Jugaad innovation: Is India's IT industry just about it?

One of the key factors in making India an IT super power is going to be technological innovation. Does India have what it takes to be the world's most innovative country?

To find the answers, CNBC-TV18's Suresh Venkat talks to a panel of experts in the special show Lenovo 3.0. Panel of experts include Shouvick Mukherjee, CEO and VP of Yahoo Research and Development, Bangalore. An internet industry veteran Shouvick Mukherjee is responsible for driving Yahoo's R&D strategy in India. Under his leadership India has emerged to become the second largest R&D hub for Yahoo globally and the largest outside the US.
Alok Kejriwal is the founder of games2win. He started off early as an entrepreneur with a bill discounting business, moved onto manufacturing socks and then turned internet entrepreneur with contest2win and now games2win Alok's main aim in life is to own a billion dollar company.
Also on the panel is Rahul Agarwal, Executive Director of Lenovo India. He is in-charge of Commercial Business and Lenovo recently has become the world's largest manufacturer of personal computers. Here is an edited transcript. Watch the accompanying videos for the full show. Q: India is known largely for something called 'jugaad innovation'. Is that good thing or a bad?
Kejriwal: It is a great thing. It is the definition of innovation. It is like having nothing and creating something - that is jugaad. So, it is starting with scratch. I think a lot of us entrepreneurs, Indian businessmen come from places and ideas that have not been proven before. No one blesses them. There is no lab that you can go in to and say professor do I do this or not? That is jugaad, jugaad is fighting all the odds and say I did something and if you start with their intent of trying and you don't use too many resource. So the DNA of jugaad is minimal use of resources, maximum output from that experiment.