New Delhi [India], October 17 : The emergence of artificial intelligence (AI) tools such as ChatGPT has opened new possibilities even for established businesses like Bharti Enterprises, its Founder and Chairman Sunil Bharti Mittal said, stressing that companies must be prepared to embrace technological changes early to remain competitive.
Speaking during a conversation with Kevin Sneader, President of Asia Pacific (ex-Japan) at Goldman Sachs, at the Goldman Sachs 10,000 Women graduation event, Mittal highlighted how technological disruptions continue to create opportunities for businesses willing to adapt.
"We are seeing very different technology shifts happening. I would say that even ChatGPT has exposed a company like ours to new possibilities," Mittal said.
His remarks underline how emerging technologies such as AI are creating fresh opportunities across industries, including telecommunications, while also requiring businesses to rethink their strategies to stay ahead of technological changes.
Mittal said technology shifts were not new, but companies needed to recognise emerging opportunities and act before competitors.
"You have to pivot, move out and find new areas. At a time when technology was coming through the door, we had to grab those opportunities early, almost at the same time as, if not ahead of, everybody else, and then take the chances necessary to create success," he said.
Drawing from his entrepreneurial journey, Mittal recalled how he moved from manufacturing bicycle components in Ludhiana to introducing push-button telephones in India during the early 1980s, before entering the mobile telecommunications business.
He said identifying opportunities at the right time had been central to Bharti's growth, even when the company lacked the financial strength of larger competitors.
"The lesson is that opportunities keep coming through the door. You have to identify them at the right moment and then run with them," Mittal said.
He also highlighted the importance of raising capital and building investor confidence when pursuing new technologies and business opportunities.
"You need to be convincing enough about your story, your product, service or idea that you can get people to put money on the table," he said.
Looking ahead, Mittal expressed optimism about India's economic prospects, saying the country's young population and entrepreneurial energy would create significant opportunities over the next two decades.
"We will probably see India rise to become the second- or third-largest economy in the world," he said, pointing to the potential of young entrepreneurs to drive the country's future growth.