Innovation and Transformation into Successful Startups Ventures
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Innovation and Transformation into Successful Startups Ventures

This is the fact that most of us don’t know answer of a basic question “What is innovations?” There is a lack of common understanding of what innovation? How it happens? What prevents innovations?

Also most of the times we people don’t know our own strength? Most of the people speak negative about our own strength to innovate? You might have heard that Indian Education system is too old which were prepared by Britishers for meeting their own objectives?

Let me tell you that India was, is and will remain capital of innovations and Indians are the pearls in the ocean of innovations. World’s biggest innovative experiment was done in India over 5000 years when Lord Krishna connected sociology and economics at national level through “varn” system. This was the strength of this system that India was producing 1/3rd of the global GDP, through continuous innovations, Indian products were considered at extreme of excellence. Villages become self-sufficient economic units. That is a different story the system got corrupted with time and beyond that foreign historians who defined Indian history,  left no stone unturned to kill our self-esteem.

 Today also Indians are doing great in innovations. However Indian innovations are invisible. One line I would like to say about Indian Innovations is that ”Its Innovate in India – Brand Elsewhere”. Friends when you heard boing airplane landing in zero visibility, It’s the artificial intelligence based software which is making it happen and who developed it? None other than Indians in Infosys or HCL. You just see the boing and mot that software that’s why I say Innovate in India and Brand Elsewhere.

 So now its clear that we are pioneer in innovation capabilities. Let me share you that as per the report by Global Entrepreneurship Development Institute we are pioneer in process and product innovation. So it's not my opinion but the way world see at us. The need is to realize our own potential to innovate.

 Another myth I feel is that we only consider product innovation as innovation while there can be a large number of innovations and each one of them has its own importance. Some of the innovations we are very good at are :

  •          Process Innovations – Injecting intelligence
  •          Outsourcing Innovations – Value added R&D Services on Demand
  •          Business Model Innovations – Innovation in Entrepreneurship
  •          Management Innovations – Global Service Delivery Model.
  •          And many more like strategic innovations, operational innovations, Eco System Innovations etc.

 The biggest contributor to the growth and startup eco system is business model. The current trends is aggregators business model, Oyo, Air BnB, Uber are all such examples.

 Another myth is Innovations means Technical breakthrough or technology disruptions where the reality is that a large number of successful innovations have come from new application of older technology.

 Many people think that Innovations requires top down approach ( i.e. Strategic Innovation) while the fact is innovation can be done by everyone of us. It can be strategic innovation (top down approach) or Operational Innovation (Bottom up approach). Nobody can compete Indians in JUGAD innovations.

 Every one of us can be treasures of innovations. Innovation does not depend upon your economical richness, or your role at work, or you are at home or work, you are in urban or rural India.

 Poor are economically poor, they are not poor in knowledge.

 Their ideas can push the boundaries of science and technology. Even better, we can learn new ways of thinking and solving problems. Having no material resources, they maximize what they have in abundance: imagination. Brains in margin are not marginal minds. In other words, if you want to become a resource-efficient economy and productive in ideas; you have to learn from these people. People who are at the bottom of the economic pyramid are not at the bottom of the pyramid of knowledge, or at the bottom of innovation.

 So, I hope now we all are convinced on the fact that we all can innovate.

 Now another burning question. How many innovations don’t die an early death? Its unfortunate fact that most of the innovations are never got transformed into a successful business model and hence either these innovations are die an early death or being deployed in a very narrow geography of a very broad market. It is possible that an innovation just deployed in a village could be deployed at global level.

 Yoga were invented 1000s of the year back but it could not make space in global arena till recent past but now you can see that benefits of the yoga are being unleashed by the world.

 Many of the home remedy tips which were being used in a small reason are now being shared with entire country through Youtube.

 So let’s understand how we can ensure that innovations are transformed into commercially feasible venture through which you can sustain these innovations. You can establish a start-up venture to sustain these innovations but the issue is that there is very high mortality rate of startups and hence its very important to consider that how we can transform the innovations into startups and make these startups as sustainable and fast growing ventures. You need to consider multiple aspects to make a startup as a successful venture. Some of these are appropriate Ideation, execution competence, Market risks, Business Model Risks, Financial parameters etc.

Innovation alone is not sufficient for a startup to succeed. An innovation is the seed; you must sprout it to grow into a big tree. A startup may need 4 Cs of startup success i.e. Concept (Innovation) Capabilities (Competence to transform into venture, execution skills etc), Capital (Monetary Capital, Social Capita and Knowledge Capital) and Culture (Entrepreneurship Mindset, Entrepreneurship Eco System).

Usually managing 4Cs of startup success alone is difficult. You require some hand holding from experienced mentors, startup incubators etc. Fortunately The Atal Innovation Mission (AIM) at NITI Aayog is working tirelessly to develop supporting incubation centres spread across the Nation with the objective of radically transforming the ecosystem for innovation-driven enterprises in the country. Today there is a great net of Atal Incubation Centres (AIC) supported by Atal Innovation Mission (NITI Ayog). Atal Incubation Centres not only nurture your innovations, transformation of innovations into ventures through handholding in business modelling, and financial assistance etc.You can find experienced Business Coach / Mentor who can be show you guided lights on the path of entrepreneurship journey.

Happy Innovating!!!!

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About Author

ANIL KUMAR GUPTA

B.Tech (Electronics & Instrumentation), MCSE, ITIL, ISEB

High Accomplished Startup / Business Coach

Editor - NOLEGEIN Journal of Entrepreneurship Planning, Development and Management

Mentor for Change – Atal Innovation Mission, Niti Ayog

Ex Convener – PHD Diaspora Forum

Awarded like “Samaj Ka Gaurav” from a National level prestigious Vaish organization.

International Author, Speaker / Jury @ IITs, IIMs, Universities, Management Colleges and Business Platforms

Anil Kumar Gupta (AKA Er. Anil Guru) is a Business Empowerment Coach who supports ventures from Envisioning to Empowerment (E2E) by Inform, Instruct and Inspire (3Is) founders through sharing Insights, Intellect, Information and Ideas (4Is). He is An Electronics Instrumentation Engineer, Software Professional & Author.

He is technology entrepreneur and also helping over a dozens of startup ventures to succeed in their entrepreneurship journey. He is supporting apex technical and management colleges (e.g. IITs and IIMs) through their EDC, Corporates, and Startups.

He is best known as 10X Growth Guru for providing 10X growth to Startups & Small entrepreneur along with mid-size companies too. A few dozens of ventures has been benefited through his start-up mentoring, product commercialization and growth strategies.

He has been invited as Chief Guest, Speaker / Jury member by leading universities / IITs & professional associations, Management Colleges and startup incubators.
He has created impact in the life of over 5000 entrepreneurs.

Due to his zeal for bringing change in nation, he is appointed by NITI Ayog as Mentor for Change under its Atal Innovation Mission.

He has been considered an authority in Innovations, Ideation, Product Designing, Business Modelling and Strategic Management.

He is strong believer of “Collaborative Efforts for Collective Growth”. He facilitate ventures to Connect, Collaborate and Cocreate and hence facilitate ventures to make great collaborative synergy. He also facilitate in investments in startups and MSME ventures.

His initiatives for student entrepreneurship have benefited EDC cells of a large number of colleges benefited which includes IIMs and IITs. He is also supporting universities to design short modules as well as long post-graduation programs on entrepreneurship,


Very Inspiring and motivating note Anilji!

回复
Navin N

Entrepreneur

5 年

Your post will be always great

回复
Dr. Anil Gupta (Guru)

Chairman @ CONNECT VENTURES INC | Cross-border Business Coach & Consultant, helping to incorporate company in USA UK Canada UAE Singapore. All foreign country compliance under one roof. IRS Authorized E-Filing Provider

5 年

Many thanks Mr Dr. Brenden D. Tempest-Mogg Brendan Usher Abhinav Rastogi Prof. Pawan Sharma Bhardwaj Priyanshu Gupta Bhawana Gupta Neetu Kushwaha Navin Rao. Delighted to know that you liked this article.

Bhawana Gupta

Helping Businesses to Incorporate in USA, UK, UAE, Canada etc

5 年

As usual your posts always have out of the box vision and great insights. Keep doing great work Mr. @Anil Gupta (Er. Anil Guru)

Greg Holmsen

The Philippines Recruitment Company - ? HD & LV Mechanic ? Welder ? Metal Fabricator ? Fitter ? CNC Machinist ? Engineers ? Agriculture Worker ? Plant Operator ? Truck Driver ? Driller ? Linesman ? Riggers and Dogging

5 年

Always curious to see what other people think of innovation - fantastic.

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