Keeping up to its reputation, School of Business, Public Policy and Social Entrepreneurship (SBPPSE) under Ambedkar University, New Delhi is known for its vision of creating not just wealth managers but wealth creators through seminars, classroom projects or field trips. Learning through innovation has always been a key part of SBPPSE’s curriculum. Many industry leaders, management thinkers and renowned academicians have also joined hands with SBPPSE to promote this culture.
Prof. Pankaj Chandra, former director of Indian Institute of Management Bangalore (IIM - B) and one of the co-founders of Centre of Innovation, Incubation and Entrepreneurship, Indian Institute of Management Ahmedabad (IIM - A), was with SBPPSE as a Visiting Professor from 14 to 21 November 2014. During this short visit, he interacted with students, looked upon the work of upcoming Incubation Centre and also delivered a special lecture on the topic "Thinking Differently about Innovation and Firm Growth".
During this lecture, Prof. Chandra gave examples of AMUL, PBW, Akshay Patra, ISRO, aMap, ITC e-Chaupal, Strand Life Sciences and Narayan Hridayalaya, to show how Indian companies are making their mark through innovation in systems, designs, technology and distribution. According to him, India is way ahead of many countries in terms of innovation; what is needed is proper funding and implementation to help these ventures grow.
At a macro level, Prof. Chandra also talked about three decisions that a country has to face on its path towards economic growth that affect a country’s approach towards innovation –Volumes v/s. Variety, Labor v/s. Capital Intensive Techniques and Low Technology v/s. High Technology in production. These decisions reflect how a country will invest its limited resources and maximize the returns to all its stakeholders. But sometimes, developing countries forget that large volumes and low technology may be beneficial in maximizing the impact in the short run, but high technology, variety and innovation are required to survive in the long run in this ever changing and fast moving world. He also drew attention to a Nation Building Process through Science Driven Entrepreneurship.
Prof. Chandra talked about the role of incubators in India to promote innovation, and praised SBPPSE’s initiative of setting up an incubation centre. If such steps are taken to imbibe the idea of innovation in the minds of the students from a young age as is being done by SBPPSE, then the day is not far when India will be known for its innovations.