Focus on ideas, not profit: Nirmala Sitharaman tells young innovators

Union Finance Minister Nirmala Sitharaman on Tuesday urged young innovators to focus on developing their ideas rather than worrying about profitability, saying profits will follow once products are commercialised.

Addressing students after inaugurating the dhaRti BioNEST Incubation Centre at IIT Dharwad, Sitharaman assured that the government is committed to supporting innovators through incubation and hand-holding mechanisms.

"Young innovators, your core business is to keep innovating. Profitability comes only when you reach the stage of commercialising and scaling up your production," she said.


"I would not want any confusion in the mind of a young innovator about when he will become profitable to hinder the sharp intellect with which he must continue innovating," she added.

Sitharaman stressed that innovators should not be burdened with non-core business concerns, including regulatory compliance or immediate profitability.

"It is not an innovator's business to become profitable. He keeps producing innovative, transformative solutions that will benefit society," she said.

The minister emphasised the need for a collective effort by investors, mentors, and regulatory partners to support innovators until they achieve commercial viability.

"I would want a system, and I think the government is very favourably inclined to keep supporting innovators. But, of course, you will reach a stage where you can make your profit. So in the timeline, first comes your innovation-improving on your innovation-but equally, there should be a set of people who can handhold you and guide you towards profit," she added.

Sitharaman also highlighted that India is at an inflection point for retaining and attracting skilled talent, thanks to an enabling environment for startups, scientific research, and technology-driven innovation.

"So I think the scope for retaining-or, in my words, attracting-that skill and knowledge is now growing in India, and therefore retaining and attracting talent should now be possible for us," she said.

According to her, India has rapidly adapted, scaled up, and accelerated fintech solutions over the past seven to eight years.

"Digital adaptability in payments in India is around 87 per cent, whereas globally, it is still in the range of 60s. Fintech is being accepted by people and scaled up by them in India," she said.

Officials said the newly inaugurated dhaRti BioNEST Incubation Centre at IIT Dharwad is an initiative of the dhaRti Foundation and IIT Dharwad, supported by the Biotechnology Industry Research Assistance Council (BIRAC), with funds contributed by the Finance Minister under the Member of Parliament Local Area Development Scheme (MPLADS).

The centre aims to strengthen the innovation and startup ecosystem in biotechnology and allied domains, supporting research-driven entrepreneurship in North Karnataka, officials added.