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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…

‘Digitisation to open up more opportunities for women’

E-commerce is having a transformational impact and there are opportunities emerging in areas such as made-to-order meals, handicrafts and others, which women can capitalise on.

The growing digitisation and mobility would open up more ways for women to participate in economic activity and help in gender diversity, ICICI Bank CEO Chanda Kochhar said.
“There are so many new e-commerce opportunities around very small cottage entrepreneurship, which can enable more and more women to participate,” she said on the sidelines of a CII HR summit on diversity and inclusion.

In her keynote speech, she said e-commerce was having a transformational impact with opportunities emerging in areas such as made-to-order meals and handicrafts among others, which women could capitalise on.

Ms. Kochhar cited various studies showing that women contribute to only 17 per cent of India’s GDP, below the global average, despite accounting for 50 per cent of the population and having the potential to represent a much larger part of the workforce.

A report by McKinsey Global Institute said that bridging the gender gap could add $700 billion to India’s GDP by 2025. The report titled ‘The Power of Parity: Advancing women’s equality in India’ said 70 per cent of the increase would come from raising India’s female labour-force participation rate to 41 per cent in 2025 from 31 per cent at present. This would bring 68 million more women into the economy over this period, it said.

“Women are such a large part of talent pool available in the country, that in order to use our talent pool fully we need to make sure women participate in economic activity. I also think a large part of India’s consumers are going to be women, so having women in decision making makes the decision much more comprehensive,” she said.
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