India Can Do It! - Promoting Innovation based Start-ups in India.

Investing in Innovation can reap rich dividends but the payoff will not happen unless there is a common agenda between? the government, the investors and the innovators.

In the resplendent tapestry of the world's ancient civilizations, India stands as a shimmering beacon of timeless wisdom and modern innovation. As we embark on the exhilarating journey known as Amrit Kaal, a golden epoch of transformational progress, the fervent spirit of "India Can Do It!" resonates fervently in hearts and minds. Anchored in a proud history yet propelled by the winds of futuristic dynamism, India's innovation journey is an odyssey that inspires hope and heralds unprecedented possibilities.

The genesis of India's innovation saga is etched in the annals of time, where the confluence of creativity, culture, and intellect wove an intricate mosaic of knowledge and discovery. From the mathematical brilliance of Aryabhata to the architectural marvels of ancient temples, the spirit of innovation has been an indelible part of India's soul. In the contemporary era, this legacy has metamorphosed into a powerhouse of cutting-edge technology, path-breaking research, and a burgeoning startup ecosystem that pulses with the energy of a billion dreams.

As the dawn of Amrit Kaal breaks, India stands poised at the threshold of a magnificent renaissance. Young entrepreneurs, intrepid and visionary, are sowing seeds of innovation across the length and breadth of the nation. The clarion call of "Startup India, Standup India" has ignited a revolution that is transforming traditional industries and birthing novel paradigms in sectors as diverse as artificial intelligence, biotechnology, and renewable energy. This journey, replete with challenges and triumphs, is a testament to the indomitable spirit of India’s innovators who dare to dream and endeavor to actualize those dreams.

No narrative of India's innovation odyssey is complete without paying homage to the luminary who personified visionary leadership and unwavering dedication to the nation's scientific advancement: Dr. APJ Abdul Kalam. Fondly revered as the Missile Man of India, Dr. Kalam's stewardship was instrumental in propelling India to the forefront of global atomic and aerospace achievements. His relentless pursuit of excellence and his unshakable faith in the potential of Indian scientists and technologists catalyzed a paradigm shift, embedding a culture of innovation and self-reliance.

Innovation should be a very critical focus area for India as it races towards becoming an economy with $ 10 trillion + GDP. Globally large economies have been investing in innovation for decades and are currently reaping the benefits of that investment in people and ecosystems. It is imperative that India starts now. To achieve the goal of a vibrant ecosystem that fosters the set up and growth of innovation-based enterprises the following steps are important.

The first step is to ensure that all stake holders have a common understanding of innovation. We in India have accepted a lower order definition of innovation i.e. of borrowing a principle or idea and adapting to Indian markets. While this is also essential, we now need to shift to a higher definition of true discovery and true invention. The parameters need to be defined clearly and shared as a framework with both investors and aspiring entrepreneurs.

The sectors of choice need to be identified. These sectors or sub sectors or industries should either have high impact or have a high contribution to the economy. For example, Energy, climate change, Food security, Healthcare can be part of the list. However, care must be exercised to ensure that any list does not become rigid. The danger of over defining and being list restrictive is that it could lead to the exclusion of a truly innovative idea or a future forward concept.

Article by Bala Deshpande & Nikhil Gowda Kedambadi