(This article is inspired from BRAND EQUITY of TOI edition:04.08.2010)
Genuine Innovation indeed has a breakthrough quality.Today if we consider the example of Emami's Fair and Handsome they cover 80% of market share in mean fairness cream and already worth Rs.200 crore (as per ET reported till august'4th'2010) The Big Idea was when 30% of fairness cream users are men, why not one come up with fairness cream exclusively catering to men.And today the results are all visible emami certainly turned up this notion into practice and milk the idea into cash pile.
In present scenario it is all about institutionalising flashes of genius other than sticking to one brilliant idea od "once upon a time". it is indeed inevitable to develop & nuture a culture in the company so that their mindset of innovation get changed and every employee should ingrain and behave like a part of the innovation.
The pattern should be the eventual emergence of ideas from freeflowing minds, and then the purpose should be to channel and control those ideas in an effective manner.
The past few years have been evident about the critical light out of the blackwhich is INNOVATION.Many companies pondering over this strategic priorities.Revaluating their tools that help them navigate a new reality.
Companies across a world awash with technology and deconstructing Apple's sucess in innovation on all fronts; the company led buy steve jobs have turned into an exemplar of the creative organizations.
Innovation is an ability to commit anything new and different and to be actively involved in it(sleep with it breathe with it eat with it in precise live with it)making it a priority and graduating from abstract ambition.
If a company took "INNOVATION" as its principle strategy it should make its employee really feel it in thir life.It should run in the artries and veins like blood in the body of organization.Innovations if one would define will only say that something new, where as it is more than that it is an attitude, it is not theprocess that merely drives the innnovation,infact the secret recepie is involving customer insights,radical ideas,modification of already existing products or services on advanced levels and noticeable benefits that a customer wish for or willing to pay for.
TGIF(Tate Group Innovation Forum) works on the same principle where the mandate is simple that is to inspire employee to be more innovative and drive a cultural transformation within the group.Nano and Swatch their products are outcome of the same brilliant ideas.And the industry is expecting ample of action yet to take place.
Even godrej people have an offcial meeting once in the month for the same.
But have some one noticed that Innnovation is just likfe business ethics ..the topics which are much talked about but when it comes to the implementation part of it not very often management will like to go for the idea.This whole thing really need one more impotant element and in fact the most important i.e COURAGE
Creativity is now a days seem to be the currency for the forth coming future.Since it not only fetch growth for the company, it also make them more agile towards the future.
Mr.C.K.Prahlad an eminent management thinker in his book "BEST PRACTICES ONLY GET YOU SO FAR" have also took a stand where he urged the manager to seek for new mega opportunities rather than focusing on competition.He also advised to image the future, invent next practices, so that world could witness market leader.CHEERS for the same if businessmen in India realize the importance of his words.
-mrinal bhattacharya
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