New Open Innovation Platform for Emerging Economies

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International Journal of Research and Scientific Innovation (IJRSI) | Volume IV, Issue X, October 2017 | ISSN 2321–2705

New Open Innovation Platform for Emerging Economies

Satya Narayanan, Sujit Bhattacharyya, Anurag Bansal, Sarvjeet Herald, Neha Shreya, Poulomi Ganguly
CL Educate Ltd.A-41, Espire Building, Mohan Cooperative Industrial Area, Main Mathura Road, New Delhi- 110044

Abstract: – Innovation has been the most important enabler for the emergence of powerful regions and countries over the past many centuries. The invisible shift in the center of gravity of the power-centers happens relentlessly on the basis of innovations at various hotbeds across the globe. Institutions of higher learning brought in a huge supply of youth and their inventive skills, the corporate organizations created demands for these innovations along with their expertise of innovation management, the strength of implementation and the much-needed supply of fund. This paper presents a new open innovation platform known as Worldwide Academia Industry Network (WAIN) for emerging economies empowered by youth. We have found that though corporate organizations are the leading indicators of the innovativeness of the economy, an important lagging indicator is the quantum and efficacy of research happening at the universities. Therefore, Academia and Industry collaboration is an important factor for an economy to truly leverage innovation for growth.

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Keywords: Open Innovation, Academia Industry Network, Innovation Commercialization, Skilled Youth

I. INTRODUCTION

Innovation has been the most important enabler for the emergence of powerful regions and countries over the past many centuries. The invisible shift in the center of gravity of the power-centers happens relentlessly on the basis of innovations at various hotbeds across the globe. Institutions of higher learning brought in a huge supply of youth and their inventive skills, the corporate organizations created demands for these innovations along with their expertise of innovation management, the strength of implementation and the muchneeded supply of fund. In the 2016released Bloomberg’s Innovation Index, an annual ranking of countries and their technology prowess, India ranks a low 45 out of the 50 countries ranked [1]. Top 5 most innovative countries include South Korea, Germany, Sweden, Japan and Switzerland. The world’s two largest economies USA and China are ranked at No. 8 and China No. 21 respectively. In the bottom five, countries like Serbia, Tunisia, Thailand and Morocco surround India.