Innovation Track - Innovation & Entrepreneurship (Session I)
December 19th, 2008 - posted by Pradeep
Continuing the previous post on Session I of Innovation Track, this one summarizes the views and experiences of various panelists.
Anuradha Acharya (Founder & CEO, Ocimum Biosolutions), was the first panellist, who presented her views on Innovation & Entrepreneurship by sharing a story. She asked the audience to imagine a group of different birds who were trapped – some who can fly fast while others not, some who are smaller while others are large, some who are white while others are coloured. Since all of them were unequal they couldn’t fly and thus continued to be trapped. Their idea at Ocimum Bioslutions, a Global Genomics Outsourcing company, is to create the equality and build an ecosystem among various pharmaceutical, biotechnology companies and academia so that they can get out of the trap and fly together. Essentially, she highlighted the importance of Equality and Collaboration, as the key ingredients for innovation in today’s world.
Murugavel Janakiraman (Founder & CEO, bharatmatrimony.com) was the next panellist, who shared about their innovation at Bharat Matrimony in creating one of India’s successful and multimillion dollar internet oriented property. According to him, one can:
- Either wait for the big idea or
- Jump in and learn on the ground
In his view, most of the people (he humbly included himself), wait for long time in search of THE big idea before they enter (and most of them never) into entrepreneurial bandwagon. He shared how his idea of starting a Tamil portal, which later shifted its focus on Matrimony, became a world class business. Talking on their innovation he highlighted some of the simple (yet highly valuable) ideas which led to big success:
- Photo Protection: they saw the need from their customers about privacy
- Horoscope matching & creation: another important need which created value for their customers
- Profile verification: to their surprise, people opted for 3rd party verifications, while searching for their business partner on the net
- Matrimony reference: their customers became their marketers when reference system was put into place
- Payment options – through Sify iWay, tie ups with banks, creating local associates (who gets commission) in various cities
- Going mobile: another trend they spotted and served the needs of their customers
- Partnerships such as with Tata Sky
- Outsourcing: their customers (who didn’t have much time to search for their life partner J), opted for this paid and unusual offering
To close his session, he restated his mantra about ‘Jumping in than waiting for the D Day’.
Raj Shah (Engg Director at Google) started his session by giving his framework on how to inculcate Innovation and Entrepreneurship.
While talking on Innovation, he listed 4 types of Innovations:
- Minor Innovation – cosmetic, incremental change (e.g. airlines offering better experience at the same price)
- Substantive Innovation – new standard in the market place (e.g. roaming facility by telecom operators
- Major Innovation – fundamental change which can’t be ignored by customers and competitors (e.g. Just in Time delivery)
- Radical Innovation – dramatical shift which takes its time before its impact is realized (e.g. computers when arrive were perceived as glorified typewriters before creating its true impact)
According to him, each of the above ways requires different structures and mindsets. Fore.g. radical innovation needs high amount of patience (both time and money) and generally happens in a research environment (Google is a great place for such innovations)
While talking on Entrepreneurship, he gave the definition that Entrepreneurship is an ability to bring a new business into market – may come from a new idea or improving an existing one. Talking on how IITs can contribute to innovation and entrepreneurial growth, he highlighted the importance of Exposure – students need to be given more exposure through such conferences and practical opportunities (Centre of Innovation at IIT Mumbai is a great example).
Rathindra Roy (Development Consultant at United Nations), followed Raj Shah and shared his views on Innovation in the Social Economy and urged the IIT Alumni to come forward & use their intellect to impact the quality of lives of millions of Indians, who are under privileged. His role at UN is to enable poor people to overcome their poverty.
Areas such as Malaria, Flood, Solid Waste and Agriculture are some of the important areas which need the contribution from the IIT system. While requesting the audience, he said that all of you who would like to face the challenges in the above mentioned areas and who’ve the heart to follow them must come forward.
Rajeev Srinivasan (Prof IIMB and Mgmt Consultant), a semi academician and semi industrialist, shared his views on Innovation and Entrepreneurship. He started his session be defining:
- Invention – Creating of something new
- Innovation – Taking the Invention to the market
He brought forth an interesting reality related to the history of India. He said that India has a long history of Invention and Innovation, which ceased to exist, post colonial invasions. For e.g. centuries back, India produced Steel, which due to its intrinsic properties, was considered best in the world. According to him, post that phase, in which India was affluent with all kinds of resources; we’ve not produced any true invention or innovation. The lack of confluence of technology, marketing & finance, according to his view, is one of the key impediments for invention & innovation in India. Some of the sunrise areas which offer numerous opportunities for both invention and innovation are:
- Food & Agriculture
- Energy
Talking on what how IITs can contribute to the innovation, he said that IIT system should seriously work on the above mentioned sunrise areas. The curriculum must recognize and include the importance of Innovation & Invention.
Finally, Arun Sharma (COO, L-RAMP; Rural Innovations Network), shared his experience about how a non-profit incubator (L-RAMP) of business ideas for social cause is contributing to the innovation and entrepreneurial ecosystem. Like previous speakers, he also pointed out the areas such as Agriculture, Energy, and Water Supply, in which his company is supporting innovation. Talking on the roadmap for entrepreneurship and innovation, he listed 3 steps:
- How to be an Entrepreneur?
- What opportunities to focus on?
- How can we inspire others to execute?
According to him, the Indian mindset that one just needs to create a product (and it will sell on its own), is one of the major obstacles for successful business creation. In his view, most of the budding entrepreneurs in India don’t have sufficient understanding and experience about:
- How to Price a product/service?
- What problem are they trying to solve?
- What are the various financial options?
- Finally, how to sell?
Speaking on ‘What can IITs do?’, he listed:
- Courses in Innovation & Social Entrepreneurship are the need of the hour – must have practical exposure and must be supported by avenues such as Business Plan competition
- Centers for Innovation (e.g. 1981 IITM batch recently initiated the same at IIT Madras) with focus on work-study programs must be created. Opportunities to fail are required for students to create Opportunities to success.
- Inspiration – The students must be empowered and acknowledged to make a difference in the society
Q & A, the most interesting part of the thematic tracks, followed the presentations by panellists. Gunjan acknowledged Dr Ganesh for putting up the wonderful panel and the structure which truly inspired the IIT Alumni to embrace Entrepreneurship & Innovation.
Tags: entrepreneurship track, Innovation Track, paniit 2008, thematic tracks
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