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INTRODUCTION
Title of the project :
The project is titled innovative ways to do business as the mainaim of this project is to show what innovation does the successful
companies do and also to know the level of innovation in India.
Objective of the study:
1. To study the worlds most innovative companys innovation.
2. To study the Indian companies who are known to be
innovative.3. To analyze the problems of innovation in India.
4. To suggest a solution to the problems of innovation in India.
Findings:
1. Need of innovation in business.
2. Studying innovations of some of the most innovativecompanies of world and India.
3. The business scenario in India
4. The reason behind lack to innovation in India
5. Ways to encourage innovation and talent in India
Limitations:
The problems of innovation in India are really grave and the
possible solutions given in this project are very difficult to
materialize and are in particular not an instant solution to the
addressed problems. The revenues of the listed companies are
not in this project.
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METHODOLOGY
1. Research Problem:
This work of research aims to study what the most successfulcompanies do and what should Indian companies do to be
more competitive and successful internationally.
2. Research Design:All the study in this project is from various research and
analysis. All the findings in this project are exploratory and
descriptive based from primary and secondary sources.
3. Sources of Data :
(A)Magazines:
Various articles taken from various business magazines are
used in the making of this project. The survey and the
analysis is an extracted study from business week, fast
company magazines.
(B)Internet:
Internet sites helped in collecting data of various companies
that was useful to understand the analysis and trend. The
reviews and other information about companies was studied
and collected from sites like Harvard business reviews,
livemint.
(C)Direct observation:Direct observation was used to draw inferences about the
changing trends in business and consumer profile.
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(D)Consumers Survey:
Survey helped me in discovery of radical changes in
consumers trends and their general awareness, views and
opinions, taste and preferences.
1. Designing Data Collection Form:
I conducted a survey and interviewed consumers between ages
16 55 yrs residing in Mumbai by preparing a questionnaire
consisting of about 10 questions.
2. Determining Sampling Design and Sampling Size:
I decided to take a sample survey and interviewed a sample
size of 50 consumers which included both male and female.
3. Processing and Analyzing the Data:
After collecting the survey data it is essential to analyze it. The
conclusions derived from the survey are presented in the formof pie diagrams and charts for easy and logical understanding
of collected data.
4. Preparing the Project Report:
After data collection and analysis, a final report is prepared to
study the survey.
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INNOVATION
Innovation is a new way of doing something or "new stuff that is
made useful". It may refer to incremental and emergent or radical
and revolutionary changes in thinking, products, processes, or
organizations. Invention is just a new product or service.
Innovation ties that idea to a better customer experience, and
results in increased sales and profits. As said by IBM CEO Samuel
J. Palmisano The way you will thrive in this environment is by
innovating -- innovating in technologies, innovating in strategies,innovating in business models.
Need and Importance of Innovation:
The pace of change continues to increase, market conditions are
changing more rapidly today than ever. What was satisfactoryyesterday is either no longer wanted or superceded by something
better today. Change brings both danger and opportunity.
Changes must be sensed, interpreted and then acted upon.
Charles Darwin said the species that survived were not the
most intelligent they were the most adaptable to change.
Innovation allows businesses to respond to this change.
Innovation is critical to sustaining business competitiveness andin improving productivity. Innovation in terms of business involves
successful development and application of new forms of
knowledge new ideas, business practices, skills, and
technologies to create greater value for customers.
Today due to increasing competition and accelerated products
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and service development cycles, innovation is playing crucial role
in any corporate success. As per the research conducted by
Forbes, Ernst & Young and the Wharton School of Business,
innovation is important for any corporate companies. In fact
results also show that half of the profit of most of the Giantcompanies of world comes from products launched in last 10
years. So now, main concern of any companys management
strategy is to encourage innovation through different channel of
their company.
In the 1990s, innovation was about technology and control of
quality and cost. Today, it's about taking corporate organizations
built for efficiency and rewiring them for creativity and growth.
Today, innovation is about much more than new products. It is
about reinventing business processes and building entirely new
markets that meet untapped customer needs. Most important, as
the Internet and globalization widen the pool of new ideas, it's
about selecting and executing the right ideas and bringing them
to market in record time.
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WORLDS MOST INNOVATIVE COMPANIES:
Given below are some of the worlds most innovative companiesin the year 2009.
2009
Rank
200
8Ran
k Company
HQ
Country
HQ
Continent
Known for its Most
Innovative
(% who think so)
1 1 Apple U.S.North
AmericaProduct (47%)
2 2 Google U.S. NorthAmerica
CustomerExperience (26%)
3 3ToyotaMotor
Japan Asia Process (35%)
4 5 Microsoft U.S.North
AmericaProcess (26%)
5 7 Nintendo Japan Asia Product (48%)
6 12 IBM U.S.
North
America Process (31%)
7 15Hewlett-Packard
U.S.North
AmericaProcess (39%)
8 13ResearchIn Motion
CanadaNorth
AmericaProduct (53%)
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http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rankid&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rankid&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rank_2008&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rank_2008&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rank_2008&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rank_2008&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=name&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=hq_country&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=hq_country&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=hq_continent&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=hq_continent&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=known&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=known&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=known&sortOrder=2&pageNum=1&resultNum=100http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=AAPLhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=GOOGhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=TMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=TMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=MSFThttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=NTDOYhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=IBMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=HPQhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=HPQhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=RIMMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=RIMMhttp://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rankid&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rankid&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rankid&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rank_2008&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rank_2008&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=rank_2008&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=name&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=name&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=hq_country&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=hq_country&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=hq_country&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=hq_continent&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=hq_continent&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=hq_continent&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=known&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=known&sortOrder=2&pageNum=1&resultNum=100http://bwnt.businessweek.com/interactive_reports/innovative_50_2009/index.asp?sortCol=known&sortOrder=2&pageNum=1&resultNum=100http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=AAPLhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=GOOGhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=TMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=TMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=MSFThttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=NTDOYhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=IBMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=HPQhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=HPQhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=RIMMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=RIMM8/8/2019 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9 10 Nokia Finland Europe Product (38%)
10 23Wal-MartStores
U.S.North
AmericaProcess (49%)
11 11
Amazon.c
om U.S.
North
America
Customer
Experience (41%)
12 8Procter &Gamble
U.S.North
AmericaProcess (27%)
13 6TataGroup
India Asia Product (44%)
14 9 Sony Japan Asia Product (40%)
15 19RelianceIndustries India Asia
Business Model
(35%)
16 26SamsungElectronics
SouthKorea
Asia Product (41%)
17 4GeneralElectric
U.S.North
AmericaProcess (36%)
18 NRVolkswagen
Germany EuropeCustomer
Experience (38%)
19 30McDonalds
U.S.North
AmericaCustomer
Experience (55%)
20 14 BMW Germany EuropeCustomer
Experience (37%)
21 17WaltDisney
U.S.North
AmericaCustomer
Experience (68%)
22 16HondaMotor
Japan Asia Product (47%)
23 27 AT&T U.S.North
AmericaProduct (33%)
24 NR Coca-Cola U.S.North
AmericaCustomer
Experience (38%)
25 47 Vodafone Britain Europe Product (25%)
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bol=DIShttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=DIShttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=HMChttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=HMChttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=Thttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=KOhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=VOD8/8/2019 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26 NR Infosys India Asia Process (40%)
27 NRLGElectronics
SouthKorea
Asia Product (46%)
28 NR Telefnica Spain Europe Business Model(40%)
29 31 Daimler Germany Europe Product (40%)
30 34VerizonCommunications
U.S.North
AmericaCustomer
Experience (38%)
31 NRFordMotor
U.S.North
AmericaProduct (36%)
32 35CiscoSystems
U.S.North
AmericaProcess (27%)
33 48 Intel U.S.North
AmericaProcess (35%)
34 28VirginGroup
Britain EuropeCustomer
Experience (45%)
35 NRArcelorMittal
Luxembourg
EuropeBusiness Model
(63%)
36 40HSBCHoldings
Britain Europe Process (32%)
37 42ExxonMobil
U.S.North
AmericaProcess (47%)
38 NR NestlSwitzerla
ndEurope Product (47%)
39 NR Iberdrola Spain EuropeCustomer
Experience (40%)
40 25 Facebook U.S.North
AmericaCustomer
Experience (51%)
41 22 3M U.S.North
AmericaProduct (44%)
42 NR BancoSantander
Spain Europe Business Model
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http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=INFYhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=877066http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=877066http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=877066http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=TEFhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=DAIhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=VZhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=VZhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=VZhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=Fhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=Fhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=CSCOhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=CSCOhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=INTChttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=36312http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=36312http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=MThttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=MThttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=HBChttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=HBChttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=XOMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=XOMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=NESRhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=IDRO.BEhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=20765463http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=MMMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=STDhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=STDhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=INFYhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=877066http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=877066http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=877066http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=TEFhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=DAIhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=VZhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=VZhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=VZhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=Fhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=Fhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=CSCOhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=CSCOhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=INTChttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=36312http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=36312http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=MThttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=MThttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=HBChttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=HBChttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=XOMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=XOMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=NESRhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=IDRO.BEhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?capId=20765463http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=MMMhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=STDhttp://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp?symbol=STD8/8/2019 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(37%)
43 45 Nike U.S.North
America
CustomerExperience andProduct (36%
each)
44 NRJohnson &Johnson
U.S.North
AmericaCustomer
Experience (42%)
45 49SouthwestAirlines
U.S.North
AmericaCustomer
Experience (45%)
46 NR Lenovo China AsiaBusiness Model
(35%)
47 NRJPMorgan
Chase
U.S.North
America
Process (62%)
48 NR Fiat Italy Europe Product (30%)
49 24 Target U.S.North
AmericaCustomer
Experience (60%)
50 NRRoyalDutchShell
Netherlands
Europe Process (45%)
FOOTNOTES
DATA: Analysis and data provided in collaboration with the innovationpractice of the Boston Consulting Group and BCG-ValueScience. Reuters andCompustat were used for financial and industry data and Bloomberg for totalshareholder returns.
NR: Not Rated.
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Best I nnovation s D one By
C ompanies.
PRODUCT INNOVATION:
Apple
Let us take the case of the No. 1 company Apple, in an era
when most technology outfits have tightened their belts to
adapt to a slower-growing market; one company stands out for
forging ahead on innovation: Apple Computer (AAPL). Others
have slashed R&D and focused on incremental advances to
existing product lines. Not Apple.
To launch the iPod, Apple
used seven types of
innovation. They included
networking (a novel
agreement among music
companies to sell their songs
online), business model
(songs sold for a buck each
online), and branding (how cool are those white ear buds and
wires?). Consumers love the ease and feel of the iPod, but it is
the simplicity of the iTunes software platform that turned a
great MP3 player into a revenue-gushing phenomenon.
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By combining technical
knowhow with a new
concept for how to sell
music online, Apple's iPod
music player has become
the most influential newtech product in years. At
the same time, Apple has
maintained its reputation for making the most elegant, easy-to-
use desktop computers as well.
Much of the credit for this performance is attributed to ChiefExecutive Steven P. Jobs, who founded Apple in 1976 -- but was
ousted in 1985 before making a triumphant return in 1997.
Nintendo
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Other companies who have excelled in similar category of product
innovation is Nintendo, primarily a hardware and software
manufacturing company which gave us memorable characters
like Mario and Donkey Kong. Nintendo garnered almost 90%
market share. However, when Sony entered the industry in the
1990s, Nintendos position started to dwindle. Nintendos market
share plunged drastically as the preferences of gamers shifted
from simple fun games to technically superior gamers offered by
Sony and Microsoft, which entered the market in 2001.
When the company was almost at
the verge of getting closed it
launched Wii a console with an
unconventional design during
March 2006. Though Wii was not
directly competing with Sonys
PlayStation or Microsoft's Xbox, itmanaged to steal substantial
market share and fans of both the
players. On the software front, Nintendo has created game titles,
under the heading Touch! Generations.
Research In Motion Limited:
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Similar with Research In Motion Limited which designs,
manufactures, and markets wireless solutions for the mobile
communications market worldwide. The companys products
include BlackBerry smartphones and accessories, including
bundles, cases, audio and memory products, Bluetooth,chargers, batteries and doors, card readers and SureType, a
keyboard technology.
Nokia
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We are all familiar with Nokia and its continuous product
innovations. The company offers a range of devices for all
consumer segments and offers Internet services that enable
people to experience music, maps, media, messaging, and
games.
To get a sense of the value of customer research, Nokia tried todesign a phone for an illiterate customer on the Indian
subcontinent. That's the problem Nokia faced when it began
making low-cost phones for emerging markets. A combination of
basic ethnographic and long-term user
research in China, India, and Nepal helped
Nokia understand how illiterate people live in
a world full of numbers and letters. The
result being a new "iconic" menu that lets
illiterate customers navigates contact lists
made up of images.
Other innovative ideas followed. By listening to customers in
poorer countries, Nokia learned that phones had to be more
durable, since they're often the most expensive item these
customers will buy. To function in a tropical climate, it made thephones more moisture-resistant. It even used special screens that
are more legible in bright sunlight
CUSTOMER SATISFACTION
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Amazon.com
Customer satisfaction is
something very difficult to measure. The kind of innovation
required in customer experience is something that the above
companies have been able to achieve. Innovation in customer
experience drives loyalty. A strong image improves customer
satisfaction.
Amazon.com is an online retailer. They place heavy emphasis
on the user experience. It earns a reputation of on-time
delivery and competitive price if not the best. But what makes
this site buyers or customers favorite is that it remembers
your shopping cart. If you add something to your shopping cart
today and then you go back to Amazon.com four months later,
that item will still be there. Also, it suggests people with the
products based on their previous buys. They try to know the
taste and likes of
customers. It offers
practically all the
available products
spanning from home
and kitchen,
hardware, books,
videos and evenconsumer electronics.
Amazon.com's
shopping cart is quite
a marvel of modern
technology. It gives
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you options such as the ability to group your items into as few
shipments as possible, or have them shipped as quickly as
possible even if it means shipping them separately at
additional cost. That's a wonderful feature and it gives the
customer choice of convenience versus cost.
McDonalds
When it comes to customer satisfaction McDonalds (MCD) is a
classic example of how it takes a dedicated management team
to change with the times and reinvent a company when
necessary.
Obviously the company grew robustly in the 1970s and 1980s,
but hit a wall in the 90s and earlier this decade. Its menu got
stale and it didnt pay attention to its customers enough.
Complacency is a killer in the restaurant business and Mickey
Ds suffered from it.
Then, it vowed to make customer satisfaction a priority and
also tweaked its menu by
catering to a more health-
conscious group. Its Chicken
Selects have been a hit as thepublic has craved the health
benefits of white meat. The
results have been outstanding.
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Virgin
Experience is something very
intangible by adding tangibles
to it one can improve customer
experience this is what Virgin Groups believes in. Virgin was
certainly not the first to move into air travel, mobile telephony,
retail, and a host of other market spaces. But time and timeagain, it was first to launch features that improved the
customer experience in very tangible ways. For example, Virgin
Atlantic, which focuses on high quality and value, won new fans
by providing individual TVs for business-class passengers,
premium economy service, and the Upper Class Suite first-class
service. Consisting of over 200 branded companies, the Virgin
Group today boasts revenues of more than $20 billion.
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BUSINESS MODEL INNOVATION
Companies today are increasingly realizing the importance ofbusiness model innovation. Business model innovation has amuch stronger correlation with operating margin growth thanother types of innovation. From the above list four companieshave excelled in it they are:- Reliance industries, Telephonic A Spain based telecommunication company, Arcelor Mittal andBanco Santander A banking company.
Based on a research it was found that there are three main typesof business model innovation, which can be used alone or incombination: innovations in industry models, in revenue modelsand in enterprise models. It was found that all three types (orcombinations) of business model innovation can lead tosuccessful financial results.
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Given below are the innovation models:
1. Industry model innovation: Innovating the industry valuechain by moving into new industries, redefining existing industries
or creating entirely new ones. Also by identifying/ leveragingunique assets.
2. Revenue model innovation:Innovating how we generate throughoffering re-configuration(product/service/value mix) and pricingmodels.
3. Enterprise model innovation:Innovating the role we play in the valuechain by changing our extended enterprise and networks withemployees, suppliers, customers, and others, including capabilityor asset configuration.
It was found that there was no significant variation in financialperformance across the different types of business modelinnovation. But the good part being a sound strategy and strong
execution, of any of the paths can lead to success.
The above mentioned companies are operating in variousdifferent business or line of business and are successful in it. Weall are familiar with Reliance; it practically is operating in almostevery business line in our country and also doing well ininternational business as well.
Arcelor Mittal, is also a giant steel producer and marketer in theworld. It pioneers in steel business worldwide.
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While Telephonic is a telecommunications company providing itsservices in Spain as well as internationally through variety ofnetworks.
Banco Santander provides commercial and private bankingservices. The company has operations in 16 countries inContinental Europe. Its 5,998 branches serve approximately 25million customers.
BARRIERS TO INNOVATION
The No. 1 obstacle,
according to The Business
Week-BCG survey takers,
is slow development
times. Fast-changing
consumer demands,global outsourcing, and
open-source software make speed to market paramount today.
Yet companies often can't organize themselves to move faster,
says George Stalk Jr., a senior vice-president with BCG who has
studied time-based competition for 25 years. Fast cycle times
require taking bets even when
huge payoffs aren't a certainty.
"Some organizations are nearlyimmobilized by the notion that
[they] can't do anything unless it
moves the needle," says Stalk. In
addition, he says, speed requires
coordination from the hub: "Fast
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innovators organize the corporate center to drive growth. They
don't wait for [it] to come up through the business units."
A lack of coordination is the second-biggest barrier to innovation,according to the survey's findings. The best innovators reroute
reporting lines and create physical spaces for collaboration. They
team up people from across the org chart and link rewards to
innovation. Innovative companies build innovation cultures.
INDIAN SCENARIO:
To know how innovation would work in India we first need to
study the Indian scenario, look at its culture, business and
economic environment to know the changes and possibleavailable opportunities.
The consumption pattern in our country has undergone a great
change post the liberalization of our economy policies in the
1990s. The culture too has undergone a change with
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globalization, the buying habits of younger generation is very
different from the earlier generation. With the liberalization of
economy foreign investment in our country rose and with it came
what we call it today the call centre culture. The youth became
financially independent at a young age and their disposableincome increased as the foreign companies paid them much
higher. Along with all this came the exposure of media, people
today are increasingly aware about the product, price, quality and
the options available to them. But with all of this modernization
Indians still strictly follow their culture tradition and values. They
become less of price sensitive and more of value sensitive.
The purchasing power of people has grown steeply; people today
dont mind buying in credit. The factor that has lead to this
growth is the increase in the income level of the middle class due
to high rate of industrialization, growth of services sector and
better employment opportunities. The size of the middle class is
growing rapidly and today it stands at 30% of the total population
as per the statistics provided by the National Council of Applied
Economic Research (NCAER).
Today most Indian innovators both large and small are nowsingle-mindedly targeting the rural market, which accounts for
70% of India's population.Many grassroots Indian innovators are
farmers and villagers who have devised creative solutions to
address their basic needs for food, shelter, and sanitation.
For instance, Mansukh Prajapati, a potter and clay baker from thestate of Gujarat has devised Mitti Cool, an ingenious refrigeratormade entirely from terracotta (clay) that keeps water cool and
fruits, vegetables and milk fresh for days and yet doesn't use asingle watt of electricity. Mansukh isn't an exception.
The Honeybee Network, which is part of the National InnovationFoundation, which supports grassroots innovations in India, hascompiled a database of 10,000 inventions pioneered by ruralentrepreneurs like Mansukh.
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The only way India can sustain its long-term economic growth isby unleashing and harnessing the creativity of its grassrootsentrepreneurs, especially in rural areas. But the challenge is that,
these grassroots inventions don't scale up. Indeed, most ruralinnovation initiatives such as DesiCrew and grassroots inventionslike Mitti Cool, however impressive they may be, are sadly limitedin their impact to a local or regional market of a few hundredcustomers, and end up employing no more than a dozen workersin the local community. What is missing is a mechanism to cross-pollinate and scale up these bright ideas among India's 250-million-strong agricultural community which lives scattered acrossmore than 600,000 villages.
MOST INNOVATIVE COMPANIES IN INDIA
1. Aravind Eye Care System: With time-saving and cost-cuttingmeasures and a business model that lets the poor pay little tonothing, the 2008 Gates for Global Health award recipient hasbeen instrumental in lowering blindness rates in India's ruralareas.
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2. Bharti Airtel: The telecom company won two WorldCommunication Awards last year for services aiming to improverural life -- such as free voice messages with weather updates
and other crucial info for farmers.
3. Narayana Hrudayalaya: The hospital performs more than 20heart surgeries a day at low cost and high quality -- includingthe first artificial heart implant in Asia, last April.
4. MeritTrac Services: The HR-assessment firm's programsprovide high-tech education and testing of employees and job
candidates for an impressively expanding array of clients:Google, Honeywell, HP, IBM, and Microsoft.
5. Dr. Reddy's Laboratories: Among the new products from thefirst non-Japanese Asian pharmaceutical company to be listedon the New York Stock Exchange is a generic version of themigraine medication Imitrex.
6. Infosys: One of India's top IT outsourcing firms, Infosysmaintained its status with deals like a five-year multimillion-dollar contract to provide services to AstraZeneca.
7. Comat Technologies: The social enterprise partnered withsatellite provider Hughes India to provide 10,000 broadbandsatellite terminals in rural areas, making vital citizen recordsmore accessible in underserved areas.
8. Wipro: In 2008, the IT provider launched Wipro HIS Lite -- a
pay-per-use system that helps small medical facilities efficientlymanage patient data.
9. Tata Group: There were delays building its $2,500 Nano car,but the conglomerate's auto business launched redesigns and
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boosted sales for Jaguar after it acquired the luxury brand fromFord.
10.UB Group: The parent group of Kingfisher Beer and Kingfisher
Airlines saw a fruitful year, developing a diet whiskey and flyingits inaugural international flight.
PROBLEMS OF INNOVATION IN INDIA
India produces some of the brightest minds in technology, scienceand medicine yet has not demonstrated any truly large scale andbreakthrough innovations in those fields.
The giant India corporations of Reliance, Tata (TTM), Wipro (WIT),and Infosys (INFY) have huge revenues but produce very littleinnovative intellectual property [IIP]. Yet, India has criticalCountry Development issues that can only be addressedthrough the immediate and creative application of technology,which in turn requires massive technology innovations in a varietyof fields.
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Fields requiring immediate and large scale innovation run thegamut from clean energy (energy independence), housing theburgeoning middle class, providing affordable housing for the vast
pool of have-nots, elementary, primary and secondary education,health-care, national infrastructure (water, power, transportation)and finally, equality of opportunity. Solutions developed by Indiawill be uniquely Indian, but potentially applicable to the hugeswath of global population mired in poverty and living limitedlives, with little or no hope.
India can lead the way because it now knows how to developglobal solutions that work on a very large scale, especially those
that are technology intensive (witness Indias response to Y2K).Interestingly, India still is a chaotic, third world country, so weunderstand the need to adapt First World solutions to the chaoticenvironment of the Third World. India just needs to put in placethe culture, ecosystem and infrastructure needed to release thelatent potential of its huge entrepreneurial pool of businesspeople. In turn, India will not only create valuable companies thatmake shareholders wealthy, but could also pave the way for amore just and economically stable life for other third world
countries.
So first, lets explore why India is not successful innovating on alarge scale. Subsequently, we will examine two areas oftechnological innovation India should own and control in order tosustain its growth and accelerate its contribution to the evolutionof an economically and environmentally sustainable planet.
The first myth that is repeatedly said by pundits in the media orthose with a Western centric view thereof is that Asians lack theculture or mindset for true technological innovation.
An Innovation Ecosystem is the principal catalyst for fosteringrapid innovation and the translation of these innovations intolarge scale, successful businesses. In fact, the data suggests the
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ecosystem is the primary reason for the success of innovation orlack thereof.
The biggest advantage Western entrepreneurs have over Asian,
and specifically Indian entrepreneurs, are that their innovationsupport systems are mature and systematized. Meaning if anentrepreneur has a killer aptitude and wants to make it areality, they have access to the resources, support, funding andmentorship to create a solution, build a company around it,structure the appropriate corporate governance, line up therelevant strategic partners and take their product and/or serviceto market.
Fragments of this ecosystem exist in India, but compared to theUS, Indias innovation infrastructure lacks the organizedcomponents to create a Google, Apple, FaceBook, Microsoft, GE,Microsoft, or even the next generation of MySpace, YouTube orTwitter.
The major indicator of this gap in innovation is patents. Thenumber of patents filed in 2005 in India, were only 14,500 patent
applications, however, by the end of 2007 that number hadreached 35,000 patent filings. Yet over 60% of those were filed byforeigners! In contrast there were 417,508 patent applications inthe US in 2005, and a further 456,154 patent applications in2007.
Interestingly, further diligence revealed that one out of ten USpatents in 2006 had an owner or co-owner with an Indian namehelping to prove that Indians are exceptionally innovative, giventhe opportunity in an ecosystem that supports risk taking andinnovation.
Table 1: 2005 Patent Statistics by Country
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Clearly something is amiss. While there are many reasons for thedisparity in the quantity of patent applications filed in the twocountries, clearly this is at least one significant indicator of theinnovation difference between the two countries. So what are thereasons for the lack of India innovation today?
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3. An active segment of the Press focused on promotingearly stage ventures and building Entrepreneurs intoBusiness Celebrities. In the United States there arepublications and news channels (print, radio, TV, and online)
that specifically target almost every conceivable industrysegment, the emerging Stars in that segment, as well as theestablished movers and shakers in the target segment.Additionally, there are clearly defined process and businessesthat work actively to network entrepreneurs into the media andare vested in their success. In contrast, the business press inIndia is limited and solely focused on promoting the majors. Anactive emerging business media segment could do wonders inelevating entrepreneurship to a higher level and beinstrumental in catalyzing the maturation of evolution of the
India innovation ecosystems. The key message this mediasegment would send to the younger Indian generation is thatits OK to take risks, its desirable to dream big, it fine to fail andtry again until you succeed in other words, using the motto ofthe British Air Service (the very first Special Forces Group in theworld) -- He Who Dares Wins.
4. A Comprehensive Understanding of the Indian Consumerand the lack of formal Government support to promoteEntrepreneurship and Innovation. There is a significant (ifnot complete) lack of understanding of consumer trends insideIndia. The challenge in India is that there are almost 3 differentcivilizations (and their associated populations, cultures, andneeds) coexisting simultaneously in India today. There is theIndia of the ultra-rich, ultra-mobile and super educated (theyare the Indians who impress the World at Davos); there is theIndia that works in call centers to serve the West, and thenthere is the India that lives on $2/day. There are massive
opportunities within each of these segments but actual marketdata is lacking. This is where a public/private partnership wouldbe the most interesting. Western Market Research companiesand the Indian Government could work hand-in-hand to create anational blueprint and schedule that would accelerate Indiastransition. This blueprint would also serve as a guidepost forareas of entrepreneurship and innovation. Furthermore, the
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Indian Government could select specific regions of the Countrywhere they would create Small Business InvestmentCorporations (SBICs) the entities that jump started the USVenture Industry. The SBICs would be chartered to promote
innovation, entrepreneurship and investment in specific, criticalnational areas, primarily by promoting the growth of small,aggressive and agile technology companies that are targetingthe blueprint.
5. Establishing Compelling Reasons to Innovate:Unfortunately, most Indian companies are not in a hyper-competitive domestic market thus reducing the pressure onthem to Innovate or Die. Opening up all the maximum of
highest priority sectors of the Indian economy to globalcompetition will force these incumbent players to startinnovating aggressively in a variety of ways products,services, business models, organizational structures,operational execution etc. Internationally, Indian companies arecompeting and winning using a low pricing model and not withnew innovative ideas. As India continues to open its market toforeign competition, the pressure to innovate will increase, andthis will only be good for accelerating the development of theIndian Innovation Ecosystem. We are already witnessing this inthe real estate industry as demand for higher quality buildingsis increasing due to foreign developer competition.
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METHODS TO DEVELOP INNOVATIONECOSYSTEM IN INDIA
To unleash the power of innovation, to establish an agile, rapidlyevolving Innovation Ecosystem, and to accelerate Indiasinnovation engine from nascent to unstoppable India needs toestablish an Innovation Platform. This platform would be asynthesis of public/private partnerships, the key Indian institutesof higher learning, and Indian Diaspora spread across the planetin positions of power and influence.
This innovation platform would have one mission to unleashthe creativity and dynamism of the average Indian to solve
pressing public sector and private sector challenges, whilesimultaneously creating valuable, globally competitive privateenterprises as the vehicles to deliver and profit from thesesolutions.
One guaranteed way to ignite the development of this innovationplatform would be for the Indian Government to create an I-PrizeInnovation Foundation (IPIF), funded with $1 Billion US that wouldoffer outright, unrestricted cash prizes to individuals, institutions,and/or companies providing solutions to critical, time sensitive
problems required to accelerate Indias continued growth. The I-Prize would target specific domain areas e.g. energy,transportation, communications, education, ethics, health care,rural development, job creation etc. The prize would be open toIndians, Indian Companies or global companies willing to operatein India.
The IPIF would start at the federal level but would rapidlyestablish offshoots at the state level, similar (but different) to theUS SBIC program. The IPIF could be complemented with additional
low interest business loans, tax incentives, or subsidies toencourage large scale commercialization of winning solutions. Atthe very least the IPIF will provide a tangible reward for solving aparticular problem, with protection to the Innovators in order toallow them to succeed in commercializing their innovations. Thiscould potentially jump start the creation and formalization theinnovation ecosystem, and start attracting a constant flow of
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people into the entrepreneurial world as they would be able tosee a more defined path to see profits, recognition, and careeradvancement.
Imagine a gifted inventor receiving a 40 crores (US $10 million)
reward for inventing a solar powered mobile phone or even asmaller 1 crore (US $250,000) prize for inventing a very safe, zeroemission, 3-4 passenger vehicle. The I Prizes would invigorateinventors in waiting and provide them a clear path to becomewealthy and widely recognized while helping to solve challengescritical to Indias continued growth. The possibilities are endless.
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Fundamental Innovations Required for Sustainingand Accelerating Growth:
Amongst all the opportunities in India, there are six areas wherethe Indian Government urgently needs quantum leaps in
capability in order to insure stability and long term economicgrowth. The Indian Government or leading Indian companiesshould establish IPRIZES or other incentives for fundamentalinnovations in each of these areas and unleash the creativity andentrepreneurial spirit of Indians. Specific innovation areas are:
1. Clean, Renewable and Reliable Energy Sources and aNational Energy Grid that insures a continuous, expanding,and uninterrupted supply of energy to meet Indias soaringenergy requirements. This should be the highest priority as
without clean, secure and plentiful power India will never beable to pull the majority of its population into the 21st century.The Indian Government needs to immediately engage its hugepool of intellectual talent in the experimentation, developmentand trials of multiple forms of renewable energy, with theobjective of finding one that is clean and eliminates the relianceon fossil fuels. Think it cant be done, just look at Iceland thefirst truly (almost 100%) hydrogen and thermal energyeconomy, where public/private partnerships are starting to
produce amazing results.
2. Communications, Transportation and Logistics : Once youhave established a reliable energy grid you need to insure real-time fault tolerant communications, insure the ability tophysically (and reliably) connect the far reaches of the vastIndian sub-continent country via a working road, rail and airtransportation system and associated transportation hubs, andinsure the development/implementation of a logistics
management system that insures the smooth flow of people,goods and service from any point to any point within the Indiaand to points outside.
As an example the innovation in communications requires aplatform that is ubiquitous, high bandwidth, relatively cheap,and impervious to the vicious Indian weather patterns. This
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logically leads us to an ultra high speed wireless networkcreated by the government in partnership with mobileoperators. At the end of 2007, India had 233 million mobilephone subscribers, an incredible 56% increase year over year. If
your neighborhood experienced 56% growth last year and thegovernment didnt improve the infrastructure to allow newroads, retail establishments, and businesses youd probablyvote them out of office. However, if the government incooperation with Indian mobile companies produced an ultrahigh speed cellular network, innovative Indian entrepreneurswould create entirely new forms of mobile video on demand,wireless education programs, gaming, mobile commerce, andlocation based applications that can immediately be leveragedby 20% of Indias population. This market alone is larger than
the US mobile network.
Unfortunately (to date) it is not evident that there is an Indianmobile industry group pushing for a subsidized high speedmobile phone information highway that allows new innovativemobile businesses to be built on top of this infrastructure? As ananalogy South Korea implemented a high speed broadbandwireless telecommunications network as a foundation to build aknowledge-based society in the 1990s. Since then there havebeen numerous businesses built on top of the network that
never would have existed without the foundation. SouthKoreans became innovative because there was a subsidizedhigh speed wireless network to build and profit on.
Think it cant be monetized successfully? There are already freemobile solutions subsidized by advertising that are working inthe UK. National or local businesses, merchants and retailerscould subsidize mobile phone use while giving Indias poor theopportunity to participate in the India growth story. Better, younow allow the poor to create innovative mobile business
opportunities that target the poor - a group that is largely beingignored today. What will power this phenomenon is not just thesubsidy, but the ability to innovate and improve in ways thatgenerate profits, knowledge, or an improved brand or company.
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3. Elementary, Primary and Secondary Education : Long termnational security, economic opportunity, and economicprosperity requires the development of a world class education
system with a dedicated teacher core, focused on providingIndias masses with strong grounding in educationfundamentals. It also requires the development of a nationalnetwork of physical education infrastructure, standardizedcurriculum, and measurement systems. Getting primaryeducation right is critical for jump starting economicadvancement --- the AESAN countries have done an incrediblejob here, thus changing the lives of entire populations for thebetter. India should create an IPRIZE here and solicit input fromthe huge pool of talented Indian educators, professionals andprivate enterprises as to what it would take to create a world-class, fair and equitable education system. The Governmentcould play the role of insuring or subsidizing physicalinfrastructure and educational standards while leaving theactual teaching to the private sector.
4. Affordable Housing : India is in a short-term real estatecyclical downturn in some areas (mainly Tier I cities).
Nevertheless, there is clearly a need for low cost, high qualityhousing that is resistant to any real estate downturn now or inthe next decade. There are some current attempts to addressthis market but its a small pebble in a large ocean ofopportunity. India needs a set of innovative technology housingsolutions combined with a government subsidized platform oftax incentives, innovative financing, low cost land, andguaranteed utility (gas, electric, water, access roads, etc.)infrastructure. In principal, a high density Special ResidentialZone [SRZ] with clear rules and goals for all participants. Oncethat platform is guaranteed by the local or nationalgovernment, innovative developers will create low cost housingsolutions because they will be assured of a reasonable profit.
If real estate developers were able to see a reasonable profit bydeveloping low cost housing on top of a government subsidizedplatform, then the innovations in this area would render even
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Steve Jobs speechless. Of course the quality of construction willneed to be monitored along with some necessary training, butthe opportunity in this area for real estate developers is toorewarding weighed against any inconvenience of maintaining
quality and attending training courses.CONSUMER SURVEY
The survey is conducted in Mumbai city. A sample of 50 people ofage 16-55 yrs is taken for the purpose of survey. Given below isthe demographic segmentation.
1. Do you think that Tatas Nano is one of the worlds most
innovative car?
Interpretation:
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Close to 85% people felt that Tatas Nano is one of the mostinnovative cars in India. While 15% people disagreed to that it isworlds most innovative cars, they felt that there have been other
innovative cars that are far more better than Nano.
2. Do you think that Tatas Nano is a successful car
commercially?
Interpret ation:
70% people were of the opinion that Tatas Nano is commercially
a success as it is a low price car. Whereas 15% people disagreedsaying that it is too early and there are other factors that shouldbe considered while measuring its commercial success.
3. Do you think that the latest Tata DOCOMOs 1ps/sec
was most competitive pricing strategy by Tata?
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Interpret ation:
80% people were of the opinion that DOCOMO was the mostcompetitive pricing strategy adopted by Tata. Whereas 20%people felt that there were other pricing strategies that weremore competitive than that like 10ps/min and in case of fewcompanies same network call was free.
4. Do you think that Ratan Tata is one of the most
innovative and successful entrepreneur that India has?
Interpreta tion:
75% of people felt that Ratan Tata is one of the most innovativeand successful entrepreneurs that India has. Whereas 25% peoplefelt that there are other entrepreneurs who are more innovativeas well as successful than Ratan Tata.
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5. Do you think that Tatas group of companies is one of
the most innovative and respectable companies that
India has?
Interpreta tion:
73% of people felt that Tata is one of the most innovative andrespectable companies India. Whereas 27% people felt that thereare other companies that are better than Tata.
6. What do you think is the pricing of overall all products of Tatas?
Interpretation :
7% of people were of the view that Tatas products are expensive.Whereas majority of 63% people felt that its products are
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affordable. While 30% people felt that its not at all expensiverather is very cheaply priced.
7. Which of the companies given below are the most
innovative according to you?
Interpretation:
There was a very close competition between Tata and Reliance.34% of people said that Tata is the most innovative companyIndia as far as the product goes. While 32% people said thatReliance is the most innovative company from the business modelpoint of view. Whereas 24% people said that Infosys is mostinnovative. 10% people said that there are companies which aremore innovative than the above companies.
8. Do you think that Indian companies currently have the
potential to compete internationally?
Interpret ation:
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A majority of 88% of people said that India has the potential tocompete internationally. Contrary to 12% people who were ofvery pessimistic view that India cannot compete internationally.
9. Given the right kind of required environment can India
compete in the world?
Interpretation:
90% of people felt India can definitely compete in the world andcan be one of the best given the right kind of environment. 10%
people were of the view that India cant compete in the world.
10.What do you think does India lack to be a country with one of
the most successful innovations?
Interpret ation:
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65% people said that there is a lack of support from governmentand bureaucracy which is the major hurdle for innovation. 30%people said that proper infrastructure like education, financial
support, other facilities like roads, transportation etc. is theproblem. Very few 5% people said that India lacks that culture ofinnovation.
Conclusion
Many Indians living outside of India are extremely innovative andhave developed innovative solutions because the US and Europeprovide an innovative ecosystem. It is a well known fact thatsome US companies are utilizing young Indian innovators tocreate new products. These foreign sponsored programs haveshown early success and help prove that if an innovative platformopportunity exists, Indians rise to the challenge.
India cant keep competing on low cost labor alone and needs todevelop a new innovation strategy. Innovation capability must beslowly ingrained into the DNA of the society while the governmentprovides a level playing field to promote innovation. India canstart small, build a few platforms with well defined goals andrules, and then let Indian creativity burst into producing the nextmobile banking application, energy neutral housing, or solarpowered mobile phone.
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Annexure
1. Do you think that Tatas Nano is the worlds most innovative
car?
Yes
No
1. Do you think that Tatas Nano is a successful car
commercially?
Yes
No
1. Do you think that the latest Tata Docomos 1ps/sec was
most competitive pricing strategy by Tata?
Yes
No
1. Do you think that Ratan Tata is one of the most innovative
and successful entrepreneur that India has?
Yes
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No
1. Do you think that Tatas group of companies is one of the
most innovative and respectable companies of India?
Yes
No
1. What do you think is the pricing of overall all products of
Tatas?
Expensive Affordable
Cheap
1. Which of the companies given below are the most innovative
according to you?
Tata
Reliance Infosys
Other
1. Do you think that Indian companies currently have the
potential to compete internationally?
Yes
No
1. Given the right kind of required environment can India
compete in the world?
Yes
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No
1. What do you think does India lack to be a country with one
of the most successful innovations?
Proper bureaucracy
Infrastructure
Culture and attitude
Bibliography
Books and magazines :
Marketing Management Philip Kotler
Harvard Business Review On The Innovative
Enterprise( Series - Harvard Business Review
Paperback Series )
Getting It Right the First Time: How Innovative
Companies Anticipate Demand - John Katsaros andPeter Christy
The Marketing Book Michal J. Baker
Principles of Marketing (13th Edition) by Philip
Kotler
Fast company
Business week
Websites:
Harvard business org.com
Livemint.com
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http://www.flipkart.com/harvard-business-review-innovative-enterprise/159139130x-5sx3f9kt33/innovative-business/1http://www.flipkart.com/harvard-business-review-innovative-enterprise/159139130x-5sx3f9kt33/innovative-business/1http://www.flipkart.com/harvard-business-review-innovative-enterprise/159139130x-5sx3f9kt33/innovative-business/1http://www.amazon.com/Getting-Right-First-Time-ebook/dp/B000QUTTT2/ref=sr_1_20?ie=UTF8&s=books&qid=1261293560&sr=8-20http://www.amazon.com/Getting-Right-First-Time-ebook/dp/B000QUTTT2/ref=sr_1_20?ie=UTF8&s=books&qid=1261293560&sr=8-20http://www.amazon.com/Principles-Marketing-13th-Philip-Kotler/dp/0136079415/ref=pd_sim_b_31http://www.flipkart.com/harvard-business-review-innovative-enterprise/159139130x-5sx3f9kt33/innovative-business/1http://www.flipkart.com/harvard-business-review-innovative-enterprise/159139130x-5sx3f9kt33/innovative-business/1http://www.flipkart.com/harvard-business-review-innovative-enterprise/159139130x-5sx3f9kt33/innovative-business/1http://www.amazon.com/Getting-Right-First-Time-ebook/dp/B000QUTTT2/ref=sr_1_20?ie=UTF8&s=books&qid=1261293560&sr=8-20http://www.amazon.com/Getting-Right-First-Time-ebook/dp/B000QUTTT2/ref=sr_1_20?ie=UTF8&s=books&qid=1261293560&sr=8-20http://www.amazon.com/Principles-Marketing-13th-Philip-Kotler/dp/0136079415/ref=pd_sim_b_318/8/2019 Final 100 Mks Khushboo. Auto Saved)
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