Indian startup founders discuss the role of innovation for success at TechSparks 2021
In a panel discussion at TechSparks 2021, founders of new-age startups Scenes by Avalon and Neokred discuss the significance of building an innovative product.
The Indian startup ecosystem is booming, and innovation is an important factor driving this growth. It is not only fuelling the business growth but also the country's economic progress and other social goals.
To understand the dynamics of the third-largest startup ecosystem in the world, Varun Mayya, Digital Content Creator and Founder and CEO, Scenes by Avalon, and Rohith Reji, Co-founder and CBO, , came together for a panel discussion at TechSparks 2021, India’s most influential startup tech conference.
What is innovation?
“Growing up we are taught that you get a +1 for every right step you take. Contrary to that, startups believe in a model, where you try something — if you fail, you try again, and go through multiple cycles like that. And when you finally get it right, the end product is a lot different from what you envisioned in the beginning. That’s what I like to call an innovation,” Varun said.
For Rohith, innovation is a necessity at every level of a business venture. He said, “The desire to create something unique keeps us on our toes always. Moreover, if there is a market-related risk to your business, you can always stay a step ahead with an innovative product.”
Big businesses versus startups
In the current business scenario, startups are pulling off innovations much faster than large-sized companies.
Varun said, “My personal view is the more people you have, the workforce is likely to act lazy. On the other hand, startups are built for a greater purpose. So the enthusiasm to innovate is visible at every level. It is purely an attitude difference.”
Talking about the innovative solutions introduced by the digital community platform Scenes by Avalon, Varun added, “On our app, we have given members to spawn a coin by simply pressing a button. With this coin, they can incentivise other members for inviting them on the platform, or if they engage on a platform, etc.”
Rohit of fintech platform Neokred believes big businesses are finding it difficult to keep up with the pace of technology, whereas startups are bringing about a change by being flexible and dynamic.
What’s next?
“We want to change the way people interact virtually. To build a more humanised and involved version of interaction, we are exploring using a game engine to put people in a scene with their friends and family by creating avatars,” Varun said.
As far as the fintech sector is concerned, Rohith said the challenge is to bank the unbanked.
“To bring in various stakeholders into the formal financial system and to be able to tap into sections like farmers, rural population, students, and teenagers is imperative for fintech like us for the future,” he added.
Rohith further said, to be able to create a positive impact, it is important to strike a balance between innovation that disrupts and innovation that sustains. With disruption, one aims to create a monopoly, which otherwise co-exists.
“I believe in a balanced approach and creating a socially responsible product for the greater good,” Rohith concluded.
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Edited by Suman Singh