In this enlightening conversation, Nikhil Kamath engages with Kiran Mazumdar Shaw, the founder of Biocon, exploring her journey in the biotech industry, her personal life, and her perspectives on entrepreneurship.
The discussion provides a deep dive into the world of biotech, the challenges and triumphs of entrepreneurship, and the power of resilience.
Building Biocon
Starting Biocon at the age of 25 with limited resources, Shaw faced numerous challenges, including a lack of business experience and understanding of biotech.
However, she managed to build Biocon brick by brick, overcoming these obstacles with her determination and entrepreneurial spirit.
Brewing Science and Biotech
Shaw’s understanding of brewing and fermentation science has played a significant role in her career.
Her appreciation for beer and wine, coupled with her father’s suggestion to pursue brewing, led her to explore biotechnology, which she describes as the oldest form of biotechnology known to man.
Maintaining Entrepreneurial Spirit
Maintaining the entrepreneurial spirit is crucial, even in the face of professionalization.
When Unilever sold the company to ICI in 1998, Shaw refused to go with the decision and bought back the business, demonstrating her determination to maintain control over the company she founded.
Impact of Partnerships
Partnerships can play a transformative role in a company’s growth.
Shaw’s partnership with Unilever introduced her to global standards in financial reporting, good manufacturing practices, compliance, regulatory aspects, and intellectual property, helping her professionalize Biocon.
Importance of a Strong Team
Having a strong team and delegating responsibilities is crucial for rapid growth.
Shaw emphasizes the importance of sharing equity while maintaining the maximum equity share to drive the company in the desired direction.
Trailblazing in Biotech
Kiran Mazumdar Shaw’s journey in the biotech industry spans over 40 years, marked by her relentless drive and passion.
Despite the challenges, she has emerged as a testament to women entrepreneurship in India, transforming the biotech industry with her innovative approach.
Recognizing and Responding to Failure
Recognizing failure and responding promptly is crucial in entrepreneurship.
Shaw believes that entrepreneurs should not procrastinate when they see warning signs of failure.
This lesson was highlighted in her discussion about Vijay Mallya’s downfall with Kingfisher Airlines.
Resilience and Risk-Taking
Despite facing initial setbacks and gender bias, Shaw’s resilience and willingness to take risks have been instrumental in her success.
Her journey in the biotech industry began with an accidental encounter with a biotech entrepreneur from Ireland, demonstrating the power of resilience and passion for science.
One message I have for all entrepreneurs is focus on getting good people and the right leadership team to share your journey. – Kiran Mazumdar Shaw
Learning from Mistakes
Shaw’s entrepreneurial journey has been marked by learning from mistakes and shaping knowledge.
She acknowledges that some of her decisions were impulsive or opportunistic, highlighting the importance of strategic thinking in entrepreneurship.
Fostering Entrepreneurship
Shaw believes in fostering entrepreneurship and takes pride in the fact that Biocon has created at least 100 entrepreneurs.
She continues to support and partner with these entrepreneurs in their new ventures, demonstrating her commitment to the growth and development of the entrepreneurial ecosystem.
Influence of Personal Life
Personal life can significantly influence professional decisions and growth.
Shaw’s marriage to John in 1998 brought a lot of professionalism into her thinking, contributing to Biocon’s significant scaling between the early 80s and 98.
Views on Vijay Mallya
Shaw’s views on Vijay Mallya provide insights into the complexities of entrepreneurship.
She describes him as a smart and generous man who built the Kingfisher brand into a global one, but believes his downfall began when he hastily went international and bought Deccan Airways.
I think it’s about not being in denial and to recognize failure when you start seeing warning signs. I think all of us procrastinate the decision to pull the plug. – Kiran Mazumdar Shaw
