Dare to innovate
Alibaba, the most valuable retailer has no inventory. Uber, the world’s largest taxi company owns no vehicles. Facebook, the world’s most popular media creates no content. Dr. Abhishek Nagaraj, CEO of Vaatsalya Inventures and Patent Parkers speaks to us about the need for innovation and what are the challenges that young innovators in India face. Interestingly, he is a Prosthodontist will several patents in the field of dentisty to his name. He is currently engaged in several intersting innovations which according to him will change the way the world looks at innovators from India.
When you come to think of it, Innovation is nothing but a new idea, device, or method which provides Solution to a Challenge.
Every invention is THE BEST in the world for its inventor just like a child is to mother. You may attribute it to the GUC (Golden Uterus Complex) or rather call it Golden Brain Complex. But one thing remains, True Potential of Any Invention is tested Only in The Market.
On a daily basis we hear a lot of good things about inventions and how newer technologies can change the way we do things. Everybody claims their service to be innovative. Still when we see the actual work behind it, there is a lack of hard-work and conviction to take an idea further. This is nothing but reflection of discomfort on part of the inventor.
As Robin Sharma says in his book on Innovation, Don’t fear discomfort, embrace discomfort. If you believe in the novelty and potential of your idea, you should be able to take this discomfort head-on. Whether a genius or not, each one of us face problems and then we think of new ways to overcome such problems. Be it patient-centric, practice-centric or for the benefit of society, we all come across new solutions and dream to make our idea big one day in future. But in the hectic schedule and demand of work and living, our ideas bite dust and the innovative passion dies a slow death.
So how does one take this idea to the next level??
By rule of general acceptance, first thing one should get is a patent. Having a patent and rights to research are very important. More so nowadays because of easy duplication by three-D scanning and printing.
But what sort of patent? How much would it cost?? What are the pros and cons of patents, copyrights or trademarks? The answer to these questions remains in the invention’s potential. There is no set pathway for inventions. Every individual inventor has several options to take the idea forward.
From a bird’s eye view, we have this pathway as follows:
Mostly these phases run in conjunction or some even parallel again depending on invention’s novelty and market potential.To be innovative means to recognize the drivers and challenges of innovation. Drivers of innovation like latest Technology, healthy Business environment, Customers who understand the problem and are willing to accept innovations and Competition to keep yourself on tab help a long-way.
For example, Uber is an innovative service as it is. But it made its customers realize the bane of hailing a cab which until the app came into service was a normal daily grind. Uber used latest technology of mobile phone, Customers not only recognized the problem but also lapped it up. Further, a healthy business environment was created when the Cab drivers went on strike to protest this innovation thereby making it even more popular and rapidly increased subscribers. Being the category king, Uber till recently was enjoying more than 70% market share as it had no immediate competition except for a few local players.
Furthermore, challenges like limiting opportunities, accessing innovative ideas, to keep up with the speed of change in today’s world; there is always a RISK of FAILURE looming over.But whether it is a huge company like this with limitless financial backing or an individual inventor like you and me, it is extremely important to do thorough research, have a good knowledge of basics or deploy the work to somebody with knowledge of the basics. There is no harm in sharing your credits with people who have made significant contribution. TRUST NO ONE. Make sure you have a Non-disclosure agreement signed even between partners or service providers to keep yourself safe from poachers.
There are several government funded research bodies attached to institutions who have a specific agenda and sufficient finance grants to fulfill them. But for individual or a group of inventors without having such associations or free-minded superiors, it is a huge task to get their ideas across the table from Concept to Market.
It is one thing to have an idea of invention but a totally different ball game to make it work for oneself. Unless an invention is socially accepted, the inventor becomes slave of his own invention rather than achieve goals through that idea.Plus, there is a whole gamut of regulations to follow and their respective consultants who do not work in tandem with industry requirements. Navigating between self-serving patent agents, designers, manufacturers and marketing people without letting ones’ own idea get corrupt or even losing the very rights to invention is a tall order in itself. By the time such inventors clear all the hurdles and get their ideas to market, either the idea is old or their own passion fizzes out leaving nothing but a trail of path no one wants to take. It is an all or nothing scenario from here.
When patent, design and manufacture are all done by single-window approach having forethought of market requirements, the risk-factor reduces drastically. Hence, to be a successful innovator, not only creative idea and funding but also logistic support is very important.
With this goal in mind, we have founded Vaatsalya Inventures and for your benefit nicknamed it as VINVENT to go with the spirit. Since its formation, we have supported many individual inventors and their innovations, by guiding them, providing logistic support and even financial backing where required.
VINVENT has been launched to inspire and nurture such inventions and innovations be it at any stage or phase. So far we have a profile of over thirty inventions, several national awards and numerous patents for our clients.
The most important feature of our team of professionals is that we are not looking to poach on the patent rights of invention. Rather we motivate and equip the inventor in improvising the idea and making it market-ready by a composite, focused approach and giving the highest regard to these scholars in form of academic support and sales-based royalty. We are proud of having started a new category of service.
This enables the inventor to make innovation a habit and focus on improving human lives rather than fall prey to the ruthless market out there.
We are here to protect your invention and support you.
You can now Dare to Innovate... and Soar Higher...