In this insightful episode of ELI (Entrepreneur Lounge of India), host Priyaranjan Mohanty sits down with Vikas Nawal, the CEO and Founder of Interspace Communications, a leading media and communication agency in India.Vikas shares his entrepreneurial journey, from his roots in Pilani to building a successful agency competing with multinational giants. He dives deep into the evolution of media spending in India over the last few decades, the impact of technology, the rise of digital and political marketing, and his predictions for the future of the advertising and media industry.Chapters:00:00 Intro00:33 Introduction of Vikas Nawal and his background01:00 Early life and inspiration for entrepreneurship01:45 Journey into the advertising and media industry02:33 The appeal of the advertising industry04:08 Starting with Out-of-Home advertising05:47 Moving to larger agencies and diversified learning06:23 Leadership role at DDB Mudra and the shift to entrepreneurship07:48 Learning financial aspects and business head responsibilities08:10 The right time to take the entrepreneurial plunge09:36 Mindset and motivation for work11:18 Challenging the existing framework in the industry12:10 Funding a business and the importance of mentorship13:21 Building a sustainable business takes time14:10 The easiest thing is to get a million dollars with the right proposition15:17 Clarity on the type of investors and their expectations16:10 The challenge of a zero differentiator business in the media industry16:44 Taking the entrepreneur plunge in a market dominated by giants17:15 The gap: Delivering integrated communication solutions faster18:57 Agility and client-first approach19:37 Building Interspace step-by-step22:37 Starting as an Out-of-Home agency and gradual expansion24:57 Focusing on younger talent and investing in them26:17 Acquiring a traditional media agency for full-service offerings27:03 The 10-year plan for sustainable growth27:42 Being a profitable and debt-free setup28:21 The changing media landscape: Split between creative and media agencies29:03 Evolution of agency commissions29:40 Skill sets required for media and creative businesses30:55 Evolution of creative agencies and their offerings31:34 Changes in the media landscape and emergence of new media32:19 Rise of experiential marketing and shopper marketing32:56 Out-of-Home advertising as a function of real estate34:05 Evolution of the media mix34:48 Interspace's evolution alongside the changing media landscape35:21 The impact of COVID on digital adoption36:44 Digital Out-of-Home advertising: Opportunities and challenges40:18 Political Marketing in India: Evolution and Trends41:26 General ad spend during elections and the shift to brand campaigns44:24 Increased stakes and funding in political campaigns44:52 Professional agencies and focus on brand value45:47 Learning from US elections and the power of perception46:29 The common narrative of nationalism47:09 Focusing on brand value over manifesto47:49 Political campaigns turning into brand campaigns48:34 Investing in brand building vs. product campaigns49:05 Utilizing the plethora of media options49:47 Catering to diverse demographics across multiple platforms50:31 Shift from Delhi-centric campaign planning to trial and testing51:09 Experimenting with different media and the role of local languages51:43 Professionalism and focus on ROI in political campaigns52:18 Hiring top talent and strategic planning52:57 Driven by ROI and implementing proper structures53:39 Elections as major events with significant spending54:20 Radical shift in mindset and approach to campaigns54:43 Role of consultants in understanding local dynamics55:31 Crafting local and national content specific to each media55:53 The future of media and advertisement industry and the impact of new technology56:14 Challenges with the decline of traditional search and rise of chat-based search