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5 Ways to Boost Innovation

Creativity and innovation are often stymied because there just aren’t enough resources.

One of your responsibilities as a pragmatic leader is to make sure you remain within budget while ensuring your team is performing at its peak. You can’t throw every dollar at a project. You can’t get people all the support they would have in an ideal world. The sad truth is that supporting one project often means diverting resources from others.

You have to cut costs, save resources, and keep in step with a budget, all while trying to sponsor creativity and fuel innovation. It’s no easy juggling act.

Here are five strategies that will help you do it.

1. Forget about the bells and whistles

While Google and other tech companies have in-house chefs and ping pong tables, there’s no need to follow suit. You won’t be able to inspire much more creativity or innovation with expensive toys, nice workplace amenities, and other small perks.

In fact, employees may end up taking advantage of all the gifts and, worse, get used to the office luxuries. Too much of a good thing can even demotivate your team. Improving their equipment and adding little perks become the main goal, rather than the work they’re supposed to be doing. This happens all the time.

2. Don’t sew your wallet closed

Leaders often err on the side of too much cost-cutting. Too much belt-tightening can undermine the progress of your most important projects. When people feel they don’t have access to the resources they need to do their job, their enthusiasm will weaken. They may start rethinking whether they really want to stick with you and your agenda. To sustain momentum and move ahead, you have to make sure, as far as possible, that everyone has the tools they need or at least the possibility of attaining them in the future.

3. Don’t use more resources as a goal

Some leaders tempt teams with the promise of more resources if they can meet certain goals. That’s fine if the team can meet the goals, but it’s a different story entirely if they fail. Then they’re missed their goals, they don’t get their resources, and they end up feeling disappointed and resentful. And they can always argue that the reason they failed is because you didn’t give them enough resources to start with!

4. Educate and listen to the team

During projects, leaders should be very clear about the size of the budget, what’s going where, and why. If your expenditures aren’t transparent, team members may see certain purchases as wasteful or grow aggrieved when their bid for new resources is turned down.

The best way to figure out if your team is happy with their access to shared resources is to simply ask them. You may wish your team could work on vapors, but they can’t. You cannot afford to be insensitive to their needs.

5. Balance the allocation of resources

Don’t vacillate between feast and famine. Find the sweet spot where your team has the resources it needs to move ahead, but isn’t kicking back on your welfare system. Facilitate what they need, and scrutinize what they want. Don’t slam on the breaks and then hit the gas. Find a steady pace.

As a pragmatic leader, you need to make sure your group’s access to organizational resources doesn’t fall below a certain threshold-;from “hungry” to “discouraged.” There is no science here. There are no quantitative metrics. You have to be intuitive and sensitive to your group’s level of motivation and creativity.

Mobile Startups: Insights from Mobile India 2014 conference

The Mobile India 2014 conference, held recently in Bangalore, showcased a range of opportunities in the space of Social, Mobility, Analytics and Cloud (SMAC). In addition to SMAC, there are also opportunities opening up in security and smart sensors, leading some speakers to joke that the acronym SMAC should actually be SSMACS!

In an earlier article, we looked at the top trends in enterprise mobile as identified by speakers from the 2014 conference. The 2013 edition of the conference also featured a panel on mobile startups (see my coverage here).

Mobile FI

“Mobile is the centre, cloud is the backbone and analytics is the nerve centre of digital business,” said Manjunath Gowda, CEO, i7 networks. Here is my pick of the Top 15 tips for mobile startups, based on the discussions at the Mobile 2014 conference.

1. Focus on solving real business needs

We are living in an age of realtime information overload. $300,000 is spent on online shopping every minute; 600 videos are uploaded to YouTube each minute; Facebook has over 700,000 updates each minute; and Twitter generates 12 terabytes of data daily – and this is just the tip of the proverbial data iceberg. However, for analytics to make sense of this data  is much more than just statistics; it connects realtime occurrences to the big picture and to pressing business needs and insights. Many startups are going after the low-hanging fruit, but there is much more value in sensemaking and decision support.

“The key challenge today is the inability to think big and ask the right questions to make a difference to businesses,” observed Venkatesh Vaidyanathan, VP, Product Management, Business Analytics, SAP Labs.

For example, true benefits arise when startups connect Big Data to predictive maintenance, brand sentiment, threat detection, product recommendations, fraud detection, realtime risk mitigation, realtime demand/supply forecast, personalised care, and resource optimisation. In this regard, Bangalore company Ramyam Intelligence Lab is rightly positioned by offering analytics and Big Data solutions to telcos to help address their needs of personalisation, churn reduction, loyalty management, and cross-selling of services.

2. Tell a story

The business opportunity lies not just in crunching data and unearthing patterns but building a larger narrative, a compelling story. “There are stories lurking in data. Analyse it, capture it, tell a story from it, make it actionable,” urged S. Anand, Chief Data Scientist, Gramener.

Fields like analytics are as much art as science, and players entering this space need to mix analytics skills with IT. Winning customers will depend not on technical skills but on the ability to deliver insights, discovery and new business knowledge – and thus clinch deals with powerful stories.

3. Address enterprise mobile

Much attention understandably focuses on consumer apps, but there is a world of enterprise and productivity apps also fast emerging. Startups can show how SMAC can be used to improve field worker productivity, for white collar and even blue collar workers. Services offered as “also mobile” will become “mobile first” even in the enterprise environment.

More than 50% of employee devices are purchased on their own. 70% of professionals will use smartphones by 2018, said Archana Kamath, Manager, Mobile CoE, EMC Software and Services India. BYOI (Bring Your Own Identity) is the next wave of consumerisation of IT in enterprise space.

Mobile cloud and workflow tools are now becoming available for SMEs too, and a new wave of value is being unleashed. Mobiles give companies not just deep consumer insights but continuous consumer insights, according to Alwyn Lobo, Senior Mobility Solutions Architect, IBM.

4. Offer security solutions

The increasing digital nature of the economy is also creating chaos, and the ‘attack surface’ of businesses is increasing via mobile. This calls for tools and companies who can provide better monitoring and governance of enterprise networks. For example, Misys GeoGuard uses customer location to reduce fraud for banks. The SnapChat hacking incident shows API vulnerability in world of mobile. API security will play centre stage as mobiles become gateways in the Internet of Things, predicted Shreekanth Joshi, Vice President, Cloud Practice Head, Persistent Systems.

“Look out for Trojans like mRats, host-based jammers, and tunnel borers,” cautioned Manjunath Gowda, CEO, i7 networks. 71% of mobile devices have OS/app vulnerabilities, and there has been 600% growth in mobile malware over last couple of years. 90% of BYOD enabled Indian businesses had a mobile incident in last 12 months, according to sources cited by Gowda. This opens up new markets for security products and services.

5. Watch the competitive space

Startups should aim for a ‘blue ocean’ strategy and enter fresh waters – or else figure out a way to do things better, faster, easier and cheaper than existing players. Several existing players and case profiles were highlighted by Dr. Sanjoy Paul, IEEE Fellow and Managing Director, Accenture Technology Labs India: such as blippar (mobile ads with augmented reality), and use of analytics by Walmart to predict product demand and by Google to forecast ad keyword demand. This reflects the overall trend of increasing real time bidding (RTB) exchanges; static models are declining. Reach.ly mines Twitter to help hotels reach potential guests in real time. Coursera is using analytics to better serve learners. FitBit and OnStar are other good examples of realtime analytics in action.

6. Address the “Four Vs” of Big Data

Big Data is important because there is too much data and too little time for businesses to take informed decisions in realtime. Hence startups should find opportunity in one or more of the “four Vs” of Big Data: volume, variety, velocity, value. In other words, they should show business leaders how they can help tackle data overload, data diversity, realtime data, and mining of insights.

7. Watch sensor networks, M2M and IoT

The Internet of Things (IOT) is currently at early hype stage, but will soon become mainstream, as the recent Consumer Electronics Show indicated: this ranges from wearable devices to smart tennis rackets, and also opens the door to a new range of analytics products and services. Mobiles are cumulatively becoming sensor aggregators, said Shreekanth Joshi, Vice President, Cloud Practice Head, Persistent Systems.

In healthcare, for example, the ‘digitised patient’ will become the hub for measuring, modelling and predicting treatments based on instrumentation and on-body sensors. Typical M2M scenarios encompass energy and water meters, cars, cranes, vending machines, fridges, air-conditioners, and ATM machines. The ATM attack incident in Bangalore shows the importance of monitoring all locations via M2M, said S.Girish, COO, ConnectM.

8. Move beyond location to context

Location and context are blending together to create new kinds of mobile-powered services and advertising. For example, a Tokyo company recruits drivers for two-hour time slots in different neighbourhoods; the matching is based on proximity of available drivers. Analytics coupled with mobile is a powerful combination.

9. Choose cloud for scale

Cloud computing drastically reduces barriers to entry for infrastructure improvement for startups in the growth curve, as shown by the acceleration of companies such as Animoto. The costs for launching a startup and promoting it are much lower these days than before, thanks to cloud infrastructure and social media. However, it should be noted that the business fundamentals of team management and financial models remain unchanged.

10. Evolve from being aware to becoming smart

“Tomorrow’s enterprise is hyperconnected, super-aware, and borderless. Will it be smarter?” asked Ramesh Adiga, AVP & Head, Global Delivery, Mobility Unit, Infosys. The next stage of mobile evolution is ‘superphones’ driven by platforms and lifestyle devices.

Harrah’s Casino in Las Vegas is using Big Data in blackjack tables to figure out how to make gamblers comfortable and stay longer. Designer shoe store Meatpack in Guatemala uses realtime analytics to ‘hijack’ customers from competitors. “Analytics is changing the face of what we usually think of as mundane business,” said Sanjoy Paul of Accenture Labs. Startups need to go beyond ‘the usual suspects’ and identify opportunities right at the street corners and not just main street, and help clients move ‘from dashboards to decisions.’

11. Track emerging business models

The acquisition of Bangalore-based app optimisation company Little Eye Labs by Facebook for an estimated $15 million has shown that app infrastructure and ecosystems are also ripe targets for startup activity. An interesting model to watch is MBaaS – mobile backend as a service, as shown in app cost estimation and cloud models (Kinvey, Appcelerator, FeedHenry). Nicira can reconfigure physical network into multiple virtual networks.

12. Think big

Startup founders should not just look   at the idea or product but also the overall context, customer needs, scalability, UI/UX, andMobileIndia222 viral effects, advised Bharati Jacob, Founder Partner, Seedfund. For example, Limo service Uber may work well in Bangalore, but not have as much impact in Bombay where there are reliable taxis everywhere, she observed.

Many startups with good models focus largely on the local market and are not thinking global from the early stages. A few are, such as Zomato from India. “Maybe the Indian education system does not encourage us to think big and aim high,” added Jacob.

13. Make mobile marketing more targeted

Mobile marketers should stay away from the ‘spray and pray’ model of mainstream media, advised Ashvin Vellody, Partner, KPMG. There are numerous ways in which startups can help marketers experiment and refine ways of segmenting users and messages right down to, for example, passengers stranded  at airports and train stations.

14. Focus on social discovery and not social shopping

For a range of reasons, social shopping online has not worked well, but mobile social media has accelerated the discovery, inspiration and validation of online shopping, according to Kaushal Sarda, CEO, Kuliza Technologies. Social media is about conversations, so digital marketers and advertisers should figure out how to be part of or stimulate conversations, he advised.

15. Multiple mobile payment models will co-exist

Mobiles accelerate consumption of content and commerce, according to Ravi Pratap, Co-Founder and CTO, MobStack. “Multiple kinds of m-payment models will be needed in India, including via mobile operator billing as in the US,” said Pratap. Tier 3 and Tier 4 cities are takeoff markets for e-commerce in India, for everything from the latest books to lingerie sales, said Ashvin Vellody, Partner, KPMG. Retailers in India are executing their marketing campaigns on mobile social media now, not just PC-based Facebook, added Hrish Thota, Senior Manager, Social Computing, Happiest Minds.

In sum, mobile is pivotal to sense, influence and fulfill demand. “Mobiles will be ubiquitous and pervasive,” said Adiga of Infosys. But only an estimated 15% of Fortune 500 organisations have a concrete mobility strategy, opening up a wide door of opportunity for players in mobile space.

“Every business is a digital business, thanks to mobile, social, cloud and analytics. This is happening on a scale not possible before. SMAC helps companies simplify, accelerate, adapt and make better decisions,” said Accenture’s Paul.

Interesting questions to ponder – possibly at next year’s Mobile India conference – would be whether Facebook will be eclipsed by the next generation of social media, how cross-pollination between sectors will throw up new opportunities, and whether regulation and government may dampen the enthusiasm of the tech sector.

These 7 Trends Will Make You Incredibly Optimistic About The Internet Business In 2014

JP Morgan analyst Douglas Anmuth and his team are incredibly optimistic about the Internet industry in 2014.

In an email he just sent out to clients, Anmuth says that Internet stocks increased in value 78% during 2013 thanks in large part to seven “key” trends.

He says, “We believe those underlying dynamics should continue in 2014.”

Here are those key trends:

Mobile revenues will catch up to mobile usage.

In 2013, it finally happened: people use the Internet more through their mobile devices than they do through their desktop computers. But even though mobile usage was up, popular mobile products still did not have as much sales as desktop products. Anmuth and his team think this will start to change in a big way in 2014. He says users will become more savvy and comfortable with mobile devices. Apps will become more functional. More desktop sites will become mobile-optimized. This trend has already started, as mobile shopping on Cyber Monday was up 28% year-over-year to $5.8 billion.

 

jpmorgan2014chart01JP Morgan/Comscore

 

 

The kinds of ads you see in you Facebook News Feed are going to start showing up everywhere.

Facebook makes the majority of its advertising revenue selling units that appear in its “News Feed” – that center column of photos, status-updates, news stories, videos, and ads you see every time you open a Facebook app or go to Facebook.com. Twitter also makes almost all of its money through ads that appear in-stream. Anmuth and his team believe that in 2014, more companies will start to make such “Native Ads” their primary ad unit. Yahoo and LinkedIn will make the shift first. This is a positive trend for the industry because in-stream, “native” ads have “significantly higher click-through rates than traditional display ads, which leads to higher pricing over time.”

 

How Popular Are Native AdsJP Morgan/eMarketer

 

 

Advertisers will pay a lot to reach you on the right device at the right time.

Smartphones and tablets aren’t making it so people get on the Internet less through the desktop. They are making it so that people are on the Internet more during the day. Studies show that people use their tablets in the morning, their desktop computers during the day at work, and their phones at night. Companies like Google and Facebook are busy making tools that not only allow advertisers to specifically target you with an ad – but target you when you are using a particular device at a particular time. This will allow advertisers to target consumers when they are in the “right mood” to see a product and complete a transaction.

 

When people use which Internet-connected deviceJP Morgan/Comscore

 

 

Advertisers will finally be able to make apples-to-apples comparisons between Internet ads and TV ads, and Internet ads will prevail.

For a long time, Google, which owns YouTube, did not allow the companies that measure how popular TV shows are to use the same tools to measure how popular online videos are. In 2013, that changed. And then, when the apples-to-apples comparison between YouTube and cable channels finally came out, it was revealed – in a language that TV advertisers understood – that YouTube is massive. For example, among males aged 18-54, it is bigger even than ESPN. Now that TV advertisers can see this, they are going to do two things. They are going to spend more on Internet advertising to reach audiences on the Internet, and they are going to spend more on Internet advertising to convince the audiences there to turn on the TV – where they will see TV commercials.

 

YouTube reach versus cable networksJP Morgan/Nielsen

 

 

It will become more common to buy goods like food or wallpaper online because shipping will be more immediate.

Right now, 10% of all retail spending is done online. That number is going to increase in 2014, Anmuth and company believe, because e-commerce companies are getting better at shipping goods the same day they are ordered online. Companies are doing this two ways. Pure e-commerce companies like Amazon are building more local distribution centers. Traditional retailers are allowing online shoppers to buy goods currently held in inventory by local stores.

 

The 2014 ecommerce opportunityJP Morgan/US Census/Forrester Research

 

 

Amazon and Google have lots of spare computers, and more Web companies are going to pay to use them in 2014.

Google and Amazon have massive server farms located all over the world. These server farms aren’t even close to being maxed-out by Amazon and Google products and services. So, Amazon and Google sell some of the spare capacity to other Web companies. Netflix, for example, is powered by Amazon computers. The JP Morgan analysts think that more companies will buy Internet computing capacity from Amazon and Google this year. Anmuth says this will create a “virtous cycle” in which businesses pay less for infrasctructure, charge consumers less, and bring more consumers online.

 

content stored on Amazon's serversJP Morgan/Amazon

 

 

The insanely competitive online travel industry is expanding to mobile and overseas.

Anmuth and his analysts believe four factors will drive consumers to use online travel agencies more in 2014. 1) Heating-up competition between big companies like Priceline and Experdia will force them to buy more ads and offer more deals. 2) Sites that sell tickets to consumers and sites that help consumers find sites that sell tickets are becoming the same thing. 3) Online-travel booking is getting more popular in international markets. 4) People are starting to book travel from their mobile devices, and for more than just that same day.

[Book Review] Disciplined Entrepreneurship: 24 Steps to a Successful Startup

Many believe that entrepreneurship cannot be taught, but it is possible to teach people how to make great products and thus create a successful startup, as clearly illustrated in the insightful and actionable guidebook, ‘Disciplined Entrepreneurship.’

Bill Aulet is the managing director in the Martin Trust Centre for Entrepreneurship at MIT and also a senior lecturer at the MIT Sloan School of Management. He has launched initiatives like the MIT Clean Energy Prize, Energy Ventures Class, Regional Entrepreneurship Acceleration Program (REAP), “t=0” Entrepreneurship Festival, Beehive Cooperative, Entrepreneurs Walk of Fame, Corporate Innovators Sponsor Group, and Global Founders’ Skills Accelerator.

Bill has had a 25-year track record of success in business himself. He has directly raised more than $100 million in funding for his companies and led to the creation of millions of dollars in market value in those companies.

Many of the case studies in the book feature the company he founded, SensAble Technologies. The other case profiles in the book are from Aulet’s course, with startups in sectors such as footwear, water filtration, furniture shopping, baseball fantasy games, wind turbines, bio-sensors, landfill technologies, silent alarm clocks, arts education, skin care, digital marketing, and e-commerce for handicrafts.

The book also has a companion Web site (http://disciplinedentrepreneurship.com/) with case studies and other resources. Entrepreneurship is a team sport which can be taught and should be considered a legitimate profession and discipline, according to Aulet.

The book covers many iterative loops along the startup roadmap, and the steps are illustrated by Marius Ursache. It is not knowledge that sets you free, but action, Aulet explains. To begin with, entrepreneurs must have an idea, a passion, and preferably a tech breakthrough.

One chapter is devoted to each of 24 steps in the startup toolbox, and I have summarised them briefly in Table 1 according to six themes; each chapter makes for a superb read and is backed with references and resources.

Table 1:  Steps to a Successful Startup

Theme Steps Activities and Items
Customer identification Market segmentation, beachhead market, end user profile, TAM size, persona; next 10 customers Primary/secondary market research (users, benefits), word of mouth channels, qualities of customers, top-down and bottom-up determination of total addressable market
Customer offering Full life cycle use case, product spec, value proposition, core definition, competitive positioning Product acquisition/installation/payment, brochures and mock-ups, USP (‘secret sauce’ – eg. network effect, UX), meeting customer needs better than existing offerings
Product acquisition by customer Customer’s decision making unit, acquisition process of paying customer, sales process mapping Decision makers and primary/secondary influencers, budget cycles and times, adjacent customers, sales activities over near/medium/long term
Monetisation Business model, pricing framework, lifetime value (LTV), cost of customer acquisition (COCA) Models to capture value from customer (eg. subscription, licensing, ads), price points and ranges, charges and recurring fees, top down costs of lead generation and conversion
Product design and development Identifying key assumptions, testing assumptions, minimum viable business product (MBVP), proof of purchase List assumptions in the market and customer mindset, test through observations and polls, design basic product which customer will pay for and give feedback, demonstrate intent to purchase and engage
Scaling the business Calculate TAM size of follow-on markets, develop a product plan Determine product features for beachhead market, determine adjacent markets and product changes needed

Aulet distinguishes between SME entrepreneurship (more focused on non-tradeable jobs such as running a restaurant, with linear growth rates) and innovation-driven entrepreneurship (with investments, more risk, and potential of global exponential growth and profits).

He also highlights the unique nature of ‘two-sided’ markets which need two kinds of communities to succeed, for example buyers and sellers (e-Bay) or readers and advertisers (AdWords). This calls for multiple total addressable market (TAM) calculations and persona descriptions for each.

“Beachhead TAM calculation is your sanity check that you are headed in the right direction,” Aulet flags off in the beginning. It is a combination of customer base and estimated product price. Value proposition itself is a combination of how the product makes life better, faster, cheaper or less risky for the customer.

Entrepreneurs should stay out of the ‘reality distortion zone’ and not fall victim to their hope and hype; dealing with customer feedback – even from naysayers – will help focus on real solutions, Aulet advises.

‘Core’ aspects of the startup would be unique features such as network effects, outstanding customer service, lowest cost or best user experience. This will then need to be backed up with business models such as up-front charge, hourly rates, subscription, license, ad support, reselling of analytics, transaction fees, tiered models, shared savings and franchise.

Pricing should be flexible for a range of customers, example for early testers, lighthouse customers and co-creators. Lifetime value calculations are important to gauge the long-term viability of current and future products, and go hand in hand with calculation of customer acquisition costs.

Once a product has been launched, the startup founder then needs to address the challenges of building company culture for the long term, HR strategies, cash flow skills, and corporate governance.

“The world needs more and better entrepreneurs because our world’s problems are becoming more dire, complex and ubiquitous,” Aulet concludes.

The book has a number of witty and inspiring quotes, and it would be nice to end this review with some of them.

“Entrepreneurship is not only a mindset but a skillset.” – Mitch Kapor, Founder, Lotus

“While the spirit of entrepreneurship is often about serendipity, the execution is not.” – Joi Ito, Director, MIT Media Lab

“Ideas are a dime a dozen but great entrepreneurs are what create value.” – Paul Maeder, National VC Association

4 Sectors Set for Ideas to become Billion Dollar Company

Inspired by the morning read “Indian-American teen creates 20 second mobile charger”, I set out to think about all the BIG IDEAS that could change the way the world works.

Sure, you could build a Tumblr-like site and be bought for $1.1 billion, but I’m talking about ideas that could actually make significant strides in making the world a better place.

New Battery Tech surely does look like one of those life-altering ideas. Imagine the power of these ultra-fast rechargeable cells not only in terms of better smartphones but say, in a rural setting, where power is not an oft-discussed phenomenon. The ramifications seem huge.

Big Ideas 3 part series | 12 Big Ideas that could lead to the next Billion Dollar Companies   Part 1
Here is the first part of this series of three articles which discusses ideas with major upsides:

Part 1: Education, Energy, Housing and Healthcare

Education

A sector which almost 100% of the population agrees is ripe for disruption, but changes seem to be materializing tad too slowly. This is easily the biggest existent market and the beauty of it is that it has got enough space for 10s, if not 100s, of firms to thrive about and co-exist.

India is definitely the go-to market for education and Indians have the best vantage point going forward; for the bigger long-term opportunities lie in the even less developed Sub-Saharan Africa, South Asian, Middle-Eastern and South American countries.

It becomes even more important, when one realizes the other facet, that is, the effect of better education opportunities in these countries on their healthcare, socio-political and economic systems.

Economical Solar Energy

The Sun is unmatchable when it comes to being the king of all energy sources. Nothing that human technology could ever produce would even come to touch the dominance of the Sun. Even with a very small fraction of its energy reaching the earth, the capability, if harnessed, is 10000 times that of all the commercial usage on the planet.

Scientists are working hard to bring down the initial cost of solar, but it looks like it would require someone with the passion and zeal of Elon Musk to come and turn the whole industry upside down.

Affordable Housing for the masses

An ever-increasing population coupled with a steeply increasing lifespan, gives us our next big idea. Affordable and quick-to-setup housing will make someone billions starting in the next 5-10 years.

Affordable housing includes value housing, which is the need of every middle class family, as well as low income housing, where the most significant need of India lies.

Over one-sixth population of the world lives in appalling conditions. Over a 100 million people live in slum and slum-like surroundings in India alone. They could reach up to 200 million by 2020.

Building mass-scale housing by aggregating the waste land in the outskirts of the urban hubs is the simplest solution when it comes to tackling the problem of housing due to urbanization. To make it affordable, statistics suggest that the costs should be around 5-6 times the per-capita income of the region.

Advanced Health Information Systems & Better Medicine

Even as countries like India discourage patenting in the drugs business to offset the costs of medicine to the poor, companies like Ranbaxy take undue advantage of the system and dupe billions of innocent people into buying their generic but harmful drugs.

It is a long-known fact in medical circles that different people have different levels of susceptibility to diseases and so they respond differently to medicines. But, treatments developed have been adjusted to work for the masses rather than being individualized. Advances in Genetic Science changes that and can be used to develop better systems that will be able to do fast genetic profiling of a patient.

Now, collection and management of these massive amounts of data on individual patients presents us with another opportunity in the form of Health Informatics.

Medical records, today have a prevalent problem of, being mixed up in the form of old technologies (paper) with new ones (computers). Even within the same hospital, there would be usage of different programs and platforms for different data. Sharing information over regional, national, or global networks is rendered, almost impossible.

Future healthcare systems need to be engineered to facilitate seamless sharing of data. Apart from this there should be checks in place for ensuring that the updating of this data is absolutely correct and that the profile of any individual can be easily tracked using the system.

Tomorrow I’ll discuss the next 4 BIG IDEAS as Part 2 of this series of articles.

Comment with your suggestions, on what you think are the big ideas, that could make billion dollar companies and change the world at the same time