International Lessons on Innovation for Socio Economic Development in India

Abstract

More appropriate form of innovation may be roughly defined as technology will be more suited to low-income consumers. This means that more appropriate technology will be more suited low income consumers. This means more labour intensive, less skilled, smaller scale, use more local materials, produce simpler low-income products than most of advanced nations technology currently being transferred to low-income nations. Innovators internationally, create most of the wealth, new or a proportionate jump from the existing, while the managers and others tend to safeguard it. Much of the growth comes from entrepreneurs and this leads to creation of employment. They bestow new value to old assets. Create entirely new fountains of wealth. More appropriate innovation may be socially not very useful. Learning effects would be such as to outweigh the loss in output. Thus it is necessary to research why some companies are able to create more value than others! How do some sectors create more wealth than others? Why certain nations do better than others and what is the underlying cause for such successes in creation of wealth? Is innovation and important factor towards socio-economic development of a Nation?