10210ME103-Innovation &

Entrepreneurship

M. NAGAPPAN
ASSISTANT PROFESSOR
MECHANICAL ENGINEERING
VELTECH UNIVERSITY
 INTRODUCTION TO ENTREPRENEURSHIP

• Ideation activities: POC and Prototypes, MVP

• Scaling: Blue Ocean Strategy, Team discovery
and team formation activities
• Entrepreneurs: entrepreneurial personality and
intentions, characteristics, traits and behavioral
• Risk: entrepreneurial challenges
• Govt of India initiatives like Make in India, Start-
up India, Digital India etc.
• Atmanirbhar Bharath, NIDHI COE, NIDHI
Prayas, MEITY, TN EDII.
 STUDENTS ACTIVITY

Each one to present an

entrepreneurship idea and talk about
the innovator, his/her attributes etc.
How do they make money? What are
the challenges they faced while
developing the idea into a business
etc.
 Ideation activities
• Ideation is a key component of any successful
business
• A good ideation session is hard work
• It is a structured process of guiding the right people
through a number of carefully designed exercises to
come up with innovative ideas.
• For example, in its early days, Google encouraged
employees to spend as much as 20% of their work
hours meditating on new ideas that personally
intrigue them and potentially solve real problems.
• Examples: POC and Prototypes, MVP
 POC
• Short Definition. Proof of concept
• A POC is a method of validating assumptions with
target users and checking if your idea is feasible
technically.
• A proof of concept (POC) is an exercise in which
work is focused on determining whether an idea can
be turned into a reality.
• A proof of concept is meant to determine the
feasibility of the idea or to verify that the idea will
function as envisioned
• It is sometimes also known as proof of principle.
 Prototypes
• A prototype is an early sample, model, or release of
a product built to test a concept or process
• It is an original model on which something is
patterned
• Prototyping is an experimental process where design
teams implement ideas into tangible forms from
paper to digital.
• Using basic sketches and rough materials, the
prototype may be a simple drawing or rough model
that helps innovators determine what they need to
improve and fix in their design.
 MVP
• Definition: Minimum Viable Product
• A minimum viable product is a version of a product
with just enough features to be usable by early
customers who can then provide feedback for future
product development
• MVP is a development technique in which a new
product is introduced in the market with basic
features, but enough to get the attention of the
consumers.
• The final product is released in the market only after
getting sufficient feedback from the product's initial
users.
 Scaling
• Scaling growth is about creating business models and
designing your organization in a way that easily scales in
order to generate consistent revenue growth and avoid stall-
points without adding a ton of extra cost and/or resources
along the way
• Scaling a business means setting the stage to enable and
support growth in your company.
• A profession, activity, or strategy that does not require full
dedication to achieve the result.
• It is the ability to expand production activities without a
proportional increase in costs.
• Example: Blue Ocean Strategy, Team discovery and team
formation activities
 Blue Ocean Strategy
• Blue Ocean Strategy is referred to a market for a product
where there is no competition or very less competition
• Blue Ocean Strategy is the simultaneous pursuit of
differentiation and low cost to open up a new market space
and create new demand
• This strategy revolves around searching for a business in
which very few firms operate and where there is no pricing
pressure
• Companies need to build their blue ocean strategy in the
sequence of buyer utility, price, cost, and adoption.
• Blue Ocean Strategy can be applied across sectors or
businesses. It is not limited to just one business.
 Team discovery
• Team Discovery is a talent optimization tool that will help
you set the direction for any team, understand what is
holding them back, and build a clear path forward to
improve communication and accountability, so the team can
reach their goals.
• Are skillful, candid communicators, balancing advocacy
with openness to others ideas
• Manage conflict constructively and maintain team cohesion
• Trust one another
• Hold themselves and each other accountable for the broader
impact of their actions
• When you understand your Team Type, you can identify
blind spots, strengths, and strategic emphasis—and then
take action accordingly.
 Team Formation Activities
• Team formation activities are important to the effective
management and growth of the team
Purpose:
• To foster awareness of the team sprit
• To reinforce commitment to the team’s shared goals and
objectives
• To increase communication, learn new strength and gain
insights with in the team
• To help develop all elements of team work including
creativity, trust, problem solving, time management, etc..
• To help develop a high performance team by encouraging
and shared commitment to common purpose, core values,
defined values and responsibilities
 Entrepreneurs
• An entrepreneur is an individual who creates a new business,
bearing most of the risks and enjoying most of the rewards.
• The process of starting and running one’s own business
• The entrepreneur is commonly seen as an innovator, a source of
new ideas, goods, services, and business/or procedures.
• The most successful and famous entrepreneurs in the world are:
Jeff Bezos, Elon Musk, Sanjiv Bajaj, Bill Gates, Mark
Zuckerberg, etc..
• Those interested should create a plan and include the following
steps on becoming an entrepreneur: Identify a problem, Expand
your formal and informal education, Build your network, Reach
financial stability, Solve the problem with a business idea, Test
the idea, Raise money.
 Entrepreneurial Personality
• An entrepreneurial personality sees opportunities and exploits them by
creating value for themselves and others, sustainably.
• The personality of an entrepreneur, how he/she should be.
• What qualities he must possess in him/herself as he/she can become
an entrepreneur?
1.Self Confident
Knowing about own self, talent discovery Entrepreneurs have
strong faith in their abilities.
2. Courageous
To take initiative for something
3. Optimist
Entrepreneurs are positive thinkers they think of success and
bright sides.
 Entrepreneurial Personality
4. Decision Maker
The success of business depends on their ability to make right
decisions.
5. Reasonable Risk Taker
Entrepreneurs enjoy challenges but they are careful and calculate
everything.
6. Opportunistic
Grabbed the every possible and little opportunity in the surrounding and
became an empire.
7. Innovator
They do things in new and different ways.
8. Quality of Acceptance
For Mistakes and feedbacks
 Entrepreneurial Intentions
• Entrepreneurial intention is a psychological state that guides our
attention toward specific business goals in order to achieve
entrepreneurial results
• It is also a recognition that individuals take actions to develop new
businesses or create new values in existing enterprises
• There is a variety of factors which lead to entrepreneurial intention,
including personal or psychological, environmental, cognitive and
demographic ones
 Entrepreneurial Characteristics
• Entrepreneurs are vision-oriented people
• Entrepreneurs have a high need in achievement
• Entrepreneurs do not rely on fate or luck, however they try to control
their own lives
• Entrepreneurs undertake moderate risks, which is why they look for
high earning on their investments
• Entrepreneurs have the abilities to deal with several ambiguous
situations in their ventures. They face these ambiguous situations and
circumstances regularly because they do certain jobs and tasks which
are entirely new by nature.
• Entrepreneurs have the tendency to be productive and efficient with in
a given period of time. However, at times, they might be seen as
inflexible individuals in team-work.
 Entrepreneurial Traits
• Some of the common traits of entrepreneurs are :
1. Risk takers
2. Flexible
3. Knowledgeable
4. Independent
5. Energetic
6. Creative
7. Dynamic leader
8. Responsive to suggestions or criticisms
9. Resourceful
10. Initiators
11. Persistent
 Entrepreneurial Behavioral
• Entrepreneurial behavior can be defined as a set of behaviors that an
individual exhibits which allows them to innovate and/or improve
upon existing ideas to market a product or service effectively in a
competitive market
• Here are 10 behaviors shared by unstoppable entrepreneurs:
1. They plan their day in advance.
2. They get proper nutrition and exercise.
3. They position themselves to serve.
4. They set clear goals.
5. They take calculated risks.
6. They know their strengths and weaknesses.
7. They hire A-team players.
8. They are constantly learning.
9. They are always looking for opportunities
10. They evaluate their actions and priorities each day.
 Risk: entrepreneurial challenges
• Although entrepreneurship activities are beneficial, however they come with certain
challenges. Some of those challenges are mentioned herewith:
1. Knowledge gap between the developed, emerging, frontier and under developed
markets for conducting business
2. Difference in accounting systems in several countries
3. Variable rates of return
4. Non-convertibility of the currencies
5. Communication gaps
6. Language barriers
7. Political unrest and legal concerns
8. Cultural differences
9. Discrepancies in the use of technology
10. Complexity in the markets
11. Supply chain concerns
12. Lack of specific infrastructure in some countries or regions
13. Financial markets and their volatility
Govt of India initiatives: Make in India
Govt of India initiatives: Make in India
Govt of India initiatives: Make in India
Govt of India initiatives: Make in India
Govt of India initiatives: Make in India
Govt of India initiatives: Make in India
 Govt of India initiatives: Start-up India

• Announced by PM Narendra Modi on 15 August 2015

• Launched on 16 January 2016 at Vigyan Bhawan, New Delhi
• Organized by Department of Industrial Policy and Promotion (DIPP)
and ministry of commerce
• Inaugurated by FM Arun Jaitely
• Chief guest - PM Narendra Modi
• Attendees- top 40 CEOs and startup founders
 Govt of India initiatives: Start-up India
Benefits of an Initiative:
• Self Certification and compliance under 9 environmental & labor laws
• Startup Patent Application fast track & up to 80% rebate in filling
patents
• Public Procurement fast track under the criteria of "prior experience/
turnover" for startups in all Central Government ministries/ departments.
• Inr 10,000 Crore Fund of funds for investment into startups through
Alternate Investment Funds.
• Inr 2,000 Crore Credit guarantee fund for startups through National
Credit Guarantee Trust Company / SIDBI over 4 years.
• Tax Exemptions on Income tax for 3 years
• Tax Exemptions on capital gains & on Investments above fair market
value.
 Govt of India initiatives: Start-up India
Eligibility Criteria to get Benefits of Initiative:
• Startup is an entity, private limited Company (The
Companies Act,2013), Registered Partnership Firm (The
Indian Partnership Act,1932), or Limited Liability
Partnership (The Limited Liability Partnership Act,2008)
that is headquartered in India.
• Opened less than five years ago.
• Annual turnover less than Rs.25 crore.
• The entity should not be formed by splitting up or
reconstruction and its turnover should not have crossed
Rs.25 crore during its existence.
 Govt of India initiatives: Start-up India
How to Register:
These are the steps to register your startup company within a day-
1. Log in to Startup India Portal
2. Choose your legal entity
3. Input your incorporation/registration number
4. Input your incorporation/registration date
5. Input PAN Number (optional)
6. Input your address with postal code & state
7. Input authorized representative details
8. Input director(s)/partner(s) details
9. Choose and upload supporting documents and self-certification
10. Incorporation/registration certificate of company/LLP/Partnership
11. Registration to avail tax and IPR
12. Certify the official notification terms and conditions
 Govt of India initiatives: Digital India
• Digital India is a Programme to prepare India for a knowledge future.
• The focus is on making technology central to enabling change.
Vision of Digital India:
• Digital Infrastructure as a Utility to Every Citizen
• Governance & Services on Demand
• Digital Empowerment of Citizens
Nine Pillars of Digital India:
1. Broadband Highways
2. Universal Access to Phones
3. Public Internet Access Programme
4. E-Governance – Reforming government through Technology
5. eKranti – Electronic delivery of services
6. Information for All
7. Electronics Manufacturing – Target NET ZERO Imports
8. IT for Jobs
9. Early Harvest Programmes
 Govt of India initiatives: Digital India
Composition of Monitoring Committee on Digital India:
• Prime Minister – Chairman
• Finance Minister
• Minister of Communications & IT
• Minister of RD
• Minister of HRD
• Minister of Health
Atmanirbhar Bharath
Atmanirbhar Bharath
Atmanirbhar Bharath
Atmanirbhar Bharath
Atmanirbhar Bharath
 NIDHI COE
• National Initiative for Developing and Harnessing Innovations (NIDHI)
• National Initiative for Developing and Harnessing Innovations (NIDHI)
is an umbrella programme conceived and developed by the Innovation
& Entrepreneurship division, Department of Science & Technology,
Government of India, for nurturing ideas and innovations (knowledge-
based and technology-driven) into successful startups.
• The programme would work in line with the national priorities and
goals and its focus would be to build an innovation driven
entrepreneurial ecosystem with an objective of socioeconomic
development through wealth and job creation.
• NIDHI is developed keeping in line the new national aspirations and on
the basis of DST’s experience of three decades, in promoting innovative
start-ups.
• NIDHI aims to nurture start-ups through scouting, supporting and
scaling of innovations.
 NIDHI COE
Objectives of NIDHI-CoE:
• To promote new technology/knowledge/innovation based impact
making startups.
• To provide cost effective, value added services to startups like
mentoring, legal, financial, technical, intellectual property related
services.
• To scale up existing/new activities targeted at seeding and supporting
startups.
• To provide a platform for speedy commercialization of technologies
developed by the host institution or by any academic/technical/R&D
institution or by an individual.
• To build a vibrant startup ecosystem, by establishing a network between
academia, financial institutions, industries and other institutions.
• To create jobs, wealth and business in alignment with national
priorities.
 NIDHI COE
• So far, a network of about 100 STEPs/TBIs supported by the DST
exists across the country which have nurtured over 3000 startups.
• Business incubation has been globally recognized as an important tool
for economic development and job creation. Innovation and
Entrepreneurship Division of Department of Science and Technology
(DST) has been supporting the technology based stratups through its
flagship programme of “Technology Business Incubator”.
• Technology based new enterprises are high risk and high growth
ventures, and they require an enabling environment like NIDHI-Centre
of Excellence (NIDHI-CoE) to enhance the prospects of their success.
• NIDHI Centres of Excellence (NIDHI-CoE) - A World class facility to
help startups go global.
• The key stakeholders of NIDHI includes various departments and
ministries of the central government, state governments, academic and
R & D institutions, mentors, financial institutions, angel investors,
venture capitalists and private sectors.
 NIDHI COE
Eligibility for Submission of a Proposal of NIDHI-CoE
• The proposal is to be submitted by an existing Incubator, which has
been in existence for at least five years.
• In non-academic institution, it should be a legal entity registered in
India with the clear purpose and objective of promoting research,
innovation and entrepreneurial ecosystem.
• DST requires a NIDHI-CoE to collaborate with an industry, an
academic institution and with other institutions of repute focusing on
innovation, research, commercialization and startup promotion. DST, at
present, does not support for-profit incubators.
• The host institution should be in existence for at least 8 years.
• Support shall be extended in setting up of NIDHI-CoE in PPP mode.
• The proposals which are not complete or do not provide information on
15 point of eligibility criteria (Sl No 8 in Proforma for Application),
will not be considered.
 NIDHI Prayas
• PRomoting and Accelerating Young and Aspiring technology
entrepreneurs (NIDHI-PRAYAS)
• NIDHI- PRAYAS Program is focused is to provide support/funding
from idea to prototype to help – young and aspiring innovators.
Innovators should use the PRAYAS grant, primarily to convert their
ideas into prototype.
Objectives of NIDHI-PRAYAS:
• To enable translation of an innovative idea to a prototype.
• To provide a platform for faster experimentation and modify
approaches in the idea to market journey.
• To generate innovative solutions relevant to the local and global
problems.
• To attract a large number of youth who demonstrates problem solving
zeal and abilities to work on their new
technology/knowledge/innovation based startups.
 NIDHI Prayas
Objectives of NIDHI-PRAYAS:
• To enhance the pipeline in terms of quality and quantity of innovative
start ups to the incubators.
• To build a vibrant innovation ecosystem, by establishing a network
between innovators, academia, mentors and incubators.
Eligibility for Submission of a Proposal of PC:
• STEPs/TBIs promoted by Government of India are eligible to apply
under the PRAYAS Centers (PC).
• The proposal to be submitted by a STEP / TBI and other institutions
with a proven track record in promotion of technology based
entrepreneurship. The STEP / TBI is supposed to have adequate
expertise and infrastructure to support innovation scouting, screening,
selection for funding support and monitoring of progress of
development.
• The proposals which are not complete or do not meet eligibility criteria
will not be considered.
 NIDHI Prayas
Eligibility for Submission of a Proposal of PC:
• The STEP / TBI should have been in existence for at least 3 years.
This limit of time period will not apply to entities created by the
central government or state governments.
• A pure R&D proposal for academic pursuits and industrial
consultancy will not be eligible for support.
• DST encourages a PC to collaborate with an industry, an academic
institution and with other institutions of repute focusing on
innovation, research, testing, validation, quality control ,
commercialization mentorship and start-up promotion. DST at present
does not support for-profit incubators.
 MEITY
• Ministry of Electronics and Information Technology, Government of
India.
How do I get into MeitY?
• Visit MeitY official website - www.meity.gov.in.
• Search for the MeitY Young Professional recruitment link and click on
it.
• Fill the details as asked in the online MeitY application form.
• Successfully submit the MeitY recruitment form online.
• And mail your CV to - [email protected].
What is the role of meity?
• Promotion of Standardization, Testing and Quality in IT and
standardization of procedure for IT application and Tasks. Electronics
Export and Computer Software Promotion Council (ESC). All matters
relating to personnel under the control of the Department
 MEITY

Companies under MeitY:

• CSC e-Governance Services India Limited
• Digital Locker
• Media Lab Asia (MLAsia)
• National Informatics Centre Services Incorporated (NICSI) — Public
Sector Enterprise under control of National Informatics Centre.
• National Internet Exchange of India (NIXI)
• STPI -Software Technology Parks of India
• Unique Identification Authority of India (UIDAI)
 MEITY
Autonomous Societies of MeitY
• Education and Research in Computer Networking (ERNET)
• Centre for Development of Advanced Computing (C-DAC)
• Centre for Materials for Electronics Technology (C-MET)
• National Institute of Electronics and Information Technology
(NIELIT) — Formerly DOEACC Society
• Society for Applied Microwave Electronics Engineering and Research
(SAMEER)
• Software Technology Parks of India (STPI)
• Electronics and Computer Software Export Promotion Council (ESC)
• Semi-Conductor Laboratory (SCL)
 TN EDII
• Entrepreneurship Development and Innovation Institute
• Entrepreneurship Development and Innovation Institute (EDII), an
autonomous organisation under the Government of Tamil Nadu is
committed for entrepreneurship development in the State of Tamil Nadu.
• The Entrepreneurship Development Institute of India (abbreviated as
EDII) is an autonomous body and not-for-profit institute located Guindy,
Chennai,, India.
• Credit Linked Capital Subsidy for Technology Upgradation-Office of the
Development Commissioner (MSME)
• Bank Credit Facilitation Scheme- National Small Industries Corporation
(NSIC)
• Scale-up Support to Establishing Incubation Centres-NITI Aayog
• The EDII aims to enhance the spirit of entrepreneurship and the levels of
skills by opening various sustainable entrepreneurial paths and
accelerating system for entrepreneurship.
 TN EDII
• Established in 2001, the Entrepreneurship Development and Innovation
Institute (EDII), Chennai is an apex organisation in the field of
entrepreneurship education and self-employment promotion in the state of
Tamil Nadu.
• EDII was constituted by Government of Tamil Nadu as a not-for-profit
society and is administered by the Department of Micro, Small and Medium
Enterprises (MSME). Headed by the Addl. Chief Secretary who is also the
Director of the Institute, EDII is managed under the superintendence of a
Governing Council, appointed by the Government of Tamil Nadu.
• Vision: Recognising developments across the world and India on
entrepreneurship and innovation, taking into account best practices across
the world, Vision, Mission, Core Values and Strategy for EDII are detailed
below:
• An aspirational and inclusive entrepreneurship and business innovation
culture spread across Tamil Nadu with EDII emerging as the State resource
hub in education, training, research & practice in Entrepreneurship &
Innovation.
 TN EDII
• Mission: Rapid, sustainable and inclusive growth of MSM enterprises and
innovation by youth and adults across Tamil Nadu through effective
entrepreneur competency development, partnerships, business network
development, advocacy, training, communication, innovation promotion and
business facilitation services, leading to job growth and economic
development.
Objectives:
• Spread aspirational entrepreneurship & innovation culture in Tamil Nadu
• Build entrepreneurial competencies of aspiring youth and entrepreneurs,
including those from disadvantaged sections of society
• Enhancement of the support ecosystem for entrepreneurs, including
technology startups
• Reduction in risk of enterprise and innovation failures
• Embedding entrepreneurship education in the formal education system
• Research, surveys and publications on entrepreneurship and innovation
• Vibrant partnerships with all Government and non-Government players in
the entrepreneurship and innovation