‘India has the youngest growing population in the world. And that population is as innovative as its counterparts in the ‘developed’ countries’ – says Dr. Nirmalya Kumar, Professor of Marketing at London Business School. Over 750 R&D centers have been set up by MNCs in India employing an astounding 400,000 professionals, he points.
Schumpeter, one of the most influential economists of the 20th century, said innovation is critical to economic change. This economic change revolves around innovation, entrepreneurial activities, and market power. The drivers of innovation or technological change of a nation comes from entrepreneurs or ‘wild spirits’. He argues that technological innovation often creates temporary monopolies, allowing abnormal profits. And this is what any angel fund aspires to sow and reap.
In the last 12 months we have witnessed a vibrant brand of innovation unfolding in the lesser-known early stage entrepreneurial market. We received a slew of new ideas – an average of 75 new proposals every month – across industries, and across domains. They are a mix of product and process ideas, complex and simple constructs, audacious visions and opportunistic responses. The brains behind them are brimming with energy and optimism and represent the DNA of an ambitious, confident, risk taking, entrepreneurial India.
In his TED talk in 2005, Richard St. John revealed the 8 secrets of success – Passion, Hard Work, Being the Best, Being Focused, Pushing Oneself physically and mentally, Serving Something of Value, Having a great Idea and Persistence. These have been the hallmark of the 3 companies we have invested in viz. Proof of Performance, MyCity4Kids and BookmyCab. Their journey has just started, but each of them demonstrates a strong belief in their ideas, astonishing energy, dogged perseverance and indefatigable spirit. All they want is the chance to prove themselves – and your best wishes.
We at YourNest feel the exhilaration – as well as the anxieties – of a one-year old entity as we complete our first year of operation. Your trust and confidence in us has made this a memorable and eventful year. The challenges of FY13 have been educational and the developments have reinforced our belief in our business and business-model.
Sunil K Goyal
June 27, 2013