Innovation has to be the starting point for entrepreneurs

13th Aug 2015
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Innovation significantly expands your options, possibilities, and opportunities

That there is enthusiasm about entrepreneurship across India is clearly visible. A number of our young citizens are now thinking about starting businesses rather than taking up jobs. And that’s a good thing; we need more job creators.

However, in India, innovation is often not the starting point in our thought processes,on our entrepreneurial journeys. Most of our innovators and entrepreneurs are not thinking of how we can solve a problem usinga radically different solution or approach. Most of our aspiring entrepreneurs do not think of creating or inventing new products and solutions.


Innofest

That’s why we see India falling to 76th position this year in the global innovation index. Within the BRICS nations, we are the lowest-ranked. Interestingly, while all other BRICS nations have strengthened their positions, India has slipped 10 places, from 66 last year, to 76 this year.

This has to change.

There is nothing wrong in building a strong me-too business. However, me-too concepts or even incremental innovations on existing concepts limit your own options and opportunities. On the other hand, innovation significantlyexpands your possibilities, options, and opportunities. It provides you a fresh canvas to paint on,instead of you trying to fit your signature on a painting that already has other signatures.

But, for innovation to become a part of our mainstream thinking, we need to create an enabling ecosystem and a conducive environment for innovators and entrepreneurs to convert their ideas into products and businesses. I am glad to note that things are improving on this front. A number of private initiatives are creating the infrastructure and resources for entrepreneurs to innovate. Initiatives like Innofest, of which I am a committed patron, which celebrate and showcase innovation, are important in bringing innovation to the center of our thought processes.

Innofest is a festival of innovation, ideas and inspiration, to be held in Bengaluru on the 22nd of August 2015. I will be there. I hope to see you there too.

#indiacaninnovate @Inno_festInnoFest.in

 

Author: Nandan Nilekani

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