Innovation in India

August 15, 2011 By Aminda

“There’s a bit of Innovation in every Indian’s life”, according to a recent article analyzing the strengths and weaknesses of innovation in India. The author sees several aspects holding the country back from reaching its full potential. For example, when it comes to spending on research, Indian companies do not even spend 5% of the net sales on research. Then there is the absence of collaboration between educational institutes, laboratories with the industry which are at the heart of success in innovation. The country is also lacking the presence of angel investors putting money into new product or business idea.

However, several recent studies, including the Global Innovation Index, support India’s great potential for innovation leadership. Here are a few ways that creative mindset is demonstrated.

Making Dreams Reality

Earlier this year, a Fast Company writer profiled an innovative concept for jumpstarting entrepreneurship in India. The Dream:In project endeavors to build an open innovation system that quickly turns individual dreams into new businesses and economic growth. After interviewing thousands of Indians about their dreams and aspirations, the next phase of the project has been interpreting the dreams and transforming them into projects with economic, social, cultural, and environmental value. Volunteers will help Indian’s formulate concrete plans for investments and real businesses. Another goal is to launch a Dream:In Fund that finances these new ventures. Indian businessmen have already pledged enough money to finance 50 “dream-to-market” investment opportunities.

Crowdsourcing Against Corruption

The I Paid A Bribe website is just one piece of a creative, multifaceted effort currently in progress to fight corruption in the country. The site allows ordinary citizens to record their own experiences of corruption, providing insight into how much is paid, to whom and for what services, as well as into the psychology of bribe-givers and bribe-takers. According to A Washington Post article the site uses the data to lobby for change and to help design better government processes to prevent graft, but its founders also aim to harness the popular mood to make bribe-giving less socially accepted and reengage the middle class in politics.



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