My letter to Business Today

My letter to Business Today

BT issue dated 30th May 2010 was a special issue  on the subject of Innovation-a subject which has always been very dear to me.I have also discussed the subject of Innovation Management in some of my sessions with MBA students during last one year.

Here is my response to the subject via my letter to the editor of BT :
Dear Sir,
I refer to your Special  BT issue dated 30th May 2010 on INNOVATION”. 
All the articles were well researched and excellently presented.Innovation has been defined by many writers and experts in different ways according to their perceptions. In fact,Innovation Management has now become a hot topic and is discussed and debated hotly in many B Schools.
There is often a confusion between innovation and invention.An eminent authority, Daniel Scocco  clarifies that “invention refers to new concepts or products that derive from individual’s ideas or from scientific research. Innovation, on the other hand, is the commercialization of the invention itself.”
Since innovation is also considered a major driver of the economy, especially when it leads to increasing productivity, the factors that lead to innovation are also considered to be critical to our policy makers. Further,to be successful,innovation has to pass through three stages viz.innovation, invention, translation and commercialization. The most difficult and challenging part is the last stage.
In todays competitive market the ultimate aim of inovation is to develope the ability to deliver new value to customers-be it in banking,or in retail,or in FMCG.
In essence,the focus of innovation management is to allow the organization to respond to external or internal opportunity, and use its creative efforts to introduce new ideas, processes or products.
Kudos to the BT team for busting some of the popular myths of innovation.
  New Delhi
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1 Response to My letter to Business Today

  1. J S BROCA says:

    Dear Readers,
    An abridged version of this letter has been published on page 4 in latest issue of BUSINESS TODAY dated 11th July 2010 : It goes like this :


    Your Innovation issue (BT cover,May 30) reminds me of what the internet entrepreneur Daniel Scocco has said on the subject : ” Invention refers to new concepts or produts that derive from from an individual’s ideas or from scientific research whereas Innovation is the commercialisation of invention itself.”

    -J S BROCA
    08TH jULY 2010

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