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Turning research into impact – BFH Business School and Parul University to open first Affordable Innovation Hub in India
12.12.2024 Affordable innovation is a cornerstone of progress, driving economic growth, reducing inequality, and fostering sustainability. By making transformative technologies accessible to all, it empowers communities, enhances quality of life, and accelerates solutions to global challenges like climate change and poverty, paving the way for a more equitable and prosperous future.
The Institute of Innovation and Entrepreneurship, among other scholars worldwide, has contributed over a decade of research on Affordable Innovation. However, the practical implementation of these valuable insights still lags behind. To bridge the gap between academic knowledge and real world managerial decisions, the BFH Business School and Parul University, our Partner University in Vadodara, India have inaugurated a joint initiative, the first Affordable Innovation Hub. This Hub aims to foster the development of affordable innovations, entrepreneurship, and related research, by providing education, resources, and mentorship, for students, researchers, and local entrepreneurs. Affordable innovations are defined as products or services that target those customers with a low willingness or ability to pay. They provide access to benefits of innovation for formerly disenfranchised individuals, social groups, or communities and contribute to solve Grand Challenges of our society.
The two universities will cooperate to achieve the following objectives:
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Establishment of the Affordable Innovation Hub: The Hub will be established on the campus of the Host University and will serve as a platform for innovation, research, and entrepreneurship for students, faculty, and the community.
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Fostering Affordable Innovation: The Hub will be designed to offer education, resources, mentorship, and business incubation services, promoting the development of affordable innovation.
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Education for Innovation: The Hub will host and deliver educational formats that create awareness for the potential of affordable innovation, build the capacity of innovators to develop affordable solutions and contribute to create a knowledge base on success factors for Affordable Innovation.
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Joint Research and Innovation Projects: Both universities will collaborate on joint research in the area of innovation and entrepreneurship to foster knowledge exchange and facilitate the development of solutions that address local and global challenges.
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International Network: The Hub is part of an international network and contributes to the creation and exchange of knowledge among its members.
