Innovate in India
Entrepreneurs must learn from the Googles, Apples
and Amazons to create needs where none apparently exists
It
is common knowledge that Indian investment in research & develop ment
(R&D) -whether public or private -has always been meagre. Also well-known
is that we don't value patents as much as we should. Even in the glittering
sector of information technology, a so-called Indian monopoly, we have been
content with the popu list tag of service providers and back end processors
rather than striving for product development and high-end consulting.
Given
the fact that we are neither short of intellect nor enterprise, why should this
happen? The question de mands deep introspection.
Somewhere,
it's got to do with our innate affinity for volume over value and price over
performance. In every product we sell or service we provide, the emphasis is
largely on the price tag, on its pocket-friendliness to be precise. And even as
consumers, we love the word `cheap' more than `cost-effective'.
Indian
companies, with some exceptions of course, hardly have innovation on their
growth agenda. They are generally content with volume driven growth that has
serious limitations to its sustainability given its susceptibility to industry
downturns and the challenge of meeting global benchmarks. Going forward,
markets are going to get increasingly global which means competition from
global giants would be the order of the day and customers will get even more demanding
with time.
An Ongoing Initiative
No
longer can we showcase our risk averse glorious workarounds and tweaks in the
name of modernisation.We need to inculcate a culture of innovation as an
integral part of our entrepreneurial ambition beyond merely employing R&D
as a ruse to win tax concessions.
Indian
firms have for long focused solely on improving productivity in terms of
process and product enhancements or at best replacing manual operations with
automated processes.
But
the whole effort is still directed chiefly at improving market share, rarely
about redefining the marketplace with disruptive innovation. And disruptive
innovation can't be reduced to quick-fix KRAs even when we were to acknowledge
its need. It's a fullfledged, ongoing initiative that must win buy-in at every
level -board, management and workforce.
We
need to duly invest in people and processes to consciously seed and steer
workplace innovation. And contrary to popular opinion, innovation is not
restricted to manufacture, it extends to every aspect of business, including
packaging, promotion and customer service. We need to learn from the Googles,
Apples and Amazons of the world that create needs where none exist or underline
them when they are not explicitly felt.
In
fact, Apple has redefined market audacity as a key competitive edge by
convincingly and consistently backing its market-dictating claims with a marked
penchant for innovation and enduring stress on excellence. No wonder, the
glorious legacy of Steve Jobs continues unabated. The spectacular
groundbreaking financial results of the global conglomerate bear ample
testimony.
Return on Innovation
There's
a strong need for academia industry collaboration and co-creation in running
sustainable innovative projects. Yes, some corporates in India are indeed
running such initiatives but they still represent a glaring minority. More and
more corporates should aggressively capitalise on India's robust education
system that would undoubtedly prove mutually beneficial for both parties.
Corporates
will fetch cost-effective R&D labs and a steady pool of qualified human
resources while academic organisations will benefit from the professional ex
posure thriving in the living waters of business. If our entrepreneurs get out
of their mental block that the only return that matters is the return on
investment, they will l e a r n t o t h i n k growth in terms of return on
innovation.
If
we breed innovation at the grassroots level, we can slowly and steadily compete
with China, not just in the global market place but also in the filing of
patents as well.In fact, the govern ment should begin incentivising companies
that file pat ents. This will provide both motivation and momentum to our
entrepreneurs to think different, to become evange lists, to become market
leaders in the truest sense of the word.
The
best part about India, as the PM's `Make in In dia' clarion call has of ten
emphasised, is its humongous market potential. And the opportunity is not just
in the consumer market but also the B2B and B2C segments. The government is
slowly and steadily revamping the Indian business environment -whether by
scrapping redundant laws, doing away with needless intervention or opening new
vistas of global business opportunities. Agreed that much yet needs to be done
at the government end, but the onus is on Indian industry to take advantage of
the changing scenario, which hopefully they will.
|
Nitin Potdar
|
ETM3MAY15
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