Interview with Prakalp Mattha Jain: Empowering Small Businesses for a Prosperous India
Q: What do you do, and how did you grow in this field?
A: I am Prakalp Mattha Jain, a MSME (Micro, Small, and Medium Enterprises) Mentor. I started my career as a banker with the State Bank of India, where I served as an Assistant Vice President. During my time there, I gained insights into the challenges and potential of the SME sector in India. Recognizing the vast opportunities for growth, I decided to venture into consulting. In 2017, I founded EffoLogic Consultants Pvt Ltd, aiming to assist small and mid-sized businesses in India. Since then, we’ve helped over 500 MSMEs raise over 1,000 crores in debt, making us a leading MSME consulting company in Central India, based in Indore.
Q: What are your other interests?
A: Apart from business consulting, I am passionate about improving financial literacy and promoting inclusive growth in India. We have organized more than 50 programs to create awareness about various development schemes, government programs, self-employment initiatives, and women entrepreneurship programs. These initiatives have reached over 5,000 young and aspiring entrepreneurs.
Q: Can you share your thoughts about your field and innovation for society?
A: Through EffoLogic, I am dedicated to making a positive impact on small businesses in India. My goal is to enhance their productivity, help them raise funds, and contribute to the nation’s economic growth. We focus on project finance, working capital, infrastructure, and real estate finance, assisting businesses from their initial setup to successful scaling. Our efforts in the MSME segment have resulted in the creation of over 10,000 direct and indirect employment opportunities.
Q: Prakalp, you co-founded Effologic, a renowned organization. Can you tell us about the inspiration behind its inception?
A: Certainly! Effologic was born out of a shared vision to empower businesses through innovative solutions. As a co-founder, my aim has always been to foster an ecosystem that nurtures entrepreneurship and contributes to economic growth.
Q: Congratulations on being selected as one of the ’40 Under 40′ influential youth of Madhya Pradesh by Patrika Media Group in 2022. How has this recognition impacted your journey?
A: Thank you! It was truly an honor. This recognition fueled my commitment to making a positive impact in the entrepreneurial landscape. It also opened doors to exciting opportunities and collaborations that have further enriched my journey.
Q: You were invited as a Speaker at IIM Amritsar for the ICMM 2023. Can you share your experience and the key topics you discussed regarding MSME empowerment?
A: Speaking at IIM Amritsar for the ICMM 2023 was a remarkable experience. I delved into the crucial role of MSMEs in our economy, emphasizing empowerment strategies. The interaction with bright minds and industry experts was both enriching and inspiring.
Q: You’ve been invited by prestigious institutions like The Institute of Company Secretaries of India and The Institute of Chartered Accountants of India to address young professionals. Can you share a bit about these experiences?
A: Addressing young professionals at these esteemed institutions was an opportunity to share insights about emerging trends in the consulting and financing domains. It’s crucial to guide the next generation toward a dynamic and evolving business landscape.
Q: In your personal interest, you’re involved in writing blogs and articles about financial literacy. Could you tell us more about this passion and its impact?
A: I am deeply passionate about promoting financial literacy. Writing for leading newspapers, magazines, and platforms like TaxGuru allows me to contribute to a broader discourse on financial awareness. It’s my way of empowering individuals to make informed financial decisions.
Q: In your tenure with SBI, you handled prestigious infrastructure and PPP projects. Can you provide a brief overview of your experience in managing projects worth over 10,000 crores?
A: During my tenure at SBI, I had the privilege of managing significant infrastructure and PPP projects, including Hyderabad Metro Rail and Bangalore Metro Rail. Handling projects across manufacturing, power generation, and real estate sectors, each valued at over 10,000 crores, provided invaluable experience in navigating complex financial landscapes.
Q: How did your background in banking contribute to your role as an MSME mentor?
A: My experience in banking, especially with the State Bank of India, provided me with a deep understanding of the financial landscape and the specific challenges faced by small businesses. This knowledge has been invaluable in guiding MSMEs through the complexities of fund raising and financial management.
Q: What inspired you to transition from banking to entrepreneurship and consulting?
A: The realization of the immense potential within the Indian MSME sector inspired me to transition from banking to entrepreneurship. I saw an opportunity to contribute to the growth of small businesses, and in 2017, I founded EffoLogic to provide tailored consulting services for MSMEs.
Q: Can you share a success story or a memorable experience from your consulting journey?
A: One of the most satisfying experiences has been helping over 500 MSMEs raise more than 1,000 crores in debt. Witnessing these businesses grow and succeed, creating employment opportunities and contributing to the nation’s economy, is a testament to the impact that strategic consulting can have on small enterprises.
Q: How do you balance your professional life with your hobbies?
A: Balancing my professional life with hobbies like playing cricket, reading, and traveling is crucial for maintaining a healthy lifestyle. These activities not only provide relaxation but also contribute to my overall well-being, enhancing my ability to bring fresh perspectives to my consulting work.
Q: What message or advice would you give to aspiring entrepreneurs in the MSME sector?
A: My advice to aspiring entrepreneurs in the MSME sector is to be resilient, stay informed about financial matters, and seek professional guidance when needed. Building a strong foundation, both financially and strategically, is key to navigating the challenges and achieving long-term success in the dynamic business landscape.
Prakalp Mattha Jain’s journey from banking to entrepreneurship reflects a commitment to empowering small businesses for the betterment of India’s economic landscape. His focus on financial literacy and inclusive growth demonstrates a holistic approach to business consulting, making a meaningful impact on the MSME sector.
Q: How do you envision the future of EffoLogic and its impact on the MSME sector?
A: The future of EffoLogic involves a continued commitment to empowering MSMEs in India. We aim to expand our reach and influence, reaching more businesses across regions. By leveraging technology and innovative approaches, we strive to make our consulting services even more accessible, ensuring that every small business has the opportunity to thrive and contribute to the nation’s economic prosperity.
Q: In your efforts to improve financial literacy, what specific programs or initiatives have you found most effective?
A: Our financial literacy programs have been diverse, covering various aspects of financial management and entrepreneurship. Interactive workshops, webinars, and mentorship sessions have proven to be effective. Additionally, our collaboration with local communities and educational institutions has allowed us to create a grassroots impact, reaching individuals who may not have easy access to traditional financial education.
Q: As a resident of Indore, often recognized as the cleanest city in India, how do you contribute to the local community beyond your professional endeavors?
A: Being a resident of Indore, I feel a deep connection to the community. EffoLogic actively engages in community service initiatives, supporting local causes and participating in cleanliness drives. We believe that a clean and healthy environment is essential for the holistic development of a community, and we strive to contribute to Indore’s reputation as a clean and vibrant city.
Q: How do you stay updated on the evolving landscape of MSMEs and the financial sector to provide the best advice to your clients?
A: Staying updated in the dynamic world of MSMEs and finance is a continuous process. I actively participate in industry forums, attend relevant conferences, and prioritize ongoing education. This ensures that EffoLogic remains at the forefront of industry trends, enabling us to provide our clients with the most informed and strategic advice.
Q: Can you share a lesson you’ve learned from a challenge you faced in your entrepreneurial journey?
A: One significant lesson learned is the importance of adaptability. The business landscape is ever-changing, and challenges are inevitable. Being adaptable allows us to navigate uncertainties, find innovative solutions, and emerge stronger. This lesson has shaped not only how we operate at EffoLogic but also how we guide MSMEs through their own challenges.
Q: In your advocacy for inclusive growth, how do you address the unique needs and challenges faced by women entrepreneurs in the MSME sector?
A: In promoting inclusive growth, we specifically tailor programs to address the unique needs of women entrepreneurs. We organize workshops focusing on women’s empowerment, provide mentorship opportunities, and facilitate access to resources. By recognizing and addressing the challenges faced by women in the MSME sector, we aim to create a more equitable and diverse entrepreneurial landscape.
Q: What role do you see technology playing in the future of MSMEs, and how does EffoLogic incorporate technological advancements into its consulting approach?
A: Technology is a game-changer for MSMEs, providing opportunities for efficiency and growth. EffoLogic is actively integrating technological advancements into our consulting approach. This includes leveraging digital platforms for financial analysis, facilitating online training sessions, and exploring innovative funding solutions. By embracing technology, we aim to empower MSMEs with the tools they need to thrive in the digital age.
Prakalp Mattha Jain’s holistic approach to business consulting, community engagement, and advocacy for inclusive growth exemplifies a commitment to creating a positive impact on both the entrepreneurial landscape and society at large. His journey serves as an inspiration for aspiring entrepreneurs and reinforces the importance of strategic, inclusive, and tech-savvy approaches in fostering the growth of MSMEs in India.
Q: How do you foster a culture of innovation and entrepreneurship within EffoLogic, and what impact do you foresee these values having on the MSMEs you work with?
A: Fostering a culture of innovation and entrepreneurship within EffoLogic is essential for staying ahead in the ever-evolving business landscape. We encourage our team to think creatively, explore new solutions, and embrace a mindset of continuous improvement. By nurturing an innovative culture internally, we aim to bring fresh perspectives and cutting-edge strategies to our MSME clients. This, in turn, empowers them to adapt to market changes, identify new opportunities, and navigate challenges with resilience.
Q: As someone who enjoys playing cricket, how do you see the principles of teamwork and strategy in the sport translating to the business world, especially in the context of your consulting endeavors?
A: Cricket is a team sport that requires collaboration, strategy, and adaptability. Similarly, in the business world, effective teamwork and strategic planning are paramount. My experiences on the cricket field have taught me the importance of working together towards a common goal, a principle that I apply in the consulting endeavors of EffoLogic. Success in both cricket and business often hinges on the ability to strategize, communicate effectively, and adapt to changing conditions.
Q: Can you share a vision or long-term goal for EffoLogic and its impact on the MSME sector in India?
A: The long-term goal for EffoLogic is to become a catalyst for transformative change in the MSME sector across India. We envision expanding our reach to support a more extensive network of businesses, enabling them to thrive, create employment opportunities, and contribute significantly to the nation’s economy. Through our continued efforts, we aim to be at the forefront of empowering MSMEs, making a lasting impact on their growth trajectory and overall success.
Q: What advice would you give to young professionals aspiring to enter the field of MSME consulting or entrepreneurship?
A: For young professionals aspiring to enter MSME consulting or entrepreneurship, my advice is to be passionate, stay curious, and embrace challenges as opportunities for growth. Continuous learning and adaptability are key in this dynamic field. Build a strong network, seek mentorship, and never underestimate the power of perseverance. Remember that every setback is a stepping stone towards success, and the journey is as important as the destination.
Q: In your role as an MSME mentor, can you share a memorable experience of witnessing a business you’ve mentored achieve significant success?
A: One memorable experience was witnessing a small business we mentored not only overcome financial challenges but also expand its operations and create employment opportunities. Seeing the positive ripple effect of our guidance on the business, its employees, and the local community reinforced the profound impact that effective MSME mentoring can have on multiple levels.
Prakalp Mattha Jain’s dedication to innovation, community engagement, and fostering entrepreneurship underscores the transformative potential of strategic consulting for MSMEs. His passion for inclusive growth and commitment to continuous learning set a compelling example for young professionals aspiring to make a positive impact in the dynamic world of small business consulting.
Q: How do you navigate the complexities of the financial landscape to ensure that the MSMEs you work with make informed decisions?
A: Navigating the complexities of the financial landscape requires a deep understanding of the ever-changing economic environment. At EffoLogic, we stay vigilant about market trends, regulatory changes, and financial innovations. We aim to empower MSMEs with comprehensive financial insights, ensuring they make informed decisions that align with their growth objectives. By providing tailored financial strategies and fostering financial literacy, we enable our clients to navigate challenges and seize opportunities in the dynamic business environment.
Q: As someone passionate about creating awareness for development schemes and government programs, how do you ensure that your initiatives effectively reach and benefit those who need them the most?
A: Effectively reaching and benefiting the intended audience involves strategic planning and community engagement. We leverage a multi-pronged approach, including organizing targeted workshops, collaborating with local authorities, and utilizing digital platforms to disseminate information widely. By understanding the unique needs of different communities, we tailor our initiatives to ensure maximum impact. The goal is to empower individuals with knowledge about development schemes, government programs, and self-employment initiatives, thereby fostering economic growth at the grassroots level.
Q: With over 50 programs organized for creating awareness, what feedback or success stories have stood out to you the most?
A: The most impactful feedback comes from individuals whose lives have been positively transformed by the information and opportunities provided through our awareness programs. Success stories of young entrepreneurs who have successfully navigated government schemes or launched their ventures stand out the most. Witnessing tangible results, such as job creation and economic empowerment, reinforces the importance of our commitment to financial literacy and inclusive growth.
Q: In your view, how can the MSME sector contribute significantly to India’s goal of becoming a 5 trillion-dollar economy?
A: The MSME sector is a critical driver for achieving India’s ambitious economic goals. By facilitating the growth of MSMEs, we can enhance job creation, boost manufacturing, and stimulate innovation. EffoLogic contributes to this vision by assisting MSMEs in accessing funds, implementing sound financial practices, and expanding their operations. A thriving MSME sector is integral to India’s journey towards a 5 trillion-dollar economy, as it forms the backbone of economic development and inclusive prosperity.
Q: As a practitioner in the field of SME finance, how do you stay ahead of industry trends, and how do you incorporate these trends into your consulting strategies?
A: Staying ahead of industry trends in SME finance involves constant learning and proactive engagement with the financial landscape. EffoLogic prioritizes ongoing professional development, participation in industry conferences, and collaborations with financial experts. By staying informed about emerging trends, we can tailor our consulting strategies to address evolving challenges and leverage new opportunities, ensuring that our clients receive the most relevant and effective guidance.
Q: How do you ensure that your consulting strategies align with the unique needs and challenges faced by MSMEs in Central India
A: Understanding the unique needs and challenges of MSMEs in Central India is paramount to our consulting approach. EffoLogic maintains close ties with the local business community, actively participates in regional events, and conducts thorough assessments of the economic landscape. By adopting a region-specific approach, we tailor our strategies to address the distinct characteristics of Central India’s MSMEs, ensuring our guidance is not only effective but also culturally and economically relevant.
Prakalp Mattha Jain’s holistic approach to financial consulting, community empowerment, and inclusive growth exemplifies a commitment to transforming the MSME sector in India. His strategic initiatives and dedication to staying at the forefront of industry trends showcase the dynamic and forward-thinking mindset required to navigate the complexities of the financial landscape and foster economic prosperity at both local and national levels.
Q: In your role as an MSME mentor, how do you encourage businesses to embrace sustainable and responsible practices?
A: Encouraging businesses to embrace sustainable and responsible practices is integral to fostering long-term success. As an MSME mentor, I emphasize the importance of environmental and social responsibility. We guide businesses on implementing sustainable practices, reducing their environmental footprint, and incorporating social impact initiatives. By promoting ethical and sustainable business practices, we not only contribute to the well-being of the community and the environment but also enhance the overall resilience and reputation of the businesses we mentor.
Q: How has your education in areas such as Company Secretaryship and Project Finance influenced your consulting approach for MSMEs?
A: My diverse educational background in Company Secretaryship and Project Finance has provided a comprehensive foundation for understanding the intricacies of business governance and financial management. This knowledge plays a crucial role in shaping our consulting approach at EffoLogic. Whether it’s ensuring regulatory compliance for MSMEs or devising strategic financial plans, my educational background equips me to provide holistic guidance that addresses both legal and financial aspects, enhancing the overall effectiveness of our consulting services.
Q: As someone deeply involved in the MSME sector, how do you see the role of technology evolving in the coming years, and how does EffoLogic adapt to these changes?
A: The role of technology in the MSME sector is poised for significant growth. EffoLogic recognizes the transformative power of technology and actively incorporates digital solutions into our consulting services. This includes leveraging fintech platforms for streamlined financial processes, utilizing data analytics for informed decision-making, and embracing online platforms for training and awareness programs. By staying abreast of technological advancements, we ensure that our clients are well-positioned to thrive in an increasingly digital business environment.
Q: Can you share a piece of advice for MSMEs looking to navigate the post-pandemic economic landscape successfully?
A: Navigating the post-pandemic economic landscape requires resilience and adaptability. My advice to MSMEs is to reassess and strengthen their business models, prioritize financial stability, and leverage available government schemes and support programs. Embrace digitalization for operational efficiency, stay connected with the community, and consider sustainable practices. By approaching challenges with a strategic mindset and seeking expert guidance, MSMEs can not only survive but also thrive in the evolving economic landscape.
Q: In your advocacy for women entrepreneurship programs, what specific challenges do you aim to address, and how do you empower women entrepreneurs through your initiatives?
A: Women entrepreneurs often face unique challenges, including limited access to resources and gender-based biases. Our initiatives focus on addressing these challenges by providing targeted training programs, mentorship opportunities, and facilitating access to funding. By creating a supportive ecosystem and raising awareness about women entrepreneurship, we aim to empower women to overcome barriers, pursue their business goals, and contribute meaningfully to the MSME sector.
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Q: Can you share a personal motto or principle that guides your professional life and your approach to mentoring MSMEs?
A: A personal motto that guides my professional life is “Empower to Prosper.” This encapsulates my belief that by empowering MSMEs with the knowledge, resources, and strategies they need, we contribute to their prosperity and, in turn, the prosperity of the larger community and nation. This motto reflects the core philosophy that underlies both my role as an MSME mentor and the mission of EffoLogic.
Prakalp Mattha Jain’s dedication to sustainable practices, embracing technology, and advocating for inclusivity in the MSME sector highlights the multi-faceted approach needed for comprehensive business consulting. His diverse educational background and commitment to empowering businesses, particularly women entrepreneurs, showcase the depth of his impact on the entrepreneurial landscape in India.
Q: As a professional with a notable net worth, how do you leverage your financial success to contribute to philanthropic causes or community development initiatives?
A: Financial success comes with a responsibility to give back to society. I am committed to philanthropy and community development initiatives. EffoLogic actively supports local community projects, contributes to charitable causes, and initiates programs that uplift the less privileged. By leveraging our financial success, we aim to create a positive and lasting impact on the communities we serve, aligning with our vision of holistic growth and prosperity.
Q: In your journey as an entrepreneur and MSME mentor, can you share a moment or decision that significantly shaped your professional trajectory?
A: One pivotal moment in my journey was the decision to establish EffoLogic and transition from a successful banking career to entrepreneurship. It was a calculated risk driven by a deep conviction in the potential of MSMEs to drive economic growth. This decision has not only shaped my professional trajectory but has allowed me to contribute meaningfully to the growth of small businesses, a decision I continue to be proud of.
Q: With a background in project finance, how do you guide MSMEs in effectively managing and scaling their projects from conception to completion?
A: Project finance is a critical aspect of MSME growth. EffoLogic guides MSMEs in effective project management by offering insights into financial planning, risk assessment, and resource allocation. From project conception to completion, we provide strategic advice, helping businesses navigate challenges, secure funding, and ensure the successful execution of their initiatives. This approach is integral to our mission of not only assisting MSMEs in raising funds but also ensuring the sustainable growth of their projects.
Q: How do you see the role of MSMEs evolving in the global economic landscape, and how does EffoLogic prepare businesses for international opportunities?
A: The role of MSMEs in the global economic landscape is evolving, with increased recognition of their contribution to innovation and employment. EffoLogic prepares businesses for international opportunities by providing insights into global market trends, facilitating partnerships, and guiding them through the complexities of international trade. We believe that MSMEs, when equipped with the right strategies and support, can play a significant role in the global marketplace, contributing to economic diversity and resilience.
Q: As someone with a passion for reading, can you share a book that has significantly influenced your approach to business or mentoring?
A: One book that has significantly influenced my approach is “Thinking, Fast and Slow” by Daniel Kahneman. The book explores the cognitive processes that shape decision-making. Understanding the psychology behind decision-making has been instrumental in shaping my approach to mentoring, especially in guiding MSMEs through strategic and financial decision points.
Q: How do you foster a culture of continuous learning within EffoLogic, and what advice do you have for professionals seeking growth in the ever-evolving business landscape?
A: Fostering a culture of continuous learning within EffoLogic involves promoting a mindset of curiosity and adaptability. We encourage our team to pursue professional development opportunities, attend relevant workshops, and stay informed about industry trends. For professionals seeking growth, my advice is to embrace change, invest in ongoing learning, and actively seek mentorship. The ability to adapt and continuously acquire new skills is essential in navigating the complexities of the ever-evolving business landscape.
Prakalp Mattha Jain’s commitment to philanthropy, strategic decision-making, and his emphasis on continuous learning underscores the depth of his impact as an entrepreneur and MSME mentor. His journey serves as an inspiration for aspiring professionals, highlighting the importance of combining financial success with a sense of social responsibility and a dedication to lifelong learning.
