Innovation is the process of creating something new or improving existing products, services, or processes. It
is crucial for any company that wants to stay competitive and succeed in today's fast-paced and constantly
evolving business environment.
How companies collapse due to lack of Innovation
Companies that fail to innovate often fall behind their competitors and eventually collapse. Take the example
of Kodak, a company that dominated the photography industry for decades. Kodak had a virtual monopoly on
the film market, but it failed to innovate and embrace the digital age. It was slow to adapt to changing
consumer preferences and the advent of digital cameras, and as a result, it lost its market share and filed for
bankruptcy in 2012.
OR the example could be the ‘Blackberry’- which indeed failed to stay ahead in the market and lost in the
competition due to lack of innovation.
What is the Approach Companies should follow to inculcate innovation as a key strategy?
Innovation is not just about coming up with new ideas; it also requires out-of-the-box thinking. It is about
challenging assumptions, taking risks, and being open to new and unconventional approaches. To foster
innovation in a company, it is important to build a culture that encourages experimentation and rewards
Is Innovation difficult?
Being a constant learner, staying updated for the customer or market needs. Trying to build a perspective on
the business strategy and products. With the above in mind, when we try to build a solution for the
sustainable tomorrow, you have the Innovation as a by-product.
What is the need of the hour to build that?
Building a perspective and an innovative mindset is a crucial step in fostering innovation. It involves looking at
problems from different angles and exploring new and unconventional solutions. This can be done by
encouraging employees to ask questions, challenge assumptions, and experiment with new ideas.
In conclusion, innovation is essential for the sustained success of any company. Failure to innovate can lead
to the downfall of even the most successful companies. To build an innovative company culture, it is important
to encourage out-of-the-box thinking, reward creativity, and foster an innovative mindset among employees.
Hall 2 - Up Close and Personal: Intimate Conversations & Deep Dives