Innovation and Entrepreneurship

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Search 19th March, 2018 Spotlight here: http://www.newsonair.com/Main_Audio_Bulletins_Search.aspx

TOPIC:General Studies 2:

• Government policies and interventions for development in various sectors and issues arising out of their design and implementation
• Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources

The vision of a newer and better India calls for meeting certain developmental milestones, some of these as early as 2022, the year the country commemorates 75th anniversary of Independence. It is imperative that India becomes a growth engine for the world and provides a new model of inclusive development by providing a large number of open technological and other solutions for the developing and developed world.

A comparison of India with its peers in BRICS economies in a recent study suggests that perception about entrepreneurship on rise in India. The report suggests that perceived opportunity is the highest and perceived capability is the second highest among all. The Global Entrepreneurship Monitor (GEM) Report found

• An increase in the rate of entrepreneurial intention to 14.9% in 2017 compared to 9% the previous year
• Fear of failure rate has decreased to 37.5% from 44% in 2016.

Festival of Innovation and Entrepreneurship (FINE)

Aim: To recognise, showcase and reward innovations and to promote a supportive ecosystem for innovators from all over the country

• Would provide platform to the innovators for building the linkages with potential stakeholders whose support can improve their prospects in coming years for the larger social good
• Help in promoting lateral learning and linkages among the innovators to enrich the ecosystem for sharing of ideas
• Provide a window to showcase creative and innovative solutions for social development through innovation emerging from grassroots, student ideas and other technologies

Organised by: Rashtrapati Bhavan in association with the National Innovation Foundation (NIF) India and the Department of Science and Technology

Gandhi Young Technological Innovation (GYTI) Awards were given to 23 innovators for their innovative products that ranged from innovations in microscopy to biotechnology, including one on the solar cooker. FINE also includes an “In-Residence” Program as part of which a batch of ten innovation scholars will stay within the President’s Estate and will be provided mentoring as well as opportunities for idea sharing with key stakeholders.

The Way Ahead – Setting rules for our tomorrows

Innovations have the potential to make India a collaborative society, and there is a need to translate innovation to entrepreneurship. At the same time, these innovations need to revitalize every link in the innovation value chain, and be replicable that can reach out to all cross-sections of the society.

Mantra to be followed: Innovate, Patent, Produce and Prosper – IPPP

Create the right set of conditions for game-changing business models to emerge and flourish – India needs to nourish a true culture of innovation.

• Entrepreneurship should become the centerpiece of contemporary education, as it is not only about the ability to start companies, but also to think creatively and ambitiously. Students need to be “innovation-ready” to face the challenges of the complex world they will be a part of in the future. To have an entrepreneurial mindset is to have the ability to identify and solve problems.
• Schools should encourage children to tinker rather than memorise and mug. Work cultures should be such that young talent looks up and questions – rather than looks down and nods.

Technology is the key

• We have to promote cutting-edge technologies alongside grassroots innovations so that a pipeline for future applications is generated. Big or small, businesses are looking to adopt emerging technologies.
• To keep pace, we must be re-inventing, challenging and rethinking the way we do business. That means venturing into unfamiliar territory.
• Step one for India in seizing the global tech stage is internalizing this elemental spirit of innovation.

Adopt the culture of embracing failure and fear

• Failure is an essential ingredient for innovation. But in India, we have traditionally been much more risk-averse.
• We need to grow comfortable with risk—and pursue forward-looking opportunities with potential for enormous payoff.

Innovations by themselves are not enough. We must also build an ecosystem for converting innovations into enterprises. This requires support for start-ups and for incubating young innovators. Therefore, India must work towards translating innovative ideas into accessible and affordable products and services for its people. At the end of the day, innovation is all about people, and that’s a resource that India has in abundance.

Must Read: Link 1

Connecting the Dots:

1. For a country sitting at the cusp of a demographic disaster, it is imperative to unleash the entrepreneurial energy of its marginalized and weaker sections. Discuss.
2. Examine the provisions of the Stand Up India Loan Scheme.
3. What are the roles of skill development, training and entrepreneurship for both post-harvest management and food processing industry? Examine.