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.