The Under Secretary for EGEEUS (Economic Growth, Energy and Environment of United States), Mr. Robert D Hormarts, has recently commended the Indian car Tata Nano for the latest technological innovations it has brought together at a low price of $3000. This compact small car has set new benchmark in global standards for all the other low cost cars of the world. Mr. Hormarts referred the Tata Nano as the superior most example in small compact car innovation as well as the other things available at an affordable price, designed and developed for the people at large. Tata Motors has been extremely cautious when it came to the necessary investment it had to do in the research and development of this specific car project and that’s how it landed up to file many patents for the design of its compact small car Tata Nano.
As per the Under Secretary for EGEEUS, “Innovation is never about something that could be limited to the developed nations. This is how these ideas for products and the ready products which are very innovative in nature are taking place in most of the emerging markets where the research facilities, very high entrepreneurial businesses and the number of innovative scientists are increasing in great volume.” He further added that there should be a provision of incentives for designing and developing fresh as well as innovation products. These particular incentives are to be invested in the firms that commercialize the invention and creative works depending on the IP (intellectual property) rights and law. He also stated that the innovation is happening at a very fast pace. So the incentives on this particular matter are definitely required for the huge multi-national corporations and compact businesses in the emerging and developed economies as well as in some of the very poor nations of the globe too. The government of the nation must take up the task of protecting the intellectual property rights in order to support these visionary innovators in their own country and from outside as well.
Mr. Robert D Hormarts also mentioned that the applications used in the mobile phones, the social media and the internet have the potential to collaborate and innovate at a magnificent scale. However if the government does not enforce the intellectual property rights and support the exchange of free and open ideas while rewarding the risks taken in developing these ideas through the means of protection, the innovations would be nipped right in the budding stage itself. He supported the fact that the ideas must be welcomed from all the sides whilst they must also be allowed to contest. The best one, the winner among them must be rewarded. With this recipe for an economy that is innovative through the free exchange and protection of the ideas most of us has or the experts in the matters of complex issues have. The protection of intellectual property and support for their exchange has made the foundation of the economical success of the United States and other developed nations in the past two centuries. Those economies that are still in the process of developing have to strive hard in order to comply with this formula to give their dynamism the necessary support it requires. This process suggested by Mr. Hormarts would definitely help in the growth of any nation who could follow these in accordance with their intellectual property Law.