Business Description:Invention Labs is an engineering design company - designing products for India. Indian consumers today have become more demanding and discerning in their choices. Businesses have been forced to rethink their product offerings; increasingly turning to innovation in products to stay ahead of competition. We work with our clients to bring in this much-needed innovation in product design in India.
Since inception, we have invented and designed various products for our clients in retail, education, manufacturing, aerospace and defense sectors. A music player that streams music from the internet, a communication device for children with cerebral palsy and a portable electronic soil testing kit for improving farm management are some of the inventions we have worked/ are currently working on.
Industry:Engineering Design
Founded in:2007
Source of idea:Systematic search for business opportunity
Significant Competitors:Product design firms like IDEO and Frog design, Engineering design companies like Mistral Solutions
Company Details :
Company Name:Invention Labs
HeadQuarters:Chennai
Stage of the company:Several customers or locations
No of Employees (2006):0-5
No of Employees (2007):6-15
Office Locations(2006):0-1
Office Locations(2007):0-1
No of companies promoted:No
Profits (2006):breakeven
Profits (2007):1 to 5 lacs
>Partnerships:Invention Labs partners with the following societies & organizations:
Rural Technology and Business Incubator, IIT Madras (http://www.rtbi.in/)
The Lemelson Recognition and Mentoring Programme (L-RAMP) (http://www.lramp.org/)
Centroid Creative Hubb (http://www.centro-id.com/)
Initial Funding:Personal savings
Addl Funding:Angel investors
Institutitional Capital:No
Revneue Model:Technology transfer, royalty arrangements, ODM partnerships and product sales
Awards & honors:
Promoters Details :
Promoters Name(s):Aswin Chandrasekaran
Age:26
HomeTown:Chennai
Education:Masters
No of companies promoted:No
Family Background:First gen entrepreneur
Job:Sr.Business Analyst at Capital One
Ex-Job Description:Product Strategy
Favorite Book/Movie:The Design of Everyday Things
