Innovation has become a rather abused word in this era of Steve Jobs. Everyone is talking about innovation and how it'll change the world. Amidst all the noise, some rather dubious things also pass under the name of innovation. What makes a difference is how smart entrepreneurs are able to leverage innovative best practices to their benefit. Here we have Thatva, a startup that claims to be an “innovation practitioner”- they help quantify innovation in a way.
Sridhar is joined by a team with a strong educational background, and with a strong feeling for the need for a structured approach to innovation. Himself a Senior Industry Advisor, Sridhar comes with a decade and a half of consulting experience. He is assisted by Prodipto Ghosh, Shilpa Sridhar, Dr Shantha Shankar, and Venkat P Ramshet.
Sharing some numbers to support his statements, Sridhar adds, “76% of R&D budgets are spent on products that either don't make it to market or fail after introduction. (Source: HBR) Only one product concept out of seven becomes a new product winner, and 44% of businesses’ product development projects fail to achieve their profit targets.” Thus making, any enterprise that wants to create a new innovative product or incremental product, create new or improve existing process/service a potential clientele for Thatva. Despite this, they have identified their focus segments as, Manufacturing - Pharmaceutical, Automotive, Energy, Hi-Tech, Services - Retail, BFSI, R&D Labs.
Their revenues are generated by a range of offerings like:
Being different right on their offerings, Thatva faces unique challenges as well. These are more in terms of marketing a new product to customers; generally a long gestation period and a couple of iterations before actual success. Also many times organizations wish to innovate just because the competition is doing it. This vision-less innovation does not have a structure and needs proper alignment before execution.
Here's a case study that throws light on the pain points addressed by Thatva:
An FMCG business was feeling the pinch of global players entering the market. Suddenly their customer base had started moving towards the new players and affordability was not a big issue anymore. This company did not have an established New Product Development (NPD) framework and also did not have a funnel of innovative ideas. Now that the competition has reached their doors, they started to pull their socks up and deliver.
Thatva is helping them by providing multiple solutions starting from a workshop on how to innovate in the space of new products, also establish a process for NPD using Thatva Innovator as a software platform. This will help the company not to just launch “me too” products but to go ahead and create new products for existing and new markets.
In all, the Thatva team assists businesses with innovation based consultancy to leverage their inherent capabilities and introduce new ideas into existing ventures to fueling growth.
Got a Problem? Convert it to an idea, and then to innovation, with Thatva’s help!
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.