The Future of Innovation in 2022

Over the decades, the breadth and velocity of innovation have been inspiring, empowering, life-altering as well as disruptive.

Time stands testimony that many such creations were developed as a response to globally or locally unprecedented events, health emergencies, history-specific problems, and new tech opportunities. As we welcome the new year with the clouds of the pandemic still looming large, we are tempted to look at not only the innovations but the more significant trends that will drive these ideas in 2022.

Tech adoption will continue to fuel the innovation of the future

The COVID-19 pandemic has expedited the growth of digitization in every sphere. Be it remote working, supply-chain reinvention, banking services, or delivering healthcare solutions- the use of artificial intelligence (AI) and machine learning has increased exponentially. These rapid disruptions led to a veritable flood of innovative tech startups in 2021. As more startups and established players continue to look for tools to overcome inefficiencies, we will see more tech innovations starting from the no-code revolution to decentralized finance taking center stage.

Not just Fintech, innovations in areas such as social commerce, SaaS, crypto technologies will continue to grow as India's digital adoption accelerates. 2022 is also likely to accelerate India's deep tech innovations—as more startups mature and look to solve the deep issues for the country. On the consumer tech front, our quest for "smart vehicles" "smart gadgets" will lead to more innovations in the space of artificial intelligence (AI).

Health tech innovations are going to look beyond telehealth solutions. With the increasing number of patients, providers, governments, and ecosystem players adopting digital healthcare solutions, this year can witness many more health tech and biotech innovations reaching the markets. Read what Mr. Amit Chandra, Chairperson - Governing Council of Marico Innovation Foundation, has to say about innovation in 2022.

Sustainability and social responsibility to be the cornerstone of innovation

?There is no alternative to sustainable growth, and unarguably need solutions and innovations that make sustainable development a reality. Much of innovations in 2022 will be driven by consumers' behavioral shift towards more conscious living. People want businesses to be more environmentally and ethically friendly. Organizations will look for ideas that help them reduce the carbon footprint of their business. Individuals, companies, and governments that adopt sustainable tech will be able to conserve ecosystems, protect natural resources and biodiversity. These technological innovations improve local air quality and protect public health and well-being. With more research rigors and development advances in this field, these technologies will become more affordable and accessible. The mindfulness around climate will lead to innovations in alternate packaging materials and innovative ways of managing plastic waste.?

?Innovations don't always involve a new product or service; they could also be a new way of doing things. Like innovations around sustainability, a lot of new ideas and ways of doing business would be centered around the idea of doing good and being socially responsible. In 2022, the urge to create a positive impact will lead innovators to address challenges around the pandemic, climate change, rise of inequality, among others.

India has come a long way from celebrating "jugaad" to taking the world by storm through its innovations; These entailed profound transformations in the way we look at innovations. The journey has changed long-held assumptions about our future economic prospects but also created new expectations about our advancement and progress. The challenge now is not establishing the importance of innovation or predicting the future of innovation but arriving at a shared understanding of how it can generate more value for all. Approaching the topic of innovation in such a way requires stepping back and understanding the innovations and the trends and ideas that will shape the future of the innovation and, in turn, our collective future.