Start-up innovation – Dutch Uncles

Meteor Venture, Fostering a Culture of Innovation for Start-ups

Aakash Sharma — Wed, 21 Jul 2021 12:30:09 +0000

Everyone needs support. Support is, in fact, one of the primal needs of all beings and entities that exist. From creeper plants that grow with the help of sticks and poles to human beings who have perfected their support systems over thousands of years for the ideal growth environment, a significant support push is needed for all sorts of existence. In this light, the modern drivers of business and entrepreneurship – start-ups – are no exception when it comes to needing support and aid – support for taking off from the ground to hitting markets with the aims of impacting people’s lives.

And providing this backbone of support is where the role of venture capital players becomes significant. Venture capital is the money invested in small businesses or those that exist as an initial stage start-up but have enormous potential to grow. The people who fund this money are known as venture capitalists. This story is about a new age venture capital firm, an accelerator and an angel network for modern era start-ups that is bringing new methods to the segment; this is the story of Meteor Venture.

About Meteor Venture

Meteor Venture is a seed fund and incubation firm focused on tech start-ups in India and South Asia. It empowers entrepreneurs through its range of accelerator programs such as Raise Capital, Idea to Product, Grow Your Business and Financial Coach.

But before delving into the functions of this venture firm and the significance of its programmes, let’s delve into the story behind its making. The highly young venture capital and start-up incubation firm found its start when Mr. Arpit Chundawat, Co-founder of Meteor Venture, along with his other two co-founders – Ms. Sonal Agarwal and Mr. Vipin Verma- began the journey to create an accelerator and investor network that works with disruptive start-ups across various sectors and geographies.

Mr. Chundawat has often described his professional journey as one that is relatively unusual and unconventional. He has been drawn towards purpose-driven projects that have exposed him to new and extensive experiences, and aided him in launching and scaling P&Ls of various business models. His stint includes running a joint venture in Bali, Indonesia called Dragoon Yachts. He sold the venture last year due to COVID induced challenges, and has since moved on to a marketplace model.

After this move of Mr. Chundawat, Meteor Venture found life with the help, entrepreneurial efforts, and expertise of co-founders Sonal Agarwal and Vipin Verma. Ms. Sonal has been around and working in the start-up community for over a decade now. She is a veteran finance official who has worked for Unicorns such as OYO and has a demonstrated background in financing unique business ideas and projects.

Mr. Vipin Verma, who is considered as one of the pioneers of affiliate marketing in India, has perfected the art to generate vetted and solid leads for businesses and is a key driving force at Meteor Venture. Since its incorporation, Meteor Venture has provided national and international start-ups access to better technology, talent, mentors, customers, corporations and investors.

Meteor Venture – Vision for an Innovative Start-up Space

While the start-up space in India has been on an upward trajectory for quite some time now, the country still has a higher rate of start-up failures than many other economically similar nations. A 2018 report by IBM Institute for Business Value and Oxford Economics found that 90 per cent of Indian start-ups crumble and fail within the first five years, primarily due to the lack of innovation and scalable models.

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Meteor Venture aims to change the failing nature of a majority of start-ups as it strives to empower an ecosystem hungry for innovation.

Regarding this issue, company founders have often outlined that while not all start-ups become Unicorns, mentors can set many of them on the path to earning decent profits, given that they are incubated and appropriately guided. Meteor Venture, as a venture firm, is set on enabling and empowering an ecosystem driven by budding entrepreneurs and start-ups which are hungry for innovation.

It aims to achieve these goals by driving start-ups to scale up faster and create business value. By elevating innovation for companies and transforming their business models for the profitable stakes, it provides growth hack marketing and business development services that keep the businesses leagues ahead of the competition.

Mentoring Purpose-Driven Start-ups by Meteor Venture

Meteor Venture was founded in 2020 and is based out of Gurugram, Haryana. The firm provides four programmes for start-ups who seek help and support in different areas of their business journey.

It is well known that a start-up has to cover an arduous journey and spend a considerable amount of time perfecting the basics and dotting all the I’s before reaching a somewhat stable mode. On similar lines, Meteor Venture conducted deep research using their own expertise in the field, and came up with programs that specifically suit the needs of developing and growing start-ups.

This is a look into Meteor Venture’s research-based programmes.

Raise Capital

The Rise Capital programme helps start-ups raise the money needed for their business most efficiently by dedicating a ‘seasoned team’ to the cause. The firm ensures everything – from pitch deck perfection, grooming, and being investor-ready for the journey, all nuances are paid heed to. The group includes industry experts who contact angel investors and venture capitalists for the specific needs of companies, be it debt equity, or venture debt fund, among others.

Grow Your Business

Meteor Venture’s growth and scaling programme – Grow Your Business – helps start-ups acquire new customers at a fraction of the cost. It also opens gates for start-ups to enter new markets, increase sales and revenues, reach new customers, and accelerate business growth. The firm offers affiliate marketing through its large network, digital growth hack, and B2B alliances- all at an affordable cost.

Idea to Product

Its ‘Idea to Product’ programme helps first-time entrepreneurs start their businesses and build their products efficiently. It also helps them in creating and improving pitch decks, business plans, and financial forecasts. The firm’s in-house team of coders, developers, and go-to-market experts ensure the best output at all stages.

Financial Coach

In the “Financial Coach” programme, Meteor Venture works closely with tech-based start-ups and companies to understand and formulate specific action plans. Accelerating growth is key to catching investors and entrepreneurs’ interest and taking the business to the next level. The company pledges to help manage cash flow, keep investors happy, and create a strong base of efficiencies in the operations and business processes.

These programs help start-ups at different stages – from creating an MVP to acquiring new customers to increasing overall revenue, giving them financial mentorship and actionable resources. Meteor Venture helps start-ups cover various aspects from developing business plans to financial advisory, administrative work, marketing, etc. Having an intensive network, the firm also helps revenue-generating start-ups find new partners and enables their growth to new highs.

Meteor Venture’s Growth Trajectory

Meteor Venture empowers start-ups to scale faster and create business value. The following numbers speak for themselves.

14 Start-ups Impacted
Rs. 11 crore Funding raised
21 Exclusive Tie-ups
19758 Vetted Leads Generated

Collaborating With Start-ups, how does Meteor Venture do it?

Meteor Venture nurtures innovation through the guidance of mentors and in-house growth hackers who are trusted industry leaders. The firm forms collaborations with various start-ups in a seemingly organic manner as each onboarding is ‘unique’ for the company’s portfolio, depending upon the customer needs and requirements.

The collaboration process, which is different for start-ups looking for help and investors looking to invest via the ‘Submit Your Pitch’ and ‘Invest with Us’ portals, respectively, is as easy as it gets.

The ‘Meteor Venture – Submit Your Pitch’ portal uses the simple Google Form for start-ups to sign up and make the initial pitch details for the firm to work on. The form asks basic details like the start-up name, website, person’s name and role, a brief about the start-up in less than 20 words, what problem they are solving, and how their solution is unique, among other questions. This process takes 10 minutes to finish, and then the founding members of Meteor Venture analyse it and arrange for an introductory call.

The entire process is seamless, rapid and easy to comply with for start-ups. The ‘Meteor Venture: Investor Form’ operates on a similar method and asks basic details from potential investors about their background and interest in collaborating with Meteor Venture.

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Meteor Venture helps start-ups become investor-ready and helps them get funded through their extensive network of angel investors/VCs.

At Meteor Venture, support programmes are set up for each start-up expressly. Since a majority of start-ups strive to raise capital, the firm helps start-ups with evaluation and product validation of their products in the market, examining customer base and looking into revenue generation processes. They add the start-up with promising reports to their Raise Capital programme. If the results are not conclusive to growth parameters, they move the start-up into the Grow Your Start-up programme, where they further mentor the start-up and give them free leads to monitor their growth.

As per its website, following are the working strategies and action plan of Meteor Venture for easing the lift-off of new ideas and start-ups from the ground.

Curated Playbooks: Meteor Venture assists businesses to accelerate their entrepreneurial journey with tailor-made playbooks.

Market Access: It provides a solid platform and growth hack services for entrepreneurs to increase turnover and attract investments.

Networking Opportunities: The vast network of Meteor Venture connects start-ups with distinguished industry leaders, investors, partners and service providers.

Idea-To-Product: The firm and its team help businesses and ideas in building a practical go-to business plan, validating the concept, building the MVP, and charting the path to scalability.

Meteor Venture’s Recent Undertakings and Support for Start-ups

In recent times, Meteor Venture has actively expanded its portfolio and horizon to impact the Indian start-up space. It has recently partnered with HSBC and the Women’s Indian Chamber of Commerce & Industry (WICCI) Council to empower women entrepreneurs. Meteor Venture has helped raise funds for various start-ups, including Classroom, Ezyschooling and various other new entrepreneurial projects.

Meteor Venture is also creating numerous unique and market-changing ideas such as an Uber-like service for ambulances, Cashback websites and many more such innovative plans for its portfolio start-ups to bank upon. It has helped its start-ups scale 10x in revenue through the growth hack services, which are a great value add for new businesses. They offer a 35% discount to all registered start-ups.

Future Plans

As the overall entrepreneurial graph seems to be going up in a seemingly post-COVID world, venture capital firms and incubators like Meteor Venture will have jam-packed business days shortly. As goes with an expanding business, Meteor Venture also has expansive plans for the firm’s future. The company is aiming to add fresh members to its business development and marketing teams. The trio- of co-founders need all the hands on-board for catering to the growing network of start-ups that seek their support.

As for the investors on its board, Meteor Venture is open to having new faces and industry experts, investors and mentors to guide the new businesses. According to information available in the public domain, Meteor Venture has had 25% foreign investors and 75% Indian investors connected to them.

The future of this online incubator, accelerator, and service provider for early-stage start-ups looks bright, and the firm is on a path of steady growth. With some of the best prospective start-ups in key segments already in its work portfolio, the company will have a busy future with progressive results and a distinctive impact on the start-up space of India.

For more inspiring stories like this, read our Inspire Section!

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How Wolf Airmask is Solving the Pandemic Crisis in 30 Countries

Aakash Sharma — Tue, 25 May 2021 05:35:05 +0000

The COVID-19 pandemic has posed significant challenges to the global economy and people’s daily lives. Undoubtedly, the pandemic will have far-reaching consequences, and its scale will exceed more than just the spread of the disease in future.

At the same time, the crisis is a powerful engine for creativity and innovation. If we look closely, we can see how countries of the world severely affected by COVID-19 are using, re-suing and generating abundantly innovative solutions to curb the pandemic at the national, organisational, and individual levels.

The Kerala based start-up –Allabout Innovations– has created an ion-based COVID solution through its Wolf Airmask, allowing people to breathe without the fear of catching the coronavirus. The device is unique to the start-up, and no one else in the world has come up with it yet.

Working of the Wolf Airmask

The Wolf Airmask can efficiently produce 100 per cent negative ions to an area of 1000 square ft and 10,000 cubic ft for avoiding contact with diseases. Moreover, it does not have active ions or ozone that are harmful to nature.

Wolf Armask can release up to 100 trillion negative ions per cm³, which binds and neutralises the protein spike on the coronavirus surface or other harmful viruses and germs in the air. When installed in a room, the device ensures that the entire nearby area is purified in no time.

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Research on creativity and innovation emphasises the need for time and effort for creative thinking, performance, and innovation. But the pandemic has proved otherwise.

Features of Wolf Air Mask

The Wolf Airmask is developed with German technology and Danish materials and can be used for 60,000 hours (that’s over nine years!). The mask requires no service support or replacement of spare parts; therefore, it is very dependable to use. The Wolf Airmask can deactivate germs, bacteria and fungi. Based on laboratory tests conducted by National Accreditation Board for Testing and Calibration Laboratories (NABL), ozone production in the mask’s disinfecting process is considered BDL (below the detection limit).

Innovation and Life Saving Creativity During COVID-19

Allabout Innovations’ Wolf Airmask costs a maximum price of Rs 29,500 within India. It can reduce 99 per cent of the novel coronavirus in just 15 minutes by containing the airborne spread of COVID-19 through a pioneering electronic device that performs real-time sterilisation.

The air mask is the first of its kind to have gotten certification from the Rajiv Gandhi Centre for Biotechnology. According to tests conducted in collaboration with the Indian Council of Medical Research, the new device can reduce the coronavirus by 99% in just 15 minutes.

International Demand and Support for Wolf Airmask

The UAE-based Aries Group of Companies said that it had provided financial support to start-up companies for the expansion process and planned to bring the products to overseas markets. Allabout Innovations has received orders for Wolf Airmask from 30 countries. Within a month after the product launch, the company received international orders for 20,000 units of this essential device.

Many Indian states are also approaching the company for the Wolf Airmask. From abroad, orders are pouring in from European countries such as Finland, Denmark, Sweden, and the Netherlands and middle-eastern nations like Qatar, the UAE and Saudi Arabia. Brazil, Australia, New Zealand, Malaysia, Singapore, Indonesia, Nepal have also placed orders with the start-up.

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Kerala Startup Mission Develops Device to Reduce Circulation of Covid-19

Chingkheinganbi Mayengbam — Fri, 30 Apr 2021 07:30:03 +0000

The second wave of coronavirus has engulfed the entire country. In a bid to aid the battle against the virus, startups all over India have come together to extend support to the people. A Kerala Startup Mission incubated startup has developed a device that can reduce the circulation of the coronavirus in the air. The company, Allabout Innovations Pvt. Ltd. took a pioneering step to combat the airborne spreading of coronavirus by developing the device that performs real-time sterilisation. The device, called Wolf Airmask, generates negative ions that bind with the spikes in the virus and neutralises it.

How does the device work?

Allabout Innovations, the company that is manufacturing the device said that it was tested for efficacy at the Rajiv Gandhi Institute of Biotechnology, which is an ICMR (Indian Council of Medical Research) approved lab. According to the test, the device can reduce upto 99 per cent of the novel coronavirus in just 15 minutes. The Founder of Allabout Innovations, Shyam Krishnan Kurup, has confirmed that the company’s appliance, when switched on, will provide 360-degree protection, 24×7 shield by disinfecting the air. Further he has added that, “This will also prevent the in-house transmission of viruses inside any space. The negative ions also have proven to enhance health and vitality,”

The Wolf Airmask, developed from German technology and with components from Denmark, runs on electricity. The device is plug-and-play (40 W Consumption), and requires no maintenance for 70,000 hours ( Approx 8 Years).
The device can deactivate the microbes, bacteria and fungus while also reducing the subject MS2 bacteriophage. From the results of a lab test conducted under the National Accreditation Board for Testing and Calibration Laboratories (NABL) it is confirmed that it also brings down the ozone production to below detection levels.

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The appliance, when switched on, will provide 360-degree protection, 24x7 shield by sterilizing the air.

- Shyam Krishnan Kurup, Founder, Allabout Innovations

The company that developed the device, Allabout Innovations Private Limited is a non-government company that was incorporated in August 2020. Its authorized share capital is ten lakh rupees and its paid up capital is one lakh rupees. It is involved in the manufacture of other electrical equipment like ozone air purifiers. The UAE based Aries Group gave the initial investment support for the Wolf Airmask.

What’s next for the device?

In its current state, the Wolf Airmask can service an area of 1000 square feet. The founder of Allabout Innovations, Krishnan Kurup has said that the company is in the process of developing a cheaper variant that can service spaces as small as 250 square feet. According to reports, a device has been installed in the National Institute of Virology, where mutant strains of the Covid-19 virus is being researched and circulation of the device to hospitals in India will happen in the near future. With the help of this device, enclosed spaces which have to follow covid protocols such as hospitals, laboratories, auditoriums, cafeterias and banks can now be purified at a reduced cost.

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Types Of Innovation: A Guide for Startup Entrepreneurs

Smruthi Krishnan — Fri, 05 Mar 2021 04:35:04 +0000

Innovation is taking two things that exist and putting them together in a new way. Be it any sector within any industry, innovation is the key to persistent and continuous growth. Innovation is the tool used to avoid stagnancy and improve production and productivity by scaling up and becoming more efficient. There are different types of innovations taken up by different firms and organisations. What works for one organisation may not necessarily work for the other. Let’s explore the various kinds of innovations and you can decide which one fits your enterprise the best.

Why is innovation important?

Around the globe, almost all companies spend tonnes of money on research and development. According to a study by Stanford University, it is estimated that the largest 1000 companies in the world spend $782 billion on research and development. Though R&D is not the only measurement of innovation, it still gives us a clear view of how important innovation has become in the current status quo. Over the years, it has been noticed that labour productivity has been declining gradually. This puts extra pressure on organisations to invest more in R&D and come up with better technology and ideas to keep up the same level of output despite the decreasing
productivity.

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Recently, radical innovations have been taking place in the fields of artificial intelligence, 3D printing and the Internet of Things which will transform the way the world functions shortly.

What are the different types of innovation?

We often feel innovations are scientific and disruptive. However, that is not the case every time. The following types of innovation will help you understand this better.

● Radical Innovation

Radical innovation is a rare form of innovation that takes place once in many years. When we talk about innovation, our mind always runs to new industries and revolutionary technologies like vaccinations, MRI scans, computer technology, etc. Such innovations do not occur every day. It is something that takes years to happen and requires a lot of effort and research work. When radical innovations occur, the world takes a great leap forward and then there is no going back. A prime example of such innovations would be smartphone technology.

Examples of Radical Innovation

The industrial revolution gave us hundreds of examples of radical innovations in terms of machinery used for the mass production of various goods from clothes to books to medicines. Recently, radical innovations have been taking place in the fields of artificial intelligence, 3D printing and the Internet of Things which will transform the way the world functions shortly. Smartphones, as mentioned before, are the best example of radical innovation. Being a compact device that allows us to communicate with people, watch videos on the screen, listen to music, shop goods with a click, search the web page with instantaneous replies, smartphones have changed the way of life radically.

● Architectural Innovation

Architectural innovation is also known as ‘recombinative’ innovation. Its very essence is to draw an approach, technology or methodology from one field and bring it to another. It is to bring already existing things and putting them together on one platform. Architectural innovation is found almost everywhere. Nearly 40% of the patents registered over the past 150 years fall under the ambit of architectural innovation and this percentage just keeps growing every year. This innovation helps in increasing new customers as long as the new market is receptive. The risk involved in architectural innovation is usually less as the technology is reliant.

Examples of Architectural Innovation

One of the best examples of architectural innovation is Uber. There was nothing unique or new about sharing rides, geolocation or freelance cab and auto drivers. However, once they were put together, they became a large market disrupter in the taxicab
industry and changed the entire taxi landscape across countries.

Incremental Innovation

Most of the innovations you come across are incremental. Incremental innovation occurs when a chain of small and otherwise not so significant improvements turn into a large-scale organisational change. It utilizes your existing technology and increases the value to the customer within your existing market. It is the most accessible form of innovation and can be performed within small budgets without any large teams or reorientation of the business strategies.

Examples of Incremental Innovation

Some of the world’s most recognised companies remain at the top due to incremental innovation. Often legacy brands become mainstays only because they never stop making changes. For instance, let’s look at Amazon. The reason why they are at the top of the world’s leading businesses is that they keep perfecting their services. They keep experimenting with their web interface, resulting in daily optimisation of the user experience.

● Disruptive Innovation

Disruptive innovation is also known as stealth innovation which involves applying new technology or processes to your company’s current market. You can either create a new market or enter an existing market and change how consumers interact with it. The newer technology is usually inferior, harder to use, more expensive and has fewer features which are why it is stealthy. Only after a lot of trial and error, it surpasses the old technology and disrupts all existing companies. The existing companies are usually not able to compete with the new tech and many of the shutdown post disruption.

Examples of Disruptive Innovation

Apple’s iPhone disrupted the entire mobile phone market. Before the disruption, most phones relied on buttons, keypads or scroll wheels for user input. The iPhone came up after years of technological movement with touch screens, a simple user interface and several third-party applications.

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Some of the world’s most recognised companies remain at the top due to incremental innovation. Often legacy brands become mainstays only because they never stop making changes.

Business Model Innovations

Profit Model

Profit model innovations aim to bring existing offers in new ways. They usually are disruptive innovations when it comes to traditional customer relationships and require an in-depth knowledge of customers and their needs.

Network Model

Network innovations become important when supply and value chains become more complex and interconnected especially post globalisation. It creates new ways of taking advantage of the processes or technologies of other companies.

Structure Model

Structural innovations look into an organisation’s internal assets and how they can be put to use to create new value. Value can be created by improving internal software and processes such that it improves efficiency and productivity by amalgamating talent and equipment. Managerial innovations also fall into this category with changes in work culture and work process to attract a better quality of talent.

Process Model

Process innovations involve changing the way you go about your business forming the core competencies of the business. They help you stand out from the crowd and stand tall against rivals. These innovations also have a long-lasting impact on efficiency, employee engagement and empowerment.

● Product Innovations

Brand

Branding innovations help a company distinguish itself in a competitive market and reach a larger consumer base with unique selling points, especially through advertisement and employee engagement.

Product Performance

Product performance innovations are done by expanding on a product’s features, improving quality or creating something unique such that it adds value to the product line.

Service

Service-related innovations aim to improve attraction towards your product or service, by making it easier to use, improving customer experience, fixing common problems, etc. Service innovations may not seem important as compared to the product but they
can make your brand stand out.

Product System

The product system innovations usually include complementary products and services that can add value to the primary product. These are products that can be sold together or integrated into the primary product, often services are a popular option.

Channel

Channel innovations focus on how you deliver your offering to consumers. For example, recently, E-commerce turned out to be a channel innovation that made shopping much more convenient and hassle-free. These innovations focus on how consumers get what they want in an easy, safe and faster way.

Customer Engagement

Building long-lasting relationships with your customers will need a thorough knowledge of your consumer base to form a connection with them. This builds trust and confidence in your company or brand.

Conclusion

The above classification of innovations is just a few amongst the many that exist. However, there is no set rule that your innovations must fall into these categories or that you can only innovate in one of the above ways. Innovations are subjective, they can be spread across these categories or stick to one. As long as they add real value to your product or service and improve productivity, innovations are always a blessing.

Your organisation may need different innovations as compared to some other company. Innovations vary across industries, sectors and company goals and targets. What works for you may not work for someone else. When you conduct your research and development and trial orders, make sure you go with what benefits your company the most and helps you stand out from the crowd. Make sure your approach ends up effective and does not create mayhem in the workplace. With the world rapidly becoming more productive and competitive, innovation has become a necessity and priority. See what fits your business the best and get going.

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Will Innovation Be The Growth Strategy for Indian Agri-Tech Start-ups?

Preeti Verma — Wed, 03 Mar 2021 10:35:04 +0000

The agriculture sector is the backbone of India and it holds a great responsibility of feeding over 1.3 billion population. Agriculture is also an integral part of internal and external trade. It has been positioning the country as a significant agri-exporter, with the sector contributing 12 per cent to India’s exports. Despite the recent outbreak due to the coronavirus and lockdowns crisis, the sector remained operational for every single day when most of the big manufacturing and other corporates were forced to put their shutters down.

The agriculture industry has radically transformed over the past 50 years. The traditional way of working from the past many decades had pushed the sector in the back burner. Some of the reasons for this backlog is low landholding, lack of modern technology and high-interest rate loans from the informal lending sector. The country has been taking agricultural self-sufficiency since its independence. While achieving food sufficiency in production, India still faces concerns of resource-intensive agriculture and low farmer productivity, which is resulting in poverty and undernourishment.

On the other hand, agriculture employs around half of the country’s workforce and uses three-fourth of the country’s fresh water resources. Despite all these efforts, it contributes only one-sixth of the GDP (gross domestic products). This indicates a low worker productivity and an inefficient use of resources in the agricultural sector in India. This is also due to the fact that a majority of agricultural production comes from small family farmers and stock breeders, who mostly do not have the capacity or necessary technological support to improve farm efficiency.

Connecting The Dots

But now technology is revolutionising the term agriculture to agritech, a combination of agriculture and technology. These issues are now getting addressed with the use of technology and innovative models of underwriting loans. Technology is the enabler that is now steering the Indian farming towards an inclusive and sustainable farming to meet the agricultural requirements of the future. In the past, numerous efforts have been made to make the agriculture sector adopt and implement technology. However, an impactful difference has become visible now in the past 6-8 years. This is mostly driven by the mobile revolution, which is actually empowering the farmers to connect with the rest of India.

On the same side, start-ups and entrepreneurs in the country have also played a vital role in this agritech revolution. New technologies like artificial intelligence (AI), farm and data analytics, aerial image-based analytics etc. are being introduced by agritech companies in India. This is making the farming processes more resourceful and leading its way in better decisions for improving yield and productivity.

Advances in machinery have expanded the scale, speed, and productivity of farm equipment, taking a lead in more efficient cultivation of more land. Seed, irrigation and fertilisers also have vastly improved, helping farmers to increase yields. Now, agriculture is in the early days of yet another revolution, at the heart of which lies data and connectivity. Artificial intelligence, analytics, connected sensors and other emerging technologies could further intensify yields, improve the efficiency of water and other inputs. Similarly, it can build sustainability and resilience across crop cultivation and animal husbandry.

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The traditional way of working from past many decades had pushed the sector in the back burner. Some of the reasons for this backlog is low landholding, lack of modern technology and high-interest rate loans from the informal lending sector.

The disruption was created in the traditional supply chains due to the pandemic-led lockdowns. During this period of lockdowns and coronavirus, a group of agritech startups came forward with innovative ways and lent their hands to farmers in connecting with buyers. They not only saved their crops and harvest from complete loss but also helped farmers in building automated supply chains. The agritech startups are gaining farmers’ confidence by structuring the next layer of data analytics in order to drive efficiency through the application of technologies. These technologies include data digitisation and data platforms, data analytics, artificial intelligence, internet of things, machine learning and software as a service.

Making A Difference

The country’s mushrooming start-up ecosystem has been actively playing its part in disrupting the agriculture sector. Agritech start-ups are operating in an attractive market with an estimated potential of US$24 billion by 2025, according to an EY report. Last year despite the pandemic, investors pumped in more than US$500 million into agritech deals, as compared to US$248 million in the previous year. In the past five years, the country’s agritech startups have been burgeoning in this space like never before, building farmer platforms, B2B agri marketplaces, rural fintech enterprises, farm-to-fork brands, among others. The country has more than 600 agri start-ups endeavouring to solve challenges in the agri value chain.

In spite of this robust investment activity in the past few years, the market penetration in the agriculture sector is still very negligible. It accounts for merely 1 per cent of the potential market opportunity of US$24 billion. However, it is expected that the untapped market potential and opportunities in the agritech ecosystem will continue to grow and pick-up pace over the next decade.

As the agritech ecosystem evolves further, there are a few other potential scenarios that could play out in the sector. There is an opportunity for players to expand vistas across the agritech segments to develop the end-to-end relationship with the farmer. There is also an opportunity for some of the large retailers and e-commerce companies to expand their grocery presence through backward integration into the agritech space. And through this, food processing companies could also obtain agritech companies to keep a tight check on their quality and operations.

Going ahead, we could witness a surge in penetration of segments such as financial services, precision agriculture and farm management and quality management and traceability. Also, it should be considered the tremendous market potential that these segments offer and the degree of investment funding these segments have witnessed. Agritech startups need to develop scalable business models with higher unit economics. And this should be done through enabling instead of displacing traditional value chain participants to succeed in these segments.

Adoption Is The Key

Business models in the agritech space are still budding. Revenue models could differ from margin-based to subscription-based to transaction-based depending on the segment addressed by the agritech player. The pressure on accomplishing higher unit economics emerges on agritech start-ups. And there is a change of witnessing a horizontal expansion of companies into platform-based play, where these firms can own the end-to-end relationship with the farmer.

Further, there could be a possibility of alliance in the industry as larger players have started to acquire regional players to achieve leverage in market linkages. Attractive market opportunity, nascency in investment funding and miniscule penetration by incumbent agritech players offer an opportunity for established players such as institutional retailers, e-commerce players and food processing companies. They are helping them to create impact at a larger scale. And large scale transformation of agriculture through agritech requires investment funding at scale along with patient capital.

Let’s see how innovation be the growth strategy for Indian Agritech startups.

Modernisation in Agritech Startups

Modernisation in agriculture technology (agritech) offers accurate solutions for sustainable farming, which includes indoor vertical farming, hydroponic farming, and modern greenhouse practices. Adopting these practices are set to redesign the farming experience with innumerable benefits. They produce healthier, fresh, and more nutritious food that has a longer shelf life. Similarly, these practices will help in saving valuable water, land, and labour resources. Furthermore, the controlled growing system enables farmers to produce food free from harmful chemicals and residue.

Complementing Consumer Preferences

With the changing times, consumption patterns are also changing. People are becoming more alert and aware of whatever they are eating. Eating healthy and fresh is becoming a habit now. Besides, the Covid-19 pandemic has also forced consumers to change their dietary habits and consume food that helps them in preventing infections and building strong immunity against the infections. The techniques of ultra-modern tech farming are optimising crop production and quality, at the same time offering food safety all year round. Through these modern techniques, farming, farmers are grown in nutrient-rich water pesticides, harvested a few hours before it reaches the customer’s plate. This has strengthened the power of making good choices and brought in a behavioural change to create a healthier food system.

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Agritech startups need to develop scalable business models with higher unit economics. And this should be done through enabling instead of displacing traditional value chain participants to succeed in these segments.

Smart Farming Model

The growth in the adoption of advanced technology solutions in agriculture is revolutionising the sector in a big way. By using the smart farming model, traditional farming is steadily transitioning to urban modern tech farming. The farming model is allowing production differently using new techniques that are surging food production and efficiencies in the food supply chain. This is done through integrating automated technologies and processes. Now, it is becoming easier to meet the growing demand of the population. Here are some of the smart farming ideas that can be adopted easily.

Indoor Vertical Farming

Indoor vertical farming is the procedure of growing plants in closed and controlled environments. With this method, plants mounted vertically, and it takes less land space to grow compared to traditional farming. Vertical farms don’t require soil for plants to grow, and in this method, the labour force is reduced too. It is the best and the first smart farming technique in India.

Farm Automation

Farm automation is the up gradation in farming machines and equipment. To accomplish this, companies are working on this. They are working on autonomous tractors, automatic watering, develop drones, robotics innovation, and seeding robots. The companies not only provide quality innovative machinery but make these machines affordable for the farmers.

Livestock Farming Technology

Livestock provides much needed products, and in India, livestock is the most neglected part of farming. New innovations created huge changes and improvements to the industry. It is helping in managing and tracking livestock easily and comfortably. These technologies come in genetics, nutritional technologies, digital technology, and more.

Modern Greenhouses

Indian agriculture witnessed an increase in the greenhouse in large scale. However, it is urban centred and capital infused. As the market demand surges significantly, the trend of the greenhouse is growing in recent years. A modern greenhouse is now becoming automated control systems, tech-heavy and using LED lights for growing environment.

Precision Agriculture

The latest precision agriculture companies are introducing technologies that permit Indian farmers to boost production. It is done through controlling pest stress, micro-climates, moisture levels, and soil conditions. In this, farmers get appropriate techniques for growing crops and planting that enhance efficiency and income.

Blockchain

Blockchain used to resolve important issues, including food traceability, supply chain inefficiency, safety recalls, and food fraud in the food system. It creates a market for premium products with verification and transparency. This verifies transactions that are securely shared with every seller. It helps in creating transparency in the marketplace and food supply.

The post Will Innovation Be The Growth Strategy for Indian Agri-Tech Start-ups? appeared first on Dutch Uncles.

What is Telangana Innovation Policy 2017-2022 ?

Naina Sood — Sun, 28 Feb 2021 06:35:03 +0000

Telangana, one of the youngest states in India, has been the first state to roll out an Innovation Policy to encourage entrepreneurs and start-ups. The key focus areas of the policy include IoT, healthtech, sustainability, fintech and is based around 5 broad pillars:

Developing physical infrastructure & program management capabilities

The state government shall anchor all its entrepreneurship related efforts to T-Hub, which is a private partnership between the Telangana government, 3 institutes (IIIT-H, ISB & NALSAR) and key private sector leaders.

The aim is to develop 1 million sq ft of work space dedicated to start-ups by 2022. The state government will partner with 20 global accelerators/incubators to build facilities in PPP mode.

Build plug-and-play work spaces across different sectors and locations of the state. A 3,00,000 sq ft facility that will house 900 start-ups shall be completed by 2022 in the capital.

The government will work with private real estate companies to build affordable housing/dorms for entrepreneurs. A separate fund for infrastructure for incubation facilities will be built under the PPP mode.

A start-up council with CIO and relevant ministers and government officers will be created to review the progress and make modifications on an annual basis.

Focus on creating sustainable funding models

Early-stage investing vehicle T-Fund (Telangana Innovation Fund) will be launched in concert with leading global investors with an initial target of Rs 2,000 crore.

In addition, there will be a T-SEED fund (initial size of Rs 250 crore) to fund start-ups in the seed stage and a ‘Phoenix fund’ to identify and attract entrepreneurs who have attempted at least one venture previously.

Develop human capital for learning, experimentation, innovation

The policy aims at encouraging universities to introduce the concept of ‘Student Entrepreneur’ in residence. Outstanding students who wish to pursue entrepreneurship can take a break of 1-3 years, after the first year, to pursue entrepreneurship full time.

Start-ups in the e-governance space shall be provided access to government data to roll out pilots.

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The government shall anchor all its entrepreneurship related efforts to T-Hub, which is a private partnership between state government, 3 institutes (IIIT-H, ISB & NALSAR) and key leaders.

Proactive engagement with industry to promote and identify innovation

The policy will facilitate interactions and engagement with technology leaders and high impact companies. A Chief Innovation Officer, reporting into an Advisory council, shall be appointed for the same. An Innovation cell within the IT ministry will also be constituted which shall have 2 Innovation Officers for large corporates and start-ups and SMEs.

Encourage start-ups in rural and social enterprise space

The government shall set up (either on its own or in partnership with a private enterprise) a ‘Rural and Social Enterprise’ incubator/accelerator for the growth of start-ups in this sector. There will be outposts of T-Hub built in Tier II cities of Telangana that will act as focal points for enterprises focusing on these regions. A specific ‘Impact Fund’ that will focus on rural and social enterprises will also be created. The list of incentives have been detailed here.

What’s in it for me?

The state government keeps inviting applications to apply for batches under the policy. After selection, the start-ups are provided a slew of incentives, performance grant, patent expenditure reimbursement, SGST (state goods and services tax) reimbursement among others.

Eligible startups can apply for the second batch of incentives here.

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