The challenges encountered during the research and technology production phases, underscoring the time required to transform ideas into usable products were also discussed. Additionally, Dr. Nair emphasized the strategy of creating a market for innovation by exploring uncharted territories and researching areas with little prior investigation. He stressed the importance of innovating based on customer demand, enhancing value, and effectively launching products in the market.He also touched upon the reasons behind failed startups and unsuccessful ideas during the webinar. He placed a strong emphasis on the systematic approach required to take a product from the conceptual stage to the final product stage, highlighting the importance of structured development processes.
Dr. Nair further discussed the crucial aspects of making product designs manufacturable, which encompass considerations such as testability, assembly, and adherence to industry standards. He emphasized the significance of comprehensive documentation in the technology transfer process towards product development. Additionally, he delved into the complexities of product cost, including pricing strategies and the various factors influencing a product’s overall cost. Finally, he underscored the importance of giving back to society and making a positive societal impact, highlighting the broader ethical and social responsibilities of technological innovation.
The webinar concluded with an engaging question and answer session, allowing young entrepreneurs, researchers, and supported startups to interact with Dr. Suresh Nair and seek mentorship. This interactive session added an intriguing dimension to the event, providing an opportunity for participants to further explore their queries and gain valuable insights from the mentor.