.

We need to understand and accept that there will be a perfect blend of online and offline modes of learning – we must embrace new ways of teaching and learning. Such blended learning enriches the opportunity for a learner to increase their horizon of learning – today boundaries (for learning) have started to fade away – any time and anywhere learning gives a learner a huge opportunity to collaborate and learn and

also find innovative ways to demonstrate the learning.

SK: You were in Goa specially for signing the MOU with GTA. Tell us about this synergy...

SS: We have great plans for Goa, along with Goa Technology Association (GTA) we are taking up skilling goals to create a future ready talent pool in Goa. During the event, you have seen how companies are already highly invested in

Goa and such amazing work on IOT and cloud is already happening here. We want to work closely with GTA and empower the youth in Goa to acquire skills and nurture talent so that organisations find local talent and Goa finds a big space in a gig economy.

This is also in line with IT Policy of Goa, which envisions to actively support about 10K advanced IT skilled Goans across emerging technology domains

NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 27

CURTAIN RAISER

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INTERNATIONAL FILM FESTIVAL OF INDIA 2021

Five Goan films nominated to be screened at IFFI

Subhash Phal Dessai mentions the list of Goan films on various premiere and non premiere selections

T

he 52nd edition of the International Film Festival of India (IFFI) which opened on November 20th in Panjim, Goa, will be held in a hybrid format with virtual as well as in-person screenings, due to the pandemic, which is still prevalent in the country.

Vice Chairman of Entertainment Society of Goa (ESG) Subhash Phal Dessai, CEO Tariq Thomas and Festival Director, Chaitanya Prasad said that the 52nd IFFI will feature 148 films from 73 countries in the international section and will have 12 world premieres, about 7 international premieres, 26 Asia premieres and about 64 India premieres. IFFI received 624 films from 94 countries this time, up from 69 countries in the previous edition. For the first time in the history of IFFI, there are major OTT platforms like Netflix, Amazon, Zee 5 and Viacom participating in the festival, with releases, master classes and more.

In a first, at IFFI 52, delegates will get to attend a three day virtual masterclass by the renowned Paris-based school of image and arts, GOBELINS, l’école de l’image.

Organized by Netflix, the treat is thanks to IFFI’s firstever collaboration with OTT platforms. Students will get to attend the masterclass for free, informs the Director.

The BRICS Film Festival is being held on the sidelines of IFFI for the first time. There will be a special package presenting films from the BRICS countries Speaking about the ‘75 Creative Minds of Tomorrow’ who will get to attend IFFI, the Director informed that it was Union Information and Broadcasting Minister Anurag Thakur’s idea to connect generations of film buffs by inviting the talented cinematic personalities of

Subhash Phal Dessai

The 52nd IFFI will feature 148 films from 73 countries in the international section and will have 12 world premieres, about 7 international premieres, 26 Asia premieres and about 64 India premieres tomorrow to be a part of IFFI. “We have been overwhelmed with the 400 plus applications from across the country. The 75 applicants will be coming over to IFFI as our guests; they will get to meet everyone here. It will give them an opportunity to interact with filmmakers from across

28 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

diverse segments of the industry.”

IFFI 52 will pay homage to late personalities such as Dilip Kumar, Sumitra Bhave, Buddhadeb Dasgupta, Sanchari Vijay, Surekha Sikri, Jean-Paul Belmondo, Bertrand Tavenier, Puneeth Rajkumar, Christopher Plummer and Jean-Claude Carrière. The festival will pay a special tribute to Sean Connery, the first actor to portray fictional British secret agent James Bond on the big screen.

The Director informed that IFFI will open with a star-studded inaugural ceremony comprising Salman Khan, Ranveer Singh, Riteish Deshmukh, Genelia

Deshmukh, Shraddha Kapoor, amongst others.

Karan Johar and Manish Paul will host the event.

Global cinematic giants, Istvan Szabo and Martin Scorsese would be conferred the first Satyajit Ray Lifetime Achievement Award. Much as they will not be present they will be sending video acceptance messages.

Vice-chairman, Entertainment Society of Goa (ESG), Subhash Phal Dessai stated, “Our responsibility is to provide the required infrastructure in Goa, and we have been doing this successfully for the past few years. However, due to the rains, a lot of the work has been disrupted but we are confident to have everything in place in time for the film festival.”

A list of selected films on Goan Premiere and non-premiere selections were announced by the Vice Chairman of ESG, Subhash Phal Dessai. He also announced the list of five films to be screened in the Goan film section at the 52nd International Film Festival of India (IFFI).

The films have been selected by a three person jury comprising of renowned film maker S.V. Rajendra Singh Babu, cinematographer Prasantanu Mohapatra, and actor and filmmaker Pramod Pawar.

Konkani film Gagan directed by Supraj Kerkar, and produced by Brijesh Kakodkar, is a 23 minutes and 59 seconds short-film.

Limits is a 36 minutes short, non-feature film in Marathi language produced and directed by Vardhan Kamat.

The third non-feature film to be selected is Kupamcho Daryeo in Konkani language, produced by Kishor Arjun Shinde and directed by

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Subhash Phal Dessai Ex-MLA and Vice Chairman - ESG; and Chaitanya Prasad, Festival Director of IFFI, were felicitated at the hands of Ravi Kottarkara, Secretay General of Film Federation of India at INOX Panaji, for successfully organising 52nd edition of IFFI

Himanshu Singh.

Produced and directed by Pramod Salgaocar and Jitendra Shikerkar respectively, D’Costa House will be the only feature film to be screened under the feature

film section. It is a Konkani film that is 2 hours and 14 minutes long.

The last of the five films, Paul 10 will be the only nonpremiere film. This Konkani film is 19 minutes long and is

produced by Roopa Ramesh Revankar and directed by Sunil Revankar. Subhash Phal Dessai added, “The jury committee has thoroughly observed every aspect of the films and taken into

consideration the feedback that they got. After pondering over their choices, they have selected five out of eight films that will be screened in Goa.” He further stated that despite the rain and other difficulties faced, the Event Management Agency (EMA) in-charge for the opening and closing ceremony will put up a show full of lights and beautiful décor. The city beautification and other installations will be completed in due time to make the film festival even more memorable.

Subhash Phal Dessai ExMLA and Vice Chairman ESG and Chaitanya Prasad, Festival Director of IFFI, were felicitated at the hands of Ravi Kottarkara, Secretay General of Film Federation of India at INOX Panaji, for successfully organising the 52nd edition of IFFI

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TECHNOLOGY

@businessgoa

Leading IT Companies G oa continues to be an ideal place to work and live in, according to the country’s top investors. The beautiful sunny state has much to offer for professionals and startups and some of these upcoming tech companies have proved that.

Goa Technology Association is the primary representative of IT companies present in Goa. Their companies have a footprint spanning six continents, with an active presence in over 32 countries.

GTA represents ESDM,

Design, Research, BPOs and IOT companies.

With their core focus being the creation of growth

TANGENTIA

Tangentia is a world-leading provider of agile digital transformation solutions.

With an experience of over 17 years, Tangentia has been making an impact with cutting-edge technology to help companies transform, grow and bounce back in today’s competitive and dynamic business world.

Tangentia has over +1000 customers worldwide and has received numerous awards and recognitions. With a certified and experienced team of specialists spread across three countries, Tangentia has proven to digitally transform businesses with automation, RPA, EDI and B2B integrations.

Tangentia recently launched their new campaign – ‘Take the Paper out of Paperwork’, conceptualised by branding and marketing firm, Dranding Consulting. The campaign addresses the needs of today’s business world and highlights the importance of automating for better business opportunities over using monotonous and outdated paper processes.

The use of automation in business operations reduces the use of tedious paperwork processes, thus saving time, money and resources, while

A list of some of the leading tech companies in Goa, which are built on innovation and quality solutions that deliver customer satisfaction

opportunities for their members through various initiatives, GTA has some of the best companies on their

membership list.

Each of these are companies are leaders in their space and are making a name for themselves in their respective services, which they provide to clients across the globe. Some of these companies are already established abroad, have set up their offices in Goa, while some have been founded a few years ago and are thriving.

These IT companies also have the distinction of having branches all over the world, while employing as many locals as possible

PERSISTENT SYSTEMS

Vijay Thomas

increasing productivity, growth and ROIs. Vijay Thomas is the Founder & CEO of the leading digital transformation company, Tangentia, Tangentia Group of Companies and is also the cofounder of FOHO Coin – the future of shared real estate. A go-getter and an established entrepreneur, Vijay’s ventures have a market presence in over 30 countries. Based in Toronto, Canada, Vijay started Tangentia in 2003 and since then the company has flourished and expanded across several countries.

Vijay has also started Tangentia Ventures that invest in startups and mentors them to scale their business

30 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

With over 15,500+ team members globally, Persistent Systems helps clients around the world turn digital challenges into business success. With their deep technical, business and industry experience, they anticipate what’s next and answer questions before they are asked. Persistent has locations in 18 countries across the globe. Persistent Goa has over 650+ team members working across a spectrum of new-age software development services.

Persistent Goa has always been at the forefront of incubating new technologies, such as mobility or data analytics. Currently, the center hosts CoEs for Artificial Intelligence/ Machine Language and Blockchain. The center is of considerable strategic importance to the company and has successfully executed complex projects earning client appreciation. The team has also established itself as a technology powerhouse with an outstanding track record in Hackathons and technology events. The Goa office is also dedicated to improving the environment.

The plantathon event made Goa greener as their

Dr Anand Deshpande

employees planted 450 trees at Velim sports complex and along the Verna Goa highway.

This center also supports community development, and various programs have been conducted such as a school kit donation drive, a student sponsorship program and support for various NGOs such as Mahila Ashram and St. Anthony’s orphanage in Verna. Persistent is highly committed to enhancing engineering education through its deep relations and partnerships with local colleges. Additionally, school level initiatives such as Cyberchamps (All Goa Computer Quiz) and Smart School Hackathon aim to instill core skills at an early age

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UMANG SOFTWARE TECHNOLOGIES

While UMANG completes 12 years in business, the journey of this company led by an enthusiastic team continues to set its footprints across new places internationally.

UMANG has grown into a company that solves challenges faced by startups and enterprise businesses by providing IT services in Application Development, Maintenance and ReEngineering. Headquartered in Goa, this award-winning company has its overseas office in Silicon Valley, USA. With a team of young and energetic technical engineers, this 100% Export Oriented Unit, UMANG aims to conquer the world with its technical services and support. Serving elite clients in niche technology and domains alongside building stronger relations with them has been the success mantra.

In the beginning of the year 2021, they set up their first international sales office in

Mangurish Salelkar

the Silicon Valley and had few global strategic partners, and now they have development centers in Margao and Panaji Goa. UMANG is aiming bigger this time, with a goal of increasing the team size to 200% by the 1 quarter of 2022.

The plan is also to focus on new technologies and expand the technology expertise. “We are being aggressive on our scale up plans, we had these plans last year, however, the pandemic did slow us down a little bit,” says Mangirish Salelkar, CEO of UMANG

CREATIVE CAPSULE

Creative Capsule was to understand each founded in 2003. client’s unique Since then, it has business needs and grown into a team culture and then of more than 200 construct cohesive motivated software teams that empower professionals in their partners and Goa. The founders strengthen their continue to be delivery capabilities.

Salil Talauliker involved in day-to Creative Capsule day operations, bringing an helps talented software overriding customer focus professionals unleash their and a dedication to technical full potential. They ensure excellence. a close fit with each client Many of their best clients by selecting team members are rapidly growing Software with technical and personal as a Service (SaaS) and attributes that resonate with software startup companies the client’s needs and culture. and life sciences companies Creative Capsule’s business in the US and Switzerland is built on a culture of open who share their passion for communication, new ways of innovation. Creative Capsule thinking, and the delivery of builds lasting development innovative, quality solutions relationships, by creating that drive client satisfaction. highly skilled and effective At Creative Capsule, they software teams that integrate work together with their team seamlessly with their client’s to achieve shared goals while organisations. fostering each individual’s Creative Capsule works personal growth

INBETWEEN SOFTWARE DEVELOPMENT InBetween Deutschland GmbH is a global leader in Database Publishing solutions.

For 30 years InBetween has been synonymous with high performance dynamic and database publishing. The standard InBetween software can create any kind of digital or print publications, such as catalogs, brochures, datasheets as well as price lists in a fully or partially automated manner and in a variety of output formats.

With InBetween, one’s publications for marketing, sales as well as technical documentation can be created more easily and efficiently throughout the entire company. They can automate all printing processes, effortlessly connecting the digital world to the print world and speed up one’s communication, reduce cost and offer an unforgettable customer experience. The top-class development team

Alexander Dressler

at InBetween Software Development Pvt Ltd in Goa ensures one’s requirements and their own ideas regarding new functionality will be put into action.

Through their software maintenance customers regularly receive enhanced and improved software versions.

Continuous software development is just as important as what one buys today

OPEN DESTINATIONS Open Destinations is an established travel technology player with more than 20 years’ real-world experience and 400+ travel tech experts, solving the biggest technological issues that tour and rail operators face. Over 10,000 travel professionals’ worldwide use their technology every single day. Open Destinations offers technology which is richer, more complete and more customer-centric than any other in the marketplace.

The company’s product line includes Travel Studio, Fare Studio, Rail Studio, Travel Builder and Tineri.

The software developed is integrated with a large number of third party suppliers to provide a wide variety of content. The large and dedicated team of travel industry professionals provides the outsourced back

Kevin O Sullivan

office admin solution that truly enables travel sellers to free up resources to focus on creating great new travel products, selling to their customers and generating revenues. Headquartered in London, the company has its strong presence in Goa since 2005. Under the leadership of Founder and CEO, Kevin O’Sullivan, the company has featured twice in the Sunday Times SME Export Track 100 league table for fastest-growing companies and recently claimed the Travolution ‘Travel Technology Team of the Year’ prize

NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 31

BOOKSHELF

CAMPUS

AUTHOR: SANAT PAI RAIKAR PUBLISHER: BLUEROSE PUBLISHERS

V M Salgaocar College of Law kickstarts Horticulture 2.0

THREE’S A QUIZ

Three’s a Quiz is not just another quiz book – it goes beyond regular quiz books by having its topics defined in a novel way.

Many of the answers are also workable, so it will cater to not just serious quizzers, but also to quiz newbies who want to test their mettle, and to casual book readers who want to just learn something new. The book covers diverse topics such as love, cricket, comics, the Cold War, among others.

Sanat Pai Raikar is a quizzer and quizmaster who formerly led his college team on BBC World’s University Challenge India hosted by Siddhartha Basu. He is the author of the definitive article on ‘Quiz’ in the Encyclopedia Britannica.

Three’s a Quiz is not just a question bank, but also a journal of the most memorable questions from Sanat’s 20+ years of quizzing.

Sanat was a regular contributor of crosswords for Business Goa

V M Salgaocar College of Law, Miramar, as part of its green initiative has kickstarted the second phase of horticulture in the college premises with great enthusiasm.

Ploughing of land was carried out on field behind the college campus followed by a ritualistic ‘pooja’ that was performed by Prof. Dr. K. Srinivasa Rao. Principal, V.M. Salgaocar College of Law, Dr. Shaber Ali G; Head of Department, Dr. Kim Couto; VMSCL Administrator D. P. Pednekar; Instructor in Physical Education, Lavu Govekar; and other teaching, non-

www.businessgoa.in

teaching staff and students at the institution were present on the field to witness the event.

In this new phase of horticulture, completely organic vegetables and fruits such as radish, amaranth, spinach, cluster beans, carrot, beetroot, green chili, Goan chili, sweet corn, turnip, watermelon, fenugreek, cabbage, etc. will be cultivated and marketed to all the staff members and to the students of the college wherein an estimated revenue of approximately `50,000/- is expected to be generated for the new academic year

GIM commences admissions for PGDM 2022-24 Leading B-school Goa Institute of Management (GIM) has increased its seats intake from 480 to 540 seats.

The new batch of 2022 – 24 will see 540 students embark on a learning journey with the prestigious management school across its various programmes. “After 11 years we are increasing the intake capacity of our flagship PGDM programme from 240 to 300. The total number of students we will be taking in for all our full-time PGDM programs this year will be a little over 540 students, up from 480 last year,” confirmed Ajit Parulekar, Director, GIM. GIM offers multiple programmes which include the Post Graduate Diploma in Management (PGDM) which is the B-school’s flagship programme, the Post Graduate Diploma in Healthcare Management (PGDM-HCM) as well as a

32 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

Post Graduate Diploma in Big Data Analytics (PGDMBDA). With the aim of developing future-ready, datafluent managers who are fully prepared to handle the next stage of data-driven decision making, the PGDM-BDA was established. In 2020, GIM introduced Post Graduate Diploma in Management in Banking Insurance Financial Services (PGDM-BIFS) Applications for admission for the academic year of 2022-24 commenced on 7th October and will continue until early-January of 2022. GIM’s teachinglearning process is unique.

While the 75+ core faculty members, with their strong credentials, strive to apply innovative techniques, the visiting faculty members, drawn from the industry and leading MBA colleges, ensure that the course is in sync with industry requirements

ACCOLADES

@business-goa

Chandrakant Gawas awarded Co-operator of the Year

Chandrakant Gawas, Hon. Treasurer, Goa Chamber of Commerce and Industry (GCCI) was awarded the Best Co-operator award

by Departmentt of Cooperation and The Goa State Co-operative Union in the National Co-operative Week

valedictory function.

Chief Minister of Goa Dr Pramod Sawant presented the award to Gawas in the function held at Goa State Co-operative Bank Hall.

Gawas has been associated in the co-operative movement since 1990. He started his

co-operative journey by decongesting the operations of the Vaddem Nagar Urban Co-operative Credit Society.

The Society turnaround was a major achievement and he introduced citizen services like bill payments and increased loan volumes.

He was appointed as Director of the Citizen Co-operative Bank in 1996, a post which he continues till date.

Gawas was also appointed on the administrative committee to run the Vasco Urban Cooperative Credit Society.

A barge owner by trade, Gawas takes active interest in solving issues of mining affected borrowers. He is also the Chairman of the GCCI Logistics Committee and has been a long serving member of GCCI’s managing committee.

His wife Chitra is the former Vice Chairman of the Mormugao Municipal Council and runs Mahila Shakti, a self help group in Vasco. He has two children, son Mayuresh, who helps him in his business; and daughter Shraddha

NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 33

PROFILE

@businessgoamagazine

DONALD FERNANDEZ

Goa’s Sales Czar: The inspiring story of Donald Fernandez

Donald Fernandez speaks on his journey as a salesman to joining Kilowott as an advisor

W

hile some choose to lead a retired life at 60 and slow down, Donald Fernandez had other plans.

He signed up for classes in Krav Maga, a martial art form; something many would not take up at that age. It is a childhood dream that he wanted to accomplish. “When I was in school, I took a fancy to boxing but my dad pulled me out of the sport. Therefore, at 60 I decided to take it up despite well-meaning opposition from family and friends. It did a world of good for me and even brought down my diabetes and improved my overall fitness levels,” he says.

Donald did not think twice about it, because he is no stranger to hard work. In the early 2000s Donald was a sales czar, breaking record sales targets while employed with Hello Publications, a leading media house at the time.

Retirement from decades of his life spent in sales, has now offered the sixty-yearold father of three young successful entrepreneurs, Aaron, Judah and Caleb, an opportunity to mentor the next generation.

In 2018, Donald retired from Hello Publications and has now joined his sons’ IT company, Kilowott as an advisor.

Early Years In many ways, life has come full circle. A life which started in Mumbai’s (then Bombay) bustling Byculla area; where Donald grew up as a fourth child among six siblings.

children, as well,” he says.

It was when Jessyl was pregnant, that the couple decided to move back to India.

Donald Fernandez

“I was very close to my father Heplet Tom Fernandez.

He had a huge influence on me. He supported me in every decision I made. The one thing he instilled in us siblings at an early age was honestly. I took that forward with my boys. I modeled myself as a father based on how my dad was with us,” he recalls.

Hard work ran in Donald’s veins. Even while he was in school and college, he chose to help his uncle who ran a business out of Mumbai involving export of machinery to Africa.

However, life tends to throw you a battle of choices, as one grows up. And Donald was no exception.

Sometime after he met his wife Jessyl in Mumbai, Donald had a choice to make.

Stay in Mumbai and help with his uncle’s business or move to Bahrain where Jessyl had moved to work.

“I decided to move. At the time, my father supported me despite the resistance from others,” he said. He took up a sales job in Bahrain for an airline travel agency and eventually settled to live in the Middle East. The island nation in the Persian Gulf was also where Donald climbed notches in his professional, personal and spiritual journey.

Donald’s love and his faith in God, has been the guiding light in his life. “God has given me everything I have – my family, work, money, business. Everything that I have, I owe to Him. And I have instilled this faith in my

“I have known Donald for over a decade now. He is calm, focused and persistent. What I admired in him was that he never took no for an answer when he came in to sell ads for Travel Talk. Often, he even put the ad up for free to encourage us. I have always said to him that if I ever needed someone to convince a client without being in your face, it would be him” David D’souza | Tito’s

34 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

Return to Goa and a foray into media space sales “On our return to India, I took up a sales job with a company called Mass Media in Mumbai. They used to publish an annual guide along the lines of the yellow pages where I was tasked with selling space. It was a new experience and I liked it,” he said.

The big city however took a toll on Jessyl’s health, triggering the family’s move to Goa in 2000. They set up their home in Saligao, a village his wife Jessyl grew up in, before moving to their own home in Porvorim.

“My first job in Goa was selling space for a company which was printing the yellow pages for Goa. I had some experience in a similar role in Mumbai so took it up but things did not quite work out. Soon after, I met Jerry Matthew of Hello Publications who ran the popular helpline 412121 at the time. He offered me a sales job and I took it up,” he fondly recalls.

The journey at Hello Publications and his relationship with Jerry spanned nearly two decades.

The journey also required Donald to kick start his Bajaj Chetak to take him on his sales calls for Travel Talk, a travel and hospitality publication started by Jerry.

It was early days in his life in Goa and every penny was needed to be saved.

“To optimise costs, I would meticulously plan my route on my faithful Chetak, so that I could save on petrol expenses. I would pick a place and meet as many people as I could before moving on to

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the next village,” he said. His debut effort was a hit thanks to such careful planning, which saw Donald sell 100 ads for the publication’s very first issue in the year 2000 raking in impressive revenue for the firm.

While Hello Publications gave Donald a great place to reignite his career, he had to put in more than just a regular shift to provide for his growing family.

“I often worked late hours, scheduling calls and looking into the detailing of pages before they go into print to make sure that the clients’ ads are featured well,” he said.

Very early on in his professional association with Jerry, it was one line uttered by the latter, which turned out to be both inspiring and prophetic.

“I worked solely on incentives from the sales I made. No salary. Jerry knew what I was capable of. Many years ago, soon after I joined, he told me that I would one day draw a salary of Rs. 1 lakh. It motivated me. In Dec 2006, I drew a salary of Rs. 1 lakh for the first time. It was a lot of money at the time. I thank God for it is he who helped me make the sales and earn that salary,” he says.

“I have known Donald for over a decade now”, recalls David D’Souza of Tito’s. “He is a gem of a guy. He is calm, focussed and persistent. What I admire in him is that he never took no for an answer when he came to sell ads for Travel Talk. Somehow, he convinced us to take it up.

Often, he even put the ad up for free to encourage us. He is a fantastic person. I have always said to him that if I ever needed someone to convince

“Donald is very persistent.

Once he puts his mind to something, he wants to see it through. His sons have inherited that from him. Together we built the business from the ground up.

The earnings were not much at the time, but Donald was persistent and patient. He worked late hours and he worked hard”

Jerry Matthew Hello Publications

a client without being in your face, it would be him”.

Yellow Mehra echoes the thought. “Donald was one of the first persons to get into digital marketing here in Goa”, she recalls. Yellow, founder of Fiesta Beach Resort and Restaurant, adds “I remember working with him back in the 90s and 2000s and he was so dedicated to his job. Back then, very few people were into digital marketing. He had his act together and was doing things that were ahead of the times.

Donald was extremely polite; he was always professional and courteous. He had a great team who were all very creative; it was a pleasure to work with him,” she added.

Honesty and Persistence Paying it Forward Donald’s long association with Jerry has also expanded from a professional one to one that spans many life aspects.

“Jerry is more than a friend. He is my former employer, partner, teammate and the person who encouraged me and supported

me unconditionally through two decades. He trusted me and backed me one hundred percent,” Donald said.

And Jerry reciprocates the affection. “Donald is very persistent. Once he puts his mind to something, he wants to see it through. His sons have inherited that from him. Together we built the business from the ground up. The earnings were not much at the time but Donald was persistent and patient.

He worked late hours and he worked hard,” Jerry said.

Honesty and persistence are qualities, which he has instilled in his three boys too, just as Donald’s father did

successful IT company,” he said, adding that the sibling trio are also wonderful human beings with good values and principles.

David D’Souza echoes the thought. “We have worked with his sons and interacted with them professionally. His sons too, are hard working and determined because of their upbringing and because of the values instilled in them

by Donald,” says David.

Be it clients or colleagues, everyone has a good word to say about Donald. Nilesh Hadfadkar who worked with Donald for over a decade says of him, “Donald was my guru who taught me all I know

“God has given me everything I have – my family, work, money, business,” says Donald

Donald and Jessyl

unto him.

“When Aaron was young, he came home one day and realised that the shopkeeper had given him extra money.

We both went back to the shop and returned the extra money.

It was a life lesson I instilled in all three of my boys,” he said.

When his boys were on the verge of venturing out in life, Donald was supportive, just like his father was. “Aaron was young and ambitious and had big dreams. Judah wanted to take a break while studying engineering. Caleb was unsure of what career to opt for. I prayed for them and continue to do so. The answers emerged and today all three of my sons have founded a

“Donald was one of the first persons to get into digital marketing here in Goa. I remember working with him back in the 90s and 2000s and he was so dedicated to his job.

Back then, very few people were into digital marketing.

He had his act together and was doing things that were ahead of the times. Donald was polite, professional and courteous. It was a pleasure to work with him”

Yellow Mehra | Founder, Fiesta Beach Resort and Restaurant

about sales. He was a guide and mentor to me who supported me through the initial years of my career. Thanks to him, today I have a career in sales.” The mentorship extended into personal advise as well, says Nilesh. “Donald also taught me the art of saying ‘no’. It’s a life lesson I use to this day,” he said.

Another former colleague Bobby Sakhardande agreed.

“Donald is hard working, dedicated, encouraging and a fun humorous person all rolled into one. The bond we shared when we were working continues to this day”, says Bobby.

In a career that spans decades, Donald has blazed a path of his own. His personal journey is an inspiration to many. On a parting note, a word of advice for the young?

“My only piece of advice to youngsters wanting to make a career in sales: Be honest and be ready to work hard. There is no short-cut to success,” concludes Donald

NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 35

PROFESSIONAL DOSSIER

business-goa

DR VIKRAM DUKLE

Unveiling Goa’s first laparoscopic surgical system Dr Vikram Dukle highlights Goa’s first Aesculap Einstein Vision 3.0 3D laparoscopic surgical system which will give surgeons more confidence while performing subtle and critical aspects of surgery

D

By SYBIL RODRIGUES

r Vikram Dukle is an Obstetrician, Gynecologist, specialising in treating infertility, and is a laparoscopic and robotic surgeon. Dr. Vikram did his MBBS from D Y Patil University Kolhapur and has a diploma in Obstetrics and Gynecology from Goa University. He also has a diploma in Gynecological Endoscopy and Robotic surgery from Kiel University, Germany.

Dr. Vikram is affiliated to various hospitals like Dr. Dukle’s Hospital and Research Centre - Candolim, Navjeevan Nursing Home Ponda, Dr. Kedar’s Maternity, Endoscopy, Fertility and Critical Care Hospital - Panaji, Healthway Hospital - Old Goa and Inspira Laparoscopy and IVF Research Centre - Shirdi.

Dr. Vikram is also part of the Indian Medical Association Bardez Branch, Panaji Obstetrics and Gynecological Society (POGS), Indian Association of Gynecological Endoscopists (IAGE), Indian Society for Assisted Reproduction (ISAR) AND Rotary Club of Bardez Coastal (RCBC).

Dr. Vikram’s hospital, Dr. Dukle’s Hospital & Research

Centre, Candolim will unveil Goa’s first Aesculap Einstein Vision 3.0 3D laparoscopic surgical system-among the world’s best technological advancements in laparoscopy.

The surgeons, while wearing 3D glasses, can view the procedure on a high resolution monitor with natural 3D vision and depth perception. Viewing surgical procedures this way gives surgeons more confidence while performing subtle and critical aspects of surgery.

New technology delivers value to the surgeons and patients by improving the accuracy, precision and speed of surgical tasks. In addition, the modern technique is performed through small incisions as compared to larger incisions needed in traditional ‘open” surgical procedures.

The new approach in minimally invasive surgery helps provide better clinical outcomes while offering less scarring, less pain, shorter hospital stays and faster recovery. Doctors will use the latest 3D surgical technology to perform minimally invasive surgery for various gynecological and surgical procedures like laparoscopic tubal ligation

(sealing of the fallopian tubes), Myomectomy (removal of fibroids from uterus), Cystectomy (removal of cysts from ovaries), Hysterectomy (removal of uterus), Endometriosis surgery, Prolapse of Uterus, Ectopic Pregnancy, Cancer of the Endometrium and cervix, Cholecystectomy (removal of gall bladder, Appendicectomy (removal of Appendix) and as an investigation in infertility.

Recently, Panaji Obstetrics and Gynaecological Society (POGS) in association with Dr. Dukle’s Hospital & Research Centre, Candolim and Johnson & Johnson

Dr Vikram Dukle (left) and Dr Nitin Ghorpade

organised LAPCON 1.0, a live laparoscopy workshop.

Renowned laparoscopic surgeon Dr. Niteen Ghorpade from Shirdi, known for the fastest ‘Inspiria technique of Laparoscopic Hysterectomy’ in the world; assisted by Dr. Vikram Dukle and their team performed advanced gynecological procedures for conditions of Grade IV endometriosis and fibroids.

Senior gynecologists Dr. Roque Ribeiro, Dr. Vishal Gude and Dr. Shailesh Kamat, President POGS inaugurated the live workshop which was attended by gynecologists Continued on Page 39

Eminent Gynaecologists of Goa with the organizing team

36 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

LADY POWER

www.businessgoa.in

EDWINA DE SOUZA CORDEIRO

Giving her best without cutting corners

Edwina de Souza Cordeiro talks about importance of being thorough without taking short-cuts; and being true to her work and herself

E

By MARILYN D’SOUZA

dwina de Souza Cordeiro, a Chartered Accountant by profession, is true to her work and herself; and believes that in the long run honesty, integrity and hard work prevail.

Edwina completed her schooling at Our Lady of the Rosary High School Dona Paula and higher secondary schooling from Dempo Higher Secondary School, Panjim, and then moved out to complete B.Com at Sydenham College Mumbai.

She did her CA articleship at Lovelock and Lewes, Mumbai with a year’s industrial training at Hindustan Levers, Mumbai. She also completed her LL.B. at Hinduja College of Law Mumbai, while doing her CA articles.

From hard work to success, she considers herself as one of the lucky ones to pass her inter CA and final CA – all groups, at the first attempt. “Firstly one is doing one’s articleship and one does not get much leave for the exams. The percentage of students passing is extremely low, generally below 5%.

So clearing CA exams is difficult. I worked with great concentration, but I did not work too many hours at the exam”.

Besides all this, she was staying in a hostel in Mumbai and had to show that she was a student. “I had to do an LL.B. just to continue staying in the hostel as there was no alternative in Mumbai at that time for girl students”.

She was glad that she managed to clear both courses simultaneously.”

Looking back, I was blessed to be able to concentrate on achieving my goals. When I first completed my CA education, I toyed with the idea of working in a foreign or private bank in the investment banking cell. I did

Edwina de Souza Cordeiro

get a job in ICICI Investments but decided against it, as I had enough of being in Mumbai and wanted to branch out on my own”.

One very important issue for her was to be able to help her mother. “My mother Marion de Souza, was running our family firm M/s V Paul de Souza, after my father’s early demise.

She always encouraged us to follow our interests, but I felt I could contribute to putting the accounts in order, and that she needed me then”.

When Edwina returned to Goa, she did a short internship. “With CA P V Sadekar, I learnt the basics of personal taxation, he drilled into me the importance of being thorough and not taking short-cuts. Then I was fortunate to get audit

38 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

assignments with M/s R.K Pikale and immediately get to be a partner in his firm. I owe my being in practice to Pikale who encouraged me to continue in practice”.

Simultaneously, she started her own firm, ‘Edwina de Souza & Associates’ in 1984.

Edwina received tremendous encouragement from her late brother-in-law Edwin Barreto who had great faith in her and recommended her to everyone he knew.

There is nothing that Edwina would have done differently when she first started out. She knew that she had to work for herself and did not want to enter the corporate world. It was difficult for her as there were tempting offers from corporates in Mumbai.

“I wanted to be able to control my work/home balance, as being a woman, I knew I would have to make time for family, as well. Some of my classmates who joined the corporate world are in very high positions, but I have no regrets!” she adds.

Being new in the profession and being a young woman at 23 were the two hurdles. “Clients were reluctant to think a lady would be able to guide them in business and taxation, since it was a male-dominated field. With my competence, I gained their confidence, and soon it was not a problem anymore”.

Edwina mentions that her priorities have not changed much from when she first started. She feels happy that she has been able to achieve a good balance in work/family areas. “My priority when the children were schooling was always to ensure that I had time for their activities and attending their events.

My children are a blessing.

I have always cherished my independence and being able to control my work/home balance. I treat my staff with fairness and affection, and I have been repaid by having tremendous support from them. My husband has always been by my side and shared the burdens of life together with me. I have strived hard to find that work-life balance”.

Edwina is a voracious reader. She enjoys art and loves painting. Gardening is her newfound passion. She gets great joy from tending to plants; which she mentions is relaxing and makes for good content for her Instagram.

She is also classically trained in playing the piano. Doing the interiors of her office and house is something she loves; it allows her a break from auditing people’s accounts

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and advising clients on their taxes, thus giving her scope to explore her creative side.

Edwina has always tried to impart her knowledge to her employees in a multitude of ways to help them grow professionally and personally.

“My children are fairly independent and my staff is capable to sort out minor issues very competently and allow me that extra time”.

Edwina believes that with God’s grace she has been able to reach out to people and has a newfound mission of helping others in whatever capacity she can, because giving is the greatest gift. She donates electronic devices to the needy to assist them in the difficult virtual world, helping people through giving them provisions and even lending that much needed ear during times of crisis.

Edwina advises people to never give up on one’s

I wanted to be able to control my work/home balance, as being a woman, I knew I would have to make time for family, as well. Some of my classmates who joined the corporate world are in very high positions, but I have no regrets aspirations and to never compromise in a situation.

“If you feel even slightly uncomfortable with the ethics of a case, get out and look elsewhere. Be true to yourself and give your best quality in work without cutting corners.

In the long run this will pay off, and you will also maintain your self-respect”

Continued From Page 36

from Goa and various parts of India on online platform.

Recent developments in laparoscopic gynecological surgeries and protocol based approach in the management of Endometriosis were explained through live surgeries. The use of 3D technology and advanced harmonic scalpel were used for the first time in Goa and its role in advanced gynecological laparoscopic surgeries for good surgical outcomes was highlighted by Dr. Niteen Ghorpade and Dr. Vikram Dukle.

Dr. Vikram has written a novel called The Life Factory, is a founder of programs like Fitasa and Aashiyaa which are wellness programs for women along with raising awareness on breast and cervical cancer.

He is also the founder of VIDROM which include innovations in laparoscopy and manufacturing medical equipments, PINNACLE which is the first laparoscopy training institute in Goa

Dr Vikram Dukle

and ANAMIVA which is an advanced laparoscopy centre in Goa. Apart from his medical profession Dr Vikram is into creative writing, public speaking, health awareness, creative art, is a sports buff, and also likes to try his hand at drama and music scripting.

Much as technology has advanced Dr Vikram concludes by saying, “Complications are inherent in any surgical practice and with the use of latest 3D technology, doctors hope to minimise them”

NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 39

BIZ BYTES

@businessgoa

FORTUNE HOTELS OPENS FORTUNE RESORT BENAULIM IN SOUTH GOA

Samir MC, Managing Director, Fortune Hotels

Fortune Hotels, a member of ITC’s hotel group has announced the opening of its upscale resort in the serene backdrop of Benaulim, South Goa. Branded Fortune Resort Benaulim Goa, the quaint and picturesque retreat becomes the latest addition to the chain’s leisure portfolio that is spread across the length n breadth of the country. It is also Fortune Hotels’ third alliance in Goa. Speaking on the occasion, Samir M C, Managing Director, Fortune Park Hotels Limited, said: “We bring our brand to the coveted locales of South Goa and are pleased to add another property to

our growing leisure portfolio.

We thank the hotel ownership for recognising the Fortune Advantage and vesting their trust in us. Goa has always been ‘the’ holiday destination of India and unfurling another Fortune here enriches our stay offerings thereby giving our guests another great option, now in the South of Goa, to choose from and experience with us.”

Just a leisurely walk from Benaulim beach, Fortune Resort Benaulim Goa is surrounded by vast paddy fields, and rows of coconut palm trees. It is a calm and tranquil retreat away from the hustle and clamour of city life where time seems to stand

still.

Featuring 96 gracefully appointed rooms including plush suites and chalets, a relaxing spa, a stunning swimming pool, multiple food & beverage offerings and unique experiences, this picturesque property is an idyllic spot to discover the serenity of Goa and have a relaxed holiday like no other.

It is a perfect getaway for family holidays, solo trips, honeymooners and adventure seekers. Additionally, the premium resort with its pristine tropical setting and a mix of vantage venues, open spaces and a lawn, can also convert into a perfect spot for dreamy weddings. Be it

The BMW 220i ‘Black Shadow’ edition launched in India BMW Group India launched the new BMW 220i ‘Black Shadow’ edition. New design elements enhance the exterior of the BMW 2 Series Gran Coupé to give it even more dynamic looks. The ‘M’ Performance parts are not only visually attractive, but also integral elements of the lightweight construction concept.

The BMW TwinPower Turbo two-litre four-cylinder petrol engine ensures best-insegment performance and acceleration. All components are perfectly matched to the specific character of the car and meet the highest

requirements with regard to performance, production quality and design.

Vikram Pawah, President, BMW Group India said, “Designed with a clear focus on dynamics, it is tailored to suit the requirements of motorsport enthusiasts.”

The BMW 2 Series Gran Coupé ‘Black Shadow’ edition will be available in M Sport design scheme at a special

40 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

price. The BMW 220i M Sport ‘Black Shadow’ edition: INR 43,50,000. Price prevailing at the time of invoicing will be applicable.

Ex-showroom prices inclusive of GST (incl. compensation cess) as applicable but exclude Road Tax, Tax Collected at Source (TCS), RTO statutory taxes/ fees, other local tax cess levies and insurance. The BMW

a heavenly wedding on the beach, a shack-styled nuptial or a luxe wedding alcoved in the verdant garden, it can host it all. The resort specialises in hosting impressive destination weddings and boasts of a party deck and an open air dance floor. Along with the state-of-the-art facilities, a dedicated team, delightful gourmet options and tailor-made services, your event is sure to be a success.

With a capacity to host upto 500 guests, the stunning landscape of the resort also provides a beautiful natural backdrop for unforgettable events making it an ideal place for company off-sites, social events, conferences and more. Well connected by air, road and rail, the resort is about 40 mins drive for Dabolim Airport, and just 10 mins from Margao Railway Station.

Fortune Resort Benaulim Goa can also be reached from Vasco Railway Station (33 Kms) and Panjim (37 Kms) by road.

Fortune Resort Benaulim Goa is the group’s third property in the State. In addition to this, Fortune Hotels have two other alliances in North Goa – Fortune Miramar Goa in Panaji and Fortune Select in Candolim 2 Series Gran Coupé ‘Black Shadow’ edition is available in two exciting colours - Alpine White (non-metallic) and Black Sapphire (metallic).

The upholstery available is Sensatec Oyster Black and Sensatec Black. What sets the ‘Black Shadow’ edition apart is the special individualisation content from BMW Individual high-gloss shadow line package along with BMW ‘M’ Performance parts worth INR 3,25,000.

Thanks to BMW India Financial Services, customised and flexible financial solutions can be designed as per individual requirements

EVENT

@business-goa

Nautical tourism to attract high-end tourism and boost Goa’s economy: CII The CII Goa Conference on Nautical Tourism was organised with an objective of displaying the benefits of nautical tourism in Goa; in terms of skill development, employment and revenue generation; and focus on development of this sector; and accordingly to submit recommendations to the Government to facilitate Ease of Doing Business.

Atul Jadhav, Chairman, CII Goa State Council in his welcome address, stated that Goa is perfectly placed to take the lead in developing nautical tourism in India as it is a premier tourist destination of the country for the last four decades. The State has a 100 kms coastline along with 6 rivers paving the way for inland waterways and development of hinterland tourism.

Speaking at the conference Shripad Naik, Union Minister of State for Tourism, Ports, Shipping and Waterways, Government of India stated that it is crucial for Goa’s economy to bring back high-end tourists as soon as possible. Since

Vincent Ramos, Hemant Arondekar, J Ashok Kumar, Atul Jadhav, Shripad Naik, Jayant Singh, Kirit J Maganlal and Deepankar Bargali at the event

Goa opened its borders for tourism in September 2020, the State attracted 3.5 million domestic tourists, thereby driving several tourism businesses towards the path of recovery. Tourism and hospitality sectors will need to rebound to the pre-covid levels in the next two-three years and is expected to thrive subsequently.

Moreover, the tourists’ adaption to the new normal, while it is difficult initially but accepted eventually, will also have strong bearing on their preferences for holidaying too. Both these factors will

lead to changes in the tourism and hospitality industry – type and format of services.

J Ashok Kumar, IAS Secretary, Tourism Government of Goa stated that the notified Tourism Board that is being constituted by the Government of Goa, would be industry driven with stakeholder presence from all related sectors.

Jayant Singh, IRTS, Chairman In Charge, Inland Waterways Authority of India (IWAI) highlighted the IWAI initiatives and stated that it was the mandate of the Inland Waterways Authority

of India as a credible and viable organisation for the development of waterways not only for tourism but other related sectors.

The session on nautical tourism’s primary focus was on being mindful to the ecology and inclusive to local communities.

Establishing designated infrastructure for the pleasure craft docking facilities in Goa would go a long way in protecting the ecology from haphazard and unsupervised operations of the sector along with generating revenue and employing local manpower

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CORPORATE CITIZEN / DANIEL ALBUQUERQUE

Critical Appraisal of International Commercial Arbitration

The author critically examines the International Commercial Arbitration that he has been pursuing in this 2021 calendar year. He dwells on the conflict of laws among companies belonging to different countries, questions their basic motive to agree for arbitration and finally, his concern is about the ethical practices of the arbitrators themselves

C

ontinuous improvement is better than delayed perfection’, said Mark Twain, the well-known American writer who was also an entrepreneur of repute.

At the fag-end of the year 2021, we would profit if we would review critically the Alternative Dispute Resolution that we have been pursuing as International Commercial Arbitration by several agencies. There are three essential points that stick out as the unaddressed critical points in the system. First, the companies being international, there is always a clash of laws among different countries of commercial engagement. Second, there is a very big question mark concerning the motive behind the companies to resort to arbitration. Third, irrespective of the claims by arbitration agencies about the competence and moral soundness, the companies have expressed and litigated about the ethical standards of the arbitrators.

The conflict of laws in international commercial arbitration We have discussed the United Nations Commission on International Trade Law (UNCITRAL). Here is a sample where a judgment under its Model and Rules has created total chaos and confusion against the Indian ADR laws and regulations.

The contentious case is as follows: Bhatia International versus Bulk Trading S. A. & Others, decided on 13 March 2002, (popularly known as Bhatia Case). The Supreme Court held that the Arbitration and Conciliation Act, 1996 has interim as well as curative jurisdiction over the interim relief and remedy over foreign seated award. How to find legal remedy internationally if the arbitration relief and award are uncertain? Further, its outcome will be of impossibility to settle any dispute in such jurisdictional bewilderment and perplexity. However, to their defence, the courts have demonstrated that if the parties to the arbitration agreement expressly decide the seat of arbitration, then the Indian courts would not interfere. Problems continued to pester with express and presumed situations.

Critique: The laws of a country are valid only within their jurisdiction, which in so far as its exercise is concerned is

confined to its dominion; beyond its border only in so far as the concerned countries or a block of such countries mutually agree to apply certain rules and regulations with agreements, pacts, treaties and the like. The UNCITRAL Model Laws and Rules are agreed on by the members of the United Nations.

However, many countries have either not made or amended their laws accordingly.

The Bhatia case exhibited this glaring anomaly as it clashed with the Arbitration and Conciliation Act, 1996. This damaged the reputation of India as one of the legally advanced countries of the world. For the courts of countries around the world routinely cite the rulings of Indian courts. The Supreme Court of India later took serious cognisance of it in Bharat Aluminium Co. versus Kaiser Aluminium Technical, decided on 6 September, 2012 (popularly known as BALCO Case).The Apex Court held that the Arbitration and Conciliation Act 1996 does not clash with the UNCITRAL Model Law concerning interim as well as curative jurisdiction over the interim relief and remedy over foreign seated award. But the damage was done.

Suspect Motives Singapore International Arbitration Centre (SIAC) is one of the top most popular destinations for commercial dispute resolution. There came across this case: The dispute arose concerning the arbitral award between two companies, CDM and CDP partnered for offshore oil rig who had arbitral contract with SIAC. The appellant (CDM) and the defendant (CDP). The appellant approached the High Court and finally the Supreme Court of Singapore. To begin with the appellant had pleaded that the arbitral award by SIAC was unfair and partial one. Hence the suit under Article 34(2) of the UNCITRAL Model Law. The appellant challenged the arbitral award in the High Court with the plea that the Arbitral Tribunal had overshot its jurisdiction. But the challenge was dismissed. It was challenged in the Apex Court praying that the company suffered a miscarriage of natural justice. Having diligently applied its mind, the Court held: a) the appellant failed to establish

The columnist is a writer with Oxford University Press and a published author. Email: albuquerque.daniel@gmail.com 42 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

that the Tribunal had acted in excess to its jurisdiction; b) there came nothing in the way of in breach of natural justice.

The Court dismissed the appeal and dealt with order for costs.

Critique: The experts hailed the judgement. The media opined the ‘Trojan Horse’ strategy by the appellant company whose intention was to hide behind the UNCITRAL Article 34 for its own gain was exposed. Further, it has been found that many companies use the arbitration route to either chance their luck or to gain time to litigate in the future. The arbitration proceedings and rulings are under the cover of confidentiality. A company with ill motives would prefer to hide behind the smoke-screen of secrecy and discretion as long as it serves its purpose.

Ethics of the Arbitrators ‘Justice that law gives is a punishment’, said Mahatma Gandhi who suffered injustice all his life. Yet,we don’t give up.

When confronted by disputes we still approach a system of justice wherein we repose our faith in a process of integrity and honesty of the judge or the arbitrator.

The following case is directed against the number one arbitration institution in the world, the London Court of International Arbitration (LCIA.) Case: It concerns Article 10, LCIA: Revocation of Arbitrator’s Appointment.

The dispute arose out of a joint venture framework agreement and a shareholders’ agreement, both governed by the English law. The agreements included LCIA with London as its seat and English as the language of conducting arbitration.

The decision making bench consisted of three-member Division of the LCIA. But the decision of the tribunal was challenged on the grounds of LCIA Rule 10 whereby the claimant had charged the tribunal of leaking an email (10.2), accused the arbitrators of not being on the job, thus delaying decision (10.3) and finally the confidentiality was breached (10.4).

A three-member Division of LCIA deliberated the challenge. The following were its findings: a) the tribunal sought certain information from its secretary per email. This although may not tantamount

UNCOMPLICATE BUSINESS / SUNIL DIAS

What is your role in the Family Business?

The writer highlights different roles that one plays in a family business; and importance of open communication

F

amily businesses are the dominant form of business ownership and management. Many have endured across generations. Samsung, BMW, Ford, Henkel, Roche, Dell, and Walmart are a sample of the many family-owned conglomerates which have been around for some time. In India, family-owned companies comprise close to 65% of the stock market capitalisation. These data points may indicate that running a family business is easy and lucrative. It isn’t. There are many more failures than successes. And every succession by the next generation increases the chances of failure. What differentiates the successful ones? The successful ones have separate ownership and management structures.

The ones where every family member isn’t also a business manager have been successful. This article looks at the roles available and suggests ways to succeed in those roles.

What does a role in the family business mean? The most common role aspired to is that of a CEO. The person running the show. But that’s not the only role available. There are ‘family owners not involved in running the business’ roles. There are ‘family owner employees’ and ‘family non-owner employees’ roles.

There are ‘family council’ roles. Each of these roles are important. The capabilities required to perform each type of role are different.

What next if an inheritor thinks they have what it takes to become CEO? What’s the best way to make that happen? One way that has seen a lot of success is earning stripes in an adjacent area or space. A space where the family isn’t too involved. That gives space and independence. Harsh Mariwalla belonged to a business family trading edible oil. Nobody focused on retailing the product despite higher margins.

Harsh focused on creating brand ‘Parachute’ which started doing very

well. Family members started listening to him. It allowed him to design and put in place a new governance structure. A structure where each part of the family got independence to run their part of the business. And then Harsh bought over the stake in his part of his business from his cousins and uncles. Marico was created and soon went public. He created and expanded a non-existent part of the business and then carved it out and made it his own. Siddharth Lal did it with Eicher Motors. He adopted a loss-making segment of the company. A segment that was about to be shut down. He turned it around and this division makes around 80% of Eicher’s turnover.

If an inheritor doesn’t want to manage the family business, what role should they play? There are different ways. The most common is representation on the board or the family council. Often, family members can contribute significantly to these positions. In the late 1990s, there were 8 members of the Burman family who were part of the company management.

Based on a consultant intervention, all 8 resigned overnight. They retained their Board positions. But there wasn’t a single member who remained in an executive role. This was about 20 years back. And it has worked like a charm since then. The professional management has taken the company to much greater heights. Dabur

has grown about 100-fold in the period since the family gave up management control. And many of the independent businesses started by the family members have flourished. Asian Paints is another example of the benefits of separating ownership and management. In some cases, families are unwilling to give their children preference in running the business. As the Spanish supermarket magnate Juan Roig says about succession, “My daughters have the same opportunities as Mercadona’s 61,000 employees to run the business – because property is inherited, not a job.”

Non-active ownership is also an option. Peter Buffet is a musician. He’s and Emmy Award winner and a New York Times bestselling author. He’s not involved in any way in an executive or oversight role in his father, Warren Buffet’s, business. David Ellison is an actor and producer. He has produced, among others, Top Gun, Mission Impossible and Baywatch. He is Larry Ellison’s son. There are examples closer home as well. Kumar Mangalam Birla’s son is a full-time cricketer. Non-active ownership should not be looked down upon. Especially in older family businesses, it should be encouraged. There are a limited number of roles in running a business, a company board, or a family council. Each role requires time, effort and a certain skillset.

It isn’t necessary that every family member plays an active role.

Whichever role family members choose, there is an important rule to keep peace at home and in the business. And that rule is to keep communicating. It is difficult enough running a business.

Add family dynamics to that, and things can often become too hot to handle.

Open communication minimises misunderstandings. And prevents issues from festering. Open communication will enable each member to figure out their role in the business

The author runs iv-advisors, a consulting firm helping businesses become bigger and better. Email:sunildias@iv-advisors.com

to influence the decision of the tribunal, yet the arbitration parties may justifiably express their reservations; b) the charge that one of the arbitrators was delaying the proceedings does not hold since it is a party to the arbitration, in spite of the repeated notices went unheeded, hence the charge of delay does not apply; c) the breach of confidentiality.

First, the challenge was justified with regard to the sharing of the email with the secretary, although impartially taken into account the secretary is an integral part of working or operation of the arbitration panel, the fact that it evoked an impression of breach by the arbitration party, was partially accepted. Second, concerning the undue delay, it was found

out by checking the facts that even after several notices and adjustments, the challenger was in the wrong for all the effort made went unheeded.

Critique: Irrespective of the excellent image of the arbitration organisation, the same was sullied due to the negligence in email exchange and the breach of Continued On page 44

NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 43

INVEST RIGHT / MAHESH PAI

Sensex at 60,000 points...

Book profits or invest more?

The writer explains whether one should book their profits or invest more according to their end-goals

W

hen the pandemic hit the country, the Sensex fell to 27,500 points from 41,900 points. It was very difficult for anybody to predict what the future was holding for us, what with many people losing their income, but expenses remaining constant. After exhausting their money from their savings, the last option was to withdraw their investments.

Many people had a huge part of their investments in the equity market that kept going lower and lower, they had lost their profits along with their invested capital, too. It was a dreadful situation; but as months passed by, the situation improved. People started getting their life together, companies started generating profits again and slowly the Sensex and Nifty started rising. The BSE benchmark took just 245 days to scale the journey from 50,000 points to 60,000 points in a covid economy. On 24th September when Sensex hit 60,000 points many investors started calling to ask whether they should book the profits or should they invest more at this level. This was not the first time I received such calls. I often experience this when there is a steep rise or a steep fall. I call this situation a dilemma. When there are two opposite choices and both appear to be right (or both wrong) it puts us into a dilemma and whenever we are in a dilemma we must get back to our principles, as only sound principles can guide us correctly.

Principles are constant and are valid in all geographies. They work all times.

Question: Sensex at 60,000; Should I book profits now and cash out?

Suppose I answer yes. They sell their stocks now and book good profits. The markets undergo a correction and Sensex starts moving down, and then these people will be happy that they did the right thing in booking profits and if the market falls over the weekend then they will be very happy, pat themselves on their back and slight pat on my back for advising them. But if

they had encashed as I had said, and then the market continued its rise and goes up even by 1000 points in the next fortnight, these people will be unhappy that they encashed (even after getting good profits) and mentally calculate their loses and feel bad that they did not hold on for some more time.

Suppose I had answered: No do not encash now, hold on. If the markets continue rising, they will feel glad that they did not sell their stocks, but still stay apprehensive that anytime markets can undergo correction, so better quit now. On the other hand if the markets turned red, and corrected by just 1000 points in the next fortnight these people will be unhappy that if they had encashed at 60,000 they would have earned better profits, even though they are still with handsome profits (notionally). The real question is ‘what is the correct answer?

Should investors sell the equity in their portfolio? Should they invest further?’

The science of creating wealth is more dependent on one’s psychology and less on numbers and mathematical formulas.

Before investing, one must begin with the end in the mind. Answering the below questions helps to gain clarity whether to stay invested or withdraw?

1) When will you need the money back?

2) How much money will be needed?

3) For what purpose will you require the money?

Plan your exit at the entry point itself. If this is done before then one will not be in any dilemma with Sensex reaching 60000. Money is not a need.

Money is needed to serve a purpose. If one is chasing money, he will never be satisfied, for every time he makes money he will feel it is inadequate. If the same person is pursuing a goal and estimates the money needed to fulfil it, and finds way to make that money, he will enjoy making that money. Investors feel much more pain when they lose `100 than they feel pleasure when they gain `100.

Most of us are actually willing to take more risk to avoid a loss than we are willing to take to achieve a gain.

Let me conclude this article by answering the two questions: 1) Should I book profits, encash my equities?

My answer is: you can decide to do so based on two aspects: a) How far does your goal stretch (need for money for a specific purpose)?

Suppose there are only 3 more years to go, then you better safeguard your profits and move the money towards safer investment avenues. Suppose there are 5 more years to reach, then you can gradually move out of equity towards debts averaging the cost month after month. For example the goal was to fund for daughter’s graduation in a University abroad. She has just entered her SSC, that leaves you with 3 years to get the money ready. b) Have you achieved your target amount for the goal? If you have achieved it, then irrespective of how much time you still have, get out of equity and safeguard the amount in risk free growth instruments.

2) Should I enter the equity market now?

They say it is overheated My answer is: Draw a map of life. Mark all major junctions that require big money.

Classify the goals as ‘not negotiable goals and nice to have goals’. To fund the not negotiable goals, at the minimum level, never take the equity route. Take the risk free growth route. To fund the reasonable level goals, you can go in for equity investments. Try to structure portfolios individually for each of the major goals in life, under a common financial plan for the life. Take good professional help.

Keep reviewing this once in 6 months, irrespective of the market movements.

Follow the principles and escape the dilemma

The writer is an investment consultant and business coach. Email: mahesh@maheshpai.in

Continued from page 43 confidentiality by the arbitrator. In our world of electronic communication, breach of privacy is the worst illegality.

With the privacy intruded, the basic fundamental right is smothered.

Businesses fail, governments fall, wars are waged – all based on lost privacy.

Conclusion: Aesop’s fables portray truth more accurately and pointedly than all the theories. The story about justice reveals the reality of justice sought in a court of law: A swallow nested on the Court of Justice. A snake came and ate her babies. She lamented how she did not get justice where all others did! Frank Herbert (1920-1986), the American

44 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

science fiction writer opined that justice required resort to law which depends on the whims and prejudices of those who administer it.

He made the phrase about justice famous by describing it as a ‘fickle mistress.’ The greatest truth revealed by the justice system is that it presupposes the failure of ethics

fortunemiramargoa

fortunemiramargoa

BEYOND CLASSROOM / DR. PRADEEP SALGAONKAR

Revenge Shopping is here!

The writer explains ‘revenge shopping’ and the objective behind it

A

recent visit by me and my daughter, after a long wait, to ‘Mall De Goa’ at Porvorim and her comments, that probably unwittingly and spontaneously came, looking at the hustle bustle and flurry of people around,“Look at the way the people are dressing, what fashion, what styles”, were thought provoking.

Although she was dressed in branded jeans and a beautiful T-shirt, she was feeling out of place. This, in a way, tries to display the hunger and longing that people have for luxury products, fashion, style, grooming and good outfits, especially in the wake of the pandemic’.

People are on a shopping spree and buying all that what they could not buy during the long lockdowns and fearful stay at home period during the pandemic.

Now that things have eased up a bit, businesses have opened up, numbers of positive cases have fallen drastically, and vaccination drive being successful, people are out on revenge shopping sprees. They are out to avenge and take control of their environment. This is the result of the grief and anger that people have accumulated over the period of the last one and half years, where they could not go out, could not meet others, flaunt their style and looks and hence did not or could not buy products of their choice. They are now displaying their frustration and anger by resorting to ‘revenge shopping’ by buying those products and services which they wanted to but could not buy. The noopportunity situation or non-spending for more than 18 months has resulted in a pent-up demand, especially for luxury, style and fashion products, resulting in a high amount of spending. According to a consumer sentiment survey by Redseer, a management-consulting firm, 80% consumers are looking to spend on fashion categories. Therefore, people are coming out and spending money unaccountably and insanely just to get a feel of the fact that they can control themselves and their environment and that they are defeating, taking a revenge on the pandemic condition.

Revenge Shopping Revenge shopping refers to overindulgence in buying products by customers who have missed shopping of their favourite products and/or at their favourite outlets, coupled with the related experiences and joy of shopping, all due

People are on a shopping spree and buying all that what they could not buy during the long lockdowns to the pandemic. It is a thought of making up for the lost time. In other words, it is a way to find ‘oneself ’ – to be the earlier self, once again. Moreover, some people may resort to revenge shopping just as a way to show off, a psychological gratification.

Through revenge shopping, customers are looking to make up for inactive lockdown time, lost events and parties, gatherings and socialising, flaunting-it opportunities. Shopping, otherwise a joyous activity is driven here by a kind of mania, anger, and even some kind of grief. They are seeking some experience, some excitement and an outlet that feels frivolous and happening because life had been out of gear for some time, and it is an opportunity to go out and experience again, what was lost. Elizabeth CurridHalkett, author of the book ‘The Sum of Small Things: A Theory of the Aspirational Class’ opines that “We are looking for things that make us feel like us again, that make life feel joyful again – and consumption is a straightforward way to do that.” Spending and shopping thus is a certain way for people to feel like ‘themselves’ again, especially for those who are driven by the zeal to stay updated with the new fashion trends and luxury.

Research shows that people indulge in shopping when they are upset, angry or sad. They develop strong emotions and many times resort to shopping as one of the easy means to overcome these emotions. This is referred to as catharsis, which is a process of ‘venting out’, where an individual releases and lets out all strong and repressed emotions, through a particular activity or experience, which gives a sense of relief, and in a way that helps to understand and control those emotions. It is the experience of expressing strong emotions that previously were blocked. Every negative thought in the mind of a person, has its own way of channelling it out to get some level of relief, and venting out these suppressed emotions is one of the ways of achieving a stress-free state or happiness. In addition, revenge shopping is achieving precisely that objective.

Emotions and feelings are integral part of life people and their expressions indicate an overall mood of them at any given point of time. It is a way of connecting and interacting with other people and objects around them in their surroundings. Shopping is associated closely to mood and behaviour of an individual. People go out to shop routinely or on occasions, during festivals or celebrations – to buy gifts, to buy products for themselves for keeping up-to-date with changing fashion and upcoming trends etc – and this elevates their mood.

Shopping is a momentary pleasure activity. It gives happiness and satisfaction immediately. When people feel sad or angry, they feel the need to elevate their mood. Materialistic shopping is a type of shopping where one feels happy by purchasing luxurious products. It gives them a sense of well-being, comfort and control.

Research shows that customers who shop when they are angry are more likely to be happy with their purchase and have overall better mood and happiness.

Researchers DePaoliet.al. from the University of Miami and North-Western University report that “angry shoppers are more likely to stick to their product goals, which can actually lead them to make better decisions, easier decisions, and more satisfying decisions.” They further reported, “Angry consumers were less likely to delay making a choice, were less likely to compromise, and were more satisfied with their choices”. And that’s what revenge shoppers are precisely doing today.

Revenge shopping is good news to retailers as it may be a lifeline to them after a long period of lull. As customers are spending their accumulated savings in lockdown and doing it boundlessly, they are buying whatever interesting comes their way, throwing around their money and spoiling themselves. This is great news for brick-and-mortar stores, as it means more people are influenced by revenge shopping taking the retail sector from doom to boom. More and more customers are getting into ‘indulgence consumption’ and this phenomenon is here to stay for a while. Therefore, retailers had better be ready to meet the pent-up demand of these revenge shoppers coming to your store

The writer is Founder Director, Saldots Academy; corporate trainer and facilitator; past chairman of Goa Management Association. Email: pradeepsalgaonkar@gmail.com 46 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

THE FAMILY MAN / DR VIVEK MENDONSA

Challenges of new generation in a family business

The writer lists out various challenges faced by the new generation in a family business and shares solutions to each of them

C

hallenges are said to be the spice of life. There is no fun in achieving the simple, especially if you are a talented and ambitious individual, which I am sure you are, if you are reading this.

I would like to start this piece with an issue that may appear totally unrelated to the topic, but, as you will see on reading further, it would merge beautifully with the topic.

The question I have is, why is ‘Dad’s Day’ celebrated with lesser enthusiasm (in general, of course), than ‘Mum’s Day’?

You could definitely offer different reasons for the same, and I am sure they would all be valid reasons, but my take on this is that it is because dads are slogging it in at the office / shop / factory, most of the time, and are rarely home, as they are working hard for their families.

Mums definitely work, and work harder; but most mums are mainly around the home most of the time, and hence have more time to spend with their children unless they are working and have a career, too.

In the world of the family business as well, this applies to a large extent.

And with the type of businesses that are in vogue nowadays, it takes most of them just around 6, 7 or 8 years to reach a valuation of billions of dollars (mind you, it is not turnover, and it is definitely not profits, but valuation of which we are speaking).

For a traditional family business which has been in existence for about two or three generations, the youngsters of today are more drawn towards the type of startups they read about on ‘ InShorts’ or view in some videos forwarded by friends.

Now, I am going to list the challenges that the new generation faces in attempting to cope with the older generation of family business. Some of the challenges are: a) Mindset and area of business b) Methodology of running the business c) Borrowing money to run the business d) Marketing methodology of promoting the business e) To sell the business or not and start something new or not a) Mindset and area of business: Many youngsters today feel that the kind of

‘old’ and ‘traditional businesses’ started by their grandfather or father is actually useless to continue running today, as they feel it has no future. In some cases, they may be right, especially if the business offering is an almost obsolete product or service. But there is another side of the argument – the business obviously worked, it produced good results, it clothed and fed the family, and that is why the family is in such a financially strong position today.

The Solution: Let the youngsters start their own enterprise; after a few months or a year’s work experience with the family business or if they wish to, outside, with a limited capital from dad’s personal savings, but not from money taken out of the ‘traditional business.’ b) Methodology of running the business: Fathers want their sons and daughters to be a carbon copy of themselves, but being ‘digitally sharper’ in appearance.

Sorry, this is not possible because each person is unique – remember the words of Rabindranath Tagore, who wisely said: “Children are born from us but we don’t own them.” The children may have different talents, abilities, and interests, and it would be good to encourage them to follow their own path; of course, while guiding them all the way. The dads most probably have an old Skybag or VIP briefcase, which they have been carrying for the last 25-35 years – they want a joint cabin with all other Directors. They have their faithful staff who can produce any paper, file and document, and, in general, they are more loved than the younger generation.

The Solution: Do not renovate the full office, but create a space for the youngsters, a new section, or better still, offer them an adjoining office. Nice bright open windows, white clear paint on the walls, and make the environment lively. Do not forget your blue jeans and you could maybe opt for Friday dressing (and not just on Fridays). c) Borrowing money to run the business: The older generation do not prefer to borrow money from the bank, moneylender, or even from family or

friends. As far as possible, this is the right idea. Live within your means. Let the business generate its own income and profit for growth and expansion. The new generation prefers to ‘bootstrap’ – to borrow money even before day one from family and friends. Angel Funding, Venture Capital Funding, etc., are terms which they are comfortable with.

The Solution: Let the next generation try out their ideas, whether they fail or succeed, they will learn, one way or the other. Nevertheless, let them know the importance of taking responsibility. d) Marketing methodology of promoting the business: Fathers and the older generations would want the ‘product’ to speak for itself. It should be excellent in quality, and then the subsequent wordof-mouth publicity will get you the sales.

The new generation wants quick results.

They believe more in the power of digital advertising. For them catalogues and brochures are untouchable and outdated.

The Solution: Let both forms of marketing run in parallel. Develop a methodology to see who brings in what type of income and sales with their preferred choice.

Keep measuring this for over at least two years before taking a decision. e) To sell the business or not and start something new or not: The younger generation does not like the old ‘fuddyduddy’ type of businesses. They like the new-age businesses that save the environment and ‘Save the World’.

The Solution: Let them start a vertical of their own. Let the traditional, oldfashioned, and fuddy-duddy business as well as the new entity run separately.

Do not discourage youngsters. Be open to new ideas and new thinking. Who knows? Anyone could be right!

In short, the old has to learn to absorb ideas from the new, and the new should respect the old and realise that what they are today, is a result of their previous generations succeeding by running the family business in the way they knew best. Both need to synergise, combine forces, and move on ahead together in these challenging times

The author is Director, Marketing of Lawrence and Mayo, a family owned business. He is a passionate entrepreneurial enthusiast and mentors various early stage businesses and mature family businesses. Email: vivekm@lawrenceandmayo.co.in NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 47

SANTOSH KENKRE / WISE WORDS

Make ‘working capital’ work for you

The writer points out to different problems arising from bad management of working capital; and provides suggestions to get around this problem

M

oney is the lifeblood of any business.

Term loans are availed occasionally.

However, working capital is relevant 365 days a year, for life. I had the good fortune of observing multiple types of businesses over 37 years of my Chartered Accountancy practice and during 10 years of my stint at EDC as Chairman/ Vice Chairman and Director. Based on this, I can say that working capital does not get the necessary attention from businesspersons as deserved. Huge debtors, piled up stocks plague many businesses. These two choke up businesses and some even perish! Working capital components considered below are chiefly inventories (stocks), debtors, advances, temporary deposits, etc.

Problems created by bad working capital management: 1. Huge Stocks creates problems as follows: Block space, more possibility of spoilage/ obsolescence / fire / pilferage, cooling equipment and power cost – all these may result in reckless use of materials, more staff to monitor stocks, security, more interest and insurance costs, squeeze on liquidity, higher cost of stock management/control. Higher the stocks of finished goods, you are forced to sell at a discount, etc.

2. High Debtors: Cost of interest, older the debtors more the possibility of bad debts, banks do not finance old debtors, which results in pressure on liquidity.

3. Drop in Efficiency: Less working capital means less money to pay to staff resulting in low morale; less money to pay creditors (who may prefer not to sell you more or may charge interest) neglect of upkeep and maintenance of premises resulting in despondency.

35 years back a Delhi industrialist told me that merely a glance at the premises of a business could reveal if the business is in profit. Well-maintained premises are generally in profit and vice versa. Further, poorly maintained equipment and ill paid staff will increase cost and decrease quality, resulting in loss of business and aggravate problems of working capital.

It becomes a vicious cycle. A small businessperson, upon facing working capital problems tries to do many things by himself, thereby reducing his quality and competitiveness.

4. Interest: The biggest problem, of course, is the 8th wonder of the world, which is interest! The interest clock does not pause on a Sunday or at night. Huge stocks and debtors have escalated interest cost and hastened the eventual collapse of many businesses.

Suggestion on working capital management: 1. Stocks: 1.1 Study carefully and cut down stocks to a minimum level say 1 or 2 months of annual requirement (stocks of raw materials, consumables, packing, maintenance, etc.) Work on your procurement logistics.

1.2 Work-in-progress/process can be minimised by innovative production efficiencies. I am witness to a doubling of production in Goa, by a big manufacturing company, merely by shifting from batch production to line production.

1.3 Finished goods stocks: Anticipating demand, soliciting advance information about possible orders can help. Marketing matters most. I had read a book on Walmart 15 years back, wherein their software predicted demand (based on past information) for each item at each store, and automatically generated and sent orders and procured goods.

1.4 Once in a month, do a surprise check of ‘A’ items in stock, by counting actual quantity and comparing with quantity as per stock records. This step by the boss will keep all stock related staff on toes and reduce stock level, pilferage and cost of materials.

1.5 Stock loss report: Make it compulsory that each connected staff should report to the boss, any type of abnormal loss (pilferage, breakage, misuse, consumption, spoilage) within one hour.

Many such losses are generally swept below the carpet.

1.6 Bring in simple/basic quantitative controls by way of monthly reporting.

This is of extreme importance, but most companies shy from doing it.

1.7 Insure your goods sufficiently. I have seen that mostly this is not done.

2. Debtors: 2.1 Even a mother does not give milk until the infant cries. You have to request/

coax/pester your debtors so that they pay early. Remember that your debtors have multiple bills to pay, so they will pay the most demanding creditors, first.

Polite, weekly reminders are necessary.

Do not hurt debtors unreasonably, by demanding money recklessly.

2.2 If you appear to be happy to receive money from debtors say after 3 months, then the debtor is a fool to pay you before 3 months. So do not create an impression that you are happy/cool/complacent. Be persistent. Do not be a banker to your debtors.

2.3 I have seen top companies print on their sales invoice the discount structure e.g. If paid with 1 month: 2% discount and other such offers. It may be sensible to consider offering discounts, at least to chronic debtors who pay late.

2.4 Try to take advances from customers.

To this, the buyer may say payment on delivery. This too will help.

2.5 Master skill would be to have minimum debtors (with minimum discount being offered) and maximum creditors (without any interest payable).

I know, it is easier said than done.

2.6 However, in case you get discounts on bulk purchases, do avail of it after considering the limitations as above of overstocking. A balanced approach is the ideal way.

2.7 If a debtor does not pay in 3 months, possibility of non-payment (fully or partly) can escalate dramatically, so do a vigorous follow-up after 2 months.

2.8 Needless to say, your terms to a customer should be competitive.

3. Advances/deposits given: See that there are no overdue amounts.

Recover dues quickly. Avoid paying advances.

4. General suggestions on working capital management: 4.1 First thing in the morning, you should review figures as below: a) Stock level: In rupees and in quantities of ‘A’ items. b) Debtors Outstanding: Outstanding for more than 1 month, 2 months and 3 months. c) Sales: Yesterday, last week and last month (with corresponding budgeted figures)

The columnist is a senior chartered accountant. He is Chairman of Indo-American Chamber of Commerce, Goa and Director of EDC, Goa. Email: srkgoa@gmail.com 48 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

CABBAGES AND QUEEN / NANDINI VAIDYANATHAN

CEO on a hot tin roof!

The writer speaks on the importance of brinkmanship and innovation

I

find it appalling how management has taken it for granted that everybody lies on their resume. This tacit acceptance is as bad as condoning murder. The unintended consequence of this absence of faith in the resume has resulted in the CEO second guessing everything that the leadership team does in their respective functions and domains.

I have seen this angst leading to frustration in the entire team, including the CEO who is looking for results yesterday. Let us say, the day he hires a Product Manager is the day the countdown has begun for the product to hit the market!

Is that unreasonable? Yes and no.

Yes, because every product takes time to be built. Can go-to-market cycles be shortened? Yes, but not by cutting corners.

For instance, in the olden days, when you built a house, the curing process took three months. Moreover, if you reduced this period, there was a threat of your house collapsing like a pack of cards!

However, today, the curing process has reduced its required time by half, simply by developing materials that aid this process.

Therefore, the CEO is not unreasonable after all. He does not want to hear two things: one that it is not possible to reduce timelines that Rome was not built in a day! Two, that the CEO has to wait for the result in due course!

As domain experts, it is their responsibility to live and breathe innovation so that product development cost can be reduced. Imagine how you

I find it strange that organisations set aside teams, budgets and timelines for innovation. I believe it should be woven into the fabric of the organisation; it should be as natural as breathing in and breathing out can turn the tables on your CEO just by a sheer act of brinkmanship!

Suppose you were to tell your CEO: I cannot get the product ready in 3 months.

All fangs are out now. You listen to the tirade and smugly say, I still maintain we cannot do it in 3 months. However, we can do it in 45 days!

Your CEO stops short of asking you, what you have been smoking! And at that point you tell him, no I’m not asking for more people, but I have discovered a tool which will significantly reduce the time!

No CEO, however realistic it is, wants to hear that he should have patience and wait for tomorrow. My boss used to famously say there is no tomorrow without today. And if today you are clueless about brinkmanship, chances are you will be equally clueless about sanctity of deadlines.

It is not the CEO’s responsibility to encourage you to demonstrate your

expertise. Remember, he hired you, in the first place. That is demonstration of his faith in your resume. It is now up to you to justify to him how your resume is not a string of cosmetic lies but factual.

I find it strange that organisations set aside teams, budgets and timelines for innovation. I believe it should be woven into the fabric of the organisation; it should be as natural as breathing in and breathing out.

Not laboured on a ventilator. I come back to what I started with, that I am appalled that everyone in the corporate world has accepted that everybody lies on the resume. It means the organisation itself is built on a foundation of lies! It means the organisation sold a bunch of lies to its customer. And it means the brand promise is just another goodlooking lie!

Whose responsibility is it now to be the broom that sweeps clean?

The columnist has commenced her fourth professional avatar with her bakery and restaurant business in Jaipur (www.concoctions.fr) with her French Michelin-star chef life partner. Email: nandini@carmaconnect.in

d) Balance of cash credit (as per your books) e) Production: Yesterday, last week and last month (with corresponding budgeted figures) f) Recovery figure from debtors: Yesterday 4.2 Recapitalize: I have observed in many instances that a business continues to struggle because of inadequate working capital. In most such cases, increase in owner’s capital is badly needed. However, the owner somehow carries on but his health suffers. On the other hand, the same owner has some properties/assets, which he clings to. I strongly suggest that in such cases, the

owner should sell one of the property/ asset and inject the money in his business. This will encourage the banker to lend more and the business can revive and thrive. My humble submission is if a property/asset can help the business (and his health), what sense does it make to retain it, unless it is earmarked for a certain purpose. A sold property can be re-bought but health/life cannot be.

To conclude, I shall narrate a true incident related to a professionally managed listed manufacturing company in Goa that happened a few decades back.

I have witnessed it – The company CEO used to say that accounts is ‘donkey work’.

Later, the company CA (finance manager)

resigned and joined a Mumbai company.

For a few months, no CA was there.

Meanwhile, this CEO offered reckless discounts to foreign buyers without having the exact idea of the cost of production. The company ended the year in loss, with raw materials cost touching a staggering 87% of sales! The moral of the story is, kindly seek help of financial experts. A stitch in time saves nine.

Also, rely on authentic data prepared by a good accounts team. One of the biggest contributors to a healthy business and to profit is sound working capital management. Even if you implement above suggestions fractionally, your business can reach a higher level

NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 49

BON APPÉTIT

www.businessgoa.in

GRAND HYATT GOA

Sushi and More Pop-Up at Asian Wok A Japanese Dining Experience at Grand Hyatt Goa

T

he Asian Wok at Grand Hyatt Goa has collaborated with Sushi and More, India’s popular Japanese food delivery and takeaway restaurant.

Founded by Harry Hakuei Kosato in 2011, Sushi and More serves high quality, healthy vegetarian and non-vegetarian Japanese food.

The pop-up at the Asian Wok restaurant will feature a diverse selection of sushi,that include favourites and classics such as Crunchy Avocado Hosomaki, Philadelphia Uramaki, Seared Tuna Hosomaki, Spider and Dragon Rolls, Spicy Aburi Salmon Uramaki, Dim Sums and more.

The Asian Wok at Grand Hyatt Goa

A collaboration between Grand Hyatt Goa and Sushi and More, this pop-up

50 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

Japanese dining experience will be live all through November and December, offering an authentic sushi experience from the country’s most loved sushicrafters.

The key offerings of Sushi and More will not only be limited to Asian Wok, but will also be part of the weekly Wicked Liquid Sunday Brunch and also available as a home delivery option.

Sushi and More serves simple, fresh, authentic and healthy Japanese sushi dishes and salads, carefully designed for the Indian

palette.

The Sushi and More pop-up at Asian

@businessgoa

Charlize Viljoen and Jaco Le Roux

Aakash Timblo, Minal Bhandary, Radhika Timblo, Nikhil Sen, Ambar Timblo

Joe and Odette Mascarenhas

Greet, Gafa and Anje Britz

Mini and Troy Ribeiro

Llwellyn

Mariketty

Yellow Mehra

Diana Braganza

Anjali

Sunny Ansted

Wok will be also be using Kikkoman soy sauce as part of the food preparation.

Kikkoman soy sauce is an all-purpose, naturally brewed versatile soy sauce, which can be used for cooking Asian, Western and Indian food.

Prapanch and Preetam

Paul

Ayesha Barretto

Sophia

Walter Pereira

Katya

Vandana

Indo-Portuguese palace spread across 28 acres of lush landscape and serene tropical gardens that roll down to the bay.

Set beside the calm waters of Bambolim Bay, this contemporary palace features 313 grand rooms and magnificent suites, most of which offer panoramic sea views and magical sunsets from their large balconies.

Grand Hyatt Goa has been honoured with some of the most prestigious awards in the hotel and hospitality sector

About Grand Hyatt Goa Grand Hyatt Goa is conveniently located seven kilometres (4.3 miles) from Panaji.

The hotel is an enchanting destination resort and spa inspired by a 17th-century Harry Kosato

NOVEMBER 2021 | BUSINESS GOA INDUSTRY DOSSIER | 51

GOA BUZZ

@businessgoamagazine

EP Kamat Group celebrates 30 years of excellence and sustainability With a mission to focus on water conservation and recycling, EP Kamat Group organised a special event on the occasion of their 30th anniversary, making a difference to water conservation.

The event was attended by the top industrialists, water and sanitation experts. The Chief Guest for the function and Chief Minister of Goa, Dr. Pramod Sawant, stated, “I understand that EP Kamat Group emphasises their focus on environment. I would like to congratulate E.P. Kamat Group for taking such a major leap towards sustainability and sanitisation.” “It is through our products that we see the potential to bring a change in our surroundings by contributing to a clean, green, and safe planet. This is the motto that we live by at E.P. Kamat Group for a better and a sustainable future,” said Rajkumar Kamat, Managing Director of the EP Kamat Group. “I appreciate the steps taken by E.P. Kamat Group towards harnessing the utilisation of our water resources,” said Rajendra Singh, the ‘Waterman of India’ who was also present at the occasion. Environment Minister Nilesh Cabral reiterated the need for serious actions on waste water treatment front

Rajkumar Kamat

Nilesh Cabral

Narayan Bandekar

Dr Jagat Shah

Amit Kumar

Anil Counto

Nilesh Salkar

Leena Kamat

Shalini Kamat

Mudit Agarwal

Ralph de Sousa Dr Rajendrasingh Rana

Andre Shackleton

Manguirish Pai Raiker

Auduth Timblo

Atul Jadhav

Nimisha and Ashma Kamat

Nitin Kunkolienker

Ganesh Shetgaonkar

Shreyas Nadkarni

Sandeep Nadkarni

Rita Mody Joshi

Arman Bankley

Ameet Sukhtankar

Rohan Warty

Jayesh Raikar

Mangesh Nabar

Hemant Kalangutkar

Joseph D’Souza

Dr Pramod Sawant

Dattaram Chimulkar Dalesh Kossambe

52 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

NEWSMAKERS Akbar Ladak is the new executive Vice President at Globe Teleservices

Akbar Ladak has been appointed as the new Executive Vice President, Middle East and Africa, at Globe Teleservices.

Post completion of his BE in Telecommunications from University of Mumbai, he studied Master of Science (Mobile Communication) from King’s College London. Akbar has also completed ADP (General Management Program) from London Business School. Akbar was earlier working as Chief Executive Officer and country head with Smart East Africa.

He recently upgraded an existing GSM service provider license to a Universal Service License, resulting in a savings of $10M USD. In another project, Akbar negotiated and managed a portfolio valued at $8M USDM in tower sales and improved the asset valuation by 20% through long term rent credit. He chaired the first joint Operator Shared Fiber infrastructure in Democratic Republic of Congo

Heta Pandit authors new book Grinding Stories Retold

Heta Pandit has written a new book titled Grinding Stories Retold, a collection of songs which are unique compositions by local women. She travelled to remote places in Goa to document these stories, songs or ‘oviyos’ as they are called – art and poems on nature. She has translated these compositions from the Marathi/ Konkani dialect into English. The book also has a QR code for one to listen to these songs on You Tube. Heta Pandit began her career as a writer and researcher on heritage as Jt. Hon. Secretary, Indian Heritage Society, Bombay.

She co-founded the Goa Heritage Action Group in 2000 and is a published author of 10 books. Heta is considered an expert on Goan architecture. She also translates Goan literature from Marathi into English to enable this genre to reach a wider audience. She is currently working on a translation of Pournima Kerkar’s book Vismrutichya Umbarthyavar, on the heritage domestic objects and spaces of Goa

I D Shukla appointed Goa’s new DG Police

Indra Dev Shukla has been appointed as Goa’s new Director General of Police (DGP). Shukla, an officer from the 1995 batch in the AGMUT cadre, is a native of Allahabad, Uttar Pradesh.

Shukla, who will join the State police from Central deputation, was first posted in Goa in 1988 as Deputy Superintendent of Police (wireless), which was a central government post. He was later taken into an executive post by then Chief Minister Pratapsingh Rane. Shukla served in Goa Police till 2001-2002, before being transferred to serve states and union territories under AGMUT 54 | BUSINESS GOA INDUSTRY DOSSIER | NOVEMBER 2021

@businessgoa

Nitin V Raiker is the new Director of Fire and Emergency services

Deputy Director (Fire) South Zone Nitin V Raiker, has been given charge as Director of Fire & Emergency Services following the superannuation of the former Director, Ashok Menon. A resident of Cumbharjua, Raiker has vast experience in handling fire fighting and emergency incidents across Goa. Raiker has graduated with Distinction (Gold Medal) at the Divisional Officer’s Course and was awarded Advanced Diploma in Fire Engineer from the National Fire Service College, Nagpur.

He is also a BSc graduate, LLB and MA (Sociology). He is the only officer from the Goa Fire Service to have secured a Gold Medal for the Divisional Officer’s Course. Raiker has completed his training in Urban Search and Rescue and Medical First Responder Course by Fire Service College, Moreton-In-Marsh, London. He was also awarded a ‘Fellow Membership’ from the institution of Fire Engineers (London) in 2015

Dr. Rajiv Nigam awarded the International Cushman award

Dr. Rajiv Nigam was awarded with the 2022 Joseph A. Cushman Award for Excellence in Foraminiferal Research.

Dr. Nigam is the first Indian citizen to be selected for the prestigious award.

He has been chosen for his outstanding lifetime contributions to the field of foraminifera (microfossil) research. A scientist, Dr. Nigam is the former Chief Scientist, CSIR-National Institute of Oceanography, Goa. Dr. Nigam will receive the award at the Cushman Reception during the 2022 Geological Society of America meeting in Denver, Colorado, USA, from October 9-12-2022. The Joseph A. Cushman Award was established by USA based Cushman Foundation for foraminiferal research in 1979

149 1. Singer Kishore Kumar and cricketer Farokh Engineer endorsed which hair cream?

2. In which city in the United States was Amazon Go launched on January 22, 2018?

3.Who served Starbucks as chief executive from 1986 to 2000, and again from 2008 to 2017?

4.Which company was founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal as a platform to buy and sell used cars?

5.Tata Global Beverages worked with Janaagraha on a voter registration drive as part of which campaign?

6. Thierry Delaporte is the CEO of which tech major?

7. What is the courier delivery company owned by Flipkart branded as?

8. Which group built the historical ships HMS Minden, HMS Cornwallis, and HMS Trincomalee?

9. Identify this business leader Answers to BG Quiz 148: 1.Vodafone Group 2.Dabur 3. JumboKing 4.Force Motors 5. Kokuyo 6. Peter Casy 7. Hawkins 8. Jaquar Group 9. Sanjay Kirloskar Email your answers to businessgoa.media@gmail.com First all correct entry will get 1 year’s subscription to Business Goa

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SUPRIYA RANE

Owner & MD of La-Cabana Beach Resort & Spa. Goa

Registered with Registrar of Newspapers of India under RNI No.: GOAENG/2015/59955 Date of Publication: 10th day of every month. Posted on or before 30th day of the month. POSTAL LICENSE No.: G-2/RNP/Monthly/Goa-19/2021-23