08012020 New Delhi, StartUp India:
- Problem is important than solution
- Product or service must be customer awaited
- Pivot regularly to amuse end user
- Make innovating a mission
- Need more successful StartUps to steer the economy wheel
India has the third largest StartUp Ecosystem in the world, following vibrant ecosystems like USA and China. With Seven Unicorns, twelve fatal failures and at an average 75% deducted failure in the first three years of germination, Indian Ecosystem needs to retrospect.
The failures in the past years are attributed to various reasons like regulations, finance and most importantly unable to innovate further, have resulted in such precarious outcomes. After talking to various students across many colleges, there seems to be an air of confidence among founders on their innovative solutions.
Though this is a healthy trend, however confidence crossing the border and becoming over-confidence is quite dangerous for the health of the StartUp. Every founder needs to design Product-Market-Fit that is awaited by the markets.
Even Unicorns had to pivot several times, from their original idea to give a product that created a demand in the market, eventually becoming a super hit. Able to assess the problem from all angles and designing a solution that is worthy is the requisite of the day.
Founders need to realize that the initiative created needs to be economical, user friendly and must innovate in creating awareness and amusement. As Yesterday’s amusement is today’s necessity and tomorrow’s history.
The above simply implies that re-inventing on all dimensions is the key to success. 360 degrees mind-set and innovating at regular intervals will yield a better product that would sustain vagaries and help the entity scaler greater heights.
After viewing numerous pitches from across the nation, one could classify innovations into three prominent groups. All the innovations across the globe fall under either one of these categories.
The first category is the ‘PHYSICAL COMFORT’ innovations. These ensure better living standards of everyone. They could be in health domain, Waste management, Pollution control, Data analytics, AI or ML, etc. Such innovations enhance the living standards of most of the public.
The second Category is the ‘MENTAL COMFORT’ innovations. These ones too could be in any domain but these innovations influence the minds due to their amusing characteristics. Affordability automatically becomes viable. Inspite of a feature rich product, the user initially gets amused due to features but ultimately uses only a percentage of it. But that feature richness creates a want and the user gets emotionally entangled to own one such one. Our mobile phones are a classic example.
The third and the last is the ‘STATUS COMFORT’ innovation. This innovation enhances the prestige of its user. As earlier said this could be derivative of any technology but becomes a brand equity ultimately becomes a necessity for the elite class. Our Rolex watches, Rolls Royce cars or Virtue and Apple Mobiles are examples.
Hence decide under which group the innovation is present and try to think as a consumer what is expected and design an ultimate solution. Such solution becomes a trendsetter and scales never ever scaled peaks, resulting into a popular brand.
On an end note, every founder must possess a passion to do what is dreamt, better and must have patience to do it again and again to give the best output. India needs more companies that succeed marginally than a few unicorns. This will enhance the developed status of the nation and give it a unique position globally.
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