New innovations adhering to market demand need of the hour: IIM-B Director

“New innovations adhering to market need with a strategic thinking in marketing will be the need of the hour,” said Rishikesha T. Krishnan, Director, Indian Institute of Management — Bangalore.

“New innovations adhering to market need with a strategic thinking in marketing will be the need of the hour,” said Rishikesha T. Krishnan, Director, Indian Institute of Management — Bangalore.

Delivering Shri Manikam Ramaswami Memorial Lecture at Thiagarajar School of Management here on Wednesday, he asked students to start any business solving a problem through an idea. Explaining various types of innovation, he said Google was a successful company not only for its search engine, but also for the business model it developed to sustain through advertisements over several years.

“As the scope of innovations has widened, there is a major impact on the products that could be digitised. As music, books and movies are sold and screened digitally, innovations have leaped across barriers to reach a successful business,” he noted.

To innovate something as part of life, one had to build a systematic innovation capability. “Building a pipeline to put in our ideas and then improving the idea’s velocity will help streamline the distorted ideas into a focused one. This should be followed by improving implementation strategy,” Mr. Krishnan said.

Every company intending to improve its business model should take up the idea of conducting an innovation campaign within the organisation as it would help review the existing ideas, he added.

Speaking about new data-based business model, he said data-driven personal finance had proved to be successful business model of the current times, and not just finance but all data-driven initiatives would have tremendous growth in the current digital era.

Speaking about motivation and sharing of ideas between companies, he referred to the story of Aravind Eye Hospitals, Madurai, which took up the idea of one of the world’s leading food chains in standardising its cataract surgery process.