All that you wanted to know about the leading principles that drive innovation excellence, from those who created them
While innovation isn’t exactly suited to the short term mentality that affl icts most Indian companies, the impact of innovation on corporate sustainability can hardly be overestimated, as is indicated by numerous studies. Dr.Nam D. Pham, Managing Partner, NDP Consulting, attempted to assess the impact of innovation and IP protection on the US economy and concluded that IP intensive industries “create jobs and spur economic growth as results from high investments in research and development”. They were found to have output and sales that were over twice those of non-IP intensive industries, paid their employees around 60% more; and their R&D spends were around 13 times more than the latter.
Clearly, companies today need to take the innovation challenge head on and meet a variety of challenges right from the product idea to commercialisation to protecting its IP. This cover feature, which is a joint study between the Tuck School of Business (ranked number 1 in the Economist’s ranking of full time MBA programs globally last year), B&E and IIPM Think Tank along with primary research insights from the Indian Council for Market Research (ICMR), presents remarkable insights from global thought leaders on how companies can make innovation a success. Prof. Vijay Govindarajan, Earl C. Daum 1924 Professor of International Business and Founding Director, Tuck’s Center for Global Leadership (who has been ranked 3rd on the Forbes list of “World’s Most Infl uential Business Thinkers, 2011), presents a snapshot of his benchmark research on the phenomenon of Reverse Innovation (a term coined and popularised by him along with his colleague Prof. Chris Trimble, Faculty, Tuck School of Business at Dartmouth). He elaborates on the need for MNCs to start innovating from scratch for emerging markets (which are the new hubs of potential), and then bring these products back to developing and even developed markets; rather than relying too heavily on glocalisation. Prof. Arindam Chaudhuri, Hony. Director, IIPM Think Tank and Editor-in-Chief, Business & Economy, and Prof. A, Sandeep, Group Editorial Director, Planman Media, provide us a glimpse of their rather counter-intuitive, yet immensely relevant philosophy on ‘Exnovation’. They assert that companies, rather than consistently innovating, should instil strong process orientation to ensure maximum impact within the organisation and in the market place beyond for every innovation they do. Looking at the manner in which MNCs are latching on to the Reverse Innovation wave, B&E delves into the various need gaps that these companies are targeting, how they are attempting to commercialise the innovations in new markets and the learnings in that regard for Indian firms.
While innovation isn’t exactly suited to the short term mentality that affl icts most Indian companies, the impact of innovation on corporate sustainability can hardly be overestimated, as is indicated by numerous studies. Dr.Nam D. Pham, Managing Partner, NDP Consulting, attempted to assess the impact of innovation and IP protection on the US economy and concluded that IP intensive industries “create jobs and spur economic growth as results from high investments in research and development”. They were found to have output and sales that were over twice those of non-IP intensive industries, paid their employees around 60% more; and their R&D spends were around 13 times more than the latter.
Clearly, companies today need to take the innovation challenge head on and meet a variety of challenges right from the product idea to commercialisation to protecting its IP. This cover feature, which is a joint study between the Tuck School of Business (ranked number 1 in the Economist’s ranking of full time MBA programs globally last year), B&E and IIPM Think Tank along with primary research insights from the Indian Council for Market Research (ICMR), presents remarkable insights from global thought leaders on how companies can make innovation a success. Prof. Vijay Govindarajan, Earl C. Daum 1924 Professor of International Business and Founding Director, Tuck’s Center for Global Leadership (who has been ranked 3rd on the Forbes list of “World’s Most Infl uential Business Thinkers, 2011), presents a snapshot of his benchmark research on the phenomenon of Reverse Innovation (a term coined and popularised by him along with his colleague Prof. Chris Trimble, Faculty, Tuck School of Business at Dartmouth). He elaborates on the need for MNCs to start innovating from scratch for emerging markets (which are the new hubs of potential), and then bring these products back to developing and even developed markets; rather than relying too heavily on glocalisation. Prof. Arindam Chaudhuri, Hony. Director, IIPM Think Tank and Editor-in-Chief, Business & Economy, and Prof. A, Sandeep, Group Editorial Director, Planman Media, provide us a glimpse of their rather counter-intuitive, yet immensely relevant philosophy on ‘Exnovation’. They assert that companies, rather than consistently innovating, should instil strong process orientation to ensure maximum impact within the organisation and in the market place beyond for every innovation they do. Looking at the manner in which MNCs are latching on to the Reverse Innovation wave, B&E delves into the various need gaps that these companies are targeting, how they are attempting to commercialise the innovations in new markets and the learnings in that regard for Indian firms.
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