TC James, President, National Intellectual Property Organisation said “The need is to create a congenial ecosystem, with intensive investment in R&D. The basic research has to be funded more efficiently from the government or other public resources, because, if the returns are not immediate, private capital will be very reluctant in investing. Secondly, there has to be a proper and balanced IP system so that once the basic research is done, the private capital feels confident to take over to make those inventions marketable. This is where IP plays a very crucial role.”
“For an overall development in terms of innovation, the states need to understand how to commercialize/capitalise their domestic innovations. A few states have become innovation-leaders by attracting investments, focussing on development of sectors of the economy appropriate to their local conditions and resources, and creating an enabling business environment. Other states should take cues from such best practices”, he added.