Government of India has declared this decade (2011 -20) as the “Decade of Innovations”. Manmohan Singh has promised to increase R&D spending from 0.9% to 2% of GDP by 2017. MSMEs are economic growth engines for developed and more for the developing country like India. With this notion, InnovAccer – an Indian Innovation Management firm collaborates with Yourstory.in to create awareness of Innovation and Intellectual Property amongst startups. Starting from today, InnovAccer will release one article every week for 20 weeks to help startups gear up to innovate in the right direction and protect intellectual property at its best.
Anyone can run a business, but running a sustainable business depends on whether you provide cost advantage to the customer or present to them new innovative products or services. With fluctuating economy worldwide, cost advantage is no more a reliable strategy. Even China who is a master of providing cost advantage has initiated innovation strategies after rise in their labor cost. Multi-National Corporations have huge assembly lines and supply chains in process to release out a product within months, while startups have to rely on their innovative technology which is unique in the marketplace. Thus, Innovation and protecting that innovation is a key to sustainable growth of a technology start-up. Read more…
A french author wrote something which in a way summed up the world for me.
The only thing constant in life is change.
While reading through some of world’s most powerful innovations, the change each one them brought in our lives, was something my mind couldn’t really imagine.
Try answering the following questions and feel the change
- Remember the day when you had to go to the library to make your project reports?
- Or when you used A drive on your computer 🙂
- Or when you rich neighbor installed a “phone” in his home
Tata Nano – most awaited car in India and worldwide, placed near the wisdom shelves of Mustang and Beetle before of its launch. It was an experiment for disruptive innovation and pride of many Indians during those flamboyant press releases praising India’s Innovation. Ultimately it was a failure. Sales in November 2010 dropped by 85% from last year. And started the critics. Three main reasons came out Read more…
The greatest names in the history of mankind have been “Founders”.
Mark Zuckerberg, Founder Facebook
Founders are people who dreamed, who went out of the way to do something that wasn’t done by anyone. They are people who have stamped their steps in the pages of history and made themselves stand out of the ordinary.
Today, the world is looking for figures who can stand out to create defining moments of this generation. And there are people who are making the effort to make this happen, to stand out from the ordinary and to become “Founders”.
This post is going to talk of where the Founders are in terms of industries, where they have come from in terms of their colleges and where are they based. This small research is limited to India, and is done through primary data mining from Linkedin (25026 Indian founders).
In 1938, Lee Byung-chull (1910–1987) of a large landowning family in the Uiryeong county came to the nearby Daegu city and founded Samsung Sanghoe , a small trading company with forty employees located in Su-dong (now Ingyo-dong). It dealt in groceries produced in and around the city and produced noodles itself.
Little did he know that he had laid the foundations of world’s leading technology company of the twenty first century. Samsung has grown ever since that day to be a 220 billion dollar organization today.
As I was reading through Prof. Khanna’s article at HBR, I realized how Samsung have helped South Korea as a country in more than one ways. The way Samsung has defined globalization, not just in terms of exports or presence in almost all economies, has been quite amazing.
The article talks of one of the best examples of organizational innovations I have known, Read more…
The dream of a future constructed on the principles of science and technology and an economy based on Innovations was ignited by the President of India, addressing the parliament on 4th June 2009 and, declaring the next ten years to be the Decade of Innovation.
The Prime Minister, Mr. Manmohan Singh reiterated the intent of India leading the innovation arena across the globe in the 97th Session of Indian Science Congress held on 3rd January, 2010 at Thiruvananthapuram and declared the decade 2010 – 2020 the “Decade of Innovations”.
So, what really has driven the Indian leaders to stress on Innovation? Why is there a sudden urge to drive innovations in India?
The answer to all questions is the simple fact that Innovation as a phenomenon has had a huge impact on the global economy; it is now certain that the alchemies which will convert the resources of a country into tangible outputs will be innovation centers.
According to the Global competitiveness Index, India ranks as the 49th most competitive nation of the world and that after it is the 10th largest in terms of nominal GDP, 4th largest in terms of PPP and it is one of the world’s fastest growing economies. If all of the above is true why is India lagging behind the western world.
As we understand, India lacks competitiveness in terms of basic requirements (Institutions, Infrastructure and Primary Education etc) more than it lacks competitiveness in efficiency enhancers (Higher Education, Market Size etc) or Innovation. Though these parameters put a question mark on the government’s intention to put innovation as the highest priority goal for the country for the decade, but drilling deeper one will understand that innovation as a parameter has had a great impact in enhancing the basic requirements of a country.
How countries like the United States have focused on Innovation and have been able to reap benefits in long term is not a story that is hidden from anyone. Making an apple to apple comparison of the United States and India we would realize that the most important factors where the US scores over India will be Innovation and Business Sophistication.
The reason behind US leading the globe is because innovation centers like Silicon Valley have boosted the economy to a magnanimous extent and has been able to create the pillars of basic requirements for the USA.
What it means for India is that it has to focus on Innovation and create an ecosystem in the country to stimulate innovations and to produce solutions for the societal needs in terms of healthcare, energy, urban infrastructure, water and transportation.
The Government of India is now up to speed on creating this ecosystem and hence has marked the beginning of a beautiful “Tryst with Innovation”
Ethical consumerism or intentional purchase of products and services that the customer considers to be made ethically is one of things that
seems to be less exploited in terms of marketing strategies in India .
Innovation in marketing strategies are no less significant than innovation in products . With a growing consumerism ,transparent communication in markets , and vast amount of inter-market research , marketing is becoming tougher and tougher day by day .People are afraid to launch same products , because they think that they lack innovation . But , same product can be made available with smarter marketing strategies considering the consumer and mass psychology .
Lets say , you decide to sell rice . You are overwhelmed by the competition that exists and the banal idea of selling rice makes you sick with bleak hopes .
But , its not the rice here . Think of a marketing strategy , in terms of ethical consumerism . Maybe , say , your company offers medical insurance to all farmers and you buy directly from farmers at higher price , thus doing away with the rich mediators .
Or maybe you are selling book , and you also start a campaign against piracy and copyright issues . Or maybe you are selling mobile phones which employees people from villages .
Improvement in supply chain and marketing strategy and manipulating consumer psychology have significant number doors of innovation to be unlocked
Author: Bibhash Kumar Jha