by Rajiv Jayaraman, Founder – CEO, KNOLSKAPE
I had the opportunity to moderate a panel discussion hosted by AXA business services yesterday in Bangalore, India. The theme was “The Innovation Paradigm- Making it by design”. Here are some key insights from the panelists and other guests at the event.
8 Lessons About Innovation
1. “Innovate or perish”
This refrain has never been so pressing and apt as it is today. Every conference you walk into these days leaves you with punchlines that go something like: “If you are not Uberized, you will be Kodak’d” or “It is not the big fish that eats the small fish, it is the fast fish that eats the slow fish”. Innovation is imperative for staying relevant and ahead of the game.
2. “Be a nowist” – Joi Ito.
Marie-Louise, the CEO of AXA Business Services, observed that all that one needs to do is stay aware and observe because innovation is all around us. An alert mind seizes the opportunity that’s available now.
3. “Innovation is about impact”
While invention is all about creating something new, innovation is about making it useful for a large set of people and creating value in the process.
4. “Electric bulb was not invented by continuous improvement of the candle”
Mr. SriKrishnan from Bosch made a wonderful point about the need to pursue disruptive innovation and doing so in an agile, lean fashion.
5. “There is no such thing as failure. Only learning”
Solomon Devaraj, Dy. CEO of AXA Business Services, spoke about how it is important to reward failures as well. Without this, the culture of innovation doesn’t take roots within an organization. It is important to include everyone in the innovation process.
6. “Balancing the now with the next”
Rathnaprabha, Head of Innovation and IT transformation at Societe Generale, spoke about the need to find frugal ways to fund the new in order to balance the now with the next.
7. “Empathy is key”
Dipankar Khasnabis from Infosys Business Consulting spoke about how empathy is key while solving real world problems. This is the essential building block of design thinking.
8. “Innovation is an investment”
Joy-Rajarshi from ABB spoke about how it is important to view innovation as an investment. It is important to establish an ecosystem within an organization for innovation to thrive with senior leadership playing an important role in sponsoring new ideas.