innovation of startup

1. INNOVATION SUMMIT

3. “Never dream of becoming
something, if you dream, dream
of doing something.”
Narendra Modi

5. Start-ups theories
Startups are rarely considered as the main focus of theories in different domains. However, there are
some theories which could be implicitly considered as “startup theories” in the existing literature. This
paper categorizes these theories in three main areas:
(i) organization,
(ii) management
(iii) entrepreneurship.

6.  On 15 August 2015, as part of Hon’ble Prime Minister Shri Narendra Modi’s Independence Day
speech from the Red Fort, a new vision for the Indian economy was announced.
 A vision that aimed to tap the entrepreneurial potential of the people of India.
 A vision that enabled the talent of India to dream of ideas, put them in action, and convert them
into game changing ventures.
 In five months, putting words into action, on 16 January 2016, the Government launched the
‘Startup India’ program with a stated objective to build a strong ecosystem for nurturing innovation
and startups in the country that would drive sustainable economic growth and generate large scale
employment opportunities

7. The Government’s Union Budget allocation of INR 1,000 crore towards the Self Employment and Talent
Utilization (SETU) scheme is a major boost towards promoting start-ups in the Country. Salient features:
Salient features:
Encourage entrepreneurship among the youth of India. Each of the 1.25 lakh Bank branches should
encourage at least one Dalit or Tribal Entrepreneur and at least one Woman Entrepreneur.
In addition to existing systems to facilitate Start-ups, loans would also be given to help people.
Give a new dimension to entrepreneurship and help set up a network of start-ups in the Country.
Promised to do away with the current practice of interview-based selections for low-skilled Government
jobs.
The practice of "interviews" for recruitment at relatively junior levels and departments concerned to end
this practice at the earliest and promote merit by recruiting only through transparent, online processes.
As part of the Skill India and Digital India initiative, package of incentives will be given to manufacturing
units for generating jobs.

8. Startups’ ability to change and adapt fast has been impressive, not to mention a lot of
them kept growing and expanding their teams. If you’re just starting your career, or
you’re looking for new opportunities. it’s worth considering joining a startup

9. Why Start a Company?
When launching a new company, there are a number of factors to take into consideration. The reality is
that only some inventions may be suitable for the creation of a start-up company. Innovations may
progress more quickly in a focused start-up than in an academic lab or a large company.
several factors to determine whether a startup is the most appropriate path to
commercialization:
• Demand: Potential of the core technology
to provide a solid platform for multiple
markets or product opportunities.
• Competition: Identification of other
companies that offer similar solutions.
• Licensing: Likelihood of interest from
existing companies in licensing the
technology.

10. • Funding: Availability of capital to build
and grow the business, together with
the interest, capabilities, and track record
of likely investors.
• Commitment: Level of commitment and
involvement of the inventors.
• Support: Presence of a true business
champion for both the technology and
the new venture.
• Management: Experience, passion, and
drive of the startup’s executive team.

11. The lifecycle of startups However, startups are diversified and complex in nature, these entities have
their lifecycle. Hopefully, research on startups’ lifecycle is well-developed in last few years Since the
sequence of activities and stages might vary among different startups, a holistic perspective is
presented in this paper to offer a better understanding of the lifecycle of startups. The stages are as
follows
The lifecycle of start-up

12. Challenges of start-up
There are some common challenges, most of the challenges are unique, and the extent to which they affect
startups differs. Some of the main common challenges are as follows:
(i) Financial challenges
(ii) Human resources
(iii)Support mechanisms
(iv)Environmental elements:

13. Challenges of all business & how you can overcome them without burning out.
1. Failure to plan
CHALLENGE: With the excitement of a new business idea, it can be tempting to launch without much forward-thinking. Yet
a lack of planning can mean your business runs out of cash or isn’t prepared for vital activities such as marketing or dealing
with suppliers. Business owners who plan and set themselves objectives are more likely to succeed.
ACTION: Create a detailed business plan that covers areas such as marketing, staffing, finance and sales. Regularly review
and update your plan as the business develops.
2. Lack of demand
CHALLENGE: Understanding the market need for your product or service is a crucial aspect of your business plan. Without
enough people willing to buy your product or service, your start-up won’t succeed, no matter how great your idea.
ACTION: Spend time conducting market research to collect information about potential customers. This will reveal your
target market’s size and help you decide if there is enough demand for your business idea.
3. Ineffective marketing
CHALLENGE: It can be easy to get caught up in the latest marketing trends and spend lots of money on marketing
techniques that end up costing you more than the sales they generate.
ACTION: Marketing should be effective. Create a marketing plan for how you intend to reach your customers. Most start-
ups operate on small budgets, so investigate different marketing methods. Are there low cost or even free ways you can
reach your target audience?

14. 4. Knowledge and skills gaps
CHALLENGE: As a first-time entrepreneur, it’s unlikely you’ll know everything about running a business. A lack of knowledge
can lead to avoidable mistakes that could cost your business money. You’ll also need to overcome enormous demands on
your time and energy setting up a business.
ACTION: Absorb as much information you can, particularly about the industry that you’re entering, the customers you’re
targeting and the competitors you face. You should also learn about critical areas such as finance, marketing and sales.
5. Financial management
CHALLENGE: Poor financial planning is one of the biggest reasons start-ups fail. If your costs are greater than the revenue
coming in, your business won’t succeed.
ACTION: You need to understand all the costs your start-up will incur and make sure that your products or services are priced
appropriately to make a profit.
6. Securing funding
CHALLENGE: One way to manage your cash flow is by securing funding, but raising finance can be challenging and it can be
hard to know where to get cash for your business idea.
ACTION: Research the types of funding open to you and gather the information you’ll need to share with investors, such as a
business plan and cash flow forecast.

15. 7.Time management and productivity
CHALLENGE: Managing your time effectively is crucial when launching a start-up. New business owners have to wear so
many hats that it can be easy to get distracted and focus on the wrong areas.
ACTION: Planning is vital as it will keep you on track and focused on your goals. You can easily end up working in your
business rather than on your business, so dedicate a set amount of time each week to reflect and analyse areas that need
attention.
8. Hiring the right people
CHALLENGE: The people you recruit as employees can greatly harm your start-up’s success. A negative employee can
quickly damage team morale and productivity. It’s tough having to fire someone but having the wrong people in your start-
up can be very disruptive.
ACTION: Your first hire is an important one, so spend time making sure you find the right person. Look for people who
share your values and have valuable experience. Once you have a team, create an open and transparent business culture.
Encourage clear and open communication with your staff, so you understand their strengths and weaknesses. This may
also help you deal with staff issues if they arise.
9. Impact on your health
CHALLENGE: Running your business isn’t like having a 9 to 5 job. Without care, it can be all-absorbing and take over your
life. You need to take steps to safeguard your mental and physical wellbeing.
ACTION: Make sure you get enough sleep and take regular time away from work. Have breaks during the day, eat healthily
and get regular exercise. Having a co-founder helps share the load, while joining networking events and business groups
can give you access to fellow business owners who face similar challenges.

16. 16
Impact of COVID-19 and a way forward
Impact of COVID-19 on Indian pharmaceutical industry
Short-term Long-term
• Supply chain disruption
• Lower capacity utilization
• Medication shortage
• R&D shifts
• Change in consumption pattern
• Approval delays of non-COVID
products
• Shift towards self sufficiency
• Optimization of R&D spends
• Change in global demand scenario
a
Way forward
• Focus on being self-reliant
• Optimize the supply chain/distribution
• Prioritize product portfolio depending on global demands

17. 17
Optimization of API supply and product
portfolio
• How does the API manufacturing landscape looks like?
• What is the scale of manufacturing the desired API?
• How is the regulatory history of the API manufacturer?
• What are the products which are going to get off-patented
in near future and can be added to product portfolio? How
many of these have a commercial potential?
• What are the different launched formulations?
• How is the US generic forecast?
• What is the status of API availability?
Key considerations

18. The Indian pharmaceutical industry is the world’s 3rd largest by volume and 14th largest in terms
of value. Total Annual Turnover of Pharmaceuticals was Rs. 2,89,998 crore for the year 2019-2020. Total
pharmaceutical exports and import were to the tune of Rs. 1,46,260 crore and Rs. 42,943 crore
respectively
in the year 2019-20.
Major Segments of Pharmaceutical Industry are Generic drugs, OTC Medicines and API/Bulk
Drugs, Vaccines, Contract Research & Manufacturing, Biosimilars & Biologics.
India has the second-highest number of US FDA approved plants outside the US. India is a global
leader in the supply of DPT, BCG, and Measles vaccines. India accounts for 60 percent of global vaccine
production, contributing 40 to 70 percent of the WHO demand for Diphtheria, Tetanus and Pertussis
(DPT) and Bacillus Calmette–Guérin (BCG) vaccines, and 90 percent of the WHO demand for the measles
vaccine.

19. India is the largest provider of generic drugs globally. Access to affordable HIV treatment from
•India is one of the greatest success stories in medicine. India is one of the biggest suppliers of low-cost vac-
cines in the world. Because of the low price and high quality, Indian medicines are preferred worldwide,
thereby rightly making the country the “Pharmacy of the World”. Pharma sector currently contributes to
around 1.72% of the country’s GDP.
India’s pharmaceutical sector forms a major component of the country’s foreign trade, with attractive
avenues and opportunities for investors. India supplies affordable and low-cost generic drugs to millions
of people across the globe and operates a significant number of United States Food and Drug Administra-
tion (USFDA) and World Health Organization (WHO) Good Manufacturing Practices (GMP)-compli-
ant plants. India has occupied a premier position among pharmaceutical manufacturing countries of the
world.
•India is 3rd largest market for APIs globally, 8% share in Global API Industry, 500+ different APIs
are manufactured in India and it contributes 57% of APIs to prequalified list of the WHO.

20. Key Factors for Success
This guide provides an overview of the startup process and the relevant aspects of starting a business. Of course,
there are many additional sources of information. However, SVL is a good place to start — our team can provide
sound advice and guidance.
Be sure to:
• Obtain trusted advice and mentorship.
• Talk to customers.
• Bring on the right team members.
• Be passionate.
• Prepare a one-minute elevator pitch that will grab someone’s attention and motivate
him or her to ask for more information.
• Practice the company pitch.
• Network with other entrepreneurs and representatives in the industry.
SVL can:
• Provide an initial sounding board for exploring startup ideas.
• Protect the intellectual property that is the foundation of the new company.
• Make introductions to entrepreneurs, angel investors, and venture capitalists.
• Provide assistance with business planning.
• Assist you on competitive analysis, market assessment, and investor pitches.