Ecosystem key for innovation, say experts at MeltingPot2020 Summit

Raghunath Anant Mashelkar, chairperson, National Innovation Foundation said that investors and other players in the ecosystem need to develop trust for startups and make more investment in innovation.

By Author  |  Business Bureau  |  Published: 15th Nov 2017  1:25 am

Hyderabad: At a time and age when startups are burgeoning in the country, the success stories of these enterprises are not much spoken about. Reason being the lack of investment and mentoring support to these companies. This is what experts at the MeltingPot2020 Innovation Summit in Hyderabad spoke about on Tuesday.

Raghunath Anant Mashelkar, chairperson, National Innovation Foundation said that investors and other players in the ecosystem need to develop trust for startups and make more investment in innovation. “It is important for people to move away from traditional mindset and think about innovation in the core. I believe there is enormous energy in young India and the challenge for all stakeholders is to tap into that. Startups also need to move from being imitators to becoming innovators,” said the Padma Vibhushan awardee.

Reiterating this view, B V R Mohan Reddy, founder and executive chairman, Cyient said, “The ecosystem in our country needs a lot of improvement and just focusing on infrastructure will not lead to creation of Silicon Valley in India. The ecosystem is needed to have intense interaction with various stakeholders.”

He also added that having just technology is not enough but have a deeper understanding of the problem is also important and that is where deep analytics comes into the picture. “This will lead to creation of successful and sustainable companies,” Reddy added.

Giving an insight into how startups should actually work, Mashelkar informed that India needs to move from jugaad to systematic innovation and should focus on disruptive innovation and not just incremental innovation. “For this to happen, it is important that all stakeholders of the society starting from government to private companies come together to design a robust ecosystem and have an innovation led accelerated growth,” he added.

MeltingPot2020, which is in its second year, is focused on innovation and is being held in Hyderabad November 14 and 15. It facilitates collaboration, knowledge sharing and networking between academia and corporates.