“India needs innovation and renovation. It’s about whether we are able to adapt it, scale it up and make it relevant to the marketplace,” Amal Kelshikar
At the Shared Value Summit 2017 organized by Institute for Competitiveness and NITI Aayog at Taj Diplomatic Enclave, various stakeholders from corporates, NGOs, women entrepreneurs, civil society and academia came together to discuss the barriers in society to equity and empowerment.
There was a session on understanding the innovation landscape in India, here the report “Innovation Landscape in India” prepared by IFC, was unveiled, and perspectives shared by various thought leaders.
Amal Kelshikar, Country Head & GM India, Abbott Nutrition, said, “India needs innovation and renovation. It’s about whether we are able to adapt it, scale it up and make it relevant to the marketplace. In terms of innovation and breakthrough technology, we do have the brain power for it but do we have the means and resources to make it effect be realized on the ground, that’s the question. There is also a subject of innovation and access. Michael Porter said that innovation is central to economic growth. We need to drive a good balance in terms of breakthrough innovation and access, both need to go hand in hand, not in isolation and it needs a partnership between public and private sector.” He also added, “There is a lot to be done, and this report highlights that, along with opportunities for start-ups and incubators, and I look forward to the rest of the evening”.
“We can’t address everything just by replicating. Typically most products are done through reverse engineering and doing it at low cost, but we did not do that“, K Chandrashekhar, CEO, Forus Health. He also added, “We went by what was available on the ground to get this forward. Today we have filed more than 21 patents, got 5-6 patents granted from the US. We not only create innovative products, but we also don’t infringe. If you have to be relevant internationally, you have to go through the process. Innovation becomes very critical in solving problems and building it on a global level, and helps you to keep your cost and scale competitive.”
Ketan Kapoor, Co-Founder and EO, Mettl, said, “We are essentially trying to measure skills and talents of a company for business. We learnt that if digitization happens, assessments will follow. In terms of innovation and potential, how you should measure a skill and what you should measure provides scope for innovation. How do we prevent cheating when someone is taking a test at home? Without any equipment, that was a challenge. We are the world’s largest proctoring assessment company. Proctoring entails ensuring the authenticity of a test when taking place”. He also added, “We work with the government as well, NSDC, Ministry of Skills and Ministry of IT. We treat each assessment as a video.”
This was followed by a panel discussion on reframing societal needs, and on beyond philanthropy, redefining business models.
The summit was covered by BW Businessworld on December 4, 2017.