Enterprise flows from innovation

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: It is fashionably said that we now live in a knowledge economy, where value is created not by gaining access to proprietary information or by political wheeling-dealing but by better utilising in-depth knowledge of a subject, market and process. Ideas and innovation are key and central elements of this economy.

Now how do ideas and innovation emerge? They emerge from insights and observations, from asking questions and challenging assumptions, and from imagining possibilities. Insights generally come from individuals while ideas are developed and shaped by groups. Innovation usually requires an organisation of some sort to deliver on ideas.

It is, therefore, critical that each individual learns to be insightful and be able to ideate in groups for innovation to occur. Only a prepared person recognises when opportunity or seren-dipity knocks on the door. Preparation, in turn, implies that one must be aware, well-informed and knowledgeable.

How does then the current financial and economic crisis around the world affect us in India’s entrepreneurial ecosystem? What are the different options ahead of us? What can we do to deal with the situation?

We must first be aware there’s a problem. We must then be able to assess the likely impact on our businesses and then group together to generate ideas—hopefully some innovative ideas—to not only survive but prosper when the conditions improve.

One cannot be aware, informed and knowledgeable if one does not read, introspect, discuss and debate. Through this process, ideas and innovation emerge. Now the big question: how many of us really read? And I do not mean this in a facetious or in a facile manner: reading not simplistic headlines that reduce knowledge to the equivalent of instant noodles. For example, how many of us read about and try to understand the economic landscape of our industry?

How many of us read to understand the technical issues in depth? How deep is our understanding of issues that concern their industry? In addition, how much do we read about and how aware are we of the broader environment—markets, customers, technology, regulatory and legal aspects, processes and subject domain areas? Do we read case studies of different businesses, understand entrepreneurial experiences and journeys, observations and actions by investors, learning about investment matters and so on.