In today’s global scenario of uncertainty and challenges related to sustainability, innovation is critical for the future success of any business. But for it to add value and have a long term impact for the business and its stakeholders, the emphasis should be given to developing sustainable and inclusive solutions. The innovations should not only be limited to finding solutions for the conventional markets and should also consider people at the bottom-of-pyramid. These solutions should be affordable and of high quality.
The CII-ITC Centre of Excellence for Sustainable Development (CII-ITC-CESD) as part of its continued effort to foster Sustainable and Inclusive Innovation (SI2) in partnership with the Deutsche Gesellschaftfür Internationale Zusammenarbeit GmbH (GIZ) has published a report that captures the innovation capabilities of Indian companies. The report is a modest output to uncover how business in India innovates. The report details the big market drivers for companies to innovate, the organization culture to harness innovation, which innovation areas give them the competitive advantage, and how ecology and bottom-of-pyramid can be treated as growth opportunities for driving innovation. The study was released at the 8th Sustainability Solutions Summit organized by CII-ITC-CESD on 14-15 October, 2013 at New Delhi.