Innovation, the much widely known connotation these days, has become decentralized globally with several cities making quite a progress in this field while others struggling to make a place, fighting all the odds related to macroeconomic and infrastructural issues. Here, it needs mentioning that in order to fulfil the infrastructural needs, numerous factors affect a city’s perception such as innovation hub, including favorable government policies and incentives, accelerators, tech parks, corporate investments, state-of-the-art infrastructure and lastly, in all the above cases, at least a few highly popular and prominent success stories.

So, to know more, Global Tech industry innovation management trends indicate the C-suite increasingly in charge of spearheading innovation initiatives.

Image Credit: KPMG

Coming back to India, this time it had maintained a strong showing by confirming for itself the third place as 13 percent of the global technology industry leaders have indicated its potential for tech break through. The two main pillars for support for India for this are he government support for entrepreneurship and an ever increasing culture of innovation. In fact, many start up business models are also leveraging emerging technologies thus catering to India’s mobile-first generation.

Looking back to 2017, India had moved up to rank 60 on the Global Innovation Index when compared to rank 66 in 2016. Also, as mentioned above, Indian start-ups are playing quite a crucial role in keeping the innovation banner flying high in the country. India has already made a name for itself as the third largest start-up ecosystem, after have a cut-throat competition with names like UK and Israel. 2017 has witnessed the opening up of 1,000 start-ups and adding up the total number to 5,200. The main centers listed in Delhi, Mumbai and Bengaluru, comprising 90 percent of the total start-ups found in the country.

 Image Credit : KPMG

Again, start-ups with particular reference to fields like healthcare, fintech, e-commerce, and aggregators have made a rapid increase. Again, led by digital initiatives and the demonetization of high currency notes, fintech listing the growth of AI and Robotics and security products are more likely to grow.

In addition, Healthcare tech-based start-ups also have witnessed an estimated base of 320 in 2017, as reported by NASSCOM Strategic review report, 2017. They have experienced much growth based on detection of anomalies, disease monitoring, and telehealth/telemedicine. So, it can be rightly stated that tech innovation and collaboration have acted well as a catalyst for start-ups thus redefining the economy.

In India, to promote entrepreneurship, making India a leader in the field of start-up and to foster the entrepreneurship ecosystem all around the world, government has launched the Start-up India Mission, backed by the Department of Industrial Policy and Promotion, focusing on bank financing for start-ups and offering incentives. For the quick promotion and growth of innovation, the Indian Government has also launched the Atal Innovation Mission (AIM). This again serves the best platform for the promotion of leading innovation hubs, start-ups, self-employment activities with special reference to technology driven areas.

To conclude, the present situation states that large corporations and industries in India are now mostly interested in this start-up ecosystem and are readily accepting the role of mentorship to help founders flourish, thus improving the economy and helping to reach India new heights.