Watch excerpts from a discussion with Marico Innovation Foundation Chairman, Dr. R. A Mashelkar about the challenges of implementing innovation in India.

In his trademark straight talking approach he highlights the key challenges and opportunities: Research Institutes build knowledge - but are not obliged to transform knowledge into monetizable ideas; we are still a 'Patent illiterate' Nation and have some way to go in recognizing the value of patents in monetizing ideas; and most importantly there is huge need for an Innovation Ecosystem within India that can ensure higher success of the journey from mind to marketplace.

Calling it a journey of pleasure and pain, Dr. Mashelkar says we must create an ecosystem that ensures rapid movement of ideas from the mind to the marketplace - in a way that the benefits of us being in that marketplace are enjoyed by the people of India. India ideas, creating wealth in India, for India.

If you believe you have implemented an innovation, apply for the Innovation for India awards 2012 at maricoinnovationfoundation.org