Velmenni’s LiFi Leap: The Final Push to Market?

Velmenni, founded in 2014, was India’s first start-up company to venture into the realm of light communication and carry out research and development for commercializing light fidelity (LiFi) technology. After overcoming various technological and market hurdles, Velmenni had been able to make a few advancements by deploying pilot products with potential customers. However, the company lacked a continuous source of revenue. At this critical juncture when Velmenni was making progress with customers and feeling hopeful of getting substantial funding, the COVID-19 pandemic hit. Investors who had committed funds didn’t move forward and Solanki lost most of his team members. The chief executive officer now faced the critical question of Velmenni’s very existence. Asking the team members to leave and selling the technology (licensing or assigning it to someone else) would provide him some cash as well as time to think about his next move. But should he instead restructure the team and get more paid pilot projects, to increase the chances of commercialization and investment?

The case study brings perspective from science, technology, and business. As technology entrepreneurship is gaining traction, the case would be helpful for engineering, management, and entrepreneurship students. It is best positioned at the mid-course stage, after introducing basic entrepreneurship and technology management concepts, and is particularly suitable for:<ul><li>Graduate-level courses in technology entrepreneurship. </li><li>Electives in a master of business administration program on innovation management or start-up strategy. </li><li> Executive education programs focusing on deep-tech ventures. </li><li> Advanced undergraduate courses in engineering management. </li></ul> Analyzing the frameworks to build a top team in technology start-ups will help students understand the nuances of building a team. After discussing the case and analyzing the assignment questions, students will be able to do the following: <ul><li> Understand the characteristics of deep tech and the difficulties in the journey of a deep-tech start-up’s towards commercialization. </li><li> Create a value proposition a deep-tech start-up can offer pilot customers. </li><li> Understand the need for building the right team as well as the potential technology exit options available when the technology has reached a certain maturity level. </li></ul>

• deep-tech
• technology readiness levels
• technology commercialization
• India