Technological innovation and IOT will now be the single most important competitive driver in many industries post COVID
● This is the age of Globalisation...The increasing importance of innovation has been driven partly by the globalization of markets and partly by new integrated design and manufacturing technologies enabling more rapid product design and market testing.
● As we have seen in the last 3 decades, Technological innovation to a large extent drives economic growth of nations, explains partly the divide in wealth across nations and explains the widening difference in income and job losses/gains within nations. Check growth of Japan and China and compare it with Africa and South Asia countries like our own India.
● COVID has already created a gap in the workforce. This divide is not only because of age, productivity and performance, but also how quickly a person can adapt to the digital new age amidst al the confusion. Governments Should promote innovation to increase the wealth of nations, but it’s unclear what to do about the increasing difference in income and job losses within nations.
● Successful innovation requires an in-depth understanding of how to develop and introduce new products in competition with other firms.
● Creativity is the underlying process innovation.
● Individuals who are creative appear not always the best to commercialize their ideas, because the requirements for being creative is partly antithetical to being good at business. If you are an inventor, I strongly recommend that you to collaborate with partner(s) good at business.
● Innovation comes from individuals with high creative ability and can be fostered by hiring the right people, by creating the right incentives, by promoting a creative culture, and by reducing bureaucracy.
● Innovation can be sourced from outside the organization, for example from universities, suppliers or users.
● One important aspect of innovation is where to locate your business, and the decision is not obvious. If you want to source innovation from outside your business, geographical closeness to the source(s) is very important.
● Established large firms are the largest source of innovation because they are the biggest spenders of R&D.
End Points: The new world is NOW. We met it much ahead of its time, totally unexpected. Even global think tanks cannot fathom what it holds and what will happen in the next few years to come.
Creativity and Adapt-ability and Improvise- ability will decide our future, for us, for the society as well as our nation.
Find the NEW YOU after COVID
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