Innovation

Innovation we believe is successful exploitation of ideas to produce clear value to the users and stakeholders. Value creation involves more than just money; it encompass factors such as enhancement of knowledge, intellectual property, effective exploitation of resources, preservation of the natural environment, and other factors that may contribute to raising the standard and quality of living.

Innovation valued by the market place has long been recognized as a creator and sustainer of the companies. We believe that innovation is the best competitive strategy in global economic environment. In companies, innovation is linked to performance and growth through improvements in efficiency, productivity, quality, competitive positioning, market share, etc.

We mention a few leading work which we acknowledge and build upon-

The ‘Blue Ocean Strategy’ proposed by W. Chan Kim and Renée Mauborgne claim that successful businesses capture uncontested market space, and thereby making the competition irrelevant.

The ‘Open innovation’, promoted by Henry Chesbrough says that in a world of widely distributed knowledge, companies cannot afford to rely entirely on their own research, but should instead buy or license processes or inventions from other companies.

Clayton Christensen has proposed that firms must do destructive innovation to overcome competition. A disruptive technology or disruptive innovation is a technological innovation, product, or service that eventually overturns the existing dominant technology or status quo product in the market.

C K Prahalad says that to prosper, companies have to constantly change the game in their industries by creating products and services that satisfy needs that consumers don’t even know they have yet. That’s how loyalty is built.