Philanthropist and former chairman of the Tata Group, Ratan Tata in an exclusive interview to CNBC-TV18 , said that this is the perfect time for investors to start looking for opportunities.
The statement comes at a time when the entire world is reeling under the impact of the coronavirus pandemic. Chips for most businesses are down and major brands are downsizing due to an unprecedented dip in demand.
"The situation could bring about a new way of being innovative," he added. "In enterprises, this situation can be an invigorator," Tata told CNBC-TV18.
Commenting on the extraordinary nature of the situation facing businesses as well as consumers, he said, "None of us have been able to compare this with any calamity we have experienced before. It's a totally different experience and one which is difficult to relate to."
"Consumer behaviour is about willingness to be do things a different way. When I was a younger member of the organisation, brainstorming was exciting. Brainstorming could be done to beat competition, reduce costs," he added.
The Tata Group patriarch had written a note on Monday advising entrepreneurs to adapt and create to tide over the pandemic that has brought economic activity to a juddering halt.
"It can all start on a clean sheet of paper that looks at ways of doing things that were never thought of before. This crisis will force entrepreneurs to adapt and create," he wrote on Instagram on Monday.
Tata, a popular public figure, hoped that entrepreneurs will find ways to run their operations better as a result of the disruption caused by the pandemic.
The billionaire and philanthropist, known to have a soft spot for emerging startups, recently invested an undisclosed amount in a 18-year-old entrepreneur's pharma start-up Generic Aadhaar in his personal capacity.
The Tata Trust chairman has so far invested in over a dozen startups – including Ola, PayTM, Snapdeal, CureFit, Urban Ladder and Avanti Finance -- since he retired from the group in December 2012.