Invento Robotics has garnered recognition as one of the top 30 most innovative companies globally in the field of robotics engineering, despite having a relatively small workforce of only 27 individuals and operating without external loans or investments. This is a remarkable achievement, underscoring the company’s ingenuity and strategic approach to growth. Bharat Kumar, the Chief Technology Officer of Invento Robotics, generously imparted invaluable insights into business expansion strategies. His advice is particularly relevant for small entrepreneurs and startups seeking to grow their businesses without requiring substantial investments.

Right Team Selection

In a startup, selecting the right team is a critical step that can heavily influence the success of the business. It is important to establish a “Maker-Culture” team, consisting of individuals who embody the attitude of a maker rather than a checker. This means prioritizing individuals who are proactive, resourceful, and driven to create solutions rather than just follow instructions.

Here are some considerations for building the right team:

1. Look for individuals who are capable of multitasking and possess a diverse range of talents. This will enable the team to adapt to various challenges and contribute to different aspects of the business.

2. Foster a culture of problem-solving and innovation, where employees are encouraged to tackle challenges independently before seeking external expertise. This not only promotes a sense of ownership and initiative but also saves time and resources.

3. Aim to have a greater number of makers in your team than checkers. While checkers are important for quality control, the focus should be on empowering individuals who can drive progress and bring new ideas to the table.

4. During the interview process, assess candidates’ skills by giving them real-time-based projects. This will provide insights into their problem-solving abilities, creative thinking, and adaptability.

5. Retain valuable talent by assigning them projects that align with their interests and strengths. This not only boosts morale but also ensures that individuals are motivated to contribute their best to the team’s objectives.

By prioritizing the selection of a maker-centric team and nurturing a culture of innovation and autonomy, startups can lay the foundation for sustainable growth and success.

Deadline/Timeline Must Come From Customer

As a reminder, it is crucial for deadlines and timelines to be provided by the customer. Rather than setting your own deadline, seeking input from your client or vendor can motivate your employees to passionately work towards a shared goal. Here are some key points to consider:

– Both the deadline and timeline should originate from the customer.

– Implementing project-based timelines can significantly enhance productivity.

– Establishing a captivating and inspiring narrative among employees can boost their efficiency.

– Maintaining a culture of transparency within the team regarding commitments to the client is equally important.

For instance:

In a specific scenario during the Global Entrepreneurship Summit 2017 in Hyderabad, Invento Robotics faced a deadline to deliver and showcase their humanoids, Mitra and Mitri. This deadline was critical as it came directly from our honorable Prime Minister, Shri Narendra Modi. The team at Invento Robotics diligently worked day and night to successfully deliver the humanoids within the 3-week timeframe, ensuring that the deadline was met at all costs.

Diversify Your Source of Earning 

It’s important to diversify your sources of income in order to sustain your business when your products aren’t selling as much as you’d like. In the case of innovation-based startups, one way to bring in income is by showcasing your products at entrepreneur summits and innovation and technology conferences. Any funds generated from these events can then be reinvested into research and development (R&D) to further enhance your products and potentially open up new revenue streams.

Reduce Cost through Frugal Engineering

To minimize financial risks for your business, it’s advisable to initially focus on controlling expenses by avoiding taking on substantial outside loans or investments. You can achieve this by prioritizing frugal engineering, which involves handling as much work as possible in-house to keep costs down. Only outsource tasks that you’re unable to complete to the same high standard internally. Additionally, make efficient use of machinery in all operations to minimize the wastage of both money and resources.

Make the Technology Your Competitive Advantage

As a business, it’s important to leverage technology to gain a competitive edge over others. Your unique selling point that sets you apart from your competitors is your innovative and cutting-edge technology offerings.

Here’s how you can use technology to your advantage:

1. Introduce problem-solving technology: Identify the pressing issues faced by your customers and develop technology that addresses and resolves these challenges effectively.

2. Turn new technology into a competitive advantage: Position your new technology as a cornerstone of your business strategy. Highlight how it outperforms and distinguishes you from your competitors.

3. Obtain patent rights: Secure patents for your technology to establish a barrier to entry for other players in the market, thus giving you a competitive advantage.

4. Cost-effectiveness: Make sure that your technology is cost-effective compared to what your competitors offer. This could be in terms of both initial investment and ongoing costs for your customers.

5. Superior customer care: Use your technology to provide enhanced customer care services. This could include features like faster response times, personalized support, and seamless user experiences.

By strategically integrating technology into your business operations and customer offerings, you can solidify your position in the market and stay ahead of the competition.