The biggest difference between established brands and many startups and is while the former build strategy, brand, and technology, the latter are more like upstarts that end up burning the same things, Bajaj Auto Managing Director Rajiv Bajaj said on Thursday. "There are three terminologies here. Startup; then there is a word which I like to call most of them, which is upstart. Then us, the winners or the champions," Bajaj said while speaking at the CNBCTV18 Global Leadership Summit here. He said those who enter a market without a strategy are "upstarts" and end up burning everything -- from their brand and technology to products. "Upstarts are those who don't have a build-strategy. They have a burn strategy. They burn technology -- their batteries. They burn brands by reducing price every month. They burn products in their factory, in the trucks, at the dealerships, on the road," he said. On the contrary, he said, "startups are those who have built a strategy. They build technolog