Institution Innovation Council (IIC) of Manav Rachna University (MRU) organized a webinar on the topic titled Prototype Validation and Converting Prototype to Startup on June 26, 2021. The talk was delivered by Dean Research of Manav Rachna University, Prof. Dr. Pradeep K. Varshney.
Dr. Varshney explained the innovation cycle and product development phases starting from Ideation to Proof of Concept (PoC) to Prototype development in various technologies readiness levels and ultimately maturing it to a product for Startup.
He explained about the significance of Minimum Viable Product (MVP), need and process of prototype validation. He discussed the critical success factors of the startup, the various channels of getting funding for startup and also explained the National Innovation and Startup Policy (NISP) of MRU regarding the support MRU is ready to provide as an enabler to young aspiring student entrepreneurs and faculty members to establish startups. He discussed the need for innovation, process of innovation, impact, and driver of innovation. He explained product development lifecycle as comprising of the phases of feasibility, conceptualization (with demonstration & mock-ups and PoC), engineering validation tests, design validation tests, manufacturing pilots, and volume production.
In the end his message was that the startups are job creators and are going to get immense support from GoI due to Prime Minister’s Atmanirbhar Bharat scheme. He encouraged and motivated all students stating how India is rising in global innovation index already gone up by 5 stages and we should strive for keeping up the pace and accelerate it further.