Despite their hardships, the Indian citizens have been fairly innovative and have, since times immemorial, been contributing to the areas of science and technology, though mostly in an informal manner. The country has numerous examples where local agriculturists have developed innovative farming apparatuses, illiterate mechanics have developed better performing mechanical tools, and students have come up with incremental and efficient innovations. It is beyond doubt that through their innovations and with their respective limited means, these innovators have tried to bridge the gap between demand and supply and through that the one between the rich and the deprived.
There is no dearth of Innovations happening at grass root level and these are the ones affecting the people at the Bottom of the Pyramid, but many a times the benefits of such Innovations do not percolate down their target customer segment. And that is one of the primary reasons behind the widening disparity between the rich and the poor in India.
Entrepreneurship and particularly those happening at a local level act as a great leveler in bringing the Innovations closer to the masses and ensuring an inclusive growth of the society, and herein lies the role of Innovation & Entrepreneurship as the twin engines driving the sustainable and inclusive economic growth model.
The need of the hour, as was rightly pointed out by the Management expert, Late C K Prahlad, is to focus on the Bottom of the Pyramid and find opportunities there, not only from a marketing perspective but also from the perspective of uplifting citizens from that level and bringing them to the mainstream. Entrepreneurship that brings Innovative Products to the market is the best bet to achieve this aim.