After digital ecosystems, Start up India beckons Jignesh Shah
by Jignesh Shah Jignesh Shah: An Idol of perseveranceGearing up for his second innings, embattled entrepreneur Jignesh Shah
feels there is a great opportunity in setting up digital ecosystems for helping
social sector enterprises raise funds and for products aimed at promoting water
conservation.
“There is an urgent need to further these causes, but my idea is to do
them in such a manner that it is commercially viable for all stakeholders
rather than making them look like charity work or something that has been
forcefully imposed. Given the conducive political environment in place today, I
want to help create these ecosystems as a mentor,” Shah said.
The comments assume significance in the wake of water conservation being
one of the top priorities for the Modi government, while it has also proposed
an idea of setting up ‘social stock exchanges’ to help social sector
organizations raise funds.
The 52-year-old businessman, who began his entrepreneurial journey in
his 20s and went on to set up 10 exchanges across six continents in a span of
10 years, had to exit all exchange-related businesses under regulatory orders
in the aftermath of a Rs 5,600-crore default at one of his smallest ventures,
National Spot Exchange Ltd (NSEL), in 2013.
Shah has said in his newsapper interviews that time has come to start
his second innings as court orders are absolving him of all the charges one
after another as no agency could prove even a single paisa of wrongdoing on his
part, nor on the part of his companies.
While one of his flagship exchanges, MCX (Multi-Commodity Exchange), had
become the world’s second-largest commodity bourse under his leadership and all
other group exchanges were also doing well before his exit, Shah said he does
not want to bask in his past glory and the time is no longer right for a
business model focused on exchanges.
Shah also said he is very keen on getting start-up ecosystems executed
by roping in “right young minds”, while himself playing the role of “a catalyst
and an enabler”.
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Created on Jan 16th 2020 01:04. Viewed 299 times.