Creativity and innovation are considered closely related terms in the business world. Some may think using them interchangeably would be a big mistake. Both are essential terms for entrepreneurship fundamental to capital generation and wealth creation.
Entrepreneurs and entrepreneurial activities are vital to a country's economy and growth. In the recent economic survey, entrepreneurship is seen as "a strategy to boost productivity growth and wealth creation" in 2019-20. According to the World Bank in entrepreneurship domain, India ranks third in the world. India has numerous exceptional entrepreneurs who have done great feats with zeal, effort, and perseverance. From Jamsetji Tata (founder of Tata Group) to Narayana Murty (co-founder of Infosys) to Bhavish Agarwal (co-founder of Ola cabs) and Ritesh Agarwal (Oyo Rooms) have changed the face of India by nurturing never-tried ideas into big businesses.
The current coronavirus pandemic has enormous global effects, particularly on public health and socio-economic activity. In this environment, governments are stepping up efforts to prevent the worldwide spread of COVID-19 by implementing various policies to assist public health systems, protect the economy, and maintain public order and safety. Similarly, entrepreneurs and innovators have sought inventive methods to keep their businesses afloat while tackling various difficulties. A week-long event, "Celebrating Innovation Ecosystem", organized as part of Azadi ka Amrit Mahotsav, in which Prime Minister Narendra Modi has met more than 150 startups, announced to celebrate 16th January as 'National Start-up Day'. Innovation Week is designed to encourage our youth to be innovators and entrepreneurs through the creating market opportunities for startups and then catalyse the global and domestic ecosystems. The key objectives of the Innovation Week were to bring together the country’s key Startups, entrepreneurs, investors, policy makers and other national/ international stakeholders for a specially curated event on innovation and entrepreneurship and further exchange knowledge on best practices for nurturing Startup ecosystems. Six different groups of startups have given a presentation on six different themes to PM, which are "growing from roots", "nudging the DNA", "from local to global", "technology of tomorrow", "building champions in manufacturing", and "sustainable development".
In realizing the goals of Atma Nirbhar Bharat, the academic programs on catalysing entrepreneurship propelled by creativity and innovation. The entrepreneurs shall essentially require to make ground-breaking discoveries and require them to offer understanding on challenges. The government's focus to nurture creativity and innovation for sustainable entrepreneurship is the need of pandemic time. Youth can explore the path to the entrepreneurial journey gaining knowledge from the fundamentals of entrepreneurship to creativity and innovation and incubators and accelerators in the Indian setting. Time for bringing the harmony in India Innovation Index (III) with Atal Ranking of Institutions on Innovation Achievements (ARIIA) and in turn contributing to improve India’s GII ranking. India is set to improve Research & Innovation ecosystem to place her among top 10 innovation countries in next few years.
