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The Five Characteristics of Successful Innovators

There is not much agreement about what makes an idea innovative, and what makes an innovative idea valuable. For example, discussions on whether the internet is a better invention than the wheel are more likely to reveal personal preferences than logical argumentation. Likewise, experts disagree on the type and level of innovation that is most beneficial for organizations. Somestudiessuggest that radical innovation (which does sound sexy) confers sustainable competitive advantages, butothersshow that “mild” innovation – think iPhone 5 rather than the original iPhone – is generally more effective, not least because it reduces market uncertainty. There is also inconclusive evidence on whether we should pay attention to consumers’ views, with somestudiesshowing that a customer focus is detrimental for innovation because it equates to playing catch-up, butothersarguing for it. Even Henry Ford’s famous quote on the subject – “if I had asked people what they wanted, they would have said fast…

Financial inclusion need not be pushed beyond a point, says Raghuram Rajan

Sounding a note of caution, RBI Governor Raghuram Rajan on Thursday said financial inclusion should not be pressed beyond a point because beneficiaries may not have the capacity to make use of funds being made available to them.
RBI Governor Raghuram Rajan
Rajan made these comments while participating in a seminar on 'Financial Inclusion: Can It Meet Multiple Macroeconomic Goals?' on the sidelines of IMF-World Bank meetings here.
Pushing financial inclusion beyond a point can have negative impact because people at the bottom of pyramid do not have capacity to absorb credit, he said.
"In my sense, beyond a certain point... (financial inclusion) becomes actually negative," he said, adding that everyone should not be pushed to borrow.
RBI Governor also made a case for strengthening the payment mechanism to improve traditional method for delivery of credit.
He further said technology and e-model could be used for improving businesses at remote centres. Giving an example, he said a carpet weaver in Kashmir can benefit immensely by selling his products electronically.
At the same time, Rajan made a strong case for developing capacities to deal with the misuse of technology by criminal elements.
Some unscrupulous elements have been misusing technology to fleece people by sending fake mails in the name of RBI, he said, adding sometimes people do fall into trap and pay the upfront process fee demanded by such persons.
"We have to deal with such problems at RBI... technology has the ability to do harm... we have to worry about that," Rajan added.

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