In the current global landscape, economic growth is closely linked to technology and innovation. This dynamic relationship is the reason why innovation-driven regions witness sustained growth and economic vibrancy, and those that don't stagnate and fall behind.
By spurring a spirit of competitiveness and sharing of opportunities, innovation also boosts employment and capacity-building in society.
This is also one of the reasons why the Indian government has declared 2010-2020 as the 'Decade of Innovation.'
Reflecting on these incisive perspectives, Prof. Soumitra Dutta, the Anne and Elmer Lindseth Dean and Professor of Management at the Samuel Curtis Johnson Graduate School of Management at Cornell University, addressed an Aspen Institute India session on "The Changing Geography of Innovation" earlier today. The discussion was chaired by Dr Arunabha Ghosh, CEO, Council on Energy, Environment and Water.
In an engaging presentation, Dr Dutta highlighted the role of education in sparking innovation-driven growth. "India is changing dynamically in terms of innovation. An increasing number of graduates are starting their own ventures, and the new role model in India is the young technology- software entrepreneur. To sustain this trend, the need of the hour is to bring about education reforms," he said, adding, "There are reasons why American universities are excellent: They are extremely good at attracting and retaining talent; they have really strong university-industry collaborations; and they have alumni driving several initiatives as board members. These are some of the actions Indian Universities can emulate."
Dr. Dutta, who is also the creator and co-editor of the Global Innovation Index 2013, also quipped, "The social power of innovation must not be underestimated. In this day and age, the pace of innovation has become faster. This phenomenon can be measured by the new technologies that are emerging. All social organisations, including the government, must use this effectively. Today, governments have to respond and adopt faster to the social media revolution."
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Dr Dutta was previously the Roland Berger Chaired Professor of Business and Technology at INSEAD and the founding director of eLab, a center of excellence in the digital economy.
His current research is on technology strategy and innovation policies at both corporate and national levels. He has won several awards for research and pedagogy and is actively involved in strategy and policy consulting.
Professor Dutta has co-edited 13 annual Global Information Technology reports for the World Economic Forum on the impact of information technology on development and national competitiveness. He is co-author of the Global Innovation Index which is published with the World Intellectual Property Organization (a specialized UN agency focused on innovation and patents) and is leading global assessment of innovation capabilities.