Innovation, Creativity, Invention and Business Incubation
Updated: Jan 28, 2021
The way people make a living, shapes the economic and social character of a society and determines their prosperity and success.
Indians in general are clever and enterprising, which is often visible by the manner in which they respond to situations and exploit opportunities.
When India gained re-independence in 1947, entrepreneurship witnessed a boom. A large number of people began some enterprise or the other. Many industrial and trading businesses mushroomed surrounded by vendors in a sea of eateries, shops, shacks and kiosks trying to offer every type of product and service the population wanted.
Virtually every enterprise was a Startup. Though the only means of financing their business was money borrowed from family, friends and moneylenders most thrived.
Greatly influenced by the Soviet Union, Nehru India's first Prime Minister adopted the now discredited USSR Socialistic economic model. Every major business of consequence was nationalised and the economy gradually came under monopolistic government control. Naturally majority of people aspired to get cushy government jobs delivering a crushing blow to entrepreneurship and free enterprise.
Big government is terribly inefficient, mostly ineffective and always kills enterprise and hobbles the economy. This is also what happened in India. Openly seeking profit was frowned upon and entrepreneurship, invention and innovation went on an extended holiday.
Naturally, after 43 years of misguided Socialism, India reached the brink of economic collapse. In 1990 Indian political leadership was forced to liberalise the economy, by releasing the stranglehold of the government bureaucracy and political class on India's economy and entrepreneurship.
Economic liberalisation unleashed tremendous entrepreneurship, domestic and international funds and technology has since poured into the Indian economy.
Led by many big enterprises and supported by numerous tier 2, 3 and 4 level enterprises, India has been experiencing good growth. There has been a great rush of human and financial capital towards the private sector and the corporate world.
Much focus has been directed towards the knowledge and technology sector. Increasingly more people are becoming inventors, innovators and finding creative solutions to India and humanity's needs and wants.
50 years ago the value of any enterprise comprised 70% of tangible hard assets of land, equipment, inventory etc. and 30% of intangibles, meaning knowledge, intellectual property, brand value etc.
Now in 2021 it is reversed with intangibles accounting for 70 to 80% of an enterprise's value.
In innovative companies, the intangibles could be as high as 95% in the early stages.
Though very good efforts are being made by the government, as always government policies, rules and regulations, crafted and managed by bureaucracies always seem to lag behind needs. On the other hand, unencumbered by red tape, investments in ideas are being made, predominantly by private domestic and global investors.
Though enterprise success rates vary between 5 and 8%, investors who identify, invest and support ideas and entrepreneurs in the early stages can witness phenomenal returns on their investments between 8 times to 200 times their investments.
Words like Science, Technology, Invention, Creativity, Innovation, and Incubation are now common verbiage in the economic world, and rightly so.
In his book on 'Revolutionary Wealth' the futurist Alvin Toffler explains how knowledge and technology are working to create huge wealth with much less promoter's capital than was ever possible before.
Dr. Rajendra Jagdale, Director General of The Science and Technology Park, Pune, a part of Government of India's Department of Science and Technology, who has successfully incubated many great companies, helped me define a few important concepts and basic terms for the benefit of my readers.
Science is the conversion of wealth into knowledge.
Creativity is coming up with ideas.
Invention is the creation of a new concept.
Innovation is the conversion of knowledge into wealth.
To innovate means to make changes in anything established and introduce something new.
Innovation is about creating value and increasing efficiency, and therefore growing a business. It is a spark that keeps organizations and people moving ever onward and upward. "Without innovation, new products, new services, and new business models would never emerge.
Innovation is the bringing of ideas to life, converting a concept to practice, and making it a commercial success.
An Entrepreneur is someone who converts Knowledge into wealth
To spur inventions, for creativity to flower and to nurture innovation and science to progress a particular environment is necessary.
In the early and infant stage a venture has to be incubated, and that brings in the crucial importance of Business incubators.
Business incubation is a well managed entrepreneurial space/facility designed to nurture business ideas and start-up companies and through a comprehensive business support programme, help them establish and accelerate their growth and success.
The business incubator is a physical space which provides
Structured business support facilities and management systems
Access to risk capital.
If you are an inventor, have creative and innovative ideas, are willing to work hard and smart, and have little or no capital, then this is possibly the best time to launch your own venture.
If you want to launch your own venture and don't know how, you can visit Business Incubation
If you want to proceed further and engage with someone to assist you, please email your idea in approximately 350 words along with your CV to Guru Wonder and someone from our team will respond to you.
If we believe there is a possibility that your idea has some future, we will put you in touch with 'idea stage' investors. The idea and early stage investor will finance, incubate and mentor you if they come on board. In this the Science and Technology Park can also support your ideas.
This a social project and no fees are required to be paid to Guru Wonder.
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