Entrepreneurship and Innovation
Innovation and entrepreneurship hold the potential to create new value in the health sector by invention, dissemination and use of new products, as well as development and scaling of new business models. Most powerfully, these can be combined, where new technology links with formalized clinical practice patterns and new business models. India faces a dual challenge of low levels of expenditure and relatively ineffective and inefficient services. Innovative practices in existing businesses and organizations along with the creation of new ventures based on new business models and technology, hold the potential of creating much greater value for the resources expended. This potential includes devising lower cost versions of existing products, leveraging existing resources to serve more people, and leapfrogging traditional western models and practice to create more impact. Much of this has lately been called frugal or disruptive innovation.
While product invention and innovation is often at the forefront of such efforts, however clever and creative, they are often not the critical factor. Effective entrepreneurship and innovation require what has sometimes been called an ecosystem of supporting elements and factors. This may include a receptive social climate, relevant educational resources, flexible organizational structures and cultures, angel and venture capital, and bundled resources designed to support new ventures. This environment is most effectively created through complementary and cooperative initiatives in both the private and public sectors.
The Institute will collaborate with other organizations in supporting the expansion of innovation and entrepreneurship within the health sector. It will focus on research and studies that look at specific efforts, their successes and failure, and the key factors that determine outcomes. This may include relevant laws and regulations, the nature of capital markets, the approach of the educational system, and the role of public and private insurance. We will partner with existing incubators and accelerators, as well as innovative established organizations. Through these collaborations we will support expanded innovation and entrepreneurship leveraging new value within the greater healthcare system.