Nanocorns and Empowering SME Exporters: Strategies for Success

Unleashing Indian Competencies: A Strategic Approach to SME Export in the Global Marketplace


"Innovation distinguishes between a leader and a follower." - Steve Jobs



In the dynamic landscape of international business, understanding the nuances of development in India compared to the western countries is crucial. As an exporter and SME owner, recognizing and harnessing localized competencies can be a game-changer in the fiercely competitive global market. In this blog, we delve into the unique aspects of Indian development and explore how SMEs can leverage these strengths to gain a competitive edge.


Localized Competencies: The Indian Advantage


The western world tends to prioritize fundamental and basic research, often overlooking the human aspect in their approach. On the contrary, the Indian mindset is more application-based, considering the human element in innovation. Take, for instance, the technology behind Aadhaar and UPI. While the basic technologies originated in the west, their application and refinement in the Indian environment showcase the country's unique approach to innovation.


The software industry, too, has flourished in India, not only due to excellent design but also cost-effective solutions that outperform competitors. The synergy between basic sciences developed in the west and the application-oriented approach in India is evident in various sectors, including pharmaceuticals. While chemistry is a fundamental science in the west, India excels in pharmaceutical sciences, producing high-quality generic medicines.


Strategic Implications for SME Exporters


Understanding these differences in development philosophies opens up new vistas for SME exporters. By aligning with the localized competencies around them, exporters can craft strategies that resonate with the global audience. This thinking allows for the creation of a conducive business environment, fostering profitability and sustainable growth.

Government Initiatives: A Boost for Research and Innovation.

Recent developments, such as Finance Minister Nirmala Sitharaman's announcement of a Rs 1 lakh-crore corpus for long-term financing of research and innovation, have added a new dimension to the Indian business landscape. This move is expected to usher in a golden era for the country's tech-savvy youth, providing long-term financing with low or nil interest rates.

This presents a unique opportunity for corporate to integrate startups into their innovation ecosystem, co-creating solutions that benefit both parties.  Collaboration with foreign universities is also seen as a key factor in ensuring the success of these programs.


Tech Entrepreneurship and Nanocorns: The Need of the Hour

India needs not only 'unicorns' but also 'nanocorns' – smaller ventures that can create numerous jobs across the country. The focus should shift from funding only fast-growing ideas to supporting a multitude of smaller ventures that contribute to widespread employment.


Building a Robust Research Culture

With the National Education Policy emphasizing research at the undergraduate level, there is a growing research culture in India. The newly announced corpus is expected to provide the necessary support to bolster this research culture and drive innovation.


Conclusion: Crafting a Future of Innovation and Global Competitiveness


Conclusion, the juxtaposition of development philosophies between India and the western countries offers SME exporters a unique opportunity to tap into localized competencies. With the government's initiatives supporting long-term financing for research and innovation, the stage is set for a new era of tech entrepreneurship and widespread job creation. As SME owners, embracing this strategic approach will not only enhance global competitiveness but also contribute to the overall growth of the Indian economy. The future beckons for those willing to innovate, collaborate, and leverage the strengths inherent in the Indian ecosystem.

The opinions expressed in the blog are the author's own.

We would like to acknowledge the credit to these news article for providing me with substantial factual information.

Bengaluru hails 1 lakh-crore corpus for research



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