Renowned innovation specialist R.A. Mashelkar, former Director General of the Council of Scientific and Industrial Research (CSIR), emphasized India’s robust intellectual capital during a plenary session at the Bengaluru Tech Summit 2023. Mashelkar cited examples such as the National Chemical Laboratory’s international consulting success and the groundbreaking UPI innovation, accounting for 46% of global transactions in 2022.
He outlined six principles for startup success, including affordability, scalability, sustainability, universal acceptance, rapid-to-market strategy, and a distinctive business idea. Acknowledging Karnataka’s achievements, he urged the state to transition from innovation-led incremental growth to exponential growth for sustained success in the startup ecosystem.