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Sunday, December 10, 2023

Innovation easy, effective and economical tool for asset creation

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Innovation and entrepreneurship are essential ingredients in building a successful commercial venture. The ways in which these two concepts fuel enterprise are something entrepreneur’s never stop exploring.

There is no doubt that innovation were, are will be extremely important for the individual and society. Today, people increasingly realize that innovations are even more critical that in the past. Thus, industrial competition is increasingly cruel and companies must continuously bring innovative products and services to the global market. To survive, companies need creative and inventive employees whose novel ideas are, to a certain extent, a necessity for the companies continued existence and future success. Consequently, modern society indeed requires highly able citizens who can produce innovative solutions to current challenges and contribute new ideas that aid in the development and growth of the market for a particular product or service. Contemporary society, without doubt, is highly reliant on innovations. The future will be synonymous with innovation. Despite the quite evident importance of innovations in the life of any organization, one should acknowledge that the phenomenon of innovation is far from well understood.

“Executing an idea which addresses a specific challenge and achieves value for both the self and society. Innovation is a never ending process

Many people think of innovation but don’t execute, but if someone has an amazing idea, it changes the world and that’s that. True innovation is much more complex.

Karsanbhai Patel did not invent detergent. Instead his innovation in distribution, money back guarantee and appealing price point is what translated into Nirma story where an Indian entrepreneur took one the MNCs and rewrote the rules of the business. 

What is important to understand is that the innovation need not be grandiose. Instead to be effective it must be simple and focused on addressing specific issue or need. It is always better to able to start small, requiring limited resources, few people and only a small market. Otherwise there is not enough time to make the adjustments and changes that are invariably required in the initial stage. Innovations are to be handled by ordinary human being so it should not be too complex or clever.

India has long branded itself as the world’s leading outsourcing destination for global companies, particularly for those in the technology sector – but in the Fourth Industrial Revolution, the time is ripe for the world’s most populous country to reinvent itself. The writer is a renowned innovator and entrepreneur can be contacted at www.joganireinforcement.com

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