Why Are We Not Able To Keep Pace With Other Countries In Innovation?

Recently, the famous consulting company BCG Group released the list of the 50 most innovative companies of the year 2023. While mobile manufacturer Apple has retained its first position in the report, Tesla has moved up three places to the second position. Amazon, Alphabet, and Microsoft have been ranked third, fourth, and fifth respectively. Among Indian companies, only Tata Group has got the twentieth position in the list of 50 innovative companies of the world.

Priority to innovation

79% of companies surveyed by BCG Group ranked innovation among their top three priorities, up from 75% in 2022. There is also an emerging group of companies planning to put innovation at the center of their future growth strategies. All the companies on the list are allocating more money to incremental innovation, not only this but these companies are allocating one-third of the entire budget to develop breakthrough innovation.

Power of AI

All the companies on the list have many similarities. As such, these companies carefully use strategic tools such as mergers and acquisitions, innovative technologies or processes, and qualified employees to strengthen their innovation platforms and practices. These companies believe in creating a better ecosystem by collaborating with external partners and competitors. All the companies on the list have leveraged the power of AI for innovation.

Only one Indian company

While most of the companies in the list are American, companies from Europe, Japan and Korea have also found place. It is worrying to have only one Indian company/group in the list of 50 most innovative companies. Certainly, a favorable environment has been created for startups in our country, and our economy has also emerged as a major and progressive economy in the world. But more work remains to be done on innovation, so that the companies of our country like Apple, Tesla, Amazon can also make the lives of common people easier by using innovation.

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In terms of the number of unicorns, our country India ranks third in the world after America and China. Founders of unicorn entities are fostering innovation through their own businesses and by investing money in other start-ups. There is a need to create a better environment for research and development, so that development can be promoted by implementing better ideas.