The benefits of innovation for Indian companies hardly need underlining. It will not only level the playing field in their competition with deep-pocketed multinational players in the domestic market, but also provide them an impetus to go global. For global players, innovation helps to expand their addressable market. Developing economies have become fertile ground for path-breaking innovations. But as the chart suggests, only a few companies in India have cracked the innovation code so far. India is well behind not only most developed nations in filing patents, but also China and South Korea.
This year, Business Today
's annual innovation special celebrates some of the successful innovations in India that have also resonated across the globe.
Through these success stories we highlight the challenges Indian innovators face and the tenacity they have displayed. As innovation expert Vijay Govindarajan
says in his interview, the window of opportunity for companies in India closes in the next 10 years. It is time to act.