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by Rajen Kumar
APEDA Rendering Lip Service
For over four years now, we have been making relentless efforts to fill information deficit that painfully exists in the country's Micro, Small and Medium Sector. Encouragingly enough,...
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Jan 2012Be Skeptical. Be very Skeptical. Mistake upon Mistake
In recent months, we've had a few slip-ups by the official statistical system in India: • Yesterday's IIP release was preceded by a mistake. Mint says: On Monday, the...
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Special Reports
Innovation- A Driver Of Wealth Creation
Indranil Deb
Aug 2010
Aug 2010
Michael Eisner, CEO, Walt Disney Corporation once said, “What really matters is the pursuit of new ideas. You can always find someone for almost anything else.” Readers are familiar with the Walt Disney Corporation and its most famous creations, namely, Mickey and Donald, Minnie, Goofy-to name a few. These are household names that have captured the hearts and minds of children across the world trough generations.
At the heart of the success of this great entertainment venture lies the breakthrough innovation it introduced to the world-that of cartoon animation. A series of still pictures filmed in way that makes the audience believe that the characters in the plot have actually become “alive” or animated. This was a completely new way of presenting film entertainment to the audience-something that had never been done before.
The Idea
Walt Disney and his team invested some time researching an idea, then invested a larger amount of time and effort into developing this idea, and, finally, a very large amount of time and effort into commercializing this idea into the market place. That, in summary, is the process of innovation. The results are there for all of us to see.
So, let's try and understand this term “innovation”. Innovation is a change in the thought process for doing something. It is finding a new way of doing something that has traditionally been done in a certain way. The word "innovation" has often been commonly misunderstood as being the output of a process(of thought-idea-plan-action). However, experts emphasise the need to focus on the process itself, from the origination of an idea to its transformation into something useful; from being just an idea or a thought in the innovator's mind to a tangible thing that we can experience; and on the system within which the process of innovation unfolds. Those who are directly responsible for application of the innovation are often called pioneers or though-leaders in their respective fields- whether they are individuals or organizations.
The Driver
Innovation is among the most important drivers of an economy, as it leads to new product categories and results in increase in productivity. In fields such as the arts, economics and government policy, something new must be substantially different(bring some degree of change in thinking, products, processes, or organizations) in order for it to be acknowledged as being innovative. The change that innovation brings about could be radical and revolutionary, though innovation need not always be radical.
An event may be subject to a lot of scrutiny and debate before it is accepted as an innovation. What is less debated, however, is the fact that the change that innovation brings about must increase economic value-customer value, or producer value. The goal of innovation is positive change, to make someone or something better. And, innovation leading to increased productivity is the fundamental source of increasing wealth in an economy. Technological institutions, idea laboratories, business incubators and private garages are usually the most common places in which innovation takes place.
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