Technology and Entrepreneurship: How India Can Lead in Creating a Sustainable World Future

Abstract

In the last decade, a global economy saw unprecedented growth that resulted in world recognition of developing countries as having superpower potential. But, in economies like India growth has not been beneficial for large segments of the population thus creating a socially volatile opportunity gap between the rich and the poor. Through examination of game changing technology and business models, this article poses a strategy to support creation of a new economy that does not have to make a choice between growth and poverty eradication. The approach calls for leaders to invest in locally appropriate technology research, build market forces to scale impact in rural or remote areas and to expand on the success of the microfinance ethos of investing in people through education, training and healthcare. While challenges are acknowledged, this article focuses on the key innovation advantages: a growing market and a young population demographic which can position India as a leader in sustainable growth for the world. Partnerships between government, corporations, and academics that foster entrepreneurship can achieve economic as well as social prosperity and examples are provided as impetus in overcoming resistance to change.