Kunal Bahl says change important for companies to stay relevant, cites Facebook’s example to emphasise on need for innovation

Kunal Bahl, CEO of Snapdeal, was part of a panel a few days ago at a suburban Mumbai hotel for an event. Sporting a dark blue blazer, light blue shirt and dark blue jeans with black socks and shoes, the e-commerce platform boss shared how times have changed in the past five years.

"The skills required to run a company five years ago are very different from the skills we need today. In companies and industries that have been around much longer….change has to happen there as well. The smartest companies figure that out. And, some won't figure it out. That does apply to traditional industry, it also applies to the world of startups. That is why the mortality rate is so high. Not only for early stage startups but also for later stage companies, where they go through their own trials and tribulations. And figure out how they can change, how they operate businesses, how they recruit the talent which has the skills," he explained.

The entrepreneur shared how in 2011-12, Facebook became one of the drivers of e-commerce in India. "If they didn't upskill themselves and know how to leverage Facebook as a channel of amplification, they would probably be irrelevant right now. While this applies at the individual level, it also applies at the company level. If a company did not build these skill sets, they would be irrelevant. I am very optimistic from the consumption point of view. The best is yet to come," he added.