Whether a startup begins in a lab or slowly embeds research into its business model, working with large sets of data, innovation and creating new technology is a demanding task. Building, preserving and growing Intellectual Property (IP)is a great challenge, alongside testing products and gaining consumer trust. Experts discuss the potential of such startups along with the challenges they pose.
On the discussion of IPs, Krishna Kumar, Founder & CEO, CropIn Technologies states that when working with researchers and academics, it's important to create a proper framework and balance between how much of the research can be made public. The same goes for patents, one needs to know which patents to keep a trade secret and which ones to reveal.
Prateek Jain, Co-Founder, Embryyo Technologies discusses the movement from lab to business. Jain comments that despite winning many grants for the research and innovation that they created, there was no uptake from the market for technology that was ahead of the curve. Embryyo Technologies overcame this by onboarding multi-national corporations from day one of designing technologies that they would create.
On the marketing front, Sharmin Ali, Founder & CEO, Instoried explains that all consumer buying patterns are driven by emotions and not logic. Emotion-based selling is therefore at the forefront of marketing.
Experts agreed that funding was instrumental in sustaining their businesses and it was important to protect their research and innovation as much as marketing and selling it.