We take up problem statements of established companies and help them discover innovation-led solutions, through collaboration with suitable startups.
A well-articulated problem statement forms the basis on which companies can attract innovative ideas and solutions for their business challenges. However, defining the problem is an art which requires skill to ensure that it clearly conveys the expected outcomes, is centred around the user, and is also wide enough to open up creativity. This process is at the core of our being and we work closely with start-ups and corporate partners to master this art.
Once a problem is defined, the next challenge is to identify the right set of talented innovators to solve it. Our outreach, large presence in the start-up ecosystem, strategic partnerships with national and international organizations, competent team and experience of conducting several innovation challenges, hackathons, bootcamps, acceleration programs provides us the ability to attract the brightest innovative minds to work on development of solutions.
We truly believe that one doesn’t get a second chance to make the first impression, and this belief percolates down to our incubated start-ups as well. Right when they start their product development journey at iCreate, start-ups and innovators are exhorted to “Build for the Market and test for the field conditions”. Before a project is approved for demonstration on field, the technology team makes sure that all specified boundary conditions and success criteria are met, components used are industry grade, so that the solution is able to deliver expected performance in actual field conditions.
Unique problems have unconventional solutions. Many times corporates find themselves stuck between their choice of innovative technology Vs decision to invest in that technology in the long run. Issues like serviceability, obsolescence, vendor lock-in, supply chain, etc. become bottlenecks in procurement decisions. In such situations, iCreate serves as a neutral agency who can weigh between the risks and advantages associated with the technology selection and advice regarding the right course of action.
It is important for the partners collaborating for development of intellectual property to enjoy mutual trust-based relationships. We know the most common factors which can cause trust deficit between the parties and help them pre-empt such scenarios by helping them agree on mutual sharing of gains and risks well in advance of the project.
As Per Section 135 of the Companies Act, 2013 (“CSR provisions”), every company with net worth of 500 crore, or turnover of INR 1000 crore or more or net profit of 5 crore or more is mandated to spend 2% of average net profit of the preceding three (3) years on social responsibilities/CSR activities.
Vide recent amendments1, item (ix) of Schedule VII has been expanded to include as follows:
Clause (ix)(a) of Schedule VII of the Companies Act necessitates contribution to be provided to incubators in the field of science, technology, engineering and medicine, funded by the Central or the State Government or Public Sector Undertaking or any agency of the Central/State Government. Further, to reduce the ambiguity around permitted projects from technology incubators, some broad buckets of activities have been identified:
iCreate is a not-for-profit technology business incubator recognized and supported by the Department of Science and technology, Govt. of India, Ministry of Electronics and Information and Technology, Govt. of India, Department of Industries and Mining, Government of Gujarat and Ministry of Small and Medium Enterprises, Govt. of India. It thus qualifies for accepting CSR funding from corporations under the provisions of schedule VII of companies act 2013.
Organizations in this era of digital revolution are increasingly looking for partnerships through which they could tap the innovation, and share the risks and rewards associated with its commercialization. Start-ups however are facing the challenge of finding the right mentors, access the target market, obtain funding for development/enhancement of their solution, and finding operating space with required amenities, supporting the ecosystem at reasonable cost.
To bridge this gap, iCreate has been collaborating with corporates for organizing theme-based acceleration programs. These programs would enable the program partners to access each other’s innovation ecosystem, explore new ideas and new technologies with potential to solve industry problems and bring innovation into the mainstream.
While the corporates benefit from access to innovative talent and technologies at low cost, start-ups have the opportunity to be mentored by experts for refining their solutions, access to funding, resources and speedy access to market.
Programs to groom potential candidates. Also generate and convert business ideas to develop viable business/incubation plans to create new technology ventures.
iCreate is entrusted by various corporates with the mandate of implementing key deliverables associated with the program and has been able to establish a fruitful outcome of the program by acting as a bridge between innovators and industries.
Talk to us if you wish to fast-track innovation within your company.
