Getting funding for new products is the most difficult thing for a scientist, researcher, or an innovator/student to get in India. New product development can only be done by businessmen here who already has sufficient resources to support it. A common man who wants to start his own business can do it but then he has to be at a very small scale like owning a shop or more not more than this. Some exceptions might be there. But the best bet for Indian entrepreneurs to start with is service based industry as this industry doesn't requires a huge investment rather a negligible amount if they are smart enough.
The benefit of this industry is that if you have a client base of even 2-3 clients then you can first do the work, charge the fee and continue to invest it in other areas of service or products rather than first investing money in a single product development which might succeed or in worst case scenario fail too. On the contrary service providers has to invest nothing significant rather, first they have to concentrate to on delivering service and receive money for it to try out with investment options in products etc later.
Indian IT industry succeeded because of this only, earlier nobody understood the potential of IT in India due to lack of awareness and knowledge. But when few smart people recognized that service based IT can work wonders even without a large initial investment than construction, petroleum, textile firms etc requires. They flew with the idea and now see the consequences of it India has the world's most profitable IT industry an this fact is not hidden from anybody.
So I would like to share this idea to all of the budding entrepreneurs to first start with any kind of consultancy in the field in which you have the knowledge or experience, and then later you can carry on investing in any proposed products of yours. Build manufacturing industry gradually from service based industry which will not also give you more exposure but also funds to support your future plans :)
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