Page 1

Editorial ntrepreneurship has developed tremendously over the years to finally become what it is today. In this issue we try to explore the origins of entrepreneurship, its evolution and a few important aspects.


Entrepreneurs are everywhere, may it be a nineteenth century scientist like Thomas Edison or even the 21st century CEOs of a company like Larry page and Sergey Brin (Co Founders of Google). Every entrepreneur who makes a mark in the history, does so by innovating something new without fear and by believing in his ideas and seeming them through to become a reality One of the greatest tools for self development and personal enrichment is the ability to be a good listener. “The ear of the leader must ring with the voices of the people.” – Woodrow Wilson (28th President US). This is a part of the core philosophy of TED Ideas Worth Spreading. What TED does is seek out the most interesting, unusual and potentially groundbreaking ideas on Earth and then provide a platform to share them with the world. It’s best known for the extreme credibility and quality of its speakers. God made the world and then he made man or something like that! For sure, we made money. The trends these days are changing, becoming more focussed on the aspect ‘people’ rather than plain and simple ‘money’. The article by Yash Saxena (Indian Ambassador, Board of Innovation) is an attempt to gain an insight into the world of social en¬terprise and how one man can enrich the lives of so many humans and still make money out of it. When economies bleed entrepreneurs thrive. From the Tulipomania in the 1600’s which left a lot of people homeless, to the famous DOTCOM bubble in the late 1990’s, these events led to the rise and fall of so many economies and companies. Money was made and money was lost, but those who were smart enough to ride on these waves right until it was safe, were the biggest winners ever. It’s during times like these when entrepreneurs can make the most of their businesses. This year we are trying to explore new areas in entrepreneurship. Our first attempt was to explore music. An exclusive interview with Indian jazz master, Dhruv Ghanekar was an attempt to accomplish that goal. With such and many more interesting articles, we begin the journey of EnSpace this year. Hope you guys enjoy reading it and we assure you to definitely gain something valuable for yourselves out of it. Aditya & Radhika, Editors










TED: Sharing at its best

A brief history of the conference that defines expertise and exclusivity By Trushna Khivsara “If you are looking for something that will expand your mind, open your heart, and possibly rekindle your faith in humankind, a good place to start is listening to the fabulously inspiring presentations made by the best and brightest among us.” David Sunfellow captured the feelings of all of TED’s audience when he praised TED in these words. Be it talks on creativity, play, technology; future of science, art or mankind itself; religious issues or environmental issues, the one stop station where you can get access to the best and brightest minds from every field is So what is TED all about? TED conference is an annual gathering of the experts from widely different disciplines united by their curiosity, open-mindedness and a desire to think outside the box. It is a collection of brilliant minds from across the globe and their irrepressibly interesting talks. From business magnates Bill Gates and Steve Jobs to the famous English author Douglas Adams; from Neil Pasricha who uses the power of blogging to spread optimism to Dave Perry, a visionary game designer behind some of the most beloved titles of the past two decades-Earthworm Jim, MDK, Messiah, and game adaptations of films such as Terminator and The

Matrix; from Sheryl Sandberg, the COO (Cheif Operating Officer) at the helm of Facebook to political leaders Bill Clinton and Al Gore, luminaries from every field have proudly been a part of the TED family at some point of time or the other. Not only have they added to TED’s exclusivity and contributed to its actions but they have left each TED conference with several stimulating experiences for themselves. All have returned exhilarated after the intellectual spa.

“I wasn’t prepared for this conference to be so profound. The combined IQ of the attendees is incredible.” -- Bill Gates, Microsoft ”I came to the TED conference with the idea that I wanted to serve a really unique audience in an impactful way; but honestly I gained more than I could ever imagine personally from my attendance. I met so many people, just phenomenal human beings who had a true social or contribution focus. I developed a lot of friends out of the group and learned an enormous amount,” said a TEDster while sharing his experience.

However, just like any other enterprise, TED has had its period of trials and struggles. It has an interesting and inspiring history attached to itself. TED has not always been the online treasure of knowledge and inspiration as it is today. It began as a much simpler enterprise born out of Richard Saul Wurman’s interest in “ideas, passions and in peoples’ hobbies.” In 1984, Wurman set out to “host the dinner party he always wished he could have but couldn’t,” as he famously quipped at the beginning of each conference. Even so, it turned out to be a lot more than a humble gathering. TED’s first stage saw the unveiling of the Macintosh and the very first public demonstrations of Compact Discs (CDs) from Sony. When Sony executive Michael Schulhof tossed a few “hard shiny discs” into the audience,“No one had a machine to play them on,” Wurman recalls. Marvin Minsky provided insights into the possibilities of artificial intelligence. Despite the stellar lineup, the event lost money, and it was not before 1990 that another attempt was made by Wurman. Ever since, an annual gathering of wellheeled overachievers and elitists from every field is being annually conducted in Monterey, California, who convene to talk about the things they’re most passionate about and to share “ideas worth spreading,” just as the conference tagline promises. Over the years, TED has spread its wings to include scientists, philosophers, artists, religious leaders, philanthropists and many others in its list of presenters. Such is the guest list of these conferences that every single attendee is left “entertained, educated, moved, challenged, and most of all inspired!” TED continued to scale up through its early years in a similar fashion keeping the previlege of the conference to only those few with a fancy title and bank account with an entry fee of $6,000. Although



Vol VI Iss I

this helped restrict the membership to only the exceptionally brilliant minds from all over the world, need was felt to let the ideas and inspiration reach a far greater audience for everyone’s benefits. The potential for change that such a powerful covergence of Technology, Entertainment and Design holds is over-whelming. Realizing this, Chris Anderson, the new curator of TED after the ownership changed its hands in 2001, brought about significant changes. While maintaining its exclusivity in terms of the most interesting speakers, the content continued to broaden no matter what field of expertise. In 2005, a sister conference, TEDGlobal was initiated and was first held in Oxford. The themes of these global conferences are slightly more international in nature. Also there was a growing realization that the ideas and inspiration generated at TED could and should have an impact well beyond the conference itself.

History has it that in response to James’ wish, both candidates for US president responded with support for working to stop the spread of TB. Media outlets around the world picked up the story and hundreds of thousands of people viewed the slideshow in the first two weeks after its release. This is the magnitude of impact that TED has successfully generated time and again. Another example of how magnificently these concepts can change the face of the world is the overwhelming response of 68,543 individuals (who have signed the Charter of Compassion) that TED managed to gather in response to Karen Armstrong’s wish that “you would help with the creation, launch and propagation of a Charter for Compassion, crafted by a group of leading inspirational thinkers from the three Abrahamic traditions of Judaism, Christianity and Islam and based on the fundamental principles of universal justice and respect.”

TED Prize: Changing the world for the better The TED Prize, which grants its winners “one wish to change the world” was another ground-breaking change with the objective being “to turn inspiration into action”. It was initiated in the year 2005, offering a lucrative prize money of $1,00,000 to three individuals. This is utilized in the fulfillment of the wish. Also the winners receive full support of the TED community in the attainment of the their goal. Their progress in this regard is constantly evaluated. In 2007, when James Nachtwey’s won the TED prize, he expressed his wish as: “I’m working on a story that the world needs to know about. I wish for you to help me break it in a way that provides spectacular proof of the power of news photography in the digital age.” For 18

Popularity among common masses added to TED’s strength. months, James Nachtwey went around the world to capture images of the scourge of extremely drug-resistant tuberculosis. On October 3, 2008, his wish became a reality with the launch of the website, a series of global projections and LED screen showings, and a 7 page spread in TIME magazine.

Vol VI Iss I

“Riveting talks by remarkable people” - Probably the biggest change in the fortunes of TED, however, came in 2006 when the world was invited to witness the power of what took place on the TED stage. The magic was the overwhelmingly inspiring audio and podcast series, TEDTalks, in which the best TED content was released free online. “TED truly exemplifies the spirit of the conceptual age: Share, give it away, make it easy, because the more people who know your idea, the more powerful it becomes.” Because of their free videos, the reach and impact of TED has been huge. TEDTalks proved so popular, changing the lives of millions around the globe, influencing or entirely changing their perspective, that in 2007 TED’s website was relaunched around them,

allowing a global audience to enjoy free access to some of the world’s greatest thinkers, leaders and teachers.

TED’s Memorable Moments: Steve Job’s “How to live before you die”, wherein he provides inspiration to continue pursuing one’s dreams and urges us to “Stay hungry, Stay foolish”; Al Gore’s “Averting climatic crisis”, just before he won the Nobel Peace Prize and the debut of his oscar-winning documentary “An Inconvenient Truth” at TED; Bill Clinton’s TED prize winning talk on “Rebuilding Rwanda” and Bill Gates’ mind-opening talk on “Mosquitoes, malaria and education” are but a few examples of the talks that have left premanent imprints on the minds of their listeners. Yet often the real stars have been unexpected and moving: Aimee Mullins, a Paralympics Games record breaker, proved how adversity - in her case, being born without shinbones - actually opens the door for human potential; or Jennifer Lin, a 14-year-old pianist who moved the audience to tears through profoundly moving improvisations and even via podcast - has been known to reduce listeners to tears. And the story continues with TED fulfilling its sacred mission statement: “We believe passionately in the power of ideas to change attitudes, lives and ultimately, the world. So we’re building here a clearinghouse that offers knowledge and inspiration from the world’s most inspired thinkers, and also a community of curious souls to engage with ideas and each other.” TED continues to boast of brilliantly exceptional artists and speakers even as it gets bigger and a lot more influential, changing profoundly the way world thinks. Trushna Khivsara is a third year Civil Engineering student.



By Siddharth Desai Here is a woman whose ‘rags to riches’ story continues to inspire millions throughout the world. Joanne K. Rowling, who takes the initial K from her grandmother Kathleen, is one of the most celebrated authors of all time. Many would be flabbergasted to hear that she actually found it hard to believe that she had found a publisher for ‘Harry Potter’ after being outrightly rejected by twelve publishers (She screamed and jumped in joy on knowing the same). The book and its sequels went on to create history if nothing less, by selling more than 400 million copies worldwide, and have won multiple awards and worldwide acclaim. The books have been translated in 65 languages across the world. She is one of the fastest persons to become a millionaire in a span of just 5 years. Her current wealth is estimated to be US $1 billion. She was named ‘The Most Influential Woman in Britain’ in October 2010. Her parents compelled her to study ‘a useful modern language’ French as opposed to English which she always wanted to, and to date she regrets having succumbed to parental pressure.

As a child, she always used to write fantasy stories right from a tender age of six and read them out to her sister, her first story being ‘Rabbit’. She always knew deep within her heart that somewhere down the line, she was going to pen novels. So how did the Harry Potter saga all start? The idea was surprisingly conceived on a delayed train trip from Manchester to London back in 1990. But the road was not all grassy and hunky-dory. During the time when she was still writing, her mother died at an age of 45 leaving her devastated. Her marriage had failed and she was jobless with a dependent child. She suffered from clinical depression and contemplated suicide. She saw herself as ‘the biggest failure she knew’. “I was very low and had to achieve something,” says Rowling. “Without the challenge, I would have gone stark raving mad.” “Failure meant a stripping away of the inessential. I stopped pretending to myself that I was anything than what I was, and began to direct all my energy to finishing the only work that mattered to me. Had I really succeeded at anything else, I might never have found the determination to succeed in the one area where I truly belonged. I was set

free, because my greatest fear had been realized, and I was still alive, and I still had a daughter whom I adored, and I had an old typewriter, and a big idea. And so rock bottom became a solid foundation on which I rebuilt my life.” – J. K. Rowling, Harvard commencement address, 2008. It was her entrepreneurial zeal that motivated her to continue working on a children’s book despite facing tough odds. She remained patient and kept complete faith in her product. Rowling knew that success was often about rough beginnings and she stayed her course. “It is our choices,” she says, “that show what we truly are, far more than our abilities.” Rowling chose to stay strong, to persevere, and to conquer the dragons standing in her way. Unlike her protagonist, Rowling could fall back on no magic formula to take her to the top. She had to rely on herself, in whom she had unwavering faith. As rightly mentioned in Forbes, “It was sheer wizardry that transformed JK Rowling from a destitute single mother on welfare into a best-selling billionaire”. Rowling has received honorary degrees from St. Andrews University, the University of Edinburgh, Napier University, the University of Exter, the University of Aberdeen and Harvard University, for whom she spoke at the 2008 commencement ceremony. In 2000, Rowling established the Volant Charitable Trust, which uses its annual budget of £5.1 million to combat poverty and social inequality. The trust also provides funds to organisations that aid children, one parent families, and multiple sclerosis research. Rowling said, “I think you have a moral responsibility when you’ve been given far more than you need, to do wise things with it and give intelligently.” Siddharth Desai is a second year MEMS. student.



Vol VI Iss I

On a Jazzier Path! In conversation with Dhruv Ghanekar ar He started listening to classical music at the age of 9 and quickly grabbed the guitar while he was still in school. EnSpace talks to Dhruv Ghanekar, the co-founder of Smoke Studios, a jazz guitarist, vocalist and the general manager of Blue Frog. This former band member of Chakraview, has done over 3000 projects in composing music for ads and films. He studied at the Musicians Institute in California and also at the Berlkee College of Music.

DG: Definitely. I feel that we w are more ready than ever. With international systems in place, business ethics being stronger, easier access to equipment and more competition, I feel the music industry is ready to take in new ideas, new minds and is ready to open itself to entrepreneurs. The scene today is way different from what it was ten years back and its much better.

By Aditya Kulkarni EnSpace(E): Why did you start Smoke Studios? Why not play in a band fulltime? Dhruv Ghanekar(DG): I was playing in the band Chakraview and we realized that the kind of music we were playing was ahead of our time and hence we decided to part ways. Also the music scene in India wasn’t so developed. After Chakraview, I met Ashutosh Phatak, and we started composing music for a few commercials and advertisements in his garage studio. I started working a lot, basically with the main aim of earning money so that I could study more music. I wanted to invest in myself and my music. E: Was your family supportive of your decision to work in music?

as good as your last job. If you screw up once you are back to square one. It’s a huge challenge to come up with good music. When you’re making music for films or commercials, they’ll call you in the morning and show you a small clip

“You are as good as your last job. If you screw up once you are back to square one.” and ask you to make music for that and it might be in a direction completely different from what you are listening. E: A new wave of entrepreneurship is riding India. Do you feel that the music industry is ready to be a part of it?

E: Thank you sir for your time. Is there anything you’d like to say to the future musicians? DG: My advice to you guys would be to listen to lots of music. Don’t get stuck in a single genre. Explore it! Try going back to its genesis. It’s very important according to me to study music. Lastly, I feel that you should not get into this business for money. I personally don’t think of it as a business. I was obsessed with it and was convinced that I wanted to do something in it or related to it. Keep your standards high, listen to more challenging music and keep exploring.

Aditya Kulkarni is a third year MEMS student.

DG: Well, I came from a family of filmmakers and when I told my dad that I wanted to do music, he wasn’t really happy. He wanted me to work in the family business. So I convinced him to give me a year to work on my music and if at the end I wasn’t getting anywhere I’d join him. This was a challenge for me, as well as, I also wanted to see whether or not I could do something in music. I felt that if I wasn’t on the right track by the end of the year it made sense to choose a different line of work. E: What are the risks involved while working in the music industry? DG: It’s a very tricky business. You are

Vol VI Iss I



Cover Story

Economies and systems were made by humans to help develop the race as a whole. These systems are generally never perfect and contain loop holds. In this issue, EnSpace takes a peek into one of the most famous and influential loop holds which have come up time and again, Economic bubbles. These are the times when economies have faced rapid inflation and contraction in a very short period of time leading to huge amounts of losses for the many and extremely high amounts of profits for the “few”. The consequences of the bubble are usually very drastic and negative in nature. The bubbles are generally driven by what is called the Greater Fools Theory. What it basically means is that perennially optimistic market enthusiasts (the fools) who buy overrated assets in the expectation of being able to find buyers (the bigger fools) who’d be willing to pay higher price. In accordance with this invalid explanation, the bubbles grow as long as the fools can find bigger fools to pay up for the hyped asset. The bubbles will burst once the biggest fool ever, pays the top price for the hyped asset and cannot find another buyer. For example during the late 90’s and early 2000’s, during the times of the DOTCOM bubble, people bought tech stocks at very high prices and they kept doing this until they had no one to sell them to. Once that happened, the stock prices crashed and a lot of people lost a whole lot of money!

The worst economic crisis since the Great Depression has prompted a reassessment of how financial markets work and how people make decisions about money..



There is a lot of money to be made from bubbles and that too in a very short period of time; however it comes with a very great risk of losing everything one invests as well. It is very difficult to completely understand the working of a bubble and is generally never fully understood by anyone, hence making it very difficult for one to make a safe and smart investment. The bursting of a bubble leads to market corrections/crashes, economic paradigm shifts, unemployment, economic crisis,

Vol VI Iss I

inflation and other similar problems. The aftermaths of bubbles till date have always been extremely disturbing and have left the economies of, sometimes, more than one country in dire straits. The bursting of a bubble may also lead to corrections in the market and formation of organizations to protect the interest of the people and make sure that they don’t occur again.

found tulip soared to unbelievably high levels (almost more than 10 times the yearly income of an extremely skilled craftsman) and then collapsed all of a sudden. It has been agreed that it is the first documented market (economic) bubble. This bubble had such a huge impact on the economy that today the term “Tulip mania� is now often used to characterize any large speculative (economic) bubble. The market peaked in late 1636 and around early 1637, once the bulbs had been planted to blossom the coming spring. Houses and industries were mortgaged so that people could buy the bulbs hoping to sell them at higher prices. Charles Mackay, in one of his journals, published a list of objects (and their prices) which were exchanged for “one single root of the rare species called the Viceroy�.

A few examples of the famous bubbles in the world are:

Tulip mania Tulip mania or Tulipomania was a period during the Dutch Golden Age in which bargain prices for bulbs of the recently

The list goes as follows: t 5XPMBTUTPGXIFBU ĘPSJOT












The Mississippi Company In May 1716, John Law started the Banque GÊnÊrale PrivÊe (the General Private Bank), which invented the use of paper money. It was a private bank, but three quarters of the capital consisted of government bills and government accepted notes. In August 1717, he bought the Mississippi Company after which the bank became the Banque Royale (the Royal Bank), meaning the notes were guaranteed by the king, Louis XV of France. Law amplified the assets of Louisiana with an impressive marketing strategy, which led to crazy speculation of the shares of the company. The scheme was to use the success of the Mississippi Company to get together investor’s enthusiasm and the assets of its Louisiana prospects into an acceptable jointtrading company. The popularity of company shares were such that they sparked a need for more paper bank notes,

Vol VI Iss I



and when shares generated profits the investors were paid out in paper bank notes. In 1720, the bank and company were united and Law was appointed Controller General of Financ-

Panic Of 1837 The Panic of 1837 was an economic crisis in the United States built on a speculative fever. The end of the Second Bank of the United States had resulted in a period of fugitive price rises, but on May 10, 1837 in the city of New York, every bank started accepting payment only in the kind form (gold and silver coinage), forcing a striking, deflationary repercussion. Based on the assumption by the former president, Andrew Jackson, it was thought that government was selling land for state bank notes of dubious worth. The Panic was followed by a five-year depression, with the failure of banks and the highest then recorded levels of unemployment. Jacksonian Democrats blamed the banks’ irresponsibility, both in backing uncontrolled speculation and in introducing paper money inflation (caused by banks’ issuing tremendous paper money).

es to attract capital. Law’s pioneering note-issuing bank was successful until the French government was forced to admit that the number of paper notes being issued by the Banque Royale were not equal to the amount of metal coinage it held. The “bubble” burst at the end of 1720, when people started to convert their bank notes to coins again. This bubble saw a tremendous drop in the value of paper currency, so much so that the bank had to issue noted with a denomination of 10,000 Livre, to give some value to the currency.



While others feel that not only the bank alone, but also the Mexican bimetallism (which drove Mexican silver into America where it was officially authorized tender), legal tender law, fractional reserve banking, and state government deficit spending, are to be blamed which radically increased the money and credit supply, decreased interest rates, and led to flawed venture decisions before and up to 1837. Within a span of two months, the losses from bank failures in New York alone amounted to nearly $100 million. “Out of

Vol VI Iss I

850 banks in the United States, 343 closed entirely, 62 failed partially, and the system of State banks received a shock from which it never fully recovered.” The publishing industry was predominantly hurt by the follow-on depression. Around five years later, the American economy was able to bounce back to some extent and overcome the long depression, in part due to the Tariff of 1842, but according to the majority financial records, the economy never actually recovered until 1843.

Japanese Bubble Economy (1984-1989) From the 1960s to the 1980s, Japan was one of the fastest growing economies in the world. In the 1970s, the government began to deregulate fiscal markets, which permitted banks to actively seek out new clientele. In the coming years, Japan took a loose approach towards financial policy, which boosted up the money supply and led to the fall of interest rates. The duo combination ended up in the creation of a speculative bubble: with low interest rates and easier access to credit, budding investors entered the economic markets.

banks often acknowledged property as guarantee for loans, and land served as the engine of credit for the entire economy. By late 80’s, Japanese government officials started growing uneasy about the ever-increasing values of the Nikkei and land valuations. In May 1989, it tightened fiscal policy by raising interest rates, and structured a following hike on Dec 25. While the Nikkei reached its peak on Dec. 31, stock prices began to plunge in January. The government enhanced interest rates five more times before August, the next year, to try and arrest the continued rise of property prices. But as the Nikkei kept falling, it was forced to intervene in an unsuccessful attempt to try and revive the market and stave off recession. Throughout the 1990s, Japan experienced slower growth than any other major industrial nation.

Bubbles start out as bull markets but lose all touch with reality as prices get completely detached from fundamentals.

Thus, we may conclude by saying that, clearly, the economic bubble is as much an error of decision making and judgment as puzzlement of the inverse, hindsight bias, or the gambler’s fallacy. In fact, hindsight, probability and gambling are integral parts of the economic bubble. What makes the bubble more complicated, however, is the fact that it is a social phenomenon. One person who believes an asset is tremendously undervalued will not cause a bubble, but rather a temporary up tick in prices. It is the group, the crowd that gives birth to an economic bubble. This makes the task of improving decision more complex. It requires the individual to break away from the crowd and think logically about history, value and probability. So, what do you feel, are the cycles of economic bubbles healthy or harmful?

The stock market bubble was fueled by a Japanese corporate innovation, known as “zaitech,” or “financial engineering,” by which speculation became an essential part of company earnings statements. Thus corporations were easily able to raise funds on the markets due to the availability of low-interest loans. While these finances occasionally fueled capital ventures, they often were recycled back into further speculative market activities. As the Nikkei kept zooming higher and higher, corporations were able to report their speculative profits as elevated earnings. This would then rush investors to purchase their stock, elevating earnings even further and providing more funds for the company’s speculative proceedings. At the end of the decade, speculation dominated the behavior of a number of businesses: it is estimated that perhaps 50% percent of total reported profits from Japan’s largest corporations were derived from zaitech. Land speculation was another significant element of the bubble market. Japanese land prices were conventionally high. To a certain extent, this was due to the small amount of land available on the mountainous island. Because of its high value,

Vol VI Iss I

Radhika Goel is a third year MEMS student. Aditya Kulkarni is a third year MEMS student.



Digital X-Ray is the Future For decades now, any major medical imaging method such as ultrasound, nuclear medicine etc. all have been digital. Finally the world is moving towards Digital X-rays which is all set to revolutionize the medical world.

By Jayesh Kulkarni Digital X-ray has become more significant not only to increase the efficiency of the radiology department but also to help in minimising patient dose of an investigation. On January 23, 1896, when the German physicist Wilhelm Conrad Rontgen presented the world’s first radiograph to the Wurzburg Physio-Medical Society, a new industry was born that changed the face of medical practice. Nowadays, medical imaging has grown into a range of high-tech activities in which the state-of-art technologies supports the modern healthcare.

During these early stages of X-ray applications, the industry and medical fraternity worked closely to bring meaningful solutions through innovations. The X-ray generator, X-ray tube performance and the imaging system chain (IITV) has always been challenged to deliver the best image quality at lowest dose to patient. The advent of computed radiography (CR) with phosphor imaging technology in the early 80’s showed the way for a better X-ray image that could be converted into digital formats, marked the first step in digitisation. The X-ray beam

is exposed on a photostimulable-phosphor plate or the imaging plates (as they are more commonly called) and then read on a laser reader. The digital light emitted is captured by the photomultiplier tube and the image is displayed on the monitor. This is a basic digital X-ray converter principle that all major companies in the healthcare imaging spectrum have adopted in some form. However, the efficiency of this X-ray conversion to imaging information has always been a topic of discussion. With the introduction of Direct Digital Radiography (DDR) the industry has crossed yet another significant milestone in its primary goal of good image quality (IQ) at minimum dose to patient. The main X-ray technologies used in direct radiography are phosphor coupled to a readout devise (AmorphousSilicon/photodiode/TFT array or CCD) and Amorphous-Silicon/TFT array. The image quality and dose parameters are interdependent, also referred to as Detector Quantum Efficiency (DQE) and they also depend on the choice of technology. The images are reconstructed with computer algorithms and displayed on high resolution medical grade monitors. Today, the emerging markets have become a significant part of the global village and varied choice technology is available depending upon need and affordability. The digital X-ray phase in India is very much an integral part of this development. Despite the varied challenges on infrastructure, patient paying capacity, return-on-investment (ROI), the life cycle cost on deliverables for premium healthcare sector and availability of resources in the sector, transition to digital X-ray systems continues to happen. Another major challenge that will drive the industry to deliver patient friendly diagnosis will be the regulatory standards as laid down by the Atomic Energy Regulatory Board for lower dose and this can be addressed by the digital X-ray technology.



Vol VI Iss I

The Indian medical imaging industry in this modality is made up of global market leaders like GE, Siemens, Philips and Toshiba along with some strong local names namely, Allengers, L&T, GME and Trivitron. There has been a major initiative to structure the initial digital phase during the last decade with the computed radiography (CR) by companies like Fuji, Carestream, Agfa and Konica. These film companies have adapted on a standalone add solution that has worked successfully with the installed X-ray systems across the country, due to its low cost benefits and ease of implementation. A customer in modern times has the privilege to access information at finger tips with computers and internet as a household necessity in all modern homes. This revolution in information accessibility has influenced the medical imaging community through speed in diagnosis and accessibility to expert opinion. Teleradiology, telemedicine, RIS, PACS solutions has become a way of working within reach at selective diagnostic centres and private X-ray departments in hospitals in today’s urban society, connecting the radiology department’s MRI, CT, PET, SPECT as a whole with digital X rays. The modern patient is now more aware of the benefits of early diagnosis and routine health checkups. Due to this changing scenario, digital X-ray

Vol VI Iss I

has become more significant not only to increase the efficiency of the radiology department but also to help in minimising patient dose of an investigation. The concept of a filmless radiology department is picking up with introduction of friendly workstations and standardised communicating formats. Digital general radiography with vertical and horizontal exposures, digital RF rooms, and bedside exposures with mobile DR, with portable wireless detectors, has revolutionised the way of X-ray exams. We see

On January 23, 1896, when the German physicist Wilhelm Conrad Rontgen presented the world’s first radiograph to the Wurzburg Physio-Medical Society, a new industry was born that changed the face of medical practice. digital emergency rooms and trauma centres increasing in cities with latest equipped systems. The application has also seen major innovations in women healthcare for soft tissue imaging with digital mammography. Computed Radiography (CR) or Digital Radiography (DR), the choice is governed by the workload today; however, this scenario will change as the external factors governing diagnosis further start changing. The capital expenditure

drives the viability of the radiology department or the return on investment to a radiologist, but as the cost of digital X-ray equipment reduce, as we have seen in CR volumes, the acceptability will spread to wider audience. The bigger challenge, however, would be to address the patient who needs a digital radiograph in the remotest part of the country, and that too at a price he or she is willing to pay. There are two major steps that need to be taken to address this above challenge; first from the Government initiatives in this direction by partnering with industry for delivering at grass root levels these benefits of modern day digital X-ray technology. The second challenge is for the industry to develop cost effective local digital X-ray solutions to cater to the large number of patient volumes and this would be worth tracking in the near future. In addition to the above, the complete landscape of conventional X-ray diagnosis is in the waiting to get transformed in the days to come for which the manufacturers will have to adapt their strategies, in addressing with add-on cassette DRs or a comprehensive digital solution to the radiology department, to shape the digital X-ray phase of India.

Jayesh Kulkarni is an industry expert on X-Rays.



History Of Entrepreneurship By Suryansh Shrivastav

The word entrepreneur comes from the 13th century French verb ‘entreprendre’, meaning to do something or to undertake. It is quite interesting to follow how the meaning has evolved over the centuries. During the Middle Ages, an entrepreneur was known to be someone who simply carried out tasks such as buildings, construction projects, using all the resources at his disposal. But around 16th century, an entrepreneur came into focus as a person responsible for undertaking a business venture. Later, in the mid 18th century, economists began adding risk as an added on part of work definition for an entrepreneur. The Industrial Revolution (17th and 18th century) made business itself the

part of the new lifestyle, especially in Europe, where most of this development was taking place. The early economists, such as John Baptiste, John Stuart Mill stated an entrepreneur being responsible for employing resources in high productivity areas to earn profits, to be risk bearing, and finally being responsible for organizational control. But Joseph Schumpeter, who made one of the most substantial researches in this field, claims that the entrepreneur has a ‘creative destruction innovation’, i.e. replacing & destroying an existing economy by a better and advanced one.

resist have eventually and simply been swept away. Everyone does have a childish desire to have the world unchanged, constant, and secure as it once used to be. It’s an emotion most of us feel for different things – but that can be deadly and dangerous for an entrepreneur to feel about business.

The definition of an entrepreneur has evolved over the period of years. The avalanche of the change is sweeping the whole world now. Progress is ultimately irresistible - and those who tried to

The genius creator of Mickey Mouse and a successful entrepreneur who built the Disney Empire, Walt Disney, once said, “All dreams can come true, if you have the courage to pursue them.”

The best entrepreneurs now adapt to changing markets, changing environments, changing economics and changing technology, and some are already pulling far ahead, and outrunning the avalanche.

The Basics of Entrepreneurship Find out if you have what it takes to become an entrepreneur.

By Kartikeya Datt Entrepreneurship needs self discipline, courage and emotion intelligence. Starting something on one’s own is a dream for many but only a few attempt to turn it into a reality. Entrepreneurship seems to be the flavor of the season as many people are making the downturn an opportunity to start their own ventures. According to experts a downturn is a positive time to become an entrepreneur due to several factors. Starting a firm during an economic crisis makes the entrepreneur seriously evaluate his/her ideas, to be cautious about expenditures and to have a close watch on the cash flow, budgets and balance sheets. In other cases(times of non-economic crisis etc.) too, the above pre-requisites of self-discipline apply for a successful entrepreneur to grow. Also resources and funding for start ups are easily available and there are many non profit organizations and business incubators for promoting entrepreneurship. A great idea, strong passion towards

building up a businesses and adequate financial support are the driving factors behind any entrepreneurial venture. But besides that there are several other things that an entrepreneur must concentrate on. Becoming an entrepreneur is not a difficult task but one must be ready to digest failures as the mortality rate in entrepreneurship is extremely high. Also, entrepreneurship needs lot of self-discipline, courage, emotional intelligence, vision, hard-work, modesty to learn from others and relentless passion which are deceivingly easy to say but extremely difficult to practice. Entrepreneurs have to be extremely comfortable in working without a known brand or a corporate backing. Commitment to his/her enterprise, tenacity, ability to build strong teams and ability to take tough decisions is also important. For an entrepreneur being successful is also directly related to how fast he/she can adapt to and bring about change. An entrepreneur is faced with new business models, revenue models, and changes in market dynamics, price

constructs and other dynamic changes everyday. Today as the entrepreneurial ecosystem in the country is growing tremendously there are plenty of opportunities coming up for aspirants who are willing to start his / her own forms. But experts suggest that one must do a self-evaluation, should not restrain from self-discipline and consider all the pros and cons well before plunging into it and make sure look into the following aspects:

Passion: Must have the strong zeal to make his/ her idea a reality and must be able to overcome all the challenges. Self motivation: Must have personal determination and drive to seek all means to make their ideas a reality. Also must be ready to face failures and learn from mistakes. Ability to take risk: Must be ready to face any uncertainty in business and must be ready to take the responsibility. Setting up your own business is a great feeling as it lets you take your own decisions. There is no blame game and the cards are clear. Even if you have to face a setback, you are not answerable to anyone. When it comes to the service sector, you have to cater to other’s requirements, and in the bargain one often ends up compromising his/her own ideas. Here you get the freedom and space you need to put in your best ability. That leaves you satisfied. But one should not forget the role of self-discipline. Kartikeya Datt is a second year Civil Engineering student.

13 enspace

Vol VI Iss I

When One Man’s Idea Becomes Everyone’s Idea One man with a powerful idea is an entrepreneur but when the idea belongs to everyone he becomes a social entrepreneur.

By Yash Saxena Crucial challenges and enabling innovations exist in our markets today unaddressed or may be to some extent stymied by the prevailing market order. The many challenges staring at us today include the ability to sustain economic growth, alleviate poverty, battle rising commodity prices and address climate change. Alternatively, among the many innovations that have come up include completely new ways in which humanity is connecting now through social media, the advances in clean technologies and low cost-market disruption technologies.

effect enabling vaccination of 4.6 million kids. The facilities were also used to store vaccines for other life threatening diseases. KXN’s solution created value for the people, for the planet by employing clean energy and profit for the company and provided solar energy services in a region where clean energy expertise is scarce. Today KXN also serves oil companies and engineering firms in the region. ToughStuff is another company running a similar enterprise in Africa. Millions of

a lamp, a mobile charger and a radio using solar power. ToughStuff has sold over such 140,000 kits. ToughStuff ’s retail model consists of small village level entrepreneur who raises money from local people, NGOs, microfinance institutions or individual ToughStuff customers to buy such kits for the village. A village level entrepreneur may further rent these units. Yet what is social entrepreneurship remains open to interpretation. For some social entrepreneurship is about building enterprises that aim primarily to create value for the society and are not ‘for profit’ ventures. Still others consider ‘for profit’ ventures who also some social value as social enterprises. There is a seamless spectrum of enterprise-stretching from the for profit

These factors beckon a complete reinvention of our market order. What is perceived as ‘value’ in the market will also undergo a change. What will not address the most pertinent challenges facing our society will not be seen as valuable as the ones that do. We’re already talking about a system where ‘value’ will be determined by how a company performs under the triple bottomline concept- People, Profit and the Plant. One small company in Nigeria, KXN Nigeria exemplifies the concept of the triple bottomline. Nigeria is among the last few countries that have not been able to eradicate the polio virus in the country. An important reason for this is the fact that Nigeria’s rural areas are poorly connected with electricity supply. Many of the vaccines that are dispatched for rural vaccination centers for children are spoiled enroute due to extreme heat conditions that exist in the country. Even the areas which are connected with electricity do not receive round the clock electricity. KXN Nigeria introduced solar energy powered refrigerators to remedy the situation, in

Vol VI Iss I

Teenagers in a rural village in Madagascar show off ToughStuff products: a radio charger, an LED lamp and a solar panel.

villages in Africa descend into darkness with the sunset and while a few people have access to mobile phones but even they struggle to charge them without electricity. ToughStuff has brought forward a solution to such problems. They have created solar power based solution for lighting, mobile charging and radio sets. Its path breaking ‘Business in a box’ program provides rural people with $9 kit which could be used to run

enterprises aiming-to maximize share holder returns at one end to those at the other hand aiming to maximize the social benefit for the society. Throughout this gradient those models that are also creating significant and perceptible social value can be safely termed as social enterprises. Many successful social enterprises have profitable models built within their



overall ‘not for profit’ architecture. Such components allow these organizations to sustain themselves., a nonprofit working to provide safe water for last 20 years has provided water credits or soft loans to communities to build water provision infrastructure. Women groups who are the primary recipients of such loans repay these loans back which are further used to extend wate credits to more communities. The entity has till this day mobilized $5 million financing from commercial banks. The Living Goods is a non profit organisation in Uganda which has a network of door to door salesman/woman who make their living by medicines and personal hygiene products at cheapest prices possible. The network salesmen and saleswomen make nominal money

through the sales of such products. The model aims to cut down costs by eliminating the middle men and buying medicines at cheap rates from manufacturers by leveraging scales. Further it spends time in procuring from the cheapest manufacturers and provides the smartest possible option for a given ailment and then provides the same solution to the customers. Its five year goals are defined by their social impacts and not revenue targets: Reaching 4-5 million people and cutting child mortality by 15-30% in the communities it operates. Ultimately what a social enterprise achieves is not defined by what form it can take but what goes into the DNA of the enterprise. Some of the most impossible looking social engineering goals

have been achieved in the most unfavorable environments and social entrepreneurs can learn a few lessons from such examples. The most pertinent one that comes to mind is one of the oldest social entrepreneurs in the independent India, Vinoda Bhave. His Bhoodan movement achieved land reforms what no government of Modern India with all measures- such as regulatory, administrative or financial- at its disposal could achieve. Bhoodan movement secured voluntary donations of 5 million acres of land from the wealthy and powerful across the length and breadth of country to be distributed to landless laborers. As Bhave walked across the country in minimalist Khadi and wooden sleepers, this is what Bhave had to say to the landlords to request them to make voluntary land donations “I have come to loot you with love”. It perhaps sums up the collaborative spirit of Bhave’s movement. It also in particular focused on people’s participation and unwavering focus on its social goals. If one were to look at Wikipedia, it has similar lessons to offer - people’s participation, collaborative spirit and unwavering focus to keep Wikipedia as a non ad-supported, unmonetised format. Perhaps when one man’s idea becomes everyone’s idea, it multiplies the ability of the social enterprise to succeed. Yash Saxena is Ambassador, India Board of Innovation

Leisure Corner

15 enspace

Vol VI Iss I

Because Somethings are Just for Fun! Compiled by Radhika Goel In a recent poll, we asked readers, “Which entrepreneur do you admire most?” The winner, hands down, was Oprah Winfrey, with nearly double the votes of Bill Gates and four times Richard Branson. Only 14 women in the world have amassed personal fortunes of $1 billion or more--just 2% of all self-made billionaires. For the second year in a row, Mexican telecom mogul Carlos Slim is the richest man in the world, thanks to the surging Mexican stock market. Old favorites Bill Gates and Warren Buffet came in second and third, respectively. All that time your mom spent commenting on the pics of her friends has paid off for the boys at Facebook; the social networking site has six different billionaires on the list. Founder Mark Zuckerberg leads them off, of course, in 53rd with $13.5 billion (triple what he had last year, some how.) Up next are co-founder Dustin Moskovitz (the world’s youngest billionaire!), Sean Parker (the one played by Justin Timberlake!), Peter Theil (the libertarian venture capitalist one!), Yuri Milner (the Russian mogul one!) and Eduardo Saverin (the cute one!) Nearly 49% of the high-tech startups in silicon Valley and Washington, D.C. are owned by Indians or Indian-Americans. India is one of only three countries that makes supercomputers (the US and Japan are the other two). India is one of six countries that launches satellites. India is the world’s largest producer of milk, and among the top five producers of sugar, cotton, tea, coffee, spices, rubber, silk, and fish. Indian-born Americans are among the most affluent and best educated of the recent immigrant groups in the U.S. India has the second largest network of paved highways, after the U.S. By volume of pills produced, the Indian pharmaceutical industry is the world’s second largest after China. The Bombay stock exchange lists more than 6,600 companies. Only the NYSE has more.

Vol VI Iss I



Editor "EJUZB,VMLBSOJ 3BEIJLB(PFM Design 1SJZBOLB+BJO 3BJWFOU/BIBS Feedback Anything you liked or disliked in this issue? Interested in writing for EnSpace? Send us in your comments, suggestions and your ideas at Read Us Online Find e-copy of EnSpace at our website: Follow Us

EnSpace Vol VI Issue I  

The Entrepreneurship Magazine brought to you by ECell IIT Bombay | Cover Story: Economic Bubbles