As a major and still growing economic power in the world, India is looking at R&D and innovation with emphasis on implementation to make a difference in the lives of the aspiring population. Specifically, Reliance, one of the largest refining and petro-chemical companies in the world, is undergoing a major transformation with emphasis on research and development to support our businesses. We've embraced the open innovation concept. An integral part of our transformation strategy is sponsored R&D, collaborations and joint development programs with appropriate Indian and international institutes and universities, National/CSIR Labs, start-up and established companies world-wide.While the US is still the hub of innovation, R&D activities are increasingly moving from the West to East with greater economic activities. Most of the major multi-national companies have or are planning to have major R&D centers in India and China. In the changing world, there should be more emphasis on international collaborations so that we can maximize the impact of innovations using the best facilities and the best minds. We should use the latest advances in telecommunication and video-conferencing to initiate, monitor and guide the international joint R&D projects. Yet, there are challenges in international collaborations, such as intellectual property (IP) issues, ownership and exclusivity. We also evaluate innovative projects and collaborate with start-up companies, which are typically floated by post-docs and professors in incubation centers with financial support from venture capital (VC) firms. Is VC funding the most efficient model for innovation in capital intensive industry such as ours (chemical, petrochemical, industrial biotechnology, renewable energy, etc.)? In spite of the challenges described above, we are open and committed to seek alliances and collaborate with centers of excellence anywhere in the world. We must do this to efficiently meet the aspirational needs of our growing world.

International collaborations in innovative R&D: An Indian perspective

248th National Meeting (2014)

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