Title of paper Fostering innovation and entrepreneurship for · innovation landscape. To boost innovation universities have to focus on STEM Education (Science, Technology, Engineering,
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Title of paper : Fostering innovation and entrepreneurship for
Refueling Growth
Name of author : Jatinder Singh
Secretary, Education & Skill Development, PHD
Chamber of Commerce and Industry
Mail address : PHD Chamber of Commerce and Industry
PHD House, 4/2 Siri Institutional Area
August Kranti Marg, New Delhi - 110 016 (India)
E-Mail : jatinder@phdcci.in, jatinder1@hotmail.com
Phone : 98114-48084
ABSTRACT
Fostering innovation and entrepreneurship for Refueling Growth
Entrepreneurship is a driver of economic growth and ‘entrepreneurial engine’
contributes to sustainable growth. The world is in a transition phase that
demands innovative approaches to solving problems of micro and macro
environment. India has major chunk of MSME segment where cluster of talent
and technology can be unleashed backed by proactive policies to enhance the
economic and social fabric of our nation.
Considering the significance of entrepreneurship many countries have started the
process of transforming their economies into entrepreneurial modes backed by
developing and accelerating development of MSME sector. From the perspective
of policy makers, development of MSMEs can be vital in creating new jobs
besides introducing new services, products, processes and business model
innovations.
MSMEs contribute in introducing and commercializing innovations. Through
knowledge transfer, networking and relationships with large enterprises it can
refine and mass produce business innovations. Innovations are no longer
restricted to R&D laboratories or published scientific papers. In fact, knowledge
production is mostly found in firms where research is centered on local needs. In
this ecosystem of entrepreneurship and innovation universities through the
project reports of students, its own research departments and technology transfer
can foster diverse paradigms of innovation and entrepreneurship.
Currently, there is increasing trend towards ‘reverse innovation’ – wherein
innovation is developed and adopted primarily in the developing countries and
then deployed in mature markets. This style of innovation in developing
economies indicates technological shift on a global level. Multinational
corporations are spending significantly on R&D in other countries outside their
headquarters countries. Since India has a large pool of skilled ICT manpower, it
can play a major role in the new world order.
The Global Innovation Index 2011 has ranked 125 countries/economies across
the world in terms of their innovation capabilities and results based on inputs and
outputs. India is ranked at 62. Qatar has been ranked 26th, securing the highest
position in the Middle East ahead of the world's two largest emerging economies
China (29) and India (62). India, which ranked 41 in 2009, slid to 56 in 2010 and
to 62 in 2011 which shows apathy of our policy makers for strengthening the
innovation landscape.
To boost innovation universities have to focus on STEM Education (Science,
Technology, Engineering, and Mathematics) which is a key to refuel our
economic growth and global competitiveness. The pedagogy should be
designed with a curriculum that manifests in exploratory learning, problem
solving and innovation.
Under the aegis of Department of Science & Technology, the National Science &
Technology Entrepreneurship Development Board (NSTEDB) is an institutional
mechanism to help promote knowledge driven and technology intensive
enterprises. The aim of the Board is to convert job-seekers into job-generators
through Science & Technology (S&T) interventions. Similarly, the
Entrepreneurship Development Institute of India (EDI) promotes
entrepreneurship in different states.
Entrepreneurship in India faces the prime challenge of investment backup due to
lack of angel funding and lack of the first-round funding. Most VC funds in India
are inclined towards investing in tech-focused organizations. Moreover, most of
them intend to invest fund size of Rs 10-25 crore which is a huge amount for start
ups. India needs smaller funds with smaller overheads with great need of hand-
holding and mentoring for few years to guide early-stage companies.
The result is that there are many small companies but only a few achieve scale.
Our country needs supportive ecosystem where the investors, Government, and
communities provide for a foundation on which entrepreneurs can grow and
flourish
Key words: innovation, reverse innovation, STEM education, SMEs
FULL PAPER
Fostering Innovation and Entrepreneurship for Refueling Growth
INTRODUCTION
Entrepreneurship is a critical element of growth for our economy. Innovation is
lately being seen as the global currency of the 21st century as it not only gives
competitive advantages in business but can provide answers to the most
pressing challenges facing us. India's business environment has significantly
improved after the economic reforms of 1990s. Currently, the economy climate
offers plenty opportunities for business for domestic as well as foreign
entrepreneurs. Government has initiated several schemes for the growth and
development of MSME sector which is the hub for innovation and
entrepreneurship. Innovation and entrepreneurship is the key to convert nation’s
knowledge into wealth and social development. The MSME sector initially was
characterized as traditional labor-intensive units but of late this sector has made
quantum leaps. This sector is equipped with modern machines and latest
technologies.
India is uniquely poised to reap the benefits as we have made strides in ICT with
over 800 million mobile phones. This abound connectivity coupled with ICT
leadership can augment and better our processes, systems, governance models,
education & health delivery systems. To counter the challenges of India,
innovation is going to be fundamental to providing answers to the most pressing
challenges for creating opportunity models for inclusion and equitable access of
resources to our countrymen.
INNOVATION FOR INCLUSION AND EQUITABLE ACCESS
Our country is poised to unleash a Silicon Valley like entrepreneurial boom in the
next 10 years. The principle of innovation is to create or improve a process for
organisation or for a society at large. These creations are in the form of
breakthrough products or services, new processes and new methods. Innovation
is understood in terms of both forward linkages and backward linkages. Forward
linkages entail technology innovation and production chain. Backward linkages
entail education and nation’s risk appetite.
Indian Innovation and entrepreneurial ecosystem vs. United States
The linkage between the United States economic success and the
entrepreneurial nature of its countrymen is well known. This linkage in US is the
basic premise for quality food, housing, education and healthcare. It is well
known that in the past India was not a breeding ground of innovation and
entrepreneurial ventures. Therefore, our country is struggling to provide the basic
necessities of life like education and health to majority. Thus majority of
population do not have the temperament of being innovative and entrepreneurial.
In contrast countrymen of advanced economies, owing to their nation’s culture,
have more risk appetite and are less risk averse which breeds innovation and
entrepreneurship.
Researcher per million in different Countries
Sr. No Country Researcher Per
Million
1 Japan 5287
2 USA 4484
3 Russia 3319
4 China 663
5 Brazil 349
6 India 119
Source : www.ugc.ac.in 2010
Our country lacks the ecosystem of innovation as it relies only on execution of
identified innovation. Innovative brains tend to migrate to economy that pulls
innovators. It is known that Indian innovators in United States are more than in
India as the demand for innovation is greater in the United States. Our country
culture is generally averse to innovation and entrepreneurship considering the
fact that we invest very less in R&D facilities. In the year 2007-08 only 0.93% of
GNP was spent on R&D. The R&D expenditure of all Indian corporations taken
together was less than single Japanese company – Sony. On the other had 12%
of the world’s total R&D expenditure in 2005 was done by China.
Source: Global Innovation Index
UNIVERSITIES AND R&D LABORATORIES
Innovation is of three types:
• Large system innovations
• Incremental innovations
• Radical breakthroughs
Large system innovations require huge funding and multifarious management
techniques that requires visionary leaders and innovators. In Indian milieu,
programs in defence, space, and atomic energy constitutes large system
innovations. Incremental Innovation happens in improving product or services.
With new market competition, everyday new products or services are becoming
better in terms of quality, features and design. Radical Innovations happens with
new product or service development that has not existed before. These
innovations can change the society in a fundamental way which happens by a
matter of chance. A trained mind can only spot these chance happenings. The
education and vocational training that we get in our country obstructs the vision
to see beyond the unseen in most of the cases.
The most important among all types of innovation is Bottom of Pyramid
Innovation. Despite lot of innovations happening at grassroots, there is a
considerable challenge in scaling these projects. India needs innovations that
can solve the bottom of the pyramid problems. Hence grassroots innovators
need to be identified and mentored to convert their models into business plans
that are affordable, scalable and sustainable.
INDIA ENTREPRENEURSHIP PREDISPOSITION
Entrepreneurship has been embedded in the Indian tradition and is a part of our
culture. The entrepreneurial strength is an intrinsic characteristic of India’s history
as visible in a number of communities engaged primarily in business. The
ubiquitous Indian system of ‘Jugaad’ (creative improvisation) is an
entrepreneurial trait. Recent surveys done by Goldman Sachs and
Pricewaterhouse Coopers have revealed that India has the potential to be among
the world’s leading economies by 2050.
India’s history is abounding with pioneering innovations in diverse areas. Our
country’s legacy in art, culture, architecture, philosophy and scientific endeavors
has produced most profound work for the betterment of communities and nation
as a whole. India was the bedrock of three ancient civilizations. The Indus Valley
Civilization housed cities like Mohenjodaro and Harappa which exemplified
innovative town planning, civic amenities and technical skills. Indian mathematics
made the most considerable contribution of the ‘decimal system of enumeration.’
This quest of knowledge resulted in creation of renowned universities such as
Nalanda and Takshashila which attracted people from all over the world. These
originators of modern-day universities were realized in India much before
anywhere in the world. India has significant contribution in the field of health as it
practiced the ancient art of Ayurveda. This practice not only aimed at just curing
disease but also preserving health. This all happened India possessed a culture
of innovation and creativity. At the same time it was a homeland for diverse
cultures, traditions, religions; this diversity propelled innovation.
Government-driven innovations such as MGNREGA, The Right to Information
Act, The Right to Education Act, etc. have given thrust to inclusion and equitable
access. But there is no nationwide strategy on innovation focused on inclusion.
The higher education system in our country having the critical mass of scientists
and PhDs has not used its intellectual capital adequately to solve common issues
and problems.
The entrepreneurial ecosystem characterizing democratic open society, a strong
technology diversity, youthful population, increase in disposable income of
middle class, all favors a vibrant entrepreneurship climate in India. According to a
McKinsey report, families in India are saving much to support small businesses
directly. These savings under experts and mentorship can work wonders for
aspiring and budding entrepreneurs. Indians have a tendency towards self-
employment. This was revealed in the 62nd round of NSSO’s report on
employment showing a national average of 254 per 1000. India’s population of
over 1.15 billion opens the golden door of opportunity for entrepreneurs.
Entrepreneurial opportunities in India
Tourism
In tourism and hospitality sector there is acute shortage of trained professionals.
Of late, medical tourism and education tourism is gaining momentum. There are
huge entrepreneurial opportunities in these sectors.
Software
India is ranked first in the Global Engineering Research and Development and
Design (ER&D) outsourcing industry with a 22 per cent share in the revenue.
According to NASSCOM study the market for these services can quadruple over
this decade to touch $40-45 billion by 2020. Indian ER&D service has a
fundamental role in accelerating innovation. India has been established as a
design and innovation hub. With revenue of $9-10 billion, there are over 400
service providers that employ nearly two lakh people contributing 15 per cent of
the $60 billion strong Indian BPO industry. In IT industry the next niche area is
intelligent, smart hand held devices, mobile devices and apps. This new sector
has a massive potential for innovator and entrepreneurs to showcase their skills
and capabilities.
Automobile
India is a hub for automobiles, auto components and its ancillary units. Moreover,
India is the world's largest manufacturers in the segment of small cars with a
strong automobile engineering base. This is a huge potential sector for
entrepreneurs.
Packaging
Indian markets are flooded with many foreign products especially Chinese
products are in great demand. This offers a huge demand for plastic goods and
packaging materials, which offers a big opportunity for entrepreneurs.
Engineering goods
India is one of the fastest growing exporters of engineering goods. With the
growth pegged at 30.1 percent in this sector, the government has set a target of
$110 billion by 2014 for total engineering exports. Entrepreneurs can capitalise
this enormous demand for products in this industry.
Food Processing
Inept supply chain management and lack of storage infrastructure results in huge
losses of food grains and agriculture produce in India. The processed food
industry opens new vistas for entrepreneurs for packaged food and organic food.
Organic farming
Organic farm products are in great demand in India. With ever increasing global
demand, organic farming continues to grow at a fast pace. This sector holds a
great potential for entrepreneurs.
GOVERNMENT’S ECOSYSTEM OF INNOVATION AND
ENTREPRENEURSHIP
Considering that innovation is the catalyst for national growth, employment and
competitiveness in the 21st century, Prime Minister Dr. Manmohan Singh has
declared 2010-2020 as the ‘Decade of Innovation.’ To institutionalize this
process, National Innovation Council (NInC) has been created in September
2010 to promote innovation centers nationwide to augment new inventions and
technologies for solving the problems.
The Economic Policy initiated of 1990s had five main components which attracts
entrepreneurs both domestic and global.
a) Devaluation of the Indian rupee in order to increase exports
b) Deregulation or dismantling of government controls over domestic
industry
c) Privatization, including formation of jointly owned public private
enterprises and sale of public sector enterprises
d) Liberalization or opening up of monopoly markets to increase foreign and
domestic competition
e) Globalization by opening the Indian economy to foreign investments
Government Schemes for promoting Innovation and
Entrepreneurship
1. Scheme of Entrepreneurship Development Centres through Partner
Institutions - National Institute for Entrepreneurship and Small Business
Development (NIESBUD), Ministry of Micro, Small and Medium Enterprises,
Noida, Uttar Pradesh
2. New Millennium Indian Technology Leadership Initiative (NMITLI) Scheme,
Department of Science & Technology, Ministry of Science & Technology
3. Technology Promotion, Development and Utilization Programme (TPDU),
Department of Scientific & Industrial Research, Ministry of Science & Technology
a. Technology Development and Innovation Programme (TDIP)
i. Technology Development and Demonstration Program (TDDP)
ii. Technopreneur Promotion Programme (TePP)
b. Industrial R&D Promotion Programme (IRDPP)
c. Technology Management Programme (TMP)
d. International Technology Transfer Programme (ITTP)
e. Consultancy Promotion Programme (CPP)
f. Technology Information Facilitation Programme (TIFP)
g. Technology Development & Utilization Programme for Women (TDUPW)
4. Innovation in Science Pursuit for Inspired Research (INSPIRE), Department of
Science & Technology, Ministry of Science & Technology
5. Drug Development Promotion Board (DDPB), Department of Science &
Technology, Ministry of Science & Technology
6. Instrumentation Development Programme, Department of Science &
Technology, Ministry of Science & Technology
7. Inter sectoral Science & Technology Advisory Committee, Department of
Science & Technology, Ministry of Science & Technology
8. Participation of Youth in Real-Time Observation to Benefit Education (PROBE)
9. Technology Systems Programme, Department of Science & Technology,
Ministry of Science & Technology
10. The following programs exist under the National Science and Technology
Entrepreneurship Development Board (NSTEDB)
a. Technology Based Entrepreneurship Development Programme (TEDP)
b. Entrepreneurship Awareness Camp (EAC)
c. Entrepreneurship Development Programme (EDP)
d. Faculty Development Programme (FDP)
e. Open Learning Programme in Entrepreneurship (OLPE)
Centres for entrepreneurship promotion
1. Centre for Research on Innovation and Science Policy, Hyderabad
2. Centre for Scientific & Industrial Consultancy, Indian Institute of Science,
Bangalore
3. All India Council for Technical Education (AICTE), Delhi
4. NASSCOM, Delhi
5. Bharti Centre for Entrepreneurial Initiatives, Bharti Foundation, Gurgaon,
Haryana
6. National Resource Centre under Integrated Handloom Cluster Development
Programme
7. National Institute for Entrepreneurship & Small Business Development, Noida,
Uttar Pradesh
8. Entrepreneurship Development Institute of India, Ahmedabad, Gujarat
Networks for entrepreneurship promotion
1. Indian Innovators Association
2. National Entrepreneurship Network (NEN), Mumbai, Maharashtra
3. Rural Innovations Network, Chennai
4. Jagran
5. Indian STEP's and Business Incubator's Association (ISBA), University of
Puna, Maharashtra
6. Incubator Network Asia
7. Ashoka, Delhi
8. Honey Bee Network, Indian Institute of Management, Ahmedabad, Gujarat
Venture Capital Funds for Entrepreneurs
1. Central Government controlled development finance institutions
i. ICICI Venture Funds Ltd.
ii. IFCI Venture Capital Funds Limited (IVCF)
iii. SIDBI Venture Capital Limited (SVCL)
2. State Government controlled development finance institutions
i. Gujarat Venture Finance Limited (GVFL)
ii. Kerala Venture Capital Fund Pvt Ltd.
iii. Punjab Infotech Venture Fund
iv. Hyderabad Information Technology Venture Enterprises Limited (HITVEL)
3. Public banks
i. Canbank Venture Capital Fund
ii. SBI Capital Markets Limited
4. Private sector
i. IL&FS Trust Company Limited
ii. Infinity Venture India Fund
5. Overseas venture capital fund
i. Walden International Investment Group
ii. SEAF India Investment & Growth Fund
iii. BTS India Private Equity Fund Limited
Law and Policy for entrepreneurship promotion
1. Science and Technology Policy 2003, Department of Science & Technology,
Ministry of Science & Technology
2. The Patent (Third Amendment) Act, 2005
3. The Micro, Small and Medium Enterprises Development Act, 2006
4. The National Innovation Act of 2008
5. The Utilisation of Public Funded Intellectual Property Bill 2008
6. National Design Policy
National Innovation Council
National Innovation Council is the think-tank to discuss, analyze and help
implement strategies for innovation in India and suggest a Roadmap for
Innovation. The Council has set up a fund with a corpus of Rs 1,000 crore to
encourage innovation. The government will contribute 10-20 per cent while the
rest will come from sources like private funds, institutions and foundations.
CLUSTER INNOVATION CENTERS
Creating clusters of innovation will be critical to drive innovation. Convergence of
research, venture capital, business and creativity together can convert ideas into
new/better products, processes and services. The regional capacity for
innovation should be unleashed to take this in mission mode. The National
Innovation Council has proposed to recognize 20 innovation clusters across the
country to strengthen innovation models. Innovation cannot happen in silos but it
is creating synergies among various players - Government, industry, universities,
R&D laboratories, individual innovators NGOs and media.
EDUCATIONAL PROCESSES AND INNOVATION
STEM (science, technology, engineering, and mathematics) education is the
backbone of a knowledge economy. Global leadership and competitiveness are
essentially linked to a robust science and technology innovation workforce. In our
country it is observed that less than half of secondary school graduates enroll in
college. India needs more scientists, engineers and innovators. 21st century
economic opportunities increasingly demand more students in STEM streams.
STEM jobs also pay higher than the non-STEM education. Despite of the
increasing demand for more people trained in STEM, it is not happening due to
paucity of trained faculty and student interest. Improving STEM education for
students should be our national priority and begin at the elementary school level
itself. Industry linkages and scientists/engineers visits in the school and colleges
should be done on a regular basis to instill confidence among students.
HUMAN CAPITAL
The most valuable resource in the innovation ecosystem is human capital. Our
country has an increasing number of young, highly skilled professionals with the
ability to work globally. If the youth are given opportunities for higher education
and skill development then India can be a major source of skilled manpower
supplier to the world. Unfortunately, the education and skill development
ecosystem in our country is not in sync with our demographic dividend. Statistics
reveal that 46% of school children drop out before they get to middle school. If
30-40% of our youth by another decade does not move into the university
system, we will lose this opportunity. Notwithstanding, India’s higher education
system is one of the largest in the world, but, only one out of 10 young people
has access to higher education. Higher education needs reforms in the
governance structure, decentralization and major impetus in faculty development.
Our country currently has 480 universities and 22,000 colleges; in next 10 years
700 new universities and 35,000 new colleges infrastructure is required to churn
out the skilled human capital.
INNOVATIONS IN CORPORATE SECTOR
To propel innovation at all levels Corporate India has to forego things like
conventional wisdom and organizational hierarchy. The practice of promoting and
harnessing entrepreneurial management should permeate at all the levels not
confined to top management or R&D departments only. In some MNCs the
mantra is “anyone can innovate.” Titan has started “Innovation School of
Management” in its jewelry manufacturing division. The idea is to train shop floor
employees to spot opportunities for innovation and then realizing them. Leading
IT Company Cognizant has seeded around thousand innovation evangelists and
champions across the company to identify a critical mass of employee support
for innovation. Most of the IT companies in India are innovative in regard to the
economics of distribution. They focus on geographical diversity as there is
enormous challenge of reaching the mass rural market. Most of then have
increased modularity and leveraging existing third parties in rural areas to
effectively reach target customers.
The concept of Lean process management is widely practiced by many IT
enabled services companies in India focusing on lean process management
techniques to swiftly improve the performance of a broad range of administrative
business processes. The famous “Dabbawala” system is an innovative business
process that allows around 5000 Dabbawalas to deliver almost 200,000 lunches
to office goers every day in Mumbai. Their error rate is one mistake per 6 million
deliveries. Many global management institutes have discussed their process
management as a case study to understand the key to its stellar performance
rating
ISSUES
Among pertinent issues like bureaucratic hurdles, infrastructure bottlenecks,
archaic labour laws, IPR, taxation issues, litigation issues, etc. there are two
basic issues hampering entrepreneurship in our country. First is the lack of angel
funding; second is the lack of the first round funding. Most of the ventures favour
about Rs 1-5 crore as a startup capital. But most of entrepreneurs need smaller
funds with smaller overheads. Essentially, they require partners to mentor and
guide early stage companies.
The World Bank survey on India’s investment climate revels that the time for
entry, exit and for contract enforcement are much higher in India. The report
reveals that:
• It takes 89 days to start a business in India, in contrast to the best of 2 days in
Australia. We are far behind Nepal (21 days), Pakistan (24 days), Bangladesh
(35 days) and Sri Lanka (50 days).
• It takes 79 weeks to sack an employee in India. The global best is New
Zealand (0 days), Bangladesh (47 days).
• Registering property in India takes 67 days. The global best is Norway (1
day). 14 per cent of the value of the property has to be spent in the
registration process in India while in Pakistan it is 3 per cent.
Source: World Bank
Comparing 5 economies – BRIC and South Korea
Source: Global Innovation Index
COMMON MISCONCEPTIONS THAT ELUDE ENTREPRENEURS
TO START THEIR VENTURES
• Lack of funding
• Poor entrepreneurship ecosystem
• Archaic Education System
• Bureaucratic red tape
Let us explore these issues and do the ground analysis:
Lack of funding
With the advent of ICT and cheaper technologies like cloud computing the cost of
a technology startup has gone down considerably. Coupled with lower software
and hardware costs, bandwidth costs and open source technologies make it
really economical to launch a technology startup.
Poor entrepreneurship ecosystem
It is seen that in the over the last few years, the startup ecosystem has
significantly improved. Lot of events in form of seminars/conferences are being
held providing lot of networking opportunities for innovators to make linkages and
showcase their projects. Various competitions are being held in different higher
education institutes raising awareness. Thus vibrant entrepreneurship
communities are forming nationwide.
Archaic Education System
Education, innovation and entrepreneurship follow one after the other. Our
education system, specially higher education is revitalized with focus on out of
the box thinking going away from rote learning. Sabbatical culture is gradually
making way. This eventually will let free flow of ideas.
Bureaucratic red tape
This is a genuine concern. Recent report from the Political and Economic Risk
Consultancy Ltd. ranked India the lowest on a bureaucracy rating in Asia scoring
9.21 out of 10; next worse was Vietnam (8.54), Philippines (7.57) and China
(7.11). Singapore’s bureaucracy had the best ranking (2.25) followed by Hong
Kong (3.53).
In 2010, India ranked 133rd in "Ease of Doing Business Index", in comparison to
China's 89th and Brazil's 129th position. According to The World Bank the most
important priorities for India are public sector reforms, infrastructure, removal of
labour regulations and reforms in lagging states. The problem presently is the
Central Government's reforms permeate non-uniformly across all states and to
local levels. Thus there are dichotomies in the policies aimed at attracting
entrepreneurs in different States.
Source: IFC-World Bank
RECOMMENDATIONS
India has the potential to emerge as the next Silicon Valley. This can be
manifested if there is a complete and reinforcing innovation ecosystem. We do
not only require cutting edge technology, but the smart use of technology to meet
our societal and national needs.
1. Our country has the academic talent and is a leading player in sectors like
textiles, automotive components, biotechnology, pharmaceuticals, and IT
enabled services. Despite this our 300 million citizens live below the poverty line
and suffer exclusion and inequitable access to development initiatives. In the
light of this our innovation paradigms should focus on people who are at the
bottom of the pyramid. The focus on inclusive innovation is significant for creating
a sustainable growth agenda.
2. The most pressing challenge for any grassroots innovator is the access to
financial support that plays a key role in converting the idea into product/service
from the nascent stage to the prototype stage and finally to the growth stage.
This linkage requires availability of finance for early stage development, early
stage venture capital, subsidized finance, and financial availability for technology
absorption by MSMEs.
3. Mentoring by successful corporate and MNC’s can boost entrepreneurship.
Redeemable Corporate Credits can be given by the government to the industry
for promoting innovation and entr.
4. Single Window Policy – It is essential to streamline and make uncomplicated
process for granting licenses and permissions to reduce the transaction costs.
5. We need to invest profusely in higher education, skill development, R&D, and
in the overall ecosystem of idea-generation and the creation of cutting edge
knowledge. The needs and challenges of our society can be met new information
and knowledge economy that involves innovation across boundaries. The
innovation and entrepreneurial strategy should be based on the foundation on
creating sustainable solutions. It should also focus on solving local needs but
which are globally competitive.
REFERENCES
1. ‘India 2039: Climbing the Global Technological Ladder’, ADB, 2009
2. ‘Innovate America’, Council on Competitiveness, 2004
3. ‘Innovate India’, Confederation of Indian Industries, 2007
4. ‘OECD Reviews of Innovation Policy: China, 2007
5. ‘The Fortune at the Bottom of the Pyramid: Eradicating Poverty through
6. Does Government promote or hinder Innovation?” Economist Online
debate,
7. National Innovation Systems, OECD, 1997
8. Network’, C K Prahalad, 2008
9. OECD Innovation Strategy, www.oecd.org, 2007
10. Profits’, C K Prahalad, 2004
11. The New Age of Innovation: Driving Co-Created Value Through Global
12. UGC (2008), Higher Education in India, Issues related to expansion,
inclusiveness Quality and Finance.
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