Authors

1. Dr. Anil K. Khandelwal

Affiliation

• Former Chairman & Managing Director Bank of Baroda Mumbai

Abstract

Good innovation turns good ideas into good business. Turning tacit knowledge into leading innovation requires both visionary leadership and entrepreneurial management. This article lays emphasis on the need for understanding innovation as it is a complex phenomenon with a wide range of perspectives involved it also highlights the problems and challenges of innovation. Despite efforts to innovate, without a sufficient understanding of innovation, organizations risk missing high value opportunities and developing new products and services that end up underperforming in the market or not going to market at all. The end result is an insufficient return on creative and entrepreneurial effort.
Organizations need to make room for exploration and experimentation to grab new opportunities, and also need to be aware of the technological and business challenges associated with the new opportunities. They also need to be well equipped to recognize and manage the organizational issues involved and guide their organizations through the crucial transition from the front end to the back end of innovation.
A new technology is not enough. There must also be a clear business benefit as well as sufficient customer and end user value created. The article also attempts to inspire professionals to innovate and come up with sustainable solutions for the emerging problems and tries to provide a benchmark for innovative performances.

Keywords

BUSINESS MANAGEMENT , e-banking , EXTENSIVE EXPERIENCE

References

1. Palau National Committee on Population and Children, United Nations (1997). “Sustainable Human Development: Progressing with the Past”, Business & Economics.
2. Mitra, Subrata K., (2008): “The Puzzle of India’s Governance: Culture, context and Comparative Theory”, London, England: Routledge.
3. Miller Ben (1970). “Managing Innovation for Growth and Profit”, New York, USA: Dow Jones-Irwin INC.
4. Lafley, A. G., Charan, R. (2008). “The Game-changer: How Every Leader Can Drive Everyday Innovation”, London, United Kingdom: Profile Books.
5. Joseph, T.M. (2007). “Local governance in India: Ideas, challenges and Strategies”, New Delhi, India: Concept Publishing Company.
6. http://www.villgro.org/index.php/success-stories/exited-incubatees/69-solar-water-harvestor
7. http://www.rediff.com/money/2004/mar/24spec1.htm
8. http://www.rediff.com/money/2004/aug/12ariban.htm
9. http://www.businesswire.com/news/home/20101214005059/en/LinkedIn-Overused-Buzzwords-%E2%80%9CExtensive-Experience-Innovative-Motivated%E2%80%9D
10. http://news.bbc.co.uk/2/hi/science/nature/3403289.stm •
11. http://asideconsulting.blogspot.in/2004/08/india-and-innovation.html
12. Govindrajan, V., Trimble, C. (2012). “Reverse Innovation: Create Far From Home, Win Everywhere”, Boston, USA: Harvard Business Publishing.
13. Ghosh, R., Gabby R., Siddique A. (1999). “Good Governance Issues and Sustainable Development: The Indian Ocean Region”, New Delhi, India: Atlantic Publishers and Distributors (P) Ltd.
14. Dutz Mark A. (2007). “Unleashing India’s Innovation: Towards Sustainable and Inclusive Growth”, Washington D.C., USA: The World Bank.