Startups encouraged to solve common problems with a long-term perspective

A. Velumani, founder of Thyrocare (third from right), presents deals to startups that have been accepted by CODISSIA Defence Innovation and Atal Incubation Centre during an event organized in Coimbatore on Sunday, August 25, 2024 | Image Source: Siva SaravananS

Startups should focus on solving everyday problems faced by people rather than high-impact issues like climate change, A. Velumani, founder of Thyrocare, said in Coimbatore on Sunday.

Mr. Velumani, who presented the agreements to 13 startups that were accepted by the CODISSIA Defence Innovation and Atal Incubation Centre (CDIIC) in Coimbatore on Sunday, said, “Entrepreneurs should take incremental steps to solve day-to-day problems. Financial prudence is key; effective management of resources and meeting current needs will lead to sustainable success. Also, pricing products at lower prices can help startups sustain their business and gradually increase profitability,” he said.

The startups that have been included in the project work in areas such as drone technology, space exploration and patient transport solutions. Some of them deal with robotics and cybersecurity. All of the startups will work on solutions for defense and commercial purposes.

The event also showcased 12 products of Palakkad-based Bharat Earth Movers Limited (BEML) for indigenisation.

Major Pradeep M. (retired), who incubated his startup at the event, said, “CDIIC is recognised by the Ministry of Defence, which gives an extra edge to defence technology startups. It is easier to get nomination or preference for indigenous manufacturing here as CDIIC is said to be the only defence product incubator in Coimbatore.”

A CDIIC official said, “We have successfully graduated eight companies out of 35 under our incubation program, and five more startups will graduate in the coming months. In addition, we conduct pre-incubation for growth-stage startups, and this year we have two pre-incubators.”