Focusing on Innovation as a major milestone in India’s road ahead, fostering innovation in the academic environment, in business & technology, in fine arts and the transition from innovation to entrepreneurship to enterprise are the key topics of Innovation track.

The first day (Dec 19) saw the first session titled ‘Innovation & Entrepreneurship’ – this session dealt with innovation in the context of how it leads to entrepreneurship, and how this can be facilitated.

The session was chaired by Prof L S Ganesh (Deptt of Mgmt Studies at IIT Madras) and moderated by Gunjan Bagla (Managing Director of Amritt, Inc.). Prof Ganesh started the session by welcoming everyone and thanked everyone (the hall was almost full) for choosing it be at this session instead of 5 other parallel sessionsJ.

He then requested Gunjan to take over and give the directions to the group of distinguished speakers.Gunjan Bagla, who is also the next incoming PanIIT USA President welcomed the audience and briefly introduced him before requesting the 1^st Keynote speaker to present his views on Innovation.

Dr M S Krishnan (Professor, Business Information Technology, U Michigan) was the 1^st keynote speaker at the Innovation track. Dr Krishnan is the co-author of his new book ‘The New Age of Innovation’, which he authored with C K Prahalad. As the key part of his book, Dr Krishnan talked about their research on major business trends which are happening across the globe and how they are applicable to any business:

1. Ubiquitous Connectivity – very soon, over 4 billion people are going to be connected through various devices
2. Pervasiveness of digital technologies
3. Convergence of technology – e.g. is iPhone a Phone, PC, Camera or a Music Player?
4. Emergence of Social Networks

He briefly shared his views on how these business trends are demanding new approaches to wealth creation. Talking on the same, he gave two equations on which their booked is revolved around.

·         N (typically used to signify sample space) = 1 (Experience) – it means that “value is based on unique, personalized experiences of consumers.” That is, even companies serving 100 million consumers need to focus on individuals. E.g. Google search allows millions of people to have their own, unique and personalized page.

·         R = G , which means Resources = Global. In other words, companies’ internal focus should be on gaining access to resources, not necessarily owning them. Social networks are example of the same

R. Subramanian (CEO of Subhiksha), the next keynote speaker of the Innovation track started his session by saying that there is too much hype created about Entrepreneurship – people are not present to the real world; they have fancy notions about it. While talking to different opportunities for Innovation, he highlighted the key idea behind the emergence & success of Subhiksha – Grocery Discounting, which didn’t exist earlier. Talking on the same, he shared how relevant and valuable was discounting medicines for the massed in India, especially the old age people, for whom the cost of Medicare was ever increasing.  

For the budding entrepreneurs, he stated that while developing a business idea, they should look at how your product or service is going to add value to the customer – directly or indirectly (e.g. grocery discounting by Subhiksha forced its competitors to follow the same). In his view, in the next 5 – 10 years, India will have an opportunity to export its retailing best practices to the rest of the world.

The distinguished panelists followed the key speakers and presented their views & shared their experiences on Innovation & Entrepreneurship.

Continuing the previous post on Session I of Innovation Track, this one summarizes the views and experiences of various panelists.

Anuradha Acharya (Founder & CEO, Ocimum Biosolutions), was the first panellist, who presented her views on Innovation & Entrepreneurship by sharing a story. She asked the audience to imagine a group of different birds who were trapped – some who can fly fast while others not, some who are smaller while others are large, some who are white while others are coloured. Since all of them were unequal they couldn’t fly and thus continued to be trapped. Their idea at Ocimum Bioslutions, a Global Genomics Outsourcing company, is to create the equality and build an ecosystem among various pharmaceutical, biotechnology companies and academia so that they can get out of the trap and fly together. Essentially, she highlighted the importance of Equality and Collaboration, as the key ingredients for innovation in today’s world.

Murugavel Janakiraman (Founder & CEO, bharatmatrimony.com) was the next panellist, who shared about their innovation at Bharat Matrimony in creating one of India’s successful and multimillion dollar internet oriented property.  According to him, one can:

1. Either wait for the big idea  or
2. Jump in and learn on the ground

In his view, most of the people (he humbly included himself), wait for long time in search of THE big idea before they enter (and most of them never) into entrepreneurial bandwagon. He shared how his idea of starting a Tamil portal, which later shifted its focus on Matrimony, became a world class business. Talking on their innovation he highlighted some of the simple (yet highly valuable) ideas which led to big success:

1. Photo Protection: they saw the need from their customers about privacy
2. Horoscope matching & creation: another important need which created value for their customers
3. Profile verification: to their surprise, people opted for 3^rd party verifications, while searching for their business partner on the net
4. Matrimony reference: their customers became their marketers when reference system was put into place
5. Payment options – through Sify iWay, tie ups with banks, creating local associates (who gets commission) in various cities
6. Going mobile: another trend they spotted and served the needs of their customers
7. Partnerships such as with Tata Sky
8. Outsourcing: their customers (who didn’t have much time to search for their life partner J), opted for this paid and unusual offering

To close his session, he restated his mantra about ‘Jumping in than waiting for the D Day’.

Raj Shah (Engg Director at Google) started his session by giving his framework on how to inculcate Innovation and Entrepreneurship.

While talking on Innovation, he listed 4 types of Innovations:

1. Minor Innovation – cosmetic, incremental change (e.g. airlines offering better experience at the same price)
2. Substantive Innovation – new standard in the market place (e.g. roaming facility by telecom operators
3. Major Innovation – fundamental change which can’t be ignored by customers and competitors (e.g. Just in Time delivery)
4. Radical Innovation – dramatical shift which takes its time before its impact is realized (e.g. computers when arrive were perceived as glorified typewriters before creating its true impact)

According to him, each of the above ways requires different structures and mindsets. Fore.g. radical innovation needs high amount of patience (both time and money) and generally happens in a research environment (Google is a great place for such innovations)

While talking on Entrepreneurship, he gave the definition that Entrepreneurship is an ability to bring a new business into market – may come from a new idea or improving an existing one.  Talking on how IITs can contribute to innovation and entrepreneurial growth, he highlighted the importance of Exposure – students need to be given more exposure through such conferences and practical opportunities (Centre of Innovation at IIT Mumbai is a great example).

Rathindra Roy (Development Consultant at United Nations), followed Raj Shah and shared his views on Innovation in the Social Economy and urged the IIT Alumni to come forward & use their intellect to impact the quality of lives of millions of Indians, who are under privileged. His role at UN is to enable poor people to overcome their poverty.

Areas such as Malaria, Flood, Solid Waste and Agriculture are some of the important areas which need the contribution from the IIT system. While requesting the audience, he said that all of you who would like to face the challenges in the above mentioned areas and who’ve the heart to follow them must come forward.

Rajeev Srinivasan (Prof IIMB and Mgmt Consultant), a semi academician and semi industrialist, shared his views on Innovation and Entrepreneurship. He started his session be defining:

1. Invention – Creating of something new
2. Innovation – Taking the Invention to the market

He brought forth an interesting reality related to the history of India. He said that India has a long history of Invention and Innovation, which ceased to exist, post colonial invasions. For e.g. centuries back, India produced Steel, which due to its intrinsic properties, was considered best in the world. According to him, post that phase, in which India was affluent with all kinds of resources; we’ve not produced any true invention or innovation. The lack of confluence of technology, marketing & finance, according to his view, is one of the key impediments for invention & innovation in India. Some of the sunrise areas which offer numerous opportunities for both invention and innovation are:

1. Food & Agriculture
2. Energy

Talking on what how IITs can contribute to the innovation, he said that IIT system should seriously work on the above mentioned sunrise areas. The curriculum must recognize and include the importance of Innovation & Invention.

Finally, Arun Sharma (COO, L-RAMP; Rural Innovations Network), shared his experience about how a non-profit incubator (L-RAMP) of business ideas for social cause is contributing to the innovation and entrepreneurial ecosystem. Like previous speakers, he also pointed out the areas such as Agriculture, Energy, and Water Supply, in which his company is supporting innovation. Talking on the roadmap for entrepreneurship and innovation, he listed 3 steps:

1. How to be an Entrepreneur?
2. What opportunities to focus on?
3. How can we inspire others to execute?

According to him, the Indian mindset that one just needs to create a product (and it will sell on its own), is one of the major obstacles for successful business creation. In his view, most of the budding entrepreneurs in India don’t have sufficient understanding and experience about:

1. How to Price a product/service?
2. What problem are they trying to solve?
3. What are the various financial options?
4. Finally, how to sell?

Speaking on ‘What can IITs do?’, he listed:

1. Courses in Innovation & Social Entrepreneurship are the need of the hour – must have practical exposure and must be supported by avenues such as Business Plan competition
2. Centers for Innovation (e.g. 1981 IITM batch recently initiated the same at IIT Madras) with focus on work-study programs must be created. Opportunities to fail are required for students to create Opportunities to success.
3. Inspiration – The students must be empowered and acknowledged to make a difference in the society

Q & A, the most interesting part of the thematic tracks, followed the presentations by panellists. Gunjan acknowledged Dr Ganesh for putting up the wonderful panel and the structure which truly inspired the IIT Alumni to embrace Entrepreneurship & Innovation.

Given the current global scenario, what can fuel the economy better than Innovation? Whether its education, business, technology or arts, innovation is the need of the hour. The innovation track at PanIIT 2008 will be geared around fostering the transition from innovation to entrepreneurship to enterprise.

This track on innovation comprises of 3 sessions:

1. Innovation & Entrepreneurship (Friday, Dec 19th, 2 – 4 PM): This session bridges between ‘Innovation’ and ‘Entrepreneurship’ tracks. It deals with innovation in the context of how it leads to entrepreneurship, and how this can be facilitated. This session is being chaired by Professor L S Ganesh from Deptt. Of Mgmt Studies at IIT Madras.
   
2. Innovation in Media & Creative Arts (Saturday, Dec 20th, 11:45 AM – 1:15 PM): From Innovation as a synonym for Creativity, the pendulum has swung to Innovation as a synonym for Business & Technology. But the ‘Experience Economy’ demands a focus on creativity and people, along with business and technology. The panel will share their experiences and their thoughts on Innovation in Media and Creative arts, as well as on Media and Creativity for Innovation. With December also being Music Season in Chennai, renowned musicians being a part of the panel is our way of saluting this season which has become an integral part of Chennai life. This session is being chaired by Vaidya Nathan, Assistant Vice President at Cognizant Technology Solutions.
   
3. Innovation Ecosystem (Saturday, Dec 20th, 2:15– 4:15 PM): In today’s world, there is an increasing trend of moving innovation beyond any kind of borders - reflected in collaborative, open innovation models. Today it is important for an organisation - whether a business, institution, a government, or an NGO - to look beyond itself, and innovate across its ecosystem. The big question for any organisation therefore is - how to create and sustain an innovation ecosystem for itself? This session is being chaired by Alka Puri, Associate Consultant, Erehwon Innovation Consulting.

Check out Innovation Track for more details including the speakers. Again, not to forget, you have an opportunity to interact personally with the speakers Face2Face. To complete, we would like to thank Tatas for sponsoring this track.