Emerge, the Entrepreneurship and Innovation wing of Young Indians Mysuru celebrated GEW by organizing three programs.
Innovation for Startups
Rakesh Babu, Director, Innomantra Consulting P Ltd, @rock_mys
What comes to our mind when we think of Innovation? Do we just get lucky? We think it happens when you are in the tub or when an apple falls on you.
Rakesh Babu explained how innovation can be done systematically using the various methodologies. Innovation is much more than that aha moment. It is not just serendipity.
Various types of innovation:
Intellectual Property innovation
The real challenge is to generate ideas and sustain them. Today we live in a VUCA World. (Volatility, Uncertainty, Complexity Ambiguity). Any company may get disrupted by a new technology. For the survival of corporations and civilizations, it is imperative that we innovate.
We need to see if our thinking is leading us to Marginal/Path breaking innovations. The key area of focus should be product/service innovation. Innomantra has developed a framework for this, called Functional Innovation methodology.
Always think scale/salability. The differentiator, thinking in terms of processes/systems as you can’t be there physically everywhere. The creative idea when implemented defines innovation, else it is just a fancy idea. We need to inculcate a willingness to experiment, a willingness to fail, a willingness to iterate, and finally success will follow. Work on novel ideas. 80-20 rule 3M, Google employees dedicate 20% of their time on projects other than their main job.
Be Inspired. Inspire. Pyramid for x innovation : For x success, you need to have 10x good ideas. For 10x good ideas, you need to have 100x ideas.
Conversely, this means 9x failures. A chance discovery, is just that, a remote chance. There are various tools for functional design. Rakesh discussed the tool of elimination among 11 tools. Don’t just expect good fortune to smile on you like it did for the three princes of Serendipity. Get lucky by actually using the methodology.