Business is a cocktail of vision, belief, and execution. A balanced mixture of these three ingredients churns out a perfect blend of a successful business. Mr Pratik Gauri, the president of 5th Element Group, who is also known as the pioneer of 5th industrial revolution, recently joined NewsX’s special series, NewsX India A-List and shared his insights on business leadership.
Speaking about the 5th industrial revolution, Mr Pratik said, “The 5th industrial revolution is all about using the advancements of the 4th industrial revolution such as Artificial Intelligence, 3-D printing, IoT for the betterment of humanity. The 5th industrial revolution is all about working at the intersection of purpose and profit. It means that, even as a fortune 500 company, if you have a purpose, you can maximise profit. If the company is consumer-centric, it gives the company a purpose and subsequently increased profits. Through this revolution, we also aim at using the language of the United Nation Sustainable Development Goals, the 17 global goals, in our process. The 5th Industrial Revolution agenda is to shift from a for-profit paradigm to a for-benefit paradigm.”
Pratik Gauri wears multiple hats, including that of an entrepreneur and an investor, to achieve his goal. Talking about how he is using it to achieve his vision, he said, “I have founded more than eight companies and have invested in many. I also indulge in public speaking and motivate people from the age of 19 to 30 years to take the initial steps for becoming an entrepreneur in the space of the for-benefit paradigm. At 5th Element Group, we are creating what we call Omni-win solutions. We bring four sectors – Fortune 500 companies, the government, ultra-high net worth individuals and family offices, and social entrepreneurs – that helps us create these Omni-win solutions. “
The model uses the resources of a Fortune 500 company to bring the vision to life, the government’s backing to achieve a national scale, using the social entrepreneurs to get intel on the impact scale, and the high net-worth individual for the capital. This model helps in creating omni-win solutions (everybody wins). Pratik gave the example of such a model in progress. He told NewsX, “Mission Paani by Harpic is one such project. We brought the fortune 500 company Reckitt Benckiser, and not-for-profit organisation ‘Water for People’ as execution partners and together took them to World Economic Forum. This initiative will impact millions of people in India by giving them access to clean drinking water, starting from Maharashtra.”
Covid-19 impacted businesses, both big and small, in one way or the other. However, the situation was different for Mr Pratik. “On the personal side, Covid impacted everybody adversely. Although, it has also been a blessing in disguise for the professional work. What I have been trying to promote for decades has amplified due to the pandemic. This is because the consumer has now started believing in the power of health, power of consumer-centric, purpose-driven brands, and they realize that purpose is more important than profit,” he expressed. Talking about the three aspects of capital – Financial, Relational, and Human – Pratik further explained how his capital and his message had found a wider reach than before.
Pratik’s latest project that he is particularly proud of is a charitable sweepstakes platform called ‘Win Together’. It involves micro-donors by allowing them to become a part of these solutions, and the incentives like getting a chance to win a Tesla Cyber truck are given to people. Such projects will impact consumers through SDGs on a big scale in the coming years. Wrapping up the talk with few golden tips for budding entrepreneurs, Pratik said, “One big piece of advice for young entrepreneurs is to trust the process and never lose hope. If you trust the process, big things will happen; it takes time. It is also essential to believe in yourself as much as possible, as people will not believe you until you believe in yourself.”