Dr. Uday Saxena, Co-Founder of Reagene Innovations Pvt Ltd, conducted a session “How to build a successful start-up – A step-by-step guide” for University of Hyderabad students on Dec. 7. The session was organized by UoH-Institutional Innovation Council (IIC) and DST-UoH-Technology Enabling center (DST-UoH-TEC).
He started the interactive session by emphasizing that “Innovation comes in all flavors.” It can be in any field: science, medicines, arts, engineering, IT. Innovation is the inception of a marketable product, which needs a business plan and finances. To do all these, one needs have passion, a team of dedicated workers and mentors who can guide the team in right direction. Dr. Uday explained the students about the intricacies of a business and ideas. The most important part, according to him, is the conversion of an idea into a product. But the reason any business or company succeeds is marketable ideas, team, and management who are well prepared to take tough decisions. Most importantly, the funds, without which nothing move in business.
His suggestion to a budding entrepreneur is to have a five-year plan. Have clarity of thoughts before doing anything, and have a mentor who will guide and look for us. According to him, a successful entrepreneur will always have a necessary skill set, calculated risk-taking ability, and the ability to form a team and execute. Other Important things include communication skills, understanding of the big picture, having a consumer perspective, and the ability to get through setbacks.
He told students about the future of Indian entrepreneurs. Indians are taking more risks and investing in innovation than ever, plus the Government is providing support. “It is a great time to be an entrepreneur,” told Dr. Uday. He ended the session with a message for students – do not underestimate the power of ‘Indian’ Education. “It is your best tool,” concluded Dr. Uday. The session ended with students asking questions to Dr. Uday, which he answered insightfully.
Dr. Uday Saxena was an alumnus of the University of Hyderabad. After completing his post-graduation from the University of Hyderabad, he obtained PhD in Biochemistry from Memorial University and Post-doctoral training at Columbia University. Dr. Uday is currently a Co-Founder of start-up Biotech Company ReaGene Innovations at the ASPIRE-BioNEST, University of Hyderabad. He was associated with the Team at Parke-Davis/Pfizer that discovered Lipitor/atorvastatin, the largest selling (peak sales of $17 billion dollars) drug in pharma business. He led teams that brought several drug candidates from an idea into the clinic.
Contributed by Priyesh Chouksey, Department of Communication