Innovation – “Making a difference in an emerging economy”

Innovation for growth is a road map that business needs to meet today’s global challenges। As innovation is an important topic in study of technology, along with economics, business, entrepreneurship, design, sociology and engineering; even I got an opportunity to be a part of a summit on Innovation and listen to how innovations are making difference in various industries.

The subject was “Innovation- Making a difference in emerging economy”, at Sixth India Innovation summit by CII.

I think most of us believe that advances in many field of human activity would require the application of information technology. Same was addressed by Chairman of Microsoft Corporation (India) Pvt. Ltd.

Ravi Venkatesan, Chairman, Microsoft Corporation (India) Pvt। Ltd., referred to four technologies that would prove transformative. First is cloud computing, the second area would be “the profound shift in the way we engage with machines, using touch, body and voice applications in everyday life,” he said. The graphical user interface (GUI) would give way to the natural user interface (NUI). A NUI relies on a user being able to carry out relatively natural motions, movements or gestures that they quickly discover control the computer application or manipulate the on-screen content. The most descriptive identifier of a NUI is the lack of a physical keyboard and/or mouse. Thomas Edison once said, “There is way to do it better- find it”.

The third transformative innovation would make use of technologies that enable the use of any surface as a screen। The fourth element of the transformation would be a more democratic access, aided by the plummeting cost of computing.

Later, the discussion happened on the new models of innovation: Power of Networks, Open Source and Collaborative Competition। Merck & Co., Inc. a global pharmaceutical company that discovers, develops, manufactures, and markets a broad range of human and animal health products; does collaborative development. I think their molecule innovation process with partners was similar to collaborative development at SAP.
One thing was discernible throughout the session that where there are major challenges, there are major opportunities। Be it either as product, solution or a process, but there is need for innovation. There is a strong need for collaboration between academic and R&D institutes, industries and market need.

There was an example discussed on innovation, The 25,25 metres truck combinations developed under the branding of EcoCombi which influenced the name of EuroCombi for an ongoing standardization effort in European Economic Area. With the 50% increase in cargo weight, the fuel efficiency increases with an average of 20% with a corresponding relative decrease in carbon emissions and with the added benefit of a third less truck on the road.
By using mobile networks, a private company named A Little World (ALW), a Branchless Banking Platform leverages low-cost technology to integrate micro banking with a brand-new multi-bank payment network branded ZERO। The ZERO platform converts new generation Near Field Communication (NFC) mobile phones into secure and self-sufficient bank branches. These no-frill accounts are based on biometric customer identification and enable a large variety of transactions in villages.

“What” is used for problem definition, innovation should answer “How” to solve it। Somewhat similar was discussed by Idit Biton from SIT.

A systematic technique to innovation increases inventive group thinking across a range of business issues। Johnson & Johnson used a method called Systematic Inventive Thinking, which uses templates to help regulate individual thinking and channel the ideation process in a structured way. One example of the template is subtraction. It suggests removal of an essential component from a product or service so as to create a new product or service. For example, music players like iPod has cassette removed, an exercise bicycle has had the rear wheel removed. A package of powdered soup has had the water removed and the ATM has had the cashier removed. In each case, taking something away created a new innovation use or benefit.

One can define innovation broadly into, products and services, new business models and best practices। How you do things in a company – that’s also innovation. Innovation is not an option, it’s a must.

“Obviously everyone wants to be successful, but I want to be looked back on as being very innovative, very trusted and ethical and ultimately making a big difference in the world” -Sergey Brin