A (Affordability) is required to create access for everyone across the economic pyramid, especially at the bottom. S (Scalability) is required to make areal impact by reaching out to every individual, not just a privileged few. S (Sustainability) is required in many contexts; environmental, economic and societal. U (Universal) implies user-friendliness, so the innovation can be used irrespective of skill levels of an individual. R (Rapid) refers to speed. Inclusive growth cannot be achieved without the speed of our action matching the speed of our innovative thoughts! E (Excellence) in technology, product quality, and service quality is required, not just for the elite few but for everyone in the society, since the rising aspirations of resource-poor people also need to be fulfilled. D (Distinctive) innovation is required because there is no use of creating me too’ products and services.
In recent times, India has witnessed two ASSURED innovations that have been truly game-changing, one from government and the other from industry. JAM — J (PradhanMantri Jan DhanYojana), A (Aadhaar identification) and M (telecommunications) — created the fastest and largest financial inclusion in the world, with over 300 million bank accounts opening in record time.
Another game-changing innovation is Reliance Jio, which has catapulted India from the 155th rank in mobile data transmission globally to the 1st rank today!
But for successfully implementing the ASSURED innovation policy, we need to build a robust ecosystem. The essential elements of such ecosystem comprise physical, intellectual and cultural constructs. Beyond mere research labs, it includes idea incubators, technology parks, a conducive intellectual property rights regime, balanced regulatory systems, strategically designed standards, academics who believe in not just ‘publish or perish’, but ‘patent, publish and prosper’, scientists, who have the passion to become technopreneurs, potent inventor-investor engagement, ‘ad’ venture capital, and passionate innovation leaders. With such a robust innovation ecosystem, the ASSURED innovation policy is bound to succeed.