Innovative Entrepreneurship: An Indian Scene of Drivers and Obstacles
Volume: 14 Number: 2 Year: 2014
Global entrepreneurship monitor (GEM) in its report in 2013 revealed that India is a nation whose economy is factor driven and not innovation driven. But still entrepreneurs here are continuously coming up with ideas, leading to the creation of such products/services which carry a great competitive advantage for them and thereby helping them to survive in this highly competitive business world. At the same time, this business world is becoming increasingly more complex. We see rapid advances in technology and most critically markets face rising churn and this causes an unprecedented rise in business failures today.
Among many reasons to avoid this failure we recommend the Innovative Entrepreneurship to be the most important factor with which Indian companies can achieve competitive advantage and avoid the likely failures in future. Still Indian economy is factor driven and not innovation driven. So there are great obstacles in its way, due to which India is not able to unleash its innovative entrepreneurial potential to the fullest.
The purpose of this paper is to identify the factors that act as positive forces of the innovative entrepreneurship in Indian scenario. We also focus on identifying the obstacles in the path of the said field and also attempt to identify the ways in which this innovative potential can be realised to the fullest.