India has highest intellectual capital per dollar, says scientist Mashelkar: Bengaluru Tech Summit

Bengaluru, December 2: Renowned scientist R.A. Mashelkar, former Director General of the Council of Scientific and Industrial Research (CSIR), highlighted India’s extraordinary intellectual capital and its impact on global innovation during a plenary session at the Bengaluru Tech Summit 2023.

Mashelkar emphasized that India boasts the highest amount of intellectual capital per dollar, and attributed the country’s success in innovation to this factor. He cited examples such as the rapid transformation of the National Chemical Laboratory into an international consulting organization and the remarkable achievement of India’s UPI (Unified Payments Interface) accounting for 46% of global transactions with over 74.05 billion transactions in 2022. Notably, UPI is now accepted in Bhutan and Singapore, which shows India’s unprecedented approach.

Providing insights for startup success, Mashelkar outlined six principles: affordability, scalability, sustainability, universal acceptance, fast-to-market strategy with excellent features, and a distinctive business idea.

Lauding the state of Karnataka for its notable achievements in startup culture, Mashelkar described it as an “amazing 40% state” that hosts 40% of the Global Competence Centers (GCCs), India’s software talent, unicorns and Contributes 40% to exports. , He encouraged Karnataka to take a leadership role in formulating an Intellectual Property (IP) policy, encouraging innovative small and medium enterprises (SMEs) with subsidies and grants.

Acknowledging Karnataka as the knowledge capital and innovation hub, Mashelkar urged the state to transition from innovation-led incremental growth to exponential growth. He introduced the concept of “improvisation” as a growth strategy, encouraging a shift towards a game-changing ethos in startup culture.

Lastly, Mashelkar stressed the need for an adventurous environment to support startups and urged them to adopt the motto of “breaking boundaries” not only in geographies but also in their mindset. He emphasized that companies should aspire to lead not just by leaping but by pole-vaulting, suggesting that the ladder of excellence has infinite heights.