Rajiv Bajaj and Piyush Pandey on the difference between established brands and startups

Bajaj Auto's Managing Director Rajiv Bajaj cautioned startups against falling into the trap of “burning strategy” like most “upstarts". “Upstarts are those who don't have a 'build strategy'. They have a 'burn strategy',” Bajaj said.

Speaking at the CNBC-TV18 Leadership Summit, Bajaj spotlighted the differences between startups, upstarts and champions, highlighting how new-age entrepreneurs should focus on building brands, products, and technology.

He added, startups and champions are actually the same, emphasising that established companies are essentially startups with a proven track record.

"The only difference between a company like Wipro and Bajaj or a so-called startup is that we are startups with a story because we've been around for long enough to have built a story," Bajaj said.

He elaborated on the difference with a line by legendary adman and long-time friend and mentor, Piyush Pandey, who once shared this quote in the context of startups and established brands: "Farak bohot hai aapke aur humaare taalim mein, aapne ustaado se seekha hai aur humne haalaato se."

Read more: What SRK and Piyush Pandey taught Rajiv Bajaj: Five lessons for leadership