Wednesday, June 3, 2009

Failure as a Stepping Stone

The one emotion that binds the applicants of ET’s Power of Ideas programme is passion. The 746 contenders, who couldn’t make it to the final list of 254, are keen to pursue their dreams, despite a temporary setback. At the elevator pitch stage, ET and angel partner Indian Angel Network had decided that 746 ideas from the list of 1,000 did not make the cut.

For instance, Delhi-based Dr VK Singh and wife Dr Nandini Singh had submitted an idea of a simple product that can detect brain development disorder in children at an early stage. While Dr Singh has been instrumental in setting up the National Brain Research Centre, after a research-based job at UC Berkeley, IIT-K graduate Dr Singh works for a startup as CTO and vice-president.

“Our healthcare and technology backgrounds helped us come up with an idea that will improve the health of millions through technology in a cost-effective way,” said Dr Singh. An undeterred Dr Singh is currently pitching his idea to other investors.

What has helped those on the negative list to chase their entrepreneurial dreams is the set of learnings gained through group mentoring and feedback from the mentors during the elevator pitch.

Similar is the case of 26-yearold Naresh Prajapati whose idea of digital menus and billing at restaurants was not cleared. However, Mr Prajapati is pursuing his idea in a different manner, thanks to the mentors, who helped him polish the business concept. “I feel that this technology is convenient and will be widely used in restaurants across the country within three years,” he said.

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