The U.S. Chamber of Commerce’s Global Innovation Policy Center (GIPC) launched a new innovation initiative at the Raisina Dialogue in New Delhi. The initiative, “Fair Value for Innovation” will examine economic underpinnings that enable breakthrough innovation, and it will explore how policymakers can harness innovation capital in India and around the globe through research, advocacy, partnerships, and programs.
The Raisina Dialogue is India’s most influential conference on geopolitics and geo-economics, convened by the Observer Research Foundation and the Indian Ministry of External Affairs in New Delhi.
“The promise of India’s innovation ecosystem is real, and the U.S. industry has a stake in it,” said Patrick Kilbride, senior vice president of GIPC. “Innovation has revolutionized life in India and pulled millions out of poverty, but India will need to go further and become a disruptive innovator in order to take full advantage of the innovation revolution. As recognition of this promise, India is the very first market where we’re launching this important initiative.”
“We believe India is ideally positioned as a thought-leader and regional economic power to help bring the benefits of innovation in AI,” said Amitabh Kant, CEO of NITI Aayog, the policy think tank of the Government of India. “We want to capitalize on this disruption and innovate for social and inclusive good. Innovative technologies can augment India’s capacity in healthcare, improve outcomes in education, develop innovative governance systems for our citizens, and bolster inclusive prosperity.”
“Innovation is a critical component of all competition and intellectual property (IP) is one of the key tools to protect competitive advantage arising from that innovation,” said Francis Gurry, Director General of the World Intellectual Property Organization (WIPO). “The good news is that India’s IP system is aligning with the international IP ecosystem more than ever before, positioning the economy as a promising global innovation hub.”
“The future of work in India is uncertain, but full of opportunities,” said Samir Saran, President of the Observer Research Foundation and Curator of the Raisina Dialogue. “We are pleased that this discussion explored the enablers of transformative innovation in India—a fine segue to brainstorm policies, programs, and action needed for India to leverage the possibilities of technological disruption, manage associated risks, and enhance its preparedness to compete as a knowledge economy.”
Together with global experts—including Vivek Lall, Vice President of Strategy and Business Development for Lockheed Martin, and Pippa Hall, Director of Innovation and Chief Economist for the UK Intellectual Property Office—the discussion helped to define the contours of the Fair Value for Innovation initiative. The initiative will build a coalition of stakeholders to share the story of innovation and creativity from idea to market, and it will highlight public policy prescriptions that can incentivize transformative innovation for generations.