Mys has potential to become the Silicon Valley of India: Murthy

Mysuru: With Mysuru being one of the cleanest and most beautiful cities in the country, it has the potential to become the Silicon Valley of India, said NR Narayana Murthy, founder and chairman emeritus, Infosys on Monday.Speaking to reporters after inaugurating the Centre of Excellence for Entrepreneurs and Family Business at Myra School of Business, he said that nearly 35-45 per cent of the employees working in IT sector come from outside Karnataka and creating necessary infrastructure like quality educational institutions, creating job opportunities for spouses and international-level hotels would help Mysuru become the Silicon Valley of India.It has been 23 years since Infosys came to Mysuru and since then I have not seen not many software services companies coming to Mysuru, he bemoaned.Citing the example of the newly opened Bengaluru-Mysuru National Highway, Murthy said that the governments have been doing what needs to be done to provide infrastructure. It was the stakeholders who should come out with ideas of having a corporate structure keeping in mind the cultural and traditional aspects of the city, he said. Speaking after inaugurating the Centre of Excellence for Family Business, the IT leader said that most of the small businesses in India were family businesses. If a business had to obtain society’s respect, succeed on a long-term basis and become bigger and bigger, there was only one important ingredient of governance based on an enduring value system. Stating that many family businesses had split because of not having good governance, Murthy said it was important for businesses to adopt three major factors – fairness in transactions, transparency and accountability – to run successful family businesses or other businesses.Speaking about the importance of the faculty exposure to the industries, Murthy said that the faculty members, who are experts with tremendous knowledge and accomplishments, could be invited on short sabbaticals to study the industries and identify strategic problems.Addressing young entrepreneurs and budding entrepreneurs, he said to succeed as an entrepreneur one needs to have access to a market where the idea can bring in a differentiated value and access to talent. He also advised the young entrepreneurs not to restrict themselves to a particular city, state or country but to think from a global perspective. Murthy also added that our companies need to compete with the global best to grow to succeed.Scion of Mysuru royal family Yaduveer Krishnadatta Chamaraja Wadiyar, maharani amd Bherunda Foundation director Trishika Kumari Wadiyar, NextWealth Entrepreneurs founder and MD Sridhar Mitta, Myra School of Business managing trustee Kantharaj Urs and Myra School of Business dean and board of directors chairman Ramasastry Ambarish were present.