Stay hungry stay foolish - mastek and its masterminds

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Information about Stay hungry stay foolish - mastek and its masterminds
Business & Mgmt

Published on February 18, 2014

Author: BhavanaRohidekar

Source: slideshare.net

SOFTWARE COWBOYS MASTEK

THE BOOK TELLS US STORIES OF 25 IIMAHMEDABAD GRADUATES WHO CHOOSE TO TREND A PATH OF THEIR OWN MAKING THESE ENTREPRENEURS HAVE BEEN CLASSIFIED INTO: 1) THE BELIEVERS 2) THE OPPORTUNISTS 3) THE ALTERNATE VISION RASHMI BANSAL

Industry Computer Services Founded May 1982 Founder(s) Ashank Desai , Ketan Mehta, Sundar, Wasan Headquarters Mumbai, India, India Key people Ashank Desai (Founder) Ketan Mehta (Founder) R. Sundar (Founder) Sudhakar Ram (Founder, Chairman & MD) Products Insurance Enterprise Platforms: Elixir, ElixirAsia, STG, Vector. Broker back-office: Picador. Services Information technology

MASTEK • Mastek Limited is a multinational information technology services company headquartered in Mumbai, India. • VISION: To create an impact on our client's business through industry focused enterprise products, services and applications. • Mastek stands for Management and Software Technology • It indicates the bridge business and IT. • They focus entirely on enterprise grade business applications in select industries of insurance, government, major programs in diverse sector in the India and Asia Pacific region.

MASTEK – GAINING THE EDGE • Mastek’s business model is characterized by a focus on IP and enterprise solutions, with a presence on verticals where it already has a solid track record and commands a competitive advantage over its peer set. • The company has crystallized its focus on two verticals –Government and Insurance • It builds “software products” • It’s core root is to offer “solutions”. The bug was to build complete solutions for the global market. • Every product is first tested in the domestic market. If successful, take it to the World market. • Company’s core strength lies in systems integration and large projects. This is the positioning adopted by MASTEK.

“ 30 years ago four young friends began a journey to build an institution that would be much, much bigger.. This is the story of that institution built by 4 men (Ashank Desai, Ketan Mehta, R. Sundar and Sudhakar Ram) and over 17,000 of their dearest friends (better known as Mastekeers)”

THE MINDS BEHIND MASTEK ASHANK DESAI KETAN MEHTA SUDHAKAR RAM SUNDAR

HOW IT STARTED • The core group at Mastek was formed on the IIMA campus: Ashank, Ketan Mehta, Sundar and Wasan. • The team planned project based on 'IT' which at that time was a lesser known concept that time. • The company was born in Ghatkopar, Mumbai in the year 1982 with an investment of Rs. 15000. • First contract from Richardson Hindustan (now P&G)

GAINING THE MOMENTUM • The turning point came during the exhibition by Computer Society of India. • Mastek bagged orders from Citibank and Hindustan Lever • Took 10 years for Mastek to enter exports • In 1989-90 the company began working on product called “MAMIS” • It was the first software company to go public post liberalization

MASTEK OVER THE YEARS • Company is established • Becomes one of the first IT / software companies in India. • Sudhakar Ram joins the team • Singapore subsidiary is established • First company to develop ERP in India. • First Indian IT company to issue shares at a premium price in the IT sector. • Mastek USA (now known as MajescoMastek) is founded and established

• First Indian IT company to offer ESOPs (Employee Stock Option Plan) • Malaysia subsidiary is established • Ranked 7th by AsiaMoney in the category of "Overall Best Managed Companies in the Asia Pacific Region” • Among the first to be chosen by Microsoft for .NET beta • Successfully completes the world's largest .NET project – London Congestion Charge • Signs the memorandum of agreement to acquire 15.5 acres of land at Mahindra City in Chennai

• MajescoMastek acquires Vector Technologies • MajescoMastek acquires System Task Group (STG). • Successfully certified on ISO 9001:2008 • MajescoMastek enters Canadian market

Mastek in 2012

HOW THE EMPLOYEES RATE MASTEK

http://myemployer.in/index.php/sect/52service/it/906-mastek-ltd

CHALLENGES FACED • When they started off, for the first years they dint have phone or computer • Business took time to stabilize, like all the other businesses • Problem of cracking oversees market • SAP effectively killed “MAMIS” (a manufacturing ERP developed by MASTEK) • When internet was a new concept, they had to focus on building user-interface for the E-Commerce businesses • Indian software market was small • Faced problems due to the dotcom crash and 9/11. Growth slowed down

ENTREPRENEURSHIP CONCEPTS 1. VENTURE CAPITAL 2. INITIAL PUBLIC OFFERING 3. JOINT VENTURE 4. MORAL SUPPORT AND TEAM BUILDING

ADVICE TO YOUNG ENTREPRENEURS & LEARNINGS

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