D.S. Prashant, CEO of Forum for Innovation Incubation Research and Entrepreneurship (FiiRE), a technology business incubator at Don Bosco College of Engineering, Fatorda, speaks about the evolution of the forum and its work in hand-holding startups in Goa
How did the idea of FIIRE evolve?
Technology Business Incubation is a business support process that accelerates the successful development of startups and fledgling companies by providing entrepreneurs with an array of targeted resources and services like mentorship, ideation and technical support, access to resources. A business incubator’s main goal is to produce successful firms that will leave the program viable and freestanding.
The Forum for Innovation Incubation Research and Entrepreneurship (FiiRE), a technology business incubator, was established with the support of the Department of Science and Technology, Government of India and is hosted at Don Bosco College of Engineering, Fatorda.
FiiRE started operations in 2018 with a focus on product development and manufacturing startups. The initial focus was on identifying and promoting startups. Now that FiiRE has a sizable number of startups in the portfolio, the emphasis is on ensuring investibility of startups. FiiRE supports technology startups on a journey to build a sustainable business that solves a real pain point, has global impact, and provides value to customers.
What is the range of startups incubated at FiiRE and what sectors are they working in?
FiiRE works with a gamut of startups, right from the ideation stage, to startups who are ready to raise funds. This includes student startups, early stage startups, rural innovators, industry linked, startups from accelerator programs and technology transfer. FiiRE has mentored 75 startups to date. Currently, we are actively involved with 45 startups.
FiiRE startups are working in Edu Tech, AgriTech, Clean Tech, Health Tech, AI/ML, Automotive Commerce, Product Development, IoT, Supply Chain Tech, and Marketing/Gaming Tech.
As an incubator, what support do you receive from the government to harness the startup culture in the State?
FiiRE is established with the support of the Department of Science and Technology, Government of India under the National Initiative for Developing and Harnessing Innovation (NIDHI). The NIDHI scheme envisages connecting and strengthening all the links of the innovation chain – from scouting to sustaining; and from scaling to showcasing. Promoting and accelerating young and aspiring technology entrepreneurs, is a program specifically to support young innovators to help turn their ideas into PoC (Proof of concept).
Entrepreneurs-in- Residence Programme is another program initiative introduced to inspire the best talents to be entrepreneurs, to minimise the risk involved in pursuing startups, and to partially set off their opportunity costs of high paying jobs.
Seed Support System provides financial assistance to potential startups with promising ideas, innovations and technologies. The broad areas covered under the financial assistance include: product development, testing and trials, and test marketing.
The Startup India initiative intends to build a strong ecosystem that is conducive for the growth of startups. It aims to empower startups to achieve growth through innovation and technology.
Apart from the policies of the Central Government, Goa as a State has also played a pivotal role in promoting the startup culture in the State. Goa Startup Policy 2017 was unveiled by Government of Goa in September 2017 to provide State support to entrepreneurs in their ventures and to promote entrepreneurship and innovation by playing a more direct role in the startup ecosystem. The Goa State Innovation Council which is the state body to promote innovation in the state of Goa conducts several activities to promote innovations.
What are the principal challenges faced by startups today?
The failure rate is high amongst startups. Identifying the reasons to mitigate the challenges is the first step. Some of the main reasons why startups fail are: 1.Timing: Is the market ready for the product/service being offered? Sometimes a great product fails because there is no market need or the product has been mis-timed. 2.Team/Execution: Having a team that can execute, adapt, and innovate is one of the most crucial factors that can make or break a business. 3.Business Model: A business model is an important tool for a startup to identify the right customer segment, key activities in terms of implementation of the startup operations and building a sustainable revenue model.
A startup also faces the challenge of having a long gestation period. The time taken to move from idea stage to proof of concept (PoC) to prototype and actual commercialisation can make or break a startup. Availability of the right support in terms of infrastructure, technology, mentors, access to early adoptors, pre-seed stage funding is essential for the survival of a startup.
Have any startups at FiiRE been working in the domain of finding solutions in a covidised world?
A few of our startups contributed to the fight against Covid.
- WellCAREx: (working towards facilitating easy access to health services to the needy) is building a low cost oxygen generator for rural India.
- Sabkamandi: an app to digitize distribution networks built by Decimi Technologies Pvt. Ltd. was used for the distribution of essentials.
- Sensort: an electronics company oriented towards using technology to build a greener, more sustainable future, built an automatic sanitizer dispenser, sanitization tunnel to fight Covid-19.
- Innovent: worked with educational institutes from Goa to 3D print face masks for medical personnel.
- The Sobit Company: a software engineering consultancy working in the blockchain space, built a subscription service as part of Coronathon.in to send hyperlocal information and updates to the underprivileged to combat fake news and provide reassurance.
- Spark + Technologies: an IT startup with the vision ‘for local people with local people’, built a common social collaboration platform with authorised entities to provide help and bring awareness – forgoa.in was a platform to connect with people of Goa to provide them required emergency service like medicine, food, grocery, and other basic essentials. In addition to this, the forgoa platform also shared information on the list of businesses open by cities during this critical time.
What exchange do you envisage for successful and mature startups towards young and struggling ones?
The beauty of an ecosystem provided by an incubator is the opportunity for startups to share knowledge and pick brains. A founder who has done an ITI course gets an opportunity to interact with an IITian founder. Successful startup founders often share their startup journey with young founders which serve as motivation. Successful startups can offer support in terms of technology or marketing as startups which are just taking off, very often do not have the necessary funding to hire talent. Introductions to startup networks and angel investors would also help fresh startups to leverage the benefits from the ecosystem.
How has the industry responded in so far as being customers to the startups incubated at FiiRE?
FiiRE runs a program called VHack which is a hackathon to identify solutions to challenges faced by various industries. Under this initiative, FiiRE ran VHack in association with Goa Shipyard Ltd. to find solutions for needs identified by their Human Resource department. Two startups were shortlisted and invited to get a deeper understanding of the requirements and quote for the proposed solutions.
FiiRE has also signed a MoU with Goa State Industries Association (GSIA) to provide opportunities to startups. Through this collaboration, a startup Neerovel Innovations Pvt. Ltd. has been assigned the task of efficient water management at the industrial estates.
What are the various events and initiatives that you have undertaken at FiiRE?
- ‘VHAcK’ Hackathon in association with industries to identify solutions to challenges faced by them to increase efficiency at a department level and the organisation as a whole.
- ‘HEAT’ (Helping Entrepreneurs Achieve and Thrive) connects startups with relevant technical and functional mentors, for scaling up. The process also includes goal setting and review by peer entrepreneurs and learning through shared experiences.
- ‘Investor Meet Demo Day’ is a networking and pitching event to help startups who are at an early stage connect with investors for feedback and startups at a revenue stage pitch for fundraise.
- ‘Lets Solve Your Problem’ is about building on ideas to solve immediate challenges post-pandemic.
- ‘FiiRE Starter Kit’ is an open source kit for startups to begin exploring their next big idea. A collection of tools and freemium resources to help launch a startup.
- ‘Stademy’ is a flasgship startup competition, to help entrepreneurs set up joint ventures, with founders from other countries.
- ‘Idea Generation using Patent Information’ is about understanding patent search methodology for national and international patents and using the information of lapsed patents for setting up a new business.
Share with us any funding or other validation breakthroughs among your incubatees
Decimi Technologies Pvt. Ltd., an online distribution model, has raised funding of `65 lacs from angel investors.
The following startups have filed patents for their products:
Rekise Marine Pvt. Ltd. is building an autonomous battery operated vehicle assisted by Goa Shipyard Ltd.
Barve Technologies is building a life saving temperature regulating medical device. La Fabrica Craft Pvt. Ltd. has designed a paper bag that can carry upto 10 kgs.
Team Yaguar, which is a student startup, has designed a venting system for reducing the pressure drag of a heavy vehicle. They have also designed a multi-contour duct for velocity improvement.
How is your growth and sustainability outlook for the next one year in the backdrop of the pandemic?
The lockdown in 2020 has given startups, entrepreneurs and technology companies time to rework on their plans, ideas and has increased the demand for incubation support and workspace infrastructure. This has had a significant impact on our growth curve. Goa has become the ‘Work From Home’ destination for the startups and we are experiencing it first hand with the demand for space increasing steadily. The current situation has now forced us to put plans for expansion at Fatorda. We are also looking to open up a few seats shortly in Panjim
