For people observing the Indian Startup ecosystem for quite some time, have a closer look. A closer observation at the industry would reveal that the Indian Startup scene is mostly about software driven businesses rather than hardware driven.
Still digesting the fact? Well, look around. Ola, Flipkart, Airbnb and Uber etc., are all Internet or software based firms. In order to decode the code of what makes a hardware startup click with the Indian users, Economics Times conducted an extensive research and interviewed a few successful product entrepreneurs.
According to the interviews conducted, one of the primary things that had set the ball rolling for them was turning to a familiar environment. Tarun Mehta and Swapnil Jain, founders, electric scooter maker Ather Energy, decided to visit the Indian Institute of Technology, Madras, their alma matter for the support; while Achira Labs' Dhananjay Dendukuri decided to turn to his employer for motivation.
The interviews inferred an interesting 8 points strategy for hardware startup success:
- Prototype - Once you have narrowed in on the problem you will solve using the device, the next step involves building a real version of the concept conceived. Once you have the prototype ready, showcase your wonderful invention to the investors at various conferences that keep taking place.
- Research - One of the most important rule to churn out a winner. Research whether there's a market for your product? What all are the opportunities available at your hand? Who are your competitors and what are their strengths and weaknesses.
- Build a dependable team - Since you might not have proficiency in running each and every vertical of the business, it is recommended to hire people who can do that for you.
- Raise Funds - Once your product is ready, your research is done and you have built a dependable team, it's time to pitch the ideas to the investors.
- Update Prototype - Since technology and people's requirements keep changing with each passing second, it is recommended to make revisions in your product's prototype every now and then and keep it at par with all its competitors.
- Vendors - This steps involves scouting for vendors whose vision is in direct alignment to yours. Build a strong vendor network.
- Price settlement - It is important to decide the right price for your product because it can have a huge impact on the success story of your product. According to Akash Gupta, chief technology officer of robotics enterprise GreyOrange, "There is a big difference between a cheap product and a viable product. Viable products cater to the market, not the cheap. This was drilled into us by Wolfgang. A lot of our supply chain is from Germany, Taiwan and Japan, so it is possible to make products which have really good components and still be viable enough."
- Go to market - Finally, the last step. The time to hit the market and develop a steady distribution network and make it big.
[Top Image - Shutterstock]
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