Teaser: “Research and innovation are key drivers in realizing India's vision of Atmanirbhar Bharat and Viksit Bharat. By transforming academic discoveries into entrepreneurial ventures, researchers can lead India's growth towards self-reliance and global leadership."
The importance of academics, particularly those with PhDs or registered patents, has never been greater in the quickly changing global economy of today. When researchers' vast knowledge and inventiveness are turned into successful entrepreneurial endeavors, they have the potential to change the world. In addition to advancing their own careers, academics can significantly contribute to India's expanding entrepreneurial environment by turning their academic research into actual businesses, or micro, small, and medium enterprises (MSMEs). This is particularly important for achieving the aspirational national goals of Atmanirbhar Bharat and Viksit Bharat, which mostly depend on domestic innovation and research-based entrepreneurship.
The Potential of Research-Based Entrepreneurship in Atmanirbhar Bharat
Atmanirbhar Bharat's Research-Based Entrepreneurship Potential
Utilizing national resources, fostering innovation, and reducing dependencies on foreign technology are an essential component of India's objective of becoming Atmanirbhar Bharat. Research and development is crucial to this independence since it can lead to indigenous solutions for regional and global problems.
Research often yields ground-breaking findings and innovations that could address critical challenges in the real world. But bridging the gaps between their academic work and the business community often an ongoing challenge for many academicians. An entrepreneurial mindset is quite useful in such a scenario. By evaluating market requirements and aligning their innovations with national priorities such sustainability, safety, health, and clean energy, researchers could propel Atmanirbhar Bharat.
In such a scenario, a patent is an effective instrument. It not only secures intellectual property but also enhances an idea's legitimacy in the marketplace. The journey from research to entrepreneurship might seem challenging to researchers and PhD holders, but the benefits are significant. Research that is properly commercialized might result in innovative products, services, or even entire industries, which boosts the economy and creates jobs. In this way, India can develop a robust, independent economy powered by its own citizens and technology.
Viksit Bharat: Research and Innovation as Pillars of Development
Innovation and research must be at the core of India's growth strategy if it is to effectively evolve into a ViksitBharat. By fostering a strong ecosystem of research-based entrepreneurship, India may thrive national, globally and contribute national solutions for challenges in sectors like healthcare and agriculture.
India's development depends on addressing concern challanges such food security, environmental sustainability, healthcare accessibility, agriculture, and energy efficiency, all of which can be addressed by research and innovation. India can develop new industries that meet the demands of its quickly expanding economy by turning scholarly research into profitable business projects, ensuring that the benefits of innovation are recognized across the country.
Building a Supportive Ecosystem for Researchers and Entrepreneurs
Creating ecosystem which encourages collaboration between academia and industry is crucial in achieving the objectives of Atmanirbhar Bharat and Viksit Bharat. Universities, government organizations , and research institutes must collaborate to offer grants, financial resources, and mentorship to academics who are interested in creating their own businesses.
This environment that encourages collaboration can be seen by government initiatives like Startup India, Make in India, and various state-level initiatives providing ecosystem for connecting entrepreneurs with training programs, investors, and mentors. Such initiatives serve as crucial for accelerating the commercialization of innovative ideas and bridging the gap between industry and research. To promote and empower researchers and innovators to bring their discoveries from the lab to the market, local and regional entrepreneurship networks can improve awareness and resource accessibility.
Steps to Transform Research into Business
1.Identify Market Needs: To start, collect data regarding customer needs and market gaps that your research will address. This step is vital for ensuring that your ideas meet practical needs, particularly those related to national priorities for self-reliance.
2. Develop a Business Plan: A meticulously developed business plan should include your operations strategy, revenue model, target market, and vision. This strategy is crucial when looking for finance because it serves as a roadmap for your business.
3. Leverage University Resources: Numerous academic institutions provide resources to assist entrepreneurs, including financial access, incubators, and accelerators. These materials should be used by researchers to improve their business plans and find mentors.
4. Safeguard Your Intellectual Property: Make sure that copyrights or patents are in place to protect your research. This enhances the value of your business proposition whilst also protecting your innovations.
5. Build a Team: Create a team, group comprising individuals with expertise in marketing, finance, business development, and research. Your chances of success are increased with a diverse workforce, particularly while developing your company.
6. Seek funding: Look into different types of financial sources, such as angel investors, venture capital, and government grants. The government's efforts to foster domestic inventions through initiatives like Atmanirbhar Bharat may open up fresh opportunities for cooperation.
7. Iterate and Adapt: Adaptability and the willingness change response to the market one's strategic plan in feedback and evolving circumstances are often necessary for navigating the journey. The secret to overcoming the challenges of starting a business is flexibility. In order to promote research and creativity, India has seen the implementation series of innovative a projects and schemes that offer not only financial support but also networking, mentorship, and facility access opportunities.
Here are some of the recent initiatives and schemes launched to encourage research and innovation in India, they provide not only financial backing but also infrastructure, mentorship, and networking opportunities.
Anusandhan National Research Foundation (ANRF)
Startup India Initiative
Atal New India Challenge 2.0
Technology Development Board (TDB)
Startup Grants - NIDHI Programme
PM Gati Shakti - National Master Plan
Biotechnology Industry Research Assistance
Science, Technology, and Innovation Policy 2020
Government Initiatives | Indian Council of Medical Research
Swavalamban
AICTE Research & Innovations Development schemes
AICTE Research Promotion Scheme
"If researchers require industry support for their research and innovation, they can visit https://manthan.gov.in , a government of India platform where MSMEs are empanelled to assist in transforming academic ideas into market-ready solutions."
Conclusion
In order to propel innovation and economic development in India, the switch from researcher to entrepreneur is not only feasible but also crucial. Researchers can help achieve Atmanirbhar Bharat and Viksit Bharat by leveraging their special talents and perspectives to create MSMEs and SMEs that benefit their communities as well as themselves. The moment has come for researchers to enter the entrepreneurial profession as India aspires to become a global leader. Seize the chance and allow your research to help shape the future of national development and corporate innovation.
For more help you can contact me: CE Shreekant Patil
CE Shreekant Patil
Founder at PARENTNashik, Researcher, Consultant, Mentor at Startup India (Govt of India Initiative), AICTE, UGC - Helping to create startup, entrepreneurs, empower women, Advisory Member of ACSE, IFERP
