Akash Deo Agrawal : An Entrepreneur Working With A Vision To Meet The Needs Of Priceconscious Electronic Component Market
As a result of the government's total ban on Chinese imports and the rise in the cost of raw materials, Indian manufacturers have raised the prices of consumer electronics and appliances. However, Indian customers are price conscious, therefore hightech electronics are often seen as an extravagance. Taking this into account, AkashDeo Agrawal decided to create his electronic items out of commercially accessible components. Soon enough, he realized that this DIY solution especially in the acoustic category might benefit the vast majority of Indian customers, therefore he launched a business selling do-it-yourself electrical components under the brand name InkOcean.InkOcean Technologies was the first Indian eCommerce firm to be built from the ground up around an international online catalogue. By partnering with thousands of manufacturers and suppliers in China, Hong Kong, and around Asia, this portal lists more products than any other of its like in India. About 10,000 new SKUs (stock keeping units) are uploaded to the library every week, resulting in its constantly expanding. Ink- Ocean is dedicated to strengthening the Make-in-India initiative, and it is rapidly becoming a dominant component supplier for IoT researchers and device manufacturers in India.
In an exclusive interview with CEO Insights, Akash discussed his struggles as a young entrepreneur and his eventual triumphs.
What factors motivated you to establish InkOcean?
My business path started at the age of 21, while I was pursuing my MBA. Apart from that, I was strongly commit ted to my hobby of building electrical devices from scratch. At that time, I saw that India's DIY
community was quite active due to a scarcity of supplies and the high price of those that were accessible. It occurred to me that there could be other people out there who are interested in making their electronic items, so I decided to set up a portal for DIY electronic products. As a result of this, I launched InkOcean in 2011, and we started receiving orders through our eCommerce site in 2011 and 2012. From then, my entrepreneurial adventure began.
Define InkOcean as an organization and its current position in the industry.
InkOcean is now the industry leader in DIY and audio equipment. There are several of our products that are bestsellers on Amazon and Flipkart, as well as on our website. People watch our DIY electrical product development videos on YouTube and other video streaming platforms; there fore, we can anticipate a significant amount of activity in forums and on the channels as well. We have established ourselves as the go-to DIY brand, and our market share continues to grow.
What are some of the most captivating difficulties you have encountered so far in your professional journey? What did you learn and how did you over come those challenges?
When we first launched InkOcean, I realized that our nation is quite price conscious. Initially, we believed there was an excess of demand, but it turns out that demand is limited to things supplied at a certain price range. Therefore, at the same time, those materials manufactured n China posed a challenge to our products. The problem is that although these Chinese imports are cheap, they don't last very long. A lot of work was required to convince buyers that our product is superior to a Chinese competitor in terms of quality and features, although being some what pricey.
What has been the success mantra that constantly helps you arrive at positive outcomes?
The mantra I constantly follow is, to
We have established our selves as the go-to DIY brand, and our market share continues to grow
Define InkOcean as an organization and its current position in the industry.
InkOcean is now the industry leader in DIY and audio equipment. There are several of our products that are bestsellers on Amazon and Flipkart, as well as on our website. People watch our DIY electrical product development videos on YouTube and other video streaming platforms; there fore, we can anticipate a significant amount of activity in forums and on the channels as well. We have established ourselves as the go-to DIY brand, and our market share continues to grow.
What are some of the most captivating difficulties you have encountered so far in your professional journey? What did you learn and how did you over come those challenges?
When we first launched InkOcean, I realized that our nation is quite price conscious. Initially, we believed there was an excess of demand, but it turns out that demand is limited to things supplied at a certain price range. Therefore, at the same time, those materials manufactured n China posed a challenge to our products. The problem is that although these Chinese imports are cheap, they don't last very long. A lot of work was required to convince buyers that our product is superior to a Chinese competitor in terms of quality and features, although being some what pricey.
What has been the success mantra that constantly helps you arrive at positive outcomes?
The mantra I constantly follow is, to
have faith in yourself and your goals. Just keep refining and perfecting whatever it is you're working on, and you'll soon see that your efforts are multiplying. In addition one has to realize his or her ideals as an entrepreneur. Over time, you'll notice that you've come a long way the compounding effect has led to rapid expansion, and life is becoming easier and more enjoyable as a result. Don't give up and stick to what you know is right.
As the CEO, how are you planning to adopt new tools/technologies to revolutionize the company’s services to be at par with current industry standards?
For the market segment that InkOcean serves, we are already working on cutting-edge innovations. Interms of product quality and functionality, our offerings are already two to three years ahead of market competitors. We are vigilantly watching the market for emerging opportunities, such as unique products or spaces. Furthermore a significant portion of our operational earnings is re-invested in R&D. To sum it up, we are completely committed to creating a product that is several years ahead of what is currently on the market.
Based on your strong professional experience, what advice would you give to the upcoming leaders in the same industry?
In my opinion, you should try to turn your interest into a career. If you keep in mind the reasons you got into this field in the first place and the commitments you made to yourself, it won't be hard to stay focused on your objectives. People tend to water down their intentions over time, only to forget them and end up doing something they dislike in the end. Therefore instead, let's remember the pledge we made to ourselves, support our company's strengths, and keep moving forward. As I see it, the most important thing is to keep doing what you like, and if you can turn it into a career, you'll be able to go a lot farther in life.
Akash Deo Agrawal,CEO,InkOcean
Akash completed his BBA from the School of Management Sciences Varanasi and MBA in
International Business from Arunachal University. While Akash was pursuing his MBA,he took up the role of an entrepreneur and established a DIY electronic components firm named InkOcean in 2014.
As the CEO, how are you planning to adopt new tools/technologies to revolutionize the company’s services to be at par with current industry standards?
For the market segment that InkOcean serves, we are already working on cutting-edge innovations. Interms of product quality and functionality, our offerings are already two to three years ahead of market competitors. We are vigilantly watching the market for emerging opportunities, such as unique products or spaces. Furthermore a significant portion of our operational earnings is re-invested in R&D. To sum it up, we are completely committed to creating a product that is several years ahead of what is currently on the market.
Based on your strong professional experience, what advice would you give to the upcoming leaders in the same industry?
In my opinion, you should try to turn your interest into a career. If you keep in mind the reasons you got into this field in the first place and the commitments you made to yourself, it won't be hard to stay focused on your objectives. People tend to water down their intentions over time, only to forget them and end up doing something they dislike in the end. Therefore instead, let's remember the pledge we made to ourselves, support our company's strengths, and keep moving forward. As I see it, the most important thing is to keep doing what you like, and if you can turn it into a career, you'll be able to go a lot farther in life.
Akash Deo Agrawal,CEO,InkOcean
Akash completed his BBA from the School of Management Sciences Varanasi and MBA in
International Business from Arunachal University. While Akash was pursuing his MBA,he took up the role of an entrepreneur and established a DIY electronic components firm named InkOcean in 2014.