“…We see the emergence of STV-based innovation activity in India as a combined effect of both concerted policy push (i.e., NIS-based advocacy) and collective efforts (i.e., ecosystem play) by various institutional constituencies, such as higher educational institutes, research-based laboratories, technology-focused firms, venture capitalists and highly inventive individuals (or groups of individuals). Indeed, in line with the observation by scholars in the broader context of Indian start-ups (e.g., Jha, 2018;Kapturkiewicz, 2021), we find that S&T policy initiatives have been complemented by an entrepreneurial ecosystem focused on STVs. In the rest of this section, we elucidate how NIS and ecosystem aspects shaped and supported the emergence of STVs in India and then show how the two perspectives converge in a sectoral context.…”