Branding Tata Motors' small car Nano as the cheapest car was a mistake and was one of the reasons for the model not taking off as expected, Ratan Tata, chairman emeritus of Tata Sons, said on Wednesday.
Tata , who was in Chennai to participate in the 11th convocation of the Great Lakes Institute of Management, also took some questions from the students.
Answering a question on the Nano car, Tata said the mistake was branding the model as the cheapest car instead of affordable car.
He said people did not want to be associated with a cheap car.
Tata urged the graduates to focus on those things that make a difference to people and always ask themselves whether what they are doing is right.
Later speaking to reporters on the sidelines of the function, Tata, the former chairman of the Tata Group reiterated the same point on the Nano's branding strategy.
He said the small car was designed by people with an average age of 25-26 and was a success beyond expectations.
However, he said the one year delay in the car launch allowed rumours to float around about the car.
Tata who is investing in start-ups said he was looking at those outfits that would help the common man.
Stating that it is important to nurture start-ups and support them Tata also urged the entrepreneurs to be a long term player and build an institution than cashing out early.
According to Tata, he is keen on investing in health and connectivity sectors.He said there is an opportunity in e-commerce and etailing in India which are expected to change the face of merchandising and marketing in the country.