Archive for the ‘Entrepreneurship’ Category

5 Quotations: Entrepreneurs Innovate – Peter Drucker

March 17, 2007

Entrepreneurs have habit of Innovation. They have capabilities for execution of new ideas. They have courage to explore new paths and walk on these paths very effectively. When opportunities are less in the system, they create a range of opportunities through effective utilization of all resources.  

They have abilities to exploit change. They have a clear understanding for moving the organisation at productive track. In this dynamic world, we are facing lots of problem due to lack of wealth. So a sense of enterpreneursship can solve these problems by thinking out of the box. 

Inventor of modern management, Peter ducker has given a new direction to entrepreneurs for practice of Innovation.  

Some of insight from peter Drucker’s Book, innovation & entrepreneurship. 

“Entrepreneurs innovate. Innovation is the specific instrument of entrepreneurships. It is an act thet endows resources with a new capacity to create wealth.”   

“Entrepreneurs see change as the norm and as healthy. Usually, they do bring about the change themselves. But –and this defines entrepreneur and entrepreneur always searches for change, responds to it and exploite is as an opportunity”   

“Entrepreneurs, by definition, shift resources form areas of low productivity and yield to areas of high productivity and yield”.    

“Everyone who can face decision making can learn to be an entrepreneur and to beahave entrepreneurially.Entrepreneurship, then, is behavior rather than personality trait. And its foundation lies in concept and theory rather on intuition” 

“To be entrepreneurial and enterprise has to have special charachtership over and above being new and small. Indeed, entrepreneur is a minority among new business. They create something new, something different; they change or transmute value”. 

So the feeling of entrepreneurship should be injected in our mental models for evolution of Innovations.    

© Ajay Singh Niranjan

—-||||||Effective Quotations by Great Thinker||||||—-

Gearge Bernard ShawMahatma Gandhi Swami Vivekananda

Peter F. DruckerWarren BennisJack Welch

Charles Darwin


Effective Artciles which align to above article. Kindly link and share your expereince.


i Watch – Education First – Transforming India

March 12, 2007

Dear Friends,

I am happy to share that the book of i watch: Transforming India” 2007 edition has been formulated  in a very concrete, simple and concise manner by a team of intellectuals through extensive research work in these focused areas .This book is available in 13 indian languages.  

Focus of ” i watch -Transforming India”:  

Human Resource , Education & Training: Holistic human development , education matrix of India, primary education & 100% functional literacy , Vocational education & training-the real winner for India, Advantage of enterprise skill development  & vocational education.

Employment Generation: HRD-Employment & Unemployment, Employment matrix of India, Employment generation thru’ VET, Employment generation through SME’s, Employemnt Generation implementation of VET.   

Economy & Enterprise: The real & virtual India, Poverty line & related data, How to plans for world markets? A chek list, Definition of Small medium enterprise, India must become an international Hub, Important of SMEs. China-India comparison chart, catch me if you can, comparision with selected countries.

Governance & Administration: the India you may not know, Transforming India: Agenda for change, Economic & business reform, Governance & administration of India, Good governance can transfer India into a superpower, Good governance + Effective administration = Zero corruption, World class governance-why & how India must do it.   

Edited, Published and Printed for i Watch by Krishan Khanna.   i Watch – Education 1st , 

Kindly contact me for complete information & details of i watch-Transformaing India book. 

Ajay Singh Niranjan

i Watch – Education First – Transforming India

Email :  ajay_uor (at) yahoo (dot) com

********************************************** Knowledge and ignorance are the two unborn ones. One is the ruler and the other, the ruled. Apart from these two, there is another who is also unborn and who is connected with the enjoyer and his enjoyment. And then there is the infinite self, the universal form, who is non-doer. When one knows this triad, one has known Brahman (cosmic consciousness).”- Upanishad

Effective Artciles which align to above article. Kindly link and share your expereince.

~Ajay Singh Niranjan ~   

The 10 Faces of Innovation

February 5, 2007

In 21 century , the Mantra of success is constant innovation in a very complex business environment.

Are we are ready to innovate in a proper manner ?

Kindly link this great article written by Tom Kelly & Johathan Littman at

The 10 Faces of Innovation

An Exerpt:

Innovation is all about people. It is about the roles people can play, the hats they can put on, the personas they can adopt. It is not just about the luminaries of innovation like Thomas Edison, or celebrity CEOs like Steve Jobs and Jeff Immelt. It is about the unsung heroes who work on the front lines of entrepreneurship in action, the countless people and teams who make innovation happen day in and day out.

At Ideo, we’ve developed 10 people-centric tools, talents, or personas for innovation. Although the list does not presume to be comprehensive, it does aspire to expand your repertoire. We’ve found that adopting one or more of these roles can help teams express a different point of view and create a broader range of innovative solutions.

And by adopting some of these innovation personas, you’ll have a chance to put the devil’s advocate in his place. So when someone says, “Let me play devil’s advocate for a minute” and starts to smother a fragile new idea, someone else in the room may be emboldened to speak up and say, “Let me be an anthropologist for a moment, because I personally have watched our customers suffering silently with this issue for months, and this new idea just might help them.” And if that one voice gives courage to others, maybe someone else will add, “Let’s think like an experimenter for a moment. We could prototype this idea in a week and get a sense of whether we’re onto something good.” The devil’s advocate may never go away, but on a good day, the 10 personas can keep him in his place. Or tell him to go to hell.

1.      The Anthropologist 

2.       The Experimenter

 3.       The Cross-Pollinator 

4.       The Hurdler 

5.       The Collaborator 

6.       The Director 

7.       The Experience Architect

8.       The Set Designer

 9.       The Caregiver 

10.    The Storyteller 

Learning from Management Guru-Prahalad to Yoga Guru-Ramdev

February 2, 2007

Lessons from Swami Ramdev – – Saurabh N. Saklani

Aspiring entrepreneurs will do well to study yoga guru Swami Ramdev’s meteoric rise and success over the past four years. The swami’s mission statement, if he had one in his organisational plan, would probably read ”to create warriors of yoga and transform India and Indians back to the healthy and spiritual land of old.” Right from his easy to follow pranayam and yoga exercises to his rants against cola and junk food companies, the swami’s actions demonstrate a carefully planned strategy for success.

During my time at The Indus Entrepreneurs (TiE) in Silicon Valley, I had the opportunity to hear a lot of Professor C. K. Prahalad’s ideas on business and entrepreneurship. His landmark book, The Fortune at the Bottom of the Pyramid , makes a compelling case for focusing on the world’s poor for the next round of global economic prosperity.

Interestingly, I noticed that many of Professor Prahalad’s key suggestions have been implemented by Swami Ramdev in his phenomenal rise to become a household name in
India (he is in the UK teaching pranayam as I write this article).

I will share some insightful excerpts from Professor Prahalad’s book The Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits (Pearson Publications 2004) and then look at the relevant aspects of Ramdev’s entrepreneurial strategy within that perspective.

Point 1: Professor C. K. Prahalad writes, “If we stop thinking of the poor as victims or as a burden and start recognising them as resilient and creative entrepreneurs and value-conscious consumers, a whole new world of opportunity will open up.”

Much of Swami Ramdev’s rise has to do with his long-term vision. Right from day one, he did not get influenced by the instant success and fame of other contemporary gurus and preachers who targeted the affluent section of the Indian society. Instead of focusing on the easy pickings—high profile followers such as actors, politicians and businessmen—he entered a significantly larger market by focusing on the economically poorer and resource-constrained masses. Small wonder that a newer and bigger world of opportunity opened up for him rather quickly.

Point 2: Professor Prahalad writes, “What is needed is a better approach to help the poor, an approach that involves partnering with them to innovate and achieve sustainable win–win scenarios where the poor are actively engaged and, at the same time, the companies providing products and services to them are profitable.”

Swami Ramdev has constantly utilised his target segment as partners in innovation, marketing and growth of his organisation. How does he do it?

First, he conducts effectiveness studies during his yoga camps where his staff collects on-the-ground data from participants before, during and after the camp. Given the vast attendance in each of his nearly weekly camps, one can only imagine the volume of data that is collected and analysed. He periodically revises his instructions, based on the results of ongoing research. The way his yoga camps have evolved, it is clear that he has succeeded in simplifying the efforts required to gain maximum benefits from his exercises, with enough room for flexibility and ease of involvement for the average follower.

Second, Swami Ramdev has built some powerful partnerships with various prominent TV channels to broadcast his yoga camps worldwide. During the camps, he routinely asks participants to get up and share their ‘ pranayam success stories’. Inspirational accounts from regular folks—ranging from control of diabetes, normalisation of blood pressure to healthier cholesterol readings and disappearance of joint pains and skin aliments—have proved to be invaluable marketing assets for him. And best of all, they come at no cost!

Point 3: Professor Prahalad writes, “The strength of these innovative approaches, as you will come to appreciate, is that they tend to create opportunities for the poor by offering them choices and encouraging self-esteem.”

This is where Swami Ramdev scores heavily. He has created a great deal of self-esteem among his followers. The common attendee in his programme feels special, interacts and relates to co-followers who are undergoing similar life struggles and aspirations, and gains immense confidence through perceptible and immediate self-development. Ramdev’s lessons in nation building range from fighting corruption to improving our living conditions and are interjected at strategic points during his yoga instructions.

In addition to humour, the swami masterfully conveys a sense of pride and possibility among his listeners. Seeing positive health results makes one feel strong and well- endowed to instill bigger changes in the community and the country. More than the actual realism in these sentiments, it is the message of hope and confidence that creates higher self-esteem and a new found sense of empowerment among the common follower.

Point 4: Professor Prahalad writes, “The traditional approach to creating the capacity to consume among the poor has been to provide the product or service free of charge. This has the feel of philanthropy. As mentioned previously, charity might feel good, but it rarely solves the problem in a scalable and sustainable fashion.”

Swami Ramdev has done no charity. Instead, he has cleverly camouflaged what could have been straightforward ‘pay-per-service’ such as the Art of Living programmes. He charges for attending his camps but only through price discrimination. Those that can pay more are able to get better seats the front. Ramdev’s dynamic revenue management is an interesting adaptation of the pricing model used by airlines worldwide.

Point 5: Professor Prahalad writes, “By focusing on the BOP consumers’ capacity to consume, private-sector businesses can create a new market. The critical requirement is the ability to invent ways that take into account the variability in the cash flows of BOP consumers that makes it difficult for them to access the traditional market for goods and services oriented toward the top of the pyramid.”

Swami Ramdev has indeed created a new market. Or maybe he has simply uncovered a latent one. And yes, he has certainly accounted for the variability in cash flows of his consumers. His masterstroke has been to utilise the masses at the bottom of the income pyramid and unlocking immense value for his own projects and aspirations. By tapping into his follower’s resources based on their comfort level, he is able to secure large collective donations for his gigantic yoga learning retreat in Haridwar.

Not only has he effectively factored the variability in cash flows among his followers, he is also tapping into the more affluent foreign NRI segment at the moment. It is interesting to note that he delayed his global strategy till the time his stronghold in the Indian market became unshakable (as evidenced recently when millions of supporters backed him up amid allegations of the use of human remains in his ayurvedic medicine).

Lessons for Entrepreneurs

Ramdev’s strategy reveals many relevant and powerful lessons for budding entrepreneurs. The list is endless but here are some obvious pointers that one can take home:

Exploring under-served markets; establishing a presence in the large bottom rungs of the pyramid; fostering adoption through awareness, trial, and evidence at a very low cost; maintaining a sharp focus on one’s target segment; saving on marketing and innovations costs by utilising consumers as partners; and going global after ensuring a strong foothold in the domestic market.

Finally, entrepreneurs must embrace the fact that insights and wisdom abound in all areas and are not restricted by domains and industries. In his book, Jack, Straight from the Gut , legendary business leader Jack Welch talks about “boundaryless” sharing of ideas. Since new ideas are the lifeblood of business and success, Welch believes that “The operative assumption today is that someone, somewhere, has a better idea; and the operative compulsion is to find out who has that better idea, learn it, and put it into action – fast.” The not so obvious connect between a yoga guru and a management guru showcases this very powerful weapon that must find a place in the harmoury of entrepreneurs. 

Source: Businessworld 


“All the techniques, all the methods, all the paths of Yoga, are really deeply concerned only with one problem: how to use the mind. Rightly used, mind comes to a point where it becomes no-mind. Wrongly used, mind comes to a point where it is just a chaos, many voices antagonistic to each other, contradictory, confusing, insane”.-OSHO

SWOT MATRIX of INDIA: Analysis of Indian Social- Economic- Political- Technological conditions.

January 31, 2007

Dear Friends,  

There are few questions about our complex & unique system of India. How we can change our system thinking? How we can make a synergetic triangle: Industry-GOI- Institution for co creation of knowledgeable resources for evolution of innovations. 

Root Causes – Why Plans are not execute at the bottom? Constrains – Where are missing link?

Strategy & tactics – What is the action plans? Methods-how these actions plans execute for achieving the end Goal.

Kindly download one page colored framework of SWOT MATRIX of INDIA. URL: syenrgetic-trinangle-industry-government-instituion.docsyenrgetic-trinangle-industry-government-instituion.doc  


                  Industry-GOVERNMENT -institution


  • Highly educated , skilled ,young, capable & dynamic  human resources
  • English speaking & analytical students
  • World class business-social-spiritual –political leader, Professor, scientist, Manager-Doctor-Engineer-Civil servants etc
  • Very rich in  Natural & Living resources
  • Biodiversity & Traditional knowledge base
  • Diversity vs. Ideas-Innovation-Integration
  • Powerful spiritual strength (yoga-Ayurvada-Healing-therapy services)
  • Geographical location (whole markets are shifting toward Asian nations)
  • India Strategic position at various platforms
  • Big democracy, Big market & free media
  • Range of emerging professional champions
  • IT & Software superpower


  • Lack of trained & skill work force  
  • Small supply of specialize professional
  • Lack of spirits of entrepreneurship, patriotisms and leadership skill
  • Lack of effective & execution framework
  • Lack of Indian management models
  • Lack of transparency-Trust-Responsibility
  • Lack of learning habits & Team work spirit
  • Fear of sharing knowledge & taking risk
  • Thinking win-lose   lose-win   look-outside
  • Slow absorption of Innovation & change
  • Lack of Indian management models
  • Absence of greater technology impetus
  • Unawareness: Quality-Standardization
  • Lack of Emotional-Spiritual development
  • Rush of getting high marks not Development
  • Blindly respect anything taught by elders

THREATS (Internal & external): 

  • A feeling of unstable government
  • Self centered political leadership
  • Slow & Dysfunctional judiciary and corrupt law enforcers
  • Regulation, protection and restriction
  • Mechanistic -stable-Layered-complex system
  • Corruption, Ignorance & Complacency
  • High competitive & marketing forces
  • To patent Indian intellectual property by outsider (unawareness about own research)
  • Fast change Internet-information technology& new Inventions-Technology-Innovations
  • Diversity vs. Imbalance- clashes
  • Regional-Religion-caste-culture conflicts
  • Migration of all branch to software job
  • Job seeking mind sets, not job creator
  • Unnecessary social pressure on students
  • Excessive rich & powerful mindsets


  • Big potential market in education Sector & emerging new market Segment in services (create it)   
  • General Agreement of trade on Services
  • Research & Development capability
  • Generate intellectual property
  • Resource Building capacity
  • Competition- cost – Quality service

  • Collaboration : win-win thinking
  • Hybrid solution–balancing & blending
  • Tourism, health sector, food processing
  • Rural economy development & social transformation ( PURA model )
  • Need  modernization of infrastructure , Library and laboratory
  • Internet institute network & e-Library
  • Councilors and student advisors

India has lots of weakness but this is a space of thinking (new Ideas or new perceptions), understand it as a space of opportunities and transform into strength.  

Note: Please send your suggestions, experiences & questions for improvement of this SWOT MATRIX of India. 

Ajay Singh Niranjan (

Talk on Entrepreneurship & Innovation

January 29, 2007

Talk on Entrepreneurship at XIMB

“He that will not apply new remedies must expect new evils, for time is the greatest innovator.” With that quote from Francis Bacon (1595) I introduced the topic of “Innovation and Entrepreneurship” at the XIMB’s (Xavier Institute of Management, Bhubaneswar) conference on “Innovation and Entrepreneurship.” I was asked to give the concluding keynote talk on 13th Jan.

You might say that I am not fully qualified to talk about entrepreneurship, not having been one. At the very least you could say that I not a successful entrepreneur although I do hope the entrepreneurial venture that I am associated with (dealing with education) will be successful. For now, I am like the driver who drove around the famous surgeon so many times on his lecture circuit, that ultimately the driver was able to deliver the lecture. Having spent some time working with successful entrepreneurs, I have some second hand understanding of what goes in the making of a successful entrepreneur.

Time, as Bacon observed, innovates. Change is a fundamental feature of our universe. Without change, the universe would be sterile. That insight was arrived at around 2,500 years ago by Gautama, the Buddha. The environment changes and to the extent that we are individually powerless to hold things constant, change is ‘exogenous,’ a word much loved by economists. We also know one basic fact about the exogenous change, that it induces monotonic increase in complexity. Systems become more complex with the passage of time. The Big Bang produced a simple universe which became increasingly complex.

Moving from that big picture to the much more accessible small picture of our present rapidly changing and complex economy, the entrepreneur is generally seen as an agent who identifies change, and appropriately responds to it by exploiting change. That is my understanding of what the textbooks say about entrepreneurs. I see it as a human response to the exogenous change imposed by the fundamental nature of our world, a world where change is rapid in the direction of increasing complexity. Entrepreneurs, one can say, are organisms which are successful in adapting to change. And I believe that the mechanism for this adaptation is “innovation.”

I pondered the issue of innovation for a bit to prepare for the talk. It occurred to me that innovations which reduce the complexity of the world around us are the successful innovations. Actually, that is not quite accurate. The complexity of the world is a given. That is not reducible. What is possible is to create a better interface behind which you can hide all the complexity of the underlying world. So the innovation is in creating a front-end which helps people better manage a world which is becoming very hard to deal with without appropriate tools.

Examples? Computing hardware become faster and more complex. A series of innovations took place that helped people manage the evolving hardware: more sophisticated languages, from assembly level languages to high level languages.

Another example: airplanes evolved to be extremely complex. The innovation was the use of computers to fly them.So it seems that the most successful innovations are those that shield people from the increasing complexity of the world they live and work in.

That was the insight that I tried to convey to the group which was mostly composed of MBA students. My message was that if you want to be an entrepreneur, try figuring out an innovation which helps people manage complexity.I don’t know if I got that message across. Perhaps the message was wrong or perhaps the delivery was wrong, or both.

In any event, I did make the standard exhortations to them to think differently. There was a compelling reason (to me at least) for doing so. Earlier in the conference, I was asked to be on the panel of judges for a business plan contest.There were five plans presented and four of them involved advertising as a major part of the revenue source.

Sure, Google is immensely successful with their ad based model. So are the Yahoos and other biggies. But yet another advertising revenue based model is as exciting as last week’s warmed over pizza. Listening to the business plans was a tad bit disappointing. Where’s the substance, I kept wondering. Give people stuff that they will actually pay for and you have added some value to the world. If all you can do is to say that advertising revenues will support your model, you need to think again since Google has pretty much cornered that market. If you want to take on Google, don’t expect to win. As some guru pointed out, Google is the environment, not the competition.

After that gratuitous bit of advice, I moved back to the topic: entrepreneurship. My colleague of over three years is a very successful entrepreneur, Rajesh Jain. I have also observed closely another immensely successful entrepreneur, Vinod Khosla. Another very successful entrepreneur I have had the pleasure of knowing is Gordon Dryden, my friend in
New Zealand. Having learnt something from them, I decided that I was theoretically qualified to tell people “How to Be an Entrepreneur”:
The Five Step Program

  • Identify the problem
  • Become an expert
  • Work Hard
  • Work Hard
  • Work Hard

Identifying a problem is the first step. Care should be taken to distinguish between problems and symptoms. You are better off addressing the problem rather than futzing around with the symptoms. You have to be an expert for that.

You become an expert by learning, some of which comes from experience, and which in turn comes from trying out different things and learning from the inevitable failures. Failing fast and failing frequently is a good thing if you learn from them. But to my mind the most important thing of all is to THINK DIFFERENT.

How does one think differently? At the very least it requires a big vocabulary. Not the GRE word list, of course, but concepts. You need to understand the world from a wide variety of perspectives. And that requires at the very least reading widely outside your domain of expertise.

 For people who have a technology and business background, I would suggest history, anthropology, economics, science, literature, etc. This will help you understand and appreciate the connections that link everything around you and you will be able to figure out how to build stuff that will be useful and thus people will pay to get the stuff and you will be a successful entrepreneur.

Oh yes, the bit about working hard. Without the hard work, you’d have to be very lucky to be successful. And I believe that luck does not fully explain the most successful ones. Unfortunately, the capacity to work hard is, I think, built sometime in one’s formative years. So in a sense, your basic nature determines if you can be an entrepreneur.

What I have described above is not exactly verbatim but faithful in spirit. I ended my talk with that favorite quote from the architect Daniel Burnham (1864-1912) who said:

Make no little plans. They have no magic to stir men’s blood and probably themselves will not be realized. Make big plans; aim high in hope and work, remembering that a noble, logical diagram once recorded will never die, but long after we are gone will be a living thing, asserting itself with ever-growing insistency. Remember that our sons and grandsons are going to do things that would stagger us. Let your watchword be order and your beacon beauty. Think big.

Author : Atanu Dey            Source :

National Innovation Foundation …in Support of Grassroots Innovations

January 26, 2007

“……the time has come to unleash the creative potential of our scientists and innovators at grassroots level. Only then we can make
India truly self-reliant and a leader in sustainable technologies….propose a national foundation for helping innovators all over the country. This fund will build a national register of innovations, mobilize intellectual property protection, set up incubators for converting into viable business opportunities and help in dissemination across the country.”


To help
India become an inventive and creative society and a global leader in sustainable technologies without social and economic handicaps affecting evolution and diffusion of green grassroots innovations



To help
India become an inventive and creative society and a global leader in sustainable technologies.

To ensure evolution and diffusion of green grassroots innovations in a time bound and mission oriented manner.

To support scouting, spawning, sustaining and scaling up of grassroots green innovations and link innovations, enterprises and investments.

To strengthen R&D linkages between excellence in formal and informal knowledge systems and create a Knowledge Network.

To promote wider social awareness and possible commercial and non-commercial applications of innovations and incorporate the same in education curriculum, development programs and policies.

For more Kindly Link National Innovtion Foundation:  in support of grassroots. Innovation

Employment Generation – Action Plan for the upliftment of Rural & Urban INDIA

January 26, 2007


Action Plan for the upliftment of Rural & Urban INDIA

In order to achieve Employment Generation, +10% GDP Growth per year, Reduction of Poverty and making Indian Enterprises World Class in terms of Quality & Cost

By the use of Education & Training – Focus on LITERACY, ESD & VET

A. 100% Primary Functional – Literacy. Learn to read & write in 40 to 60 hours or in 2 to 3 months, for ages 8 to 80 years! Nearly 350 to 500 million people are illiterate!

Enterprise Skills Development – ESD. ESD for Class 1st to Class 12th students & higher. Only 1 to 2 hours required per week. Teaches the youth about enterprises & how the real world funtions! In India the dropout rate betwen Class 1st and Class 12th is 94%.

C. Vocation Education & Training – VET. VET for youth of ages 14 to 35 years & higher. Choice of nearly 1200 modules, in 25 different business fields. In developed & developing countries nearly 90% to 95% of the youth opt for VET. If India trains 3% to 5% of the population in VET, like in other developed and developing countries, it would mean nearly 30 to 50 million trained & skilled people per year. Engineers, Doctors & MBA’s require world class supporting staff & manpower.We are not discussing’Higher Education’ since all the present focus in India is only on Higher Education!

  • The above is a simple diagramatic representation for understanding the employment & unemployment figures.
  • 29 million people are born every year, average of the last ten years, 10 million die every year. While the population increase is only 19 million per year, education and other forms of human development need to be planned for the full 29 million, who enter the main stream of the economy every year!
  • The above is based on the assumption that all the youth should enter the educational system, at different levels, each year.
  • The death rate has not been adjusted in the figure of 29 million per year, as it is not relevant
  • Cumulative unemployment 300mn (estimate)
  • The present emphasis is on higher education, which hardly benefits 7% of the emploment sector. We need to strengthen the P&SE, ESD and VET sectors to benefit the 93% of employment. 

(Estimates based on studies conducted by Development Education International Society, Pune & i Watch,

Kindly write for more information & details

Ajay Singh Niranjan (

i watch Education 1st

551, 2nd Floor , Mukherji Nagar, Delhi -110009

A Brave New World Beckons Indian Innovators and Entrepreneurs

January 25, 2007

A Brave New World Beckons Indian Innovators and Entrepreneurs Lots of opportunities exist for innovation and entrepreneurship to thrive in India, especially in areas such as technology, health care, education, rural marketing and social services. Among the keys to innovation are the ability to imagine tomorrow’s world, to think in quantum leaps rather than in small increments, and being prepared to fail. While Indians have strong innovative and entrepreneurial instincts, they have much to learn from the U.S. about germinating ideas in university and corporate incubators and providing incentives to budding entrepreneurs.

These insights and more were shared at a panel discussion titled, “How Can Innovation and Entrepreneurship Help India Succeed in Global Markets.” The event was held on November 1 in Mumbai to coincide with the launch of the Indian edition of Knowledge@Wharton. The panelists included Sudhir Agarwal, Motorola’s director of sales for India, Nepal and Sri Lanka; Dipto Chakravarty, Novell’s vice president for engineering, identity management and compliance; Promod Haque, a U.S.-based venture capitalist specializing in the technology sector and a partner at Norwest Venture Partners; Rajesh Jain, a technology serial entrepreneur and managing director of messaging software firm Netcore Solutions; and K.S. Viswanathan, chief executive of sales for India at Wipro, India’s third-largest software services firm. R. Jagannathan, business editor of the Mumbai-based newspaper Daily News and Analysis, moderated the discussion. Edited excerpts from the discussion appear below.

Jagannathan: Mr. Haque, in your long career as a venture capitalist you must have seen all kinds of projects and ideas. Do you invest in innovative ideas, or merely ideas that make money? Is there a difference between the two? What makes something truly innovative? Is there a basic definition?

Haque: Perhaps there is a little bit of a difference [between innovative ideas and ideas that make money]. Our goal as venture capitalists is to produce a financial return by backing innovative ideas. When we look at any kind of an innovation, we look at the commercialization of that innovation, which therefore means understanding the market size and the ability of the team, or the team that we can perhaps put together, to reach that market.

Innovative ideas fall into various categories. Obviously, the category that appeals to us is the one where the ideas are innovative and unique, and they also have a good market potential, so you can back them and make money. But there are some ideas that fall into the category of innovative but are in a niche market. You can’t justify taking the risk of starting a business when you understand and realize the potential is limited.

Sometimes you find ideas that are very innovative but they’re too far away from commercialization. They are more like science or research projects — innovative but more “researchy” …. Those are usually in the domains of universities or governmental institutions and foundations that are not looking for a financial return but are nevertheless very interested in advancing that innovation further.

Kindly read complete article at Knowledge@warton at: