NEW YORK: The importance of innovations in educational institutions for meeting the needs of the increasing number of youth over the next 20 years was stressed upon by prominent academics at the Innovation Forum held at the Indian Consulate in New York on Feb 13.

It was the first meeting of the Innovation Forum established under the auspices of the Indian Consulate, which was attended by about 60 representatives of business and finance, media and academia. In their talk on "Teaching Innovative Thinking in Education", Prof. Mohamed Latib and Dr. Galen Godbey of Desales University stressed the importance of innovations in educational institutions for meeting the needs of the increasing number of youth over the next 20 years; novel dynamic approaches, technological ingress in traditional institutions, matching of resources with desirable outcomes, especially in the era of globalization, were necessary for developing new knowledge and taking skills to a higher level.

Inaugurating the Innovation Forum, Consul General Neelam Deo elaborated on definitional and practical aspects of innovation. She referred to the need to bring together innovative ideas and their commercializers to stimulate general development in India, the purpose for which the Forum was established. G.V.S. Ramesh, Country Head, ICICI Bank, in his presentation ‘‘Innovation in Banking: Challenge of Change’ said that software and intellectual property were the key levers for competing in the banking sector globally.

He stressed the importance of innovation in product development, outreach expansion and deepening of banking services to the unbanked sectors of the Indian economy, especially in the rural areas. Prof. Saikat Chaudhuri, Wharton School, University of Pennsylvania, elaborated the role played by business processes in the growth of consumers’ choices.

He stated that companies focusing on innovation broadened their consumer base while tradition bound companies were most likely to attenuate; hence the need for mergers and acquisitions, alliances with competitors and the imperatives to innovate. The presentations were followed by a lively Question & Answer session focusing on innovation in rural education and banking in rural areas.