1 2 the new age of innovation 2008 ck prahalad and ms

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Unformatted text preview: ough ideas. 1 2 The New Age of Innovation, 2008, C.K. Prahalad and M.S. Krishnan Global Competitiveness Report 2010-2011 released by the World Economic Forum 5 | P a g e INNOVATION IN INDIA The Indian style of innovation relies on individual creativity, idea sharing and solution consensus. This style of innovation results in lower failure rate and lower expenditure. However, a major drawback in this case is that the companies that follow this model will be unable to come up with breakthrough, “new-to-the-world” innovations, since the process necessitates achieving consensus with regards to the problem statement as well as the solution. This results in the weeding out of radical, drastically different ideas that do not align with the notions and thought processes of the decision makers. Figure 1: Low Incidence of Breakthrough Innovation in India Apart from a few notable exceptions (Tata Nano, Aravind Eye Hospital etc.); a majority of the innovations in India belong to the category of incr...
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This document was uploaded on 01/14/2014.

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