Entrepreneurs innovate. Innovation is the specific instrument of entrepreneurship. It is the act that endows resources with a new capacity to create wealth. Innovation, indeed, creates a resource. There is no such thing as a ‘resource’ until man finds a use for something in nature and then endows it with economic value. Until then, every plant is a weed and every mineral just another rock.
“The whole process where people get an idea and put together a team, raise the capital, create a product and mainstream it — that can only be done in the U.S. It can’t be done sitting in India. The Indian part of the equation [is to help] these innovative [U.S.] companies bring their products to the market quicker, cheaper and better, which increases the innovative cycle there. It is a complimentarity we need to enhance.”
– Nandan Nilekani, Infosys Co-Founder and CEO, March 7 2004
Vyome Biosciences was founded in 2010 with $1 million in seed funding put up by Navam Capital. Over the last 4 years, Vyome has gone from strength to strength, assembling from scratch a world-class team that is commercializing science and delivering innovation for the global dermatology market. Today, Vyome took another step in its journey, announcing it had raised $8 million in funding.
Vyome’s growth proves that Indian startups don’t have to stick to just outsourcing or go after “me-too” ideas and products that are (usually poor) copy-cats of products or business models that worked elsewhere.
There’s more to be done. Indian entrepreneurs should set their sights higher. With the right team and in the right sectors, there are many great, pioneering companies waiting to be built.
Don’t be so humble – you’re not that great.
– Golda Meir