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Product Development

Leveraging Product Development Opportunities in India, To Create Smart Solutions For Society

Leveraging Product Development Opportunities in India, To Create Smart Solutions For Society
Image credit: Shutterstock
Former Staff
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

The startup disruption in India has undoubtedly contributed to making the country as a development and research hub. At this juncture, it is worth noting that the diversion, from being a mere service provider and a hub to outsource into, to a hub for local development and research, is now happening at a rapid pace and it is the new-age smart entrepreneurs leading this positive shift.

India is now being viewed as an entrepreneurial hub, and the smart solutions coming out are even posing stiff competition to the MNC giants viz Google and Amazon; the likes of which have also started developing solutions in India for the Indian economy.

In this regard, Entrepreneur India attempts at understanding why leveraging this trend is imperative, if not a mandate.

India has always had great minds

If you are a newbie entrepreneur, with an idea which you think is smart, then you are in the league of predecessors who had great ideas, but were devoid of opportunities. Hence, you could consider yourself lucky as there are numerous Research and Development (R&D) opportunities today available locally; combined with the accelerators (some initiated by overseas-headquartered firms) which only accord a fillip to your entrepreneurial traits.

“India has always had bright minds capable of churning out great tech products. However, the regulatory environment has always prevented innovation in emerging fields, causing a brain drain,” states Aditya Naik who is Co-Founder and CBO at Koinex.

“We missed out on the internet boom and gave way for companies like Google, Amazon and Facebook to come from other markets. Now we are at the cusp of the next technological boom, thanks to Blockchain. Hence it is imperative that we create an environment for Indian techies to go full throttle and come up with impact making products,” he informs.

The key here is holistic exchange of ideas and empowering the MNCs to undertake initiatives which could not only facilitate development of products locally, but innovatively as well.

Taking full advantage of cross-platform exchanges

As far as idea exchange and facilitation is concerned, Indian entrepreneurs definitely have an advantage in the form of globalization which has undoubtedly led to the penetration of some of the smartest technological elements which when harnessed potentially lead to mitigation of multiple layers of societal issues.

“Globalization has given entrepreneurs opportunities and business ideas that wouldn't have been relevant and be limited to the context of the Indian economy alone. From tech products to services companies - all have benefited from globalization," adds Sowmya Iyer - Founder and CEO at DViO Digital.

Now, with global technologists viz Bill Gates and more actively promoting research in India (Bill Gates has recently welcomed entrepreneurs who could develop early diagnosis for Alzheimer’s disease), there is no reason not to jump on the technology bandwagon to develop smart products for India.

“Startups especially, after winning their survival battle are now increasingly looking at building companies ready for a global leap,” says Venkatesh Iyer – Founder and CEO at Goli Vada Pav.

The key takeaway here is that merely aping the west would not help, rather it is Indian native intelligence clubbed with latest technology which would lead the way as far a making India smarter is concerned.

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