-Dr Manoj Kumar, Principal, Dav Institute of Engg. & Technology, Jalandhar, Punjab speaks to Higher Education Plus on the perspectives of innovation in India
Q. On Innovation?
Innovation and knowledge are inseparable from each other and are basis to drive economies globally. Knowledge producers and users are required to be on the same platform for technology sharing and transfer. The only growth path for knowledge economy is through innovation. Innovative knowledge system connects industry, education, research institutions and government. From India’s perspective, conventional education systems have prevented innovation from changing this sector fundamentally and outcome based education is a solution to this problem.
Q. Innovation in India?
Initially, Indian companies had hardly any budget for research and development and thus lacked innovation. The World Bank report has confirmed that, Indian companies didn’t make long term plannings and innovation strategies. Recent govt. policies have provided funding and platform to innovative thinkers which are resulting into many successful start-ups and I see a steep growth in innovation in the near future.
Innovation is an outcome of brilliant brains and first and foremost step for India is to stop the brain drain. We need to provide adequate opportunities to our students from grass root level to retain the innovators in India. India has no dearth of brilliant human resource but, the emergence of a new economic paradigm is rooted in the need for the management of this resource. We need to adapt to new business models, strategise for knowledge management and creation. I strongly believe that “Make in India” will surely lead to Innovative India.
Q. GII parameters?
GII relies on several pillars and factors demonstrate the innovative ability of a country.
The model uses a combination of objective data drawn from a variety of public and private sources. Some of the key factors Include Political, Regulatory and Business Environment, Education, R&D, ICT & General Infrastructure, Ecological Sustainability, Market & Business Sophistication, Knowledge Creation, its Impact & Diffusion and Creativity.
Q. Important steps to take one’s ideas to market?
Even before the conception of an idea one needs to keep the target audience in mind. In my point of view identification of the target audience would be the first step. Then, one has to read the mind of your target audience and reach them through multiple platforms. The presence on the social media, creating a unique identity and regular communication with potential
We need to provide adequate opportunities to our students from grass root level to retain the innovators in India customers through creative publicity material and attractive offers is the key marketing strategy. One must be aware about the market competition and needs to stand apart in a crowd. Only the quality ideas stay longer in the market so it should be validated and tested before launch. Now-a-days the market scenario changes at a very fast pace so one must be ready with the next version beforehand.
Q. Balance between innovation and studies?
A range of factors influences how one can strike a balance between innovative aspirations while pursuing regular studies. The key issue is to select a right institute which can provide a platform to nurture one’s quest for innovation. The aspirations should be seen as possibilities and must be kept high. Success follows hard work and persistence always pays. There is no limit to human imagination so one must go limitless, outperform but at the same time strike a balance between both the factors by diligent time management.
Q. Establishing a start-up?
DAVIET has established an in-campus Centre for Incubation and Entrepreneurship to promote start-ups by students and faculty. Based on my experiences of some of the success stories, I would like to share the following key issues to be kept in mind while building a successful startup firm.
- Think of an innovative and market fit idea
- Research current success stories and communicate with peers who have successfully done it.
- Find a business mentor.
- Determine your target market.
- Prepare a financial and operational
- Prepare sales and marketing plan.
- Analyse the risk.
- Start with small test markets.
From India’s perspective, conventional education systems have prevented innovation from changing this sector fundamentally and outcome based education is a solution to this problem.
Q. What are the key areas a young entrepreneur should focus on while building their business?
Starting a business is one of the most challenging and rewarding thing. The following suggestions will help young entrepreneurs in successful establishment of their business.
- Create opportunities: Gone are the days when it was said that opportunity knocks the door. Now we have to create opportunities and build our own doors.
- Foster awesome company culture: human resource management is one of the crucial factors behind the success of a business. Foster a company culture where every employee can find his/her own respectful place. Strike an intelligent balance between motivation and target pressures for persistent achievement of goals.
- Be focused and take feedback seriously:
Another important parameter of successful business is its ability to adjust to feedback. Gather feedback from all stake holders, analyse it and extract valuable information to improve product, service, or business model.
- Think of expansion and keep innovating:
Innovation and diversification are important factors to stay longer in the market. Expansion through diversification and removal of obsolesce is the necessity of today’s market.