India has increasingly positioned itself as a vital player in global innovation, driven by a dynamic startup ecosystem and a wealth of STEM expertise. With significant advancements in sectors such as fintech, pharmaceuticals, and space technology, the nation has showcased its capacity to deliver world-class solutions. However, as India climbs the ranks in global innovation, industry leaders like Sridhar Vembu advocate for a more ambitious and transparent evaluation of the country’s status.
Sridhar Vembu, the founder and former CEO of Zoho Corporation, is urging a more focused and intentional approach to innovation in India, particularly from the private sector. In a recent social media post, Vembu outlined his insights regarding India’s innovation framework across four primary categories: process, product, technology, and scientific advancements.
Highlights
Assessing India’s Innovation Capabilities
In his evaluation of the nation’s capabilities in innovation, Vembu categorised his findings into four areas:
Process Innovation
Vembu rated India at 70% for process innovation, citing exceptional performance across industries such as aviation, healthcare, retail, and financial services. He remarked that there is a pressing need to implement process innovations within smaller and medium-sized enterprises.
Product Innovation
However, the rating takes a notable dip in the area of product innovation, where Vembu assessed India at a mere 35%. He suggested this might be overly generous. While innovations such as UPI exemplify potential, he stressed the urgent need for visionary product creators in addition to proficient project managers.
Technology Innovation
For technology innovation, Vembu refrained from assigning a score, instead presenting a challenge. He pointed out that India exports a considerable portion of its tech talent, asserting that creating ambitious opportunities is essential for retaining and attracting professionals back home. This, he noted, should be a significant priority for the private sector.
Scientific Breakthroughs
When it comes to scientific breakthroughs, Vembu was candid: the country has not yet risen to the occasion. He maintained that while the private sector should spearhead improvements in the first three categories, it is crucial for the government to provide funding for advanced scientific research. He highlighted that technological innovations often trail behind scientific breakthroughs, which can exhibit protracted delays. Vembu insisted that the private sector requires entities akin to Bell Labs to drive advancements.
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