Innovate in India. Potential, Scope, Success, and Future of Innovation
Innovate in India; a country that is also well known for its great diversity within every part of its boundaries and beyond, enriched with various colors is rapidly emerging as a great economy.
Though India is a developing country recently it has taken over the United Kingdom in terms of Economy and become the 5th largest Economy in the world.
This is a sign that India holds tremendous potential and a lot of opportunities to Innovate in India as a country of the century.
Also Business is a very Simple Concept that often gets misunderstood by people as too complex what you need is an idea and a proper execution plan to achieve the objective while maintaining basic finance and earning the profit to continue the practice.
Here innovation doesn’t have any specific field or criteria that how it can be implemented in various processes of business.
Innovation can be in idea, technique, process, methodology, used material, waste, and scrap, or anywhere.
There are many reasons behind it let’s understand them and know what we can grab out of this deep well of potential.
Also Read: Business Finance Basics
Recent Business Success
Mama Earth, DeepMap, Obsidian Security, and Paper N Parcel are some examples of what has happened in the past 5-10 years.
Also, they have a great business environment and such a big market which made them become such a successful brand, and many of them have gone to the international market.
Various factors help a business in its Journey to become profitable and famous but in such a Start-Up (s) the ultimate potential these business models hold has played a huge role in their success.
Why it is a Great Time to Innovate in India Now?
As previously mentioned business and ventures that are booming in India signify that it is the time when we should enter deep into the Market and Expand, if already there and waiting for the right time in this growing Economy.
There are several reasons that, why it is a great time and why we should do it now.
But there are a few fundamental pillars that are pushing the Scope for Innovation in India. The Pillars of this whole are:
- Direct GOVERNMENT Support
- The Youth Potential
- RESOURCES & Environment AVAILABLE
- Technology
Direct GOVERNMENT Support to Innovate in India:
Since 2014 The BJP Government has been encouraging businesses under the powerful leadership of The honorable Prime Minister Shri Narendra Modi ji.
Out of all the 4 major pillars, 2 pillars have played the most important role. This is the first One.
It is seen that several steps are taken in favor of the business and Self-employment as a part of overall country development. Also, the government is promoting the Start-Up culture.
This gave businesses an edge. Certain actions that are formed and the acts that were already there but not being followed have come into implementation for the benefit of Business like:
- FDI(s) Promotion
- Foreign Alliances
- International And MNC setups
- Amritkal
- The Startup Promotion: StartUp India Schemes
- Skill Enhancement Programs
These are the very common initiatives by the Indian Government for start-ups especially those businesses that are being encouraged more that involves an element of innovation and creativity.
The unconventionality is being embraced wholeheartedly by the Indian government to grow in the global market.
Youth Potential:
With the current population of 1.4286 billion (approx) citizens; India is the most populated country in the world as well as the most populated country in terms of Youth also.
Youths hold a great calibre in them to transform any country and the world few of the great Indian Young Personalities in Business Involves:
- Tilak Mehta : Paper N Parcel
- Aman Gupta: BOAT
- Anubhav Dubey: Chai Sutta Bar
- Ranveer Allahbadia: Digital Businesses
- Nikhil Kamath: Zerodha
- Alakh Pandey: Physics Wallah
- Ritesh Aggrwal: OYO
- And the list continues
Role of Technology and Digitalization to Innovate in India
Technology is another most important pillar out of all the other pillars.
The common citizen of the Country was not technically sound a few years back but nowadays technology is a daily need for everyone.
This change in orientation is caused by 2 Phase
The first one is when Reliance Jio was launched. A free SIM that allows each and everyone access to the 4G connected Internet for Free and at the minimum price in the world.
Secondly, in 2020 COVID-19 made the whole country go digital for all possible operations not in just business but in other sectors.
Technology is not in just terms of Digitalization and internet access but in all aspects.
Due to the access of ease access to technology made the hidden potential in the great minds of India come up.
Also Read: Entrepreneurship and Small Business Management
RESOURCES & Environment AVAILABLE
Available resources make it possible to enhance the potential. So many individuals believe that the country lacks the resources and proper distribution of them to the public.
But India is such a rich country in terms of resources that it consists, of every kind of the sources and resources in it.
This is true that these things have come into implications just recently because the people were either unknown to them or the procedure and ways to use them properly.
The business culture is being embraced what was seen as not to do in earlier times is now becoming a trend among the tongues of the masses.
There a various actual gurus and successful stories that are inspiring people to work on their venture also the ecosystems are being raised to help each other as businesses like;
- Logistics for E-Commerce
- IT support for Transportation
- Marketing Agencies for StartUps
This is a basic rule that how businesses are interconnected to each other and this is how they are growing.
The Environment is accepting and praising the culture that drives energy and ecosystem as fuel to the Founders and Owners to run Businesses.
Scope and Opportunity for Innovation in India
From the discussion above this is very clear that there is an excellent scope and innumerable opportunities for the business to innovate and add an element of creativity them or for the Entrepreneurs who are willing and planning to work on a new venture.
Areas where you can innovate?
There is no constraint to the Field or Industry where you can Innovate in India or even in any country of the world.
Any of the industries like; Automobile, Medical, Finance, Food, IT, Farming, or any of the other Industries are eligible to work on for Innovation.
Your business model is what matters there are no boundaries to how and where innovation can be applied.
Various viral funny videos show ‘Indian Jugad’ which is the best example of innovation at the ground level and the areas we can apply innovation.
The Methods and Procedures
Methods and Procedures are not very complex this includes certain steps that are usual in a business setup.
Here this matters what kind of funding or model you are going to have. Therefore the Process may vary accordingly.
Suppose the three Scenarios
- If you are going to have funding from the government or another kind of investor you have to apply according to the official procedure. which can be visiting Innovative India my gov.in
- If you are going to do it all by yourself then the procedure differs here you can directly start your business according to the legal fulfillment and other business and marketing operations.
- If you’re already in a business and want to add an element of innovation then you can just continue the game.
(Note: Here in your innovation, research, analysis, and the other aspects of business are not considered make sure you cover them accordingly.)
Future of Innovation in India
The available data and analysis show the trend to go high only though it may have certain variations as the market is dynamic but the business environment shows the graph to grow positively.
According to that the future is good and this is the right time to invest in the future.
Conclusion
India being a country not diverse in the community and colors but in all aspects of life holds such great potential in what is coming up now.
All the aspects of the business environment and resources made it possible for entrepreneurs to convert the blueprints in their minds to physical existence.
From the government to market support India is active in businesses.
It’s in being encouraged if someone is initiating the business especially when it has a touch of creativity and innovation in it.
The Scope and future are bright, the available data and interpretation suggest that innovation is going to be welcome in this country.
