Apr 12, 2007

Innovation a strategic priority for India

Innovation strategic priority for India Inc- CII-BCG Survey

The problem with words like innovation is that everyone agrees it is important but not everyone understands what is to be done to achieve it. Which is quite different from the quality movement.

The CII-BCG Survey has also revealed that 74% of the companies are planning to increase the funds invested in innovation. However, Indian companies seem to facing the innovation paradox as almost 60% of the respondents are not satisfied with their returns on innovation. There is thus a need for advocacy and awareness building in the area of innovation

The important thing to remember is that innovation resides in one's mind, and worldview and the ability to be flexible in adapting that worldview. Hence throwing money at innovation is not likely to achieve it.

In some ways, Indians are great at adaptive innovation, taking what is finished and finding new uses for it. However, we lack the ability to really craft new markets and blue oceans.