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Innovation – Is it a myth or oxymoron or the real secret behind the stupendous success of the new kids on the block?

Basava Raju Atyam (A.B.Raju)

CEO – Biz Trans Consulting, Ahmedabad

Abstract

In the age of learn, unlearn and relearn as Alvin Toffler puts it, organizations have to be on their toes, not only for thriving even for surviving. Innovation has always been looked at curiously from a distance, as a fascinating subject by many organizations till recently – partly because of ignorance, partly because of inertia and partly because of inability to translate ideas into actions or combination of the above. Basic trait needed for innovation is the ability to connect problems, ideas and people.

Is innovation a myth? Is it a creation or concoction of someone and it never really existed?

Innovations existed since times immemorial but it is only in the last few decades this subject has been studied and applied in a systematic way. In spite of lot of research, still it is fascinating to unravel the secrets of business success in the ever-changing environment and circumstances.

Is innovation an oxymoron because the very basic existence of business is innovation? If a business cannot distinguish itself in anyway from its competitors, it shall not last long in a perfect competition scenario. So here lies the answer. When there was not much competition and supply demand gap existed, innovation definitely is not all that important. Things are changing faster than they used to and innovation is becoming a key differentiator in business.

While optimization and efficiencies are basic necessities for business success, it is innovation that propels an organization to the next level. In order to create wealth, innovation is a basic necessity. In short, innovate or perish- is the mantra for the present day organizations.

Innovation should make things (products, services, processes, business models etc.,) simple, unique, elegant but add value to the customer, while it should contribute to the bottom line of the companies that innovate. Organizations have no other option but to innovate on a continuous basis to be one step ahead of competition and that is where some of the great companies like Apple, Procter & Gamble (P&G), 3M, Google, Amazon have excelled. The meteoric rise of some of the companies like Face Book, Google, Zinga, eBay etc is solely attributed to brilliant innovations in their products and processes.

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