Innovation is Now a Thriving Business

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Indian innovators are morphing into entrepreneurs

Imagine a jacket that keeps you cool in the coming summer. Or a roof made of recycled tetrapacks. Or using electricity generated by a micro wind turbine on your rooftop. No, these aren't ideas in the air. These are products in the market by Indian innovators. They are testimony to a trend that has not shown up on any radar yet — that Indian innovators are morphing into entrepreneurs.
"The technology is my baby. I couldn't think of giving it to anyone else," says Kranthi Kiran Vistakula, founder of Dhama Innovations and innovator of ClimaCon, the technology which syncs clothing with body temperature on demand. Wasn't he intimidated by the idea of setting up his own company? "No, I was willing to take the risk. As an M Tech from Massachusetts Institute of Technology, I could have gone back to the US and landed a job. But I am passionate about building a global Indian brand," he says.
The market demands such innovatorentrepreneurs. Consumers want customised solutions for their problems. Products and services that meet their specific needs. But they don't want to pay a premium for these. Despite runaway salaries and households with multiple earning members, India's per capita income is still low at $3,400, compared with the developed world, say the US — $47,400 (annual 2010 estimates). So innovations must offer decent quality at ultra-low prices.
To convert an innovation into a successful business, innovators have to ensure the technology process can be standardised and scaled up. Also, the final product should have a design that appeals to end users.
This is why Parag Kulkarni and Vinayak Manmadkar, innovators of an indigenous micro wind turbine have never stopped their research. They have built seamless blades that withstand high wind velocity and are more energy efficient than imported turbines. The business is estimated to earn 10 crore in 2011-12. But the duo continuously improves technology to upgrades the turbines.
Increasingly, such innovators can find adequate support from mentors, incubators, and government institutions. In fact, many venture capitalists claim they fund only those companies which offer an innovative product or service. According to Saurabh Srivastava, chairman of CA India, one of India's leading angel investors and venture capitalists: "If the idea is not original, it is unlikely to work in the market. There is no space for mere cheap imitation. We have moved ahead of that stage."
People like Tushar Shah realise this. The Vapi-based entrepreneur was not satisfied with the family business of recycling newsprint. So he spent two years to research about recycling tetrapack cartons of milk and fruit juices. The result: tetrapacks break down into diesel, roofing sheets and paper. There are many more stories of innovators. Several more lessons from their journey.

Tushar Shah recycles tetrapack cartons into diesel, roofing sheets and paper