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

Dharwad (Karnataka), Oct 14 (PTI) Union Finance Minister Nirmala Sitharaman on Tuesday urged young innovators to focus on developing their ideas instead of 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 absolutely only when you are reaching the stage of commercialising and scaling up your production," she said.

Sitharaman added 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 fancy, good things which are going to be transformational for society," she said.

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

"I would want a system, and I think in government, we are very favorably inclined to keep supporting innovators. But of course, you will reach a stage where you can make your profit. So I think 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 really lead you towards profit," she added.

The minister also highlighted that India is at an inflection point to retain and attract skilled talent, thanks to the enabling environment for startups, scientific research, and technology-driven innovation.

"So I think the face for retaining, in my words, attracting that skill, that knowledge, is now growing in India, and I would think therefore retention or holding back or attracting talent should now be possible for us," she said. PTI AMP SSK