Great ideas come from all levels of an organisation; often executing them is tougher than generating them, said G. Alagiri, Mentor, Pegasus Management Consultants.
Delivering a BL Club guest lecture, presented by Central Bank of India, to the students of management studies at Annamacharya Institute of Technology & Sciences in Tirupati, Alagiri said innovation is about creating and capturing value through non-traditional approaches.
Alagiri said innovation can be nurtured by seeking inputs from all levels of the organisation. Organisations must provide employees time for generating creative ideas.
Quoting management expert Peter Drucker, Alagiri said, “When you see a successful business, then you know that someone once made a courageous decision.”
Innovation can be categorised as radical, incremental and breakthroughs. They can be products, services, processes or management strategies. Innovative people are open-minded and have an inter-disciplinary approach, said Alagiri.
Sweden, Switzerland, Netherlands, Germany, the US, Finland, Denmark, Israel, the UK, and Canada are the top 10 countries in the global innovation index for 2011. India holds the 62nd position..
A culture which is high on individualism and long-term orientation encourages innovation. India can be characterised by undisputed leaders and medium-term collective orientation, said Alagiri.