Name: Dr. Ravikumar Chitni
Theme: Entrepreneurship and Innovation
Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
Innovative entrepreneurship plays an important role in contributing to economic growth, job creation and poverty reduction. Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit. Entrepreneurs can change the way we live and work. For instance services offered by OLA/UBER, Online ticketing, Web check in etc.
They have improved our way of traveling. Improve our standard of living, and in addition to creating wealth with their entrepreneurial ventures, they also create jobs and the conditions for a prosperous society.
Innovation is the process of making (something) new or doing something in a new way. A good business innovation definition, then, would be: Business innovation involves developing new products or improving existing technologies, processes, designs and marketing to solve problems and reach new customers further, invention can be defined as the creation of a product or introduction of a process for the first time. Innovation, on the other hand, occurs if someone improves on or makes a significant contribution to an existing product, process or service.
Innovation is divided into two dimensions: Technology and Market, which gives us the following four types of innovation:
Initiatives by Government:
Empirical evidence suggests a positive correlation between economic growth, innovation, and entrepreneurship development. In India, with the liberalization of the economy over the last two decades, the interactions between these factors have generated considerable interest, particularly among the key stakeholders: government, industry, and academia. Innovation and entrepreneurship hold the potential to create new value in the economy by use of new products, and scaling of new business models. New technology combined with new business models will accelerate the growth of Indian economy.
Increase in innovative practices in existing businesses and organizations along with the creation of new ventures based on new business models and technology, hold the potential of creating much greater value for the resources expended.
The Government of India has undertaken several initiatives and instituted policy measures to foster a culture of innovation and entrepreneurship in the country. Job creation is a foremost challenge facing India. With a significant and unique demographic advantage, India, however, has immense potential to innovate, raise entrepreneurs and create jobs for the benefit of the nation and the world.
The Government of India declared 2010-2020 as the "Decade of Innovation", for which the roadmap would be prepared by the newly established National Innovation Council (NInC; innovationcouncil.gov.in).The National Innovation Council is "the first step in creating a crosscutting system which will provide mutually reinforcing policies, recommendations and methodologies to implement and boost innovation performance in the country" (Nation Innovation Council, 2010). The Science, Technology and Innovation Policy 2013 outline the major policy initiatives to strengthen the innovation ecosystem and give a boost to the development of innovation-led entrepreneurship in India.
In the recent years, a wide spectrum of new programmes and opportunities to nurture innovation has been created by the Government of India across a number of sectors. Academia, industry, investors, small and big entrepreneurs, non-governmental organizations are jointly working on this.
Following are the initiatives of Government of India.
Despite various initiatives of Government, there are some key challenges faced by India's innovation ecosystem and entrepreneurship in general. They are listed and described below:
Sustainability & Innovation
To sum up, in today’s dynamic world, the innovations are taking place on a large scale and in every sector. The government, the industry and academia have realized this and have been making efforts on up scaling the opportunities for the market. A very encouraging and positive atmosphere is been created to enhance the innovative entrepreneurship.