However, to sustain innovative thinking, more than just a conducive environment is needed — funding is crucial. Many potential ideas fail due to financial constraints. Corporations have a responsibility to foster these young innovators by providing capital, significantly accelerating the journey from an idea to a solution that benefits society.
Of the 900 million working-age adults in India, only 41% are employed or seeking work. Dwindling female labour participation, especially after the pandemic and unsustainable rural livelihoods, fuels migration to cities, but most end up in the vulnerable informal sector that employs 90% of India’s workforce.
India faces multidimensional poverty, spanning financial, educational, health, and living standard deficiencies, with limited success in addressing it via urban migration. Therefore, fostering entrepreneurship is crucial, empowering individuals to become job creators and drivers of sustainable economic and social development. This requires inclusive skill development in both vocational and entrepreneurial areas, particularly for marginalised groups.
Empowering individuals to become job creators fosters sustainable economic growth, innovation, and social development. However, this shift necessitates a multi-faceted approach, focusing on developing both vocational and entrepreneurial skills, including identifying market opportunities, managing businesses, and navigating the competitive landscape.
Achieving this crucial shift requires collaborative efforts from the government, private sector, and civil society. By creating a conducive environment, they can empower India’s vibrant population to become agents of positive change.
Mentoring and funding programs offered by tech giants and others are another significant step to empowering young social innovators throughout their journey, from ideation to market launch. This goes beyond financial support, as tech leaders act as mentors, shaping the next generation of changemakers.
Private initiatives
Hearteningly, such concrete and collaborative efforts are already underway. Social Innovation for youth programs like “thingQbator,” an initiative by Cisco and Nasscom Foundation, provide crucial support by fostering innovation, building learning platforms, honing digital skills, and offering mentorship by collaborating with various universities to identify and mentor young minds in shaping their entrepreneurial aspirations.
The program empowers budding entrepreneurs to translate their ideas into real-world solutions for pressing challenges. To date, Cisco’s thingQbator program has impacted nearly 100,000 students and has nurtured over 50 startups. The program has led to the creation of over 300 jobs through these start-ups. All these start-ups are addressing social challenges through innovations across sectors such as Education, Healthcare, Climate Impact, Agriculture, etc.
Government initiatives
Further momentum comes from global events like the G-20 summit, which highlighted the importance of social innovation and entrepreneurship in addressing social and environmental issues through sustainable, tech-driven solutions. The summit emphasised bridging the technological divide and fostering community partnerships to equip young innovators with the necessary skills and knowledge.
These efforts are already yielding positive results. As of December 2023, India boasts over 117,000 recognised start-ups, generating over 1.2 million direct jobs. This growth isn’t merely quantitative; it’s increasingly focused on tackling social issues. For example, the health-tech sector has witnessed significant growth, with many start-ups aiming to improve healthcare accessibility in rural areas. Similarly, ed-tech start-ups are revolutionizing the education landscape, particularly in remote regions.
The Indian government is actively fostering a culture of innovation through initiatives like the Atal Innovation Mission (AIM), Start-up India, and Digital India. AIM cultivates innovation across sectors by supporting entrepreneurs in both education and professional settings. Start-up India provides a supportive ecosystem with benefits like tax exemptions and IP support. Digital India aims to empower citizens and businesses by improving digital access and government services. Together, these programs are fostering a nationwide innovation and entrepreneurship drive.
Global collaborations
American lender Citi, in collaboration with IIT-Kanpur and T-Hub, offers grants to Indian social impact start-ups focusing on agriculture, healthcare, and finance. This initiative supports both early and growth-stage ventures with mentorship, business development, and funding opportunities. Collaborations like these underscores the global interest in and support for India’s growing social innovation ecosystem.
By equipping young minds with the necessary tools and support, India is charting a future where technology and innovation spearhead societal transformation. This journey has just begun, but the immense potential and early successes hold the promise of a brighter, more inclusive tomorrow.
Going forward
Looking ahead, the future of social innovation in India brims with potential. Digital inclusion and fintech will play crucial roles, making services accessible and fostering inclusive growth. AI and ML hold the power to revolutionise healthcare, education, and agriculture, offering personalised solutions and improved efficiency. Sustainability is also gaining traction, with green technologies and circular economies gaining ground.
Social enterprises are leveraging blockchain for transparency, fostering trust in their endeavours. As these trends converge, India’s social innovation landscape is poised for significant expansion, offering innovative solutions to pressing social challenges through technology and sustainable models.
—The author, Harish Krishnan, is Managing Director and Chief Policy Officer, Cisco Systems India & SAARC. The views expressed are personal.
