The ‘India Innovation Summit’ is an annual event organized by CII in Bengaluru since year 2005. The India Innovation Summit has become a flagship event of CII in India especially, in South India. The Summit since its inception in 2005 in Bengaluru has brought together over 5000 people from diverse background to discuss and deliberate on ‘Innovation’.
Over the years, the Innovation Summit brought together practitioners from across the world to share their experiences with Innovation and insights into how they steered the innovation course in their respective organizations. The summit provides an ideal platform for Indian Industry to understand the various nuances of innovation, the critical role innovation played in business success and the imperativeness for Indian industry to ingrain innovation across its spectrum of business activities and processes.
The growth and success of India as a growing market has attracted international & domestic corporations to innovate for sustaining in today’s market. This change in paradigm resulted in a vibrant ecosystem for India led designs and solutions delivered by different sectors such as; R&D, Banking and Financial Services, Manufacturing, Engineering Automotive, Healthcare, Education, Energy, Agriculture & Food, Infrastructure, etc.
While local relevance and innovation continues to be the main source of India led success story, it has also become applicable to many other markets with similar needs. It is now turning into a trend where the India led innovative solutions are showcased even outside of India. Social sector innovation has become as indispensable as the business sector innovation, and both are driven by the technology led innovations like Cloud, Mobility, Social networks, Renewable energy and Natural user interfaces, etc.
The shift from a key country for talent supply to one of the most prominent markets for global products is the most critical aspect of the changing business environment in India. This paradigm shift created new opportunities for innovation, new sources of funding for new ideas and new markets for local products.
The changing landscape of innovation in India can be seen from an industry vertical viewpoint or life stages of the company perspective. The sheer variety and momentum across sectors and stages puts India as one of the most happening places for Innovation in the world, and it is very aptly called “Startups Nation”.
Given the start-up momentum across various industry sectors, it is also attracting a diversity of talent in terms of gender, location, and experience and application domain. Startup career is a growing career choice today for young people both in terms of professional and social acceptance.
The changes in economical, technological and social systems in India are driving the new phenomenon of venturing into create new businesses in emerging sectors.
The increase in global labs operating out of India and the rise of rural India in adopting the global trends results in a unique mixture of availability of technology platforms and industry sector expertise.
The momentum generated through social impact ventures, is driving the adoption of more advanced solutions for rural India and this demand creates the new startups with latest technology and innovation platforms with the scale designed for large impact. It is also attracting a lot of talent into this field where the pursuit of profit and social impact are blended together into one entity.
It is often argued that India cannot build global products with scale as it lacks the necessary ecosystem for the same. With the emergence of cross border collaborations in academic, industrial and government sectors, the ecosystem is beginning to take shape.