To harness India’s potential as an innovation ecosystem there needs to be more focus on Intellectual Property creation and commercialisation. But, there is a huge gap in this space, according to a recent report. A white paper ‘India as an Innovation Economy: Role of IP and ICT’ released by the Indian Council for Research on International Economic Relations (ICRIER) and the European Business and Technology Centre (EBTC) observed that to realise the potential, research funding from public and private domains should increase. India is the second largest telecommunication market with Information and Communication Technology (ICT) revenue expected to reach $225 billion in 2020. But, as a country lack in terms of innovation and filing Intellectual Property (IP) due to lack of funds to create innovative solutions.