After studying 80 R&D companies in India, German think tank Bertelsmann Stiftung believes there is a definite buzz about India’s R&D strength. With more than 1,000 R&D labs, India is rated the 5th-best destination globally for innovation and technology.
The study describes the two ways that Indian companies approach innovation:
1) adapting products for developed markets
2) frugal innovation, where Indian firms create products and services with limited resources
Bertelsmann Stiftung believes that Germany needs to adopt the second method for itself, and suggested that German academic bodies should collaborate with Indian companies with an innovative streak to learn approach and techniques; and that the German government should push for more corporate collaborations with Indian companies when it comes to innovation, reports Moneycontrol.
