I have come across several investors who were keen to expand to new business avenues. I have considerable experience in Information Technology and have closely studied the business opportunities that technology offers and suggested certain things to such investors. The one common response for this had been apprehensions to invest in IT sector. The situation especially in India was caused by failed ventures initiated on unviable concepts backed by insufficient technology expertise or management processes. Some ventures came up with a product development like ERP application, banking application, telecom application, e-Governance applications. I know organisations who have spent more than 3 years in the product development maintaining extensive infrastructure to find at last that the product had incompatible or weak architecture, the product had several functional snags, and core team members who were associated with product development were no more working with the organization. Besides, the organisation had drained its working capital to take care of employee cost, marketing and more.
The fundamental requirement to evaluate any business opportunity for its technical, commercial and market viabilities were not considered in serious sense in most of the projects. The investments were made with superficial understanding of IT business, market sentiments, and at times attracted to posh IT glamour.
The present situation in India is highly promising to venture in to IT investments. However, there is no need to reinvent things and go for new enterprise applications. The actual business in technology vests in finding ways and means to reach technology to the nook and corner of the country. Customized technology devices, service facilitation, conversion of several offline opportunities to online business models, content management, technology integration in the existing businesses, technology literacy and many more related to this and beyond these areas are definite business opportunities in technology.
The success of any project lies in the approach i.e. a right road map from the conceptual stage to commissioning phase. It could be evaluating project feasibility, going for well judged business plan and critically outlining the implementation processes. Technology business is no different from any other investment opportunity except that the raw material for this is mostly human brains. Thus, it is imperative to identify right human resources for any tech project while applying stringent project management measures.