Wednesday, December 9, 2009

Innovation


And now TATA group comes up with a Rs 1000 water purifier. The journey from Rs. 1L (TATA Nano) to Rs. 1K (Swach) hasn't been a journey of low cost, but a journey of innovation. When we talk in a group, our voice is heard if we talk something new aka innovate. Take for instance the case of Amitabh Bachhan; he has to be innovative not because he is in a creative field, but because being ahead requires you to innovate. Amitabh's core competency was that of an angry young man. He has moved on and that is the reason he is still surving and going strong. As time passes by competition increases in each segment or competency and hence to stay ahead, there is a strong need to innovate.
The greater effort we use in innovating, the faster we grow and get the beginners advantage. Had Sachin Tendulkar not reinvented himself according to the changing needs of one day cricket, I doubt he would have survived for too long. M S Dhoni too has also innovated his batting to suit his captaincy and role in the team. Once  a maverick batsman, Dhoni has set a good example of the balance between hard hitting and playing cautiously. His string of initial failures also shows that innovation takes time and hence requires patience and will power. All successful organizations have climbed the steep slope of innovation, be it Nokia, Google, Apple, Tata...But to stay on a glider of growth in a competitive market, it is very important to constantly strive to innovate yourself.
Also try reading: Incubating innovation in India (By Kiran Karnik)