In last decade, emerging markets have evolved not only as the biggest demand base for goods but also as innovation hubs for new products. The drivers of innovations from emerging markets are many- the easy availability of talent pool, which has transformed countries like India and China as the R&D hubs, unique and sensitive developmental challenges, which required them to develop indigenous solutions and perspectives and capacity of emerging markets to adopt and adapt technologies through technology transfer. CII Seventh Innovation Summit was held on 8th - 9th September 2011 in Bangalore with this background and most of the speakers has come to the conclusion after two day Summit that Karnataka the ideal destination for Asia’s Innovation Hub.