SLIM partners SLIC to teach inventors the importance of marketing

Monday, 16 March 2015 00:03 - - {{hitsCtrl.values.hits}}

For the fourth successive year SLIM (Sri Lanka Institute of Marketing) partnered with SLIC (Sri Lanka Inventors Commission) in providing marketing inputs to a group of selected inventors who intend commercialising their inventions by organising the annual Inventors Forum for the third consecutive year on 26 February, where a number of resource persons came together to conduct a highly-interactive content rich workshop free of charge as a CSR activity of the SLIM.

SLIC sought the support of SLIM, the National Institute of Marketing to provide the marketing know-how to the local inventors having identified that the lack of such expertise is a major drawback when it comes to commercializing their inventions. The commission has identified the lack of access to capital, markets and technology as the three main impediments to the commercialisation process of inventions in addition to the marketing and business acumen. Participants for the programs were selected from a wide variety of initiatives conducted by SLIC throughout 2014 and subsequent scrutiny based on their needs. The Inventors Forum featured entrepreneurs to share in on their first hand success stories and marketing experts to provide the required fundamental marketing inputs. This year’s forum had Gamini Saparamadu, the well-known award winning entrepreneur and the Chairman of Kent Group, as the keynote speaker.

Addressing the inventors, Saparamadu shared his life story and many valuable insights that the inventors could assimilate as learnings. He defined “luck” as the meeting of preparedness and opportunity, and encouraged the inventors to take advantage of the opportunity during their lifetime and that of their inventions. He stated though there are many innovations, inventions are scarce. Taking an example from the automotive industry e.g. the car, orchestrated that though there are many fancy features in motor cars, still changing of a wheel has to be done in the same manner. “Some entrepreneurs fail because they develop a person who is too big and unrealistic for one to maintain. You must constantly evaluate what your real strengths weaknesses and how they relate to the external opportunities and threats if you want to succeed. “Sometimes inventors come up with products that do not have real market potential and keep asking the government to fund such inventions. Instead one should look at the market attractiveness of invention by carefully observing the environment. Then only they can create wealth to the society. Not making a concerted effort to market an invention is like parking a boat on the beach.” Sharing his success principles, he said that he constantly reflects on six questions: 1. Where was I yesterday? 2. Where am I today? 3. Where do I want to be in the future? 4. What is that direction? 5. How do I get there? 6. When do I want to go there and am I getting there? He invited the inventors to unleash the inner strength as “Michael Angelo released the David that was imprisoned in the stone”. “Do listen to the inner voice and constantly get guided by that inner desire if you want to succeed,” said Saparamadu. The different business models one can consider when commercialising an innovation and how the different aspects of the marketing mix must be used when approaching the market was covered by Deepal Sooriyaarachchi, while veteran marketer Kelum Hewawasam, Head of Sales and Marketing, Edna Group, shared insights of converting inventions to succeed in the line of marketing. Nishan Bamunuarachachi, inventor turned entrepreneur, covered the aspects of company structuring and financial aspects. Basic finances by Nadeesha Chathurangi of SLIC were the other areas covered during the program. Another highlight of the day was the presentation by Nissanga Warnapura, introducing the possibilities for inventors with 3D printing. Addressing the audience the SLIM President reiterated the importance of marketing in commercialising innovations and reaffirmed the continued commitment of SLIM in supporting inventors. The Presidential and Ray Award winning inventor I.W. Karunathilaka who invented the wave-less boat said: “Actually the training we had today is exceptional, I feel this was the most important program in which I have ever participated.” SLIM CEO Sanath Senanayke and SLIC Director/CEO Dinesh Sattrukalsinghe also addressed the audience. The Sri Lanka Inventors Commission was incorporated by Act of Parliament in 1979 and currently functions under the Ministry of Industry and Commerce. Its office is located at 525, Union Place, Colombo 2 and the website is www.slic.gov.lk.