Seizing the opportunity for innovation: a case study from India (original) (raw)
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When scarce resources are organized and used effectively and innovatively, it leads to the overall development of the country. The process of effectively and innovatively organization of scarce resources is entrepreneurship. Entrepreneurship plays a significant role in the development of any economy. Entrepreneurship leads to employment-generating opportunities, rural development, technological development, national income, industrialization, export promotion, etc. In India, a large number of small, medium, and large entrepreneurs contribute to the process of economic development, and every entrepreneur has some challenges and opportunities. This paper aims to analyze the challenges and opportunities faced by innovative entrepreneurs in India.
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Global entrepreneurship monitor (GEM) in its report in 2013 revealed that India is a nation whose economy is factor driven and not irmovation driven. But still entrepreneurs here are continuously coming up with ideas, leading to the creation of such products/services which carry a great competitive advantage for them and thereby helping them to survive in this highly competitive business world. At the same time, this business world is becoming increasingly more complex. We see rapid advances in technology and most critically markets face rising chum and this causes an unprecedented rise in business failures today. Among many reasons to avoid this failure we recommend the Innovative Entrepreneurship to be the most important factor with which Indian companies can achieve competitive advantage and avoid the likely failures in future. Still Indian economy is factor driven and not innovation driven. So there are great obstacles in its way, due to which India is not able to unleash its innovative entrepreneurial potential to the fullest. The purpose of this paper is to identify the factors that act as positive forces of the innovative entrepreneurship in Indian scenario. We also focus on identifying the obstacles in the path of the said field and also attempt to identify the ways in which this innovative potential can be realised to the fullest.
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Over the past few decades, India has become one of the world's most vibrant economies (Chari & Banalieva, 2015). While the first forty years after India's independence in 1947 was characterized by a sluggish annual growth rate (of approximately 3%), economic reforms initiated in 1991 have resulted in the GDP growing at a rate of around 6.8% in the last quarter century (Chari & Banalieva, 2015; McCloskey, 2010). Conversely, while the pre-reform institutional environment generally underemphasized and undermined entrepreneurial and innovative activity (Bardhan, 1994; Baumol, Litan, & Schramm, 2009; Sivaraman, 1991), the post-reform period has been characterized by a much wider acceptance of the value of innovation and entrepreneurship. Moreover, many Indian firms and entrepreneurs have emerged as global leaders in information technology (IT) services, auto, steel and generic drug production as well as medical services (Chari & Banalieva, 2015). India's emergence as a significant player in the global business landscape has been accompanied by a boom in discourse about Indian economy and management, with academics, journalists, consultants and managers alike studying and chronicling these in numerous articles and books (e.g. Das,
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Small and Medium scale Enterprises in developing economies tend to stay small or become even smaller in contrast to their counterparts in developed economies, which grow substantially. SMEs contribute to economic growth to a large extent and have been continuously creating employment opportunities throughout the space. The capability of Indian SMEs is immense and can match with its foreign counterparts, yet it is evident that they lag in growth. Such enterprises are more inclined to manufacture goods which are market driven rather than creating innovative products. Innovations in SMEs can boost the sector and can make Indian SMEs on par with developed countries. This paper probes into the current scenario of Indian SMEs, their innovation status and factors affecting them. The study concludes by proposing strategies to enhance innovation in these enterprises.
A DESCRIPTIVE STUDY ON START-UP INDIA -PROGRESS TOWARDS DEVELOPMENT AND HARNESSING INNOVATION
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This effort depicts the journey of few students of Atharva college of Engineering under the mentorship of Dr. Anupama Deshpande from Innovation to Entrepreneurship. The team started with innovative design of Vertical Axis Wind Mill for IEDC project and later they ventured into several technopreneurial activities possible in the college campus only. During this journey, they won several awards for various achievements and ultimately, the team launched their company.
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