PassionIT News

Sometime around 2013, I came across a young entrepreneur from a small city in Gujarat. Let's call him Pankaj. Pursuing bachelors in mechanical engineering from a local engineering college, Pankaj had come up with a very simple yet indigenous solution that solves a daily problem faced by garages across the country. In no time, Pankaj had a patent on the idea, soon after which he was approached by one of the largest auto manufacturers in the country and was offered Rs 16 lakh for the patent. Coming from a humble background, Pankaj took the offer, without knowing the true value of his idea, because of lack of knowledge and mentorship in his geography about innovation and entrepreneurship. He didn’t even have anyone to tell him that he could just license his patent to the company instead of selling it. It turned out Pankaj's idea had the potential to be a $25-million business with a small ticket seed investment upfront. He also signed an ironclad non-disclosure agreement making his name to his story irrelevant.

Read more at: https://yourstory.com/2017/01/india-startup-game-bolstering-student-entrepreneurship