The State of innovation in India

Dear Readers,
Barriers in innovation remain, but the most innovative companies have realized that “innovation” is not just about developing new products and services but, more fundamentally about discovering new ways to create values. To remain competitive in today’s business world, every firm must make innovation a central pillar of its strategy for growth. Let me give you a classical example:-
1) Bharti Airtel: - They established the future factory “Centre of Innovation”. Their aims to develop innovative applications specifically targeted at individual customer segment.

2) Wipro:- Wipro established an “ advisory board” and “Innovation council” to invest in and manage innovation projects.

3) Tata Motors:- Tata motors has initiated a “New production introduction process” that define business process for new products tackling everything from understanding customer requirement to commercialization and everything in between

Innovation is not just about developing new products and services . For Example :- Marico.
At Marico’s innovation is referred to “uncommon sense”. Uncommon sense is a mindset that seeks to create and unlock new value by challenging prevailing rules of the market.

Business leader drive a companies innovation culture. They must encourage the company to experiment and create options. Business Leaders should see failures as opportunities to learn and not opportunities to punish individuals and should help employees overcome or lower barriers to innovate.

High Performance Innovation framework
Innovation leadership
Innovation strategy
Innovation structure process and system
Culture
Metrices .
The top half of the framework represents the strategy element of the framework and evalutes the sophistication of the innovation strategy of a company.
The bottom half covers the hardware and linkages needed to allow ideas to move quickly and effectively.

“Innovation Platform”

Innovation platforms are powerful launching pads for new ideas, products, services and business. A platform should consist of a series of elements and a structured process that can transform ideas into values for the company. Innovation platforms should not be understood to serve only the core business. They should neither “Technology push” nor “market pull”.

Pathway for Innovation
Technological process
Product service
Logistical Channel
Occasion location branding
Insight
Production
Offering
Delivery
Customer exp.

These structure helps speed innovation from idea generation to commercialization by improving the interfaces between function for optimal resources allocation and rapid decision making.
Amit jain