What is a framework for innovation? What is the growth strategy?
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From the “Idea phase” into the “Invention phase”

From the “Idea phase” into the “Invention phase”

Inspiration can be found anywhere if you look around and be open to it. Ideas are relatively easy to come. “Sit-at-tea-discussions”, which are now given a fancy term “brainstorming sessions” generate wonderful ideas. It takes a lot of knowledge, time, money and efforts to refine an idea into an invention.

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But How do you begin with the idea process? First of all discover a problem. Take out a sheet of paper and write down whatever comes to your mind related to the problem; it doesn’t necessarily make sense and try to come up with a solution to the problem you just discovered. Only after you organize your initial idea, the actual design and development of your product will begin.

Turning an idea into  an invention — it takes lot of efforts and luck to launch a product into, and get that product accepted by, the marketplace. There are substantial barriers in the path of those who pursue innovation. Overcoming those barriers and accomplishing the tasks require careful planning and input from others.

You can’t just take an idea, plunk it down and say “OK, this is it.” You will be defining and tweaking your idea constantly even during development and prototyping.

Entrepreneurship can be a tough and long journey, and the success of your idea may be doubted by many people, even your family and friends! But remain focused on the value that your invention will deliver to your customers. You should be able to clearly explain the basic idea or concept behind your new product or service (in and out of the industry), have a prototype for demonstration of your new product or service, and you may seek professional advice to protect your intellectual property.

How will you determine if your idea will succeed?

One of the best ways to determine the success of your idea is to talk to people around, get customer feedback, before the complete development of the product/service and finalise your target market, pricing model and marketing strategy. Inorder to validate the entry of your product/service into the market carry out complete industrial trials for your product/service.

When you finally set out to launch your business, one of the most important trait you need as an entrepreneur is “Perseverance”. You’ll be told “no” many times but you’ve to move beyond the “no” and eventually, you’re going to get to a “yes.”

Understand that doing business isn’t a rocket science. No, it is definitely not easy to begin a business, but it’s not as complicated or as scary as many people think, either. It’s a step-by-step, common-sense procedure. So take one step at a time!!

 

Launch Your Startup Faster
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ADVANTAGES OF REGISTERING COMPANY UNDER STARTUP INDIA FOR INNOVATIONS

Are you an entrepreneur? Do you have a startup?

What is Startup India Campaign?

Startup India campaign, a program firstly announced by our very own prime minister “Mr.Narendra Modi” on 15th August 2015, at Red Fort and on 16th  January 2016 by our finance minister “Mr. Arun Jaitley” .

Why register under Startup India Campaign?

Basically this program is for the entrance and starting up new ventures which were financed by the financial institution and banks, through which government can boost up the entrepreneurship and can encourage start ups with the new job creation.

It is being operated and organized by department of industrial policy and promotion, which main focus is to restrict role of state in policy domain and get rid of ‘license raj’ and also to eliminate the hindrance like in the land permission, foreign investment proposal, environmental clearance.

The startup initiative is not only promoting new ventures in cities and towns but also in the rural areas and named as ‘Deen Dayal Upadhaya Swaniyojan Yojana’ and not only this but government also give this chance to SC/ST people and also to the women communities and through this the job rates get increased and the educated unemployed population get opportunities.

What is a start up?

According to government a startup is an entity that is headquartered in India which was opened less than seven years ago and has an annual turnover less than ₹25 crore (US$3.9 million)

Digital India

For the help of the new ventures government launched iMADE, an app development platform aimed at producing 1,000,000 apps and  not only this but government also open some financial institutions like PMMY  and the MUDRA BANK, a new institution set up for the development and financing activities relating to micro units with a refinance fund of ₹200 billion (US$3.1 billion).

What privileges  are given by government to the new ventures/startups?

Government gives many privileges to the new ventures under the startup program as they get reduction in

  • patent registration fee,
  • Modified and more friendly Bankruptcy Code to ensure 90-day exit window,
  • Freedom from mystifying inspections for 3 years,
  • Freedom from Capital Gain Tax for 3 years,
  • Freedom from tax in profits for 3 years,
  • Self-certification compliance,

Innovation hub under Atal Innovation Mission, new schemes to provide IPR protection to start-ups and new firms. Through these steps taken by  government the new ventures under startup program get encourage and get through these privileges they can work freely and make profit and the ventures get expanded and  as they get  expanded new job opportunities were  created in the market and the problem of not getting jobs opportunities get reduced.

And not only these but government also making way for international business and international investments for the new ventures under start up India i.e., SoftBank, which is headquartered in Japan, has invested US$2 billion into Indian startups. The Japanese firm had pledged the total investments at US$10 billion.

And Google also declared to launch a startup, based on the highest votes in which the top three startups will be allowed to join the next Google Launchpad Week, and the final winner could win an amount of US$100,000 in Google cloud credit.

Oracle also announced to set up nine incubation centres in Bengaluru, Chennai, Gurgaon, Hyderabad, Mumbai, Noida, Pune, Trivandrum, and Vijayawada.

Efforts made by various Indian state and state governments

In many states of southern India like Karnataka, Kerala, Andhra Pradesh, Telangana, in which many new ventures get good rise and opportunities.

Kerala a well known for the government’s startup policy, “Kerala IT Mission”, which focus on fetching ₹50 billion (US$780 million) in investments for the State’s startup ecosystem. It also made India’s first telecom incubator Startup village in 2012.

The state also matches the funding raised by its incubator from Central government with Telangana  has launched the largest incubation center in India as “T-Hub“.

The government of Madhya Pradesh has collaborated with the Small Industries Development Bank of India to create fund of ₹200 crore.

Rajasthan has also launched “Startup Oasis” scheme.

In order to promote startups in Odisha , the state government organized a two-day Startup Conclave in Bhubaneswar on November 28,2016. The main objectives of the event would be to

  • motivate youth towards entrepreneurship,
  • showcase the start-up ecosystem in Odisha and attract more start-ups to the state.

Government also help new ventures under Startup India The Ministry of Human Resource Development and The Department of Science and Technology have agreed to partner in an initiative to setup up over 75 such startup support hubs in the National Institutes of Technology, The Indian Institutes of Information Technology, The Indian Institutes of Science Education and Research and National Institutes of Pharmaceutical Education and Research.

Role of reserve bank in funding startups

The Reserve Bank of India said it will take steps to help improve the ‘ease of doing business’ in the country and contribute to ecosystem that is conductive for the growth of start-up business.