Innovation, Entrepreneurship and Sustainability of Business Through Techno-Social Ecosystem–Indian Scene

Abstract

Creativity and Innovation are the architects of human aesthetics, excellence and the essence of advancement. However, the creativity has broader spectrum of human aspiration while the latter is the key driving force for achieving superior quality of life and the notion of modernization. In fact, innovation is a continuous process through which we are adding value propositions to the present form of products or services with the help of concurrent ideas and technological ecosystem. The flow of innovation essentially drives to develop new ideas and new attributes in the current product or services or it can bring a completely new generation product. The existing firms can create a new business line or it might trigger the evolution of new entrepreneurial venture. One of the key factors for new start-ups is the pace and culture of innovation across the society. This transformation needs multiple supports from all the stakeholders and even the new firms require constant flow of support so that it could sustain for long-term perspective. Thus, the Natural Flow of “Innovation-Entrepreneurship-Sustainability” promulgate for higher Business Growth and Perpetuity. According to Global Entrepreneurship Index (GEI), 2018, India achieves 68th position among 137 nations of the world and it achieves higher position in Product Innovation dimension while the country performs below the mark in terms of Technology Absorption. This indicates the rate of transition from Lab to Market is indeed matter of high concern in India if it aspires to propel the pace of rapid socio-economic transformation. This is more evident in the regime of 4IR (Fourth Industrial Revolution) led ecosystem. The paper has attempted to understand and identify key inhibiting factors that obstruct smooth transformation of Innovation into successful Entrepreneurship. On the contrary, the paper has also explored how India’s all the first generation firms fail to achieve long-term perpetuity. The study has also made its effort to recommend appropriate strategy so that the Silver Line of Business Flow can be rejuvenated.