Pick a problem. Validate market. Build a prototype. Validate solution. Build a product. Grow.
It all sounds rather straightforward when written down. Almost as if failures shouldn’t happen. The devil, as in most cases, lies in the details. Understanding problem statements and the different stakeholders in the market. Understanding technology and building the right product. Adopting appropriate product management methods; the right business models, sales channels, funding partners, timing. None of this is easy.
And all of this gets more difficult when we talk about hardware ventures. Yes, problem statements are all around us. However, prototyping cycles are longer and more expensive. Supply chains are more complex and global. Information is scarce compared to the software world with fewer pre-built components. And, just as importantly, there is a perceived lack of DIY culture and skills. How many of us were encouraged to question why and take things apart as kids?
Despite this background and perhaps because of it, some amazing hardware startups are emerging, as are hubs incubating the DIY spirit. You see fewer pointless startups because it is so much more expensive and time-consuming to build something physical. There’s greater participation from governments and private investors alike in promoting hardware innovation. It is finally time to herald the emerging hardware startup scene in India.
Related Article: The True Nature of Minimum Viable Product (aka MVP)
It is in this context that we are seeking to position Innofest as the platform for entrepreneurs and other stakeholders to come forth and engage with each other. In the spirit of rapid prototyping, we are hoping to foster rapid experimental collaborations that fructify over time.
Our research survey has pulled in 50+ diverse opinions ranging from very early to mature entrepreneurs and other stakeholders including investors and academicians. The commonalities and distinctions of individual challenges are beginning to emerge with many actionable insights.
Early findings will be presented at the Innofest Innovation Track on 22nd October in Bangalore. If you want to be part of the conversation, ensure you fill up the short survey. All respondents will be sent an invite to the event.
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