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The key to becoming a world leader lies in creating a

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Unformatted text preview: emental innovations. The key to becoming a world leader lies in creating a shared commitment to the aspirations supported by creativity and radical innovation. ISSUES AND CHALLENGES Disregard for Intellectual Property (IP) India lacks a robust implementation and governance mechanism required to safeguard IPR. Thus, given the highly capital intensive proposition of funding a project that might lead to a breakthrough innovation, the corporations are reluctant to indulge. If the IPR of innovations are protected, the financial benefits that accrue as a result enable innovators and investors to funnel the money back into similar projects, thus creating a virtuous cycle. IP piracy is also rampant in India, thus vitiating the atmosphere for businesses to spend large on R&D. 6 | P a g e Skewed Educational System India boasts of the second largest scientific pool of engineers and scientists, however this is in direct contrast with the patenting output of the country 3 . One of the main reasons for this is that the educational system in India is more focussed more on knowledge retention and application, and does very little to unleash the creative energies of the human mind, which are the dr...
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