- Innovation is a concept that’s frequently discussed but both misunderstood. It doesn’t necessarily mean innovation. Henry Ford, for example, didn’t invent the automobile, but innovated its manufacturing process through the assembly , which enabled Ford to create more cars than all other automakers combined and in a far lower price. Innovation is, hence, a wider concept that has to be known beyond the concept of growth of technologically innovative products in complex labs. It may be much more efficient and effective supply chains; greater product layouts; greater client support and delivery; or greater alternatives for present business procedures. Within the past couple of decades, India has been doing well on the International Innovation Index climbing from 81 at 2015 into 52 at 2019. Consequently, India retains the distinction of becoming the most advanced country in southern and central Asia and is located among the worldwide leaders in a few of the essential parameters for example graduates in engineering and science, the quality of universities, ICT exports, and gross capital formation. But, while such metrics may give a wide awareness of this invention ecosystem in a nation, a deeper conversation about the empowering factors around it are required. There really are a few common themes that arose from the talks. One of the largest problems that impedes India by becoming a front-runner in creation is that the challenge of scaling up companies at a worldwide level. The largest impediment to scale would be the degree of regulation which develops in addition to the size of their company. However there are other problems also. Scale may only be reached if companies invest in research and development; not simply to create new goods but also innovate in various ways that provide them a competitive advantage over other business players. Such analysis and development demand immense capital funds which start-ups possess a challenge in raising. Provided that Indian companies don’t scale to become international leaders in their business, it is going to lag on invention. The next problem which needs advancement from the Indian creation ecosystem is that the provision of an enabling environment for its own development. India loses out to other countries on fundamental variables from the price of electricity to the price of funds which are steep in the nation for a huge array of variables. Nations such as China also figure out how to provide subsidies to its national companies while staying compliant with WTO standards. India also has to explore opportunities to promote its national companies to grow while staying compliant with its global agreements. Innovation on the policy front may fuel innovation in the level of businesses. These problems will need to be solved through greater engagement between the authorities and the business. A last area that India should work upon is your industry-academia linkage in its existing form. Faculties perform two functions in any market: knowledge generation and knowledge market. Both these functions will need to work in consonance with each other. The station of knowledge creation should incentivise knowledge transfer between business and academia. Innovation suffers if both of those functions are changed. A major reason that understanding exchange doesn’t occur in India is a lack of clarity from the body that owns the intellectual property of their study undertaken in universities which is financed by the business. Such problems require immediate resolution for the invention ecosystem to thrive. Stronger linkages will also be needed at the setup of a program which helps universities impart skills the business needs. Indian scholars have a issue of employability. From the newly published India Skills Report, it had been estimated that a mere 46 percentage of the nation’s graduates are employable. Compare this with China where vocational training is imparted directly from the school-level and their ability is just one of the crucial reasons that companies face inhibitions in leaving despite increasing labour costs. Thus, India needs to address its own difficulties with skilling also through greater industry-academia linkages. One idea that could address these problems is audience development. Clusters tend to be misunderstood to be an agglomeration of companies in geographic proximity. To the contrary, clusters are networks of companies, universities, suppliers, and other supportive institutes which empower a feeling of cooperation and cooperation where ideas are developed and traded. Cluster engagement eases the process of innovation and learning as companies attempt to make a shared comprehension of the business and its workings. Prominent clusters such as Silicon Valley and Shenzhen have played such a job. In this kind of environment, companies can discover chances to climb, an empowering environment, and strong linkages between key stakeholders via closeness. India necessitates such radical transformations in its own creation ecosystem to make international champions.