was traditionally thought. In addition, these agreements can be just as beneficial to an entrepreneur, if not more so, as corporations can take part in multiple rounds of funding and eventually become the entities that acquire the startup. The entrepreneurs need not waste time seeking funding from various investors. Entrepreneurs can also get flexible partnership arrangements if the licensing agreement is properly drafted so as to include provisions such as non-performance clauses, which hold the partner accountable to a certain performance level. In addition to clarifying the intricacies of strategic partnerships and licensing agreements, the LMIIGP offers participants the opportunity to develop a better understanding of their market..
In an effort to make the top 50 participants more appealing to potential strategic partnerships and end consumers, the LMIIGP hires and pays for qualified consultants and market experts pertinent to a startup’s field, to do market research and identify potential customers. That research is published in a report called Quicklook.
Waybeo Technology Solution, a company that provides software for businesses to anticipate questions consumers will have when browsing their websites, took part in Quicklook and determined that hotels would benefit greatly from its software. Going one step further, hotels that were interviewed for the report displayed a strong interest in Waybeo’s software, thereby connecting the company to potential customers. I’ve previously performed my own market research for my startup Roof for Two, by personally approaching motorcycle dealerships in order to gauge their interest. Having witnessed the value this type of market validation holds in the eyes of potential investors, I believe Quicklook was an indispensable asset for the participants to capitalize on.
It was a pricy ticket at almost $800, but the Lockheed Martin India Innovation Growth Program is a major stepping-stone in India’s rapidly emerging entrepreneurship sector. The presence of so many highly qualified professionals offering original ideas promises great potential for India’s future contribution to the technology sector.