Friday, 16 May 2008

Innovation....Where are you?

Came across a fairly interesting article by Mark Fidelman titled "Where Are India’s Innovative Companies, Products and Solutions?"....

The article builds on the fact that India has produced some of the world's best minds in science, technology and medicine yet does not appear to have created large scale and breakthrough innovations in these fields. Further reflected by the low number of patents originating from Indian companies.

The missing ingredients required to jump-start India’s innovation ecosystem are;
  1. Access to intellectual and relational capital.
  2. A well developed Angel and Venture Capital industry
  3. An active segment of the Press focused on promoting early stage ventures and building Entrepreneurs into Business Celebrities.
  4. A Comprehensive Understanding of the Indian Consumer and the lack of formal Government support to promote Entrepreneurship and Innovation.
  5. Establishing Compelling Reasons to Innovate
Over the last couple of months have come across several Indian start ups and large organisations that have been undertaking some breakthrough work in the areas of mobile payments, financial inclusion and even social lending. The essence, as propounded by several others, lies in creating business models and innovations from an Indian perspective and for an Indian environment. The rapid growth in the mobile telephony space has quite clearly shown that large value markets exist in India, and do not necessarily take decades to develop.

The key to the next level growth lies in innovations in financial inclusion and payments to open out new frontiers in customers and markets.

To read the article click here

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