Unlocking innovation: Roadmap to more robust IP ecosystem in India

India is projected to achieve a $4 trillion GDP by end of 2024, making it one of the fastest-growing economies globally. Central to this trajectory is the country’s commitment to self-sufficiency ('Atmanirbharta'), aiming to leverage internal resources and capabilities to meet needs across various sectors. Currently, we thrive in an opportunity landscape fueled by entrepreneurship and digitalization of industries, transport, healthcare, and brownfield digitalization for continued excellence in the digital era. However, to fortify this journey, fostering a robust innovation-based ecosystem is crucial.

This economic growth is being propelled by a wave of innovative minds determined to address global problems creatively. Embracing the mantra of turning challenges into opportunities, the country’s talent pool is fervently engaged in devising groundbreaking solutions to the world's most pressing issues.

Manufacturing: Adapting to changing demands

We are witnessing significant transformation in the manufacturing sector, especially digital factories that are adjusting to evolving demands for greater productivity, operational efficiency, and sustainability.

Infrastructure development for accelerated growth

Digital infrastructure is accelerating India's progression, with more robust systems that not only support the country's growing needs but also facilitate safer operations, increased security, and global competitiveness.

Accessible healthcare and quality education for all

India is striving for accessible point of care healthcare and quality education at affordable costs, thus empowering individuals and nurturing a healthier, more educated populace.

Innovative solutions: Scaling for global deployment

The nation's focus on resolving challenges is not limited to its borders but transcends to geographical constraints. This is paving the way for opportunities for deployment solutions that are built to scale and adapt anywhere in the world.

The above needs and more have opened new avenues for IP creation as our strength in generating intellectual property is already evident. For instance, Global Capability Centers (GCCs) are significantly contributing IP to their parent companies from India, highlighting our IP creation potential. However, this pursuit of innovation leadership transcends mere technology; it's a mindset shift focusing on fostering creativity, collaboration, and strategic IP development for global relevance. With its robust talent pool and expertise in evolving technology, India is poised to lead innovation across various technological spectrums.

Fostering an innovation ecosystem: Collaborative drive for progress

In the past three decades, innovation in India has gone beyond global corporate R&D units and services present in the country. An increasing number of Indians are embracing early or late entrepreneurship to pursue their technology and business passions.

Innovation in India, therefore, does not happen in isolation. It requires collaboration within an ecosystem that feeds collective interests and skills to turn ideas into business solutions. It has enriched our start-up culture and renewed the government’s outlook on nation-building. Today, industry, corporate, academia, start-ups and “shark tanks” collaborate with each other while leveraging government tech incubators to develop “Made in India” solutions for worldwide markets.

To further bolster this innovative momentum, corporate India is also nurturing creativity and problem-solving amongst future talent through student hackathons.

To speed up our innovation progress, these actions are crucial:

• High-speed compute infrastructure: to empower innovators with affordable high-speed computing infrastructure across domains.
  
  Funds for incubation: Recognizing government and private fund and loan schemes for easier funding and access for budding entrepreneurs.
• Field trial access: Providing real-world field trial avenues to test ideas for practicality and effectiveness.
  
  Encouraging entrepreneurial spirit: Nurturing an ecosystem that fosters an entrepreneurial spirit is key to unlocking innovative solutions.

Start-ups inspire IP creation

India's growing startup ecosystem has increased awareness surrounding the importance of securing IP and patents to attract investors. With large corporates encouraging intraprenuership and imbibing start-up values for rapid innovation, IP creation in corporate has witnessed significant growth for technological leadership and driving innovations by regional R&D and business.

We have recognized the need to evolve from “Execution Excellence" to “Innovation Excellence” by making this vital shift in prioritizing intellectual property (IP) for technological leadership.

As India journeys towards becoming a hub of innovative solutions, it isn't just about domestic growth; it's about shaping a world where challenges are met with ingenious answers, scalable and impactful enough to make a difference globally. This has created new inflection points that show our impact worldwide and secure the vast know-how and aspiring talent built in last few decades.

As India harnesses its potential, it serves as a beacon of inventive thinking and collective efforts that drive positive change, steering us towards a brighter and more sustainable future.

Innovation needs courage, curiosity, capabilities, and an ecosystem that encourages risk-taking and supports failures to a certain extent. Like the "Make In India" movement, India is geared to expedite "Innovate In India," leveraging its problem-solving abilities in a conducive environment to catalyze global innovation. In summary, India's strides in fostering innovation, prioritizing IP creation, and fostering collaboration across sectors paint a picture of a nation on the brink of global leadership and groundbreaking advancements.

-- Pankaj Vyas, CEO & MD, Siemens Technology and Services Pvt Ltd.