Innovation, Entrepreneurship for broad based & equitable growth of nation

Andhra Pradesh Chief Minister K Rosaiah said the encouragement of innovation and entrepreneurship was vital to ensure a broad based and equitable growth of nation. He was addressing 'TiE-ISB Connect 2010', an annual event for entrepreneurs and investors, jointly organised by TiE-Hyderabad and Indian School of Business (ISB) on Friday.

Chief Minister said the theme for this year “Transforming India: The Entrepreneurship Route” could not come at a more appropriate time, and more so, advanced from an appropriate platform. While India is undoubtedly poised to become a leading economy in the coming years, it is still marred by growing socio-economic disparity that could as well pose a threat to the economy and society at large.

If we aspire to sustain the progress of the country, then the nature of the growth needs to fundamentally change to become more balanced and inclusive. Such a broad based growth shaping a stronger, more prosperous and far equitable nation can only be propelled by “Innovation” and “Entrepreneurship”. It is on these two levers that we can collectively leap from the “Years of Predicament” to the “Age of Confidence & new found Dynamism”.

The Government of Andhra Pradesh has over the years, through holistic policies and pragmatic approaches, taken steps to build an ecosystem conducive for innovation and entrepreneurship.

The entrepreneurship ecosystem is also very vibrant in the State with cities like Hyderabad and Visakhapatnam becoming a preferred destination across sectors, especially IT, Pharmaceuticals and Biotechnology. He said, the scientific glory and prestige is in vain unless the direct economic benefits and public good of the innovations are realized.

He stressed to strengthen and scale up efforts to promote identification, development, commercialization and diffusion of indigenous innovations that emanate beyond the traditional boundaries of academia, research institutions and industries. To unleash the true innovation and entrepreneurial potential of the State, we need to rediscover our strengths and missing links, and adopt sustainable approaches that strengthen human, intellectual and financial capital.

Chief Minister said,  that innovation and entrepreneurship can only thrive in ecosystems in which all stakeholders – public, private, academia and civil sectors – collaborate, and play more active and complementary roles. It is time that we work together to create new models of cross sector engagement, knowledge sharing, and more effective structures and systems of governance.

He said, ISB has taken the lead in forging such collaborative endeavors with the State Government, research institutions and entrepreneurial networks to further the creation and growth of innovative enterprises. I am told that the Wadhwani Centre for Entrepreneurship Development (WCED) at ISB is in the process of instituting Business Labs that would facilitate creation of an ecosystem conducive for nurturing incubation and growth of responsible enterprises, and catalyze large scale commercialization of technologies and innovations. Government of Andhra Pradesh wholeheartedly commends and welcomes “India Innovates” milestone initiative of the centre, and hopes that in the coming years it becomes a role model for other States and institutes across the country to emulate.