Need of the hour is R & D not C & D
By Purushothama Kini
We see that competition starts in market as soon as someone develops good technology/product /concept, to tweak it accordingly to use in different applications. That is happening in all segments. People spend lot of time to find a way to go around the patents too, if needed, instead of investing that time to do research of something entirely new. Copy and developments could provide some short term gain but will lose in long term, as attitude/strategy of company /individual will change in to follow someone than leading from front.
Only research and development will bring bigger leap whereas incremental developments /improvements have its own limit. We need to strive for innovation that can create big impact at the bottom of pyramid. It can bring revolution as well as great business scope. Opportunity lies everywhere and every industry segments have a wish lists, which can help them to lead better life or offer better service /products. What we need is looking around with open eyes and mind, to identify those real market gaps. Actual work starts once wish list done. Then it depends upon one’s capability and marketing strategy to choose right product from list to work upon. Every new product from wish list may not be billion-dollar business opportunity but could create significant business opportunity.
Surely niche products will be more attractive due to ROI, whereas real challenge is to develop a product that can convert some of commodity in to speciality at right cost with target market being bottom of pyramid. Here reverse engineering from customer’s willingness to pay will help. This can generate large volumes. New generation is willing to pay, if new developments / innovations help in simplify their life / process and adds value. Finally, it leads to the famous jargon, identify the genuine need and try to full fill it, half the battle won.