IT STARTS WITH THE CONSUMER

Shahen Manuel shares tips on how to be successful in innovation, starting with understanding consumer needs

According to the Chief Executive Officer of Wavetec Shahen Manuel, entrepreneurs and intrapreneurs are innovation leaders, since they are attuned to unmet customer needs. This enables them to facilitate change.

The journey towards innovation as an entrepreneur or an intrapreneur, is challenging and needs much more than a good idea.

He explains: “Success is a mindset and having the right mindset helps you achieve your goals while influencing the outcomes. Failure can demotivate anyone trying to do something new. Yet, having the right mindset helps you overcome these issues and allows you to think of different possibilities to address a market gap in the most appropriate way for the consumer.”

Stemming from his experience, Manuel advises budding entrepreneurs to say yes to everything: “Be comfortable in the uncomfortable. When doing something new, it can be uncomfortable to do things you aren’t ready for – but you have to say yes to everything. If you don’t know something, admit it and be willing to learn.”

Shahen Manuel
Chief Executive Officer

He says that entrepreneurship and innovation are paths to ensure inclusivity in society and shares his experience at Twinery: “When we scope out a new business venture, we start with groups of consumers who have been ignored and not catered to. Then we scope out the opportunity to understand how many are impacted. You might not be able to satisfy everyone’s unmet needs but you must try and positively impact as many people as possible.”

Manuel continues: “After mapping the scope, we look at multiple ways of catering to these unmet needs. This is where innovation comes in and solutions are developed in line with our business model where we strive to find the best way to deliver these solutions to our customers and end users.”

Entrepreneurship and innovation are essential to grow existing industries and create new ones but many budding entrepreneurs have to jump over several hurdles, starting with the fear of the unknown.

“Many people fear what others might think of their ideas,” he says and lists other limitations such as a lack of commitment, giving up too fast, not having enough focus and drive, and even procrastination. And adds: “If you can overcome these, you can take your idea to market. It boils down to having the right mindset and commitment to seeing things through. Don’t get demotivated by failure.”

Manuel also advises entrepreneurs to look at things objectively to identify the best way to do something. “You need to be passionate but not emotionally attached since it might make you defensive to advice,” he notes. And recommends: “Your close social circles rub off on you. So surround yourself with like-minded people who are on the grind, not satisfied by what they are doing and want to keep pushing forward.”

Scenario planning is also important since it equips entrepreneurs to face whatever happens along the way. He notes: “As Sri Lankans, we’ve had to face many challenges such as the Easter attacks, pandemic, fuel crisis and economic crisis, and now, we know how they impact businesses. Using this information, we can be ready when the next hurdle comes.”

Manuel also cautions entrepreneurs to be mindful and calculated when making their decisions. He advises: “Look at your startup idea – is it solving a real need? Is it a necessity or something that’s simply good to have? What is the customer’s appetite for it and how have changing market dynamics impacted their consumption? Get the information, do the research, draw conclusions and predict what the step should be.”

“Look carefully at your consumers and what problems they need solving – understanding this is the first step,” he concludes.

– Compiled by Ruwandi Perera

CONSUMER-CENTRIC INNOVATIONS

Powered by Twinery, Innovations by MAS, Wavetec uses innovation to help people lead better quality lives by providing compression solutions and pain management solutions for those suffering from lymphoedema, arthritis and other chronic pain conditions. Wavetec, which is a clinically validated technology platform, attributes its success to understanding consumer needs. “When researching the application possibilities of technology and its use in managing peoples’ conditions, we realised that there were so many other conditions such as arthritis, which have not been catered to and people were compelled to live with them,” says Shahen Manuel. He adds: “Customers who suffer from these medical conditions, are deprived of simple things like going out for a meal, which we take for granted.” Wavetec understands these pain points, and uses innovation to help people manage their pain better, and gives them back a sense of normalcy in their lives. Playing a pioneering role in the international health and wellness space, which is dominated by larger, pre-established players, Wavetec is on an accelerated growth trajectory. Twinery, Innovations by MAS, recently received the Health 2.0 Best Companies Award while Head of Product and Technology for Health & Wellness at Twinery, Innovations by MAS Dr. Angelo Karunaratne received the Health 2.0 Outstanding Leadership Award. Aspiring to stay ahead of the competition whilst striking up global partnerships, Wavetec is keen to lead the circulation enhancement and pain management spaces, and be known for creating smart connected devices that provide a sense of normalcy to those who need it.

Email     hello@twinery.co | Website  www.twinery.co

“Many people fear what others might think of their ideas…”