Innovations, over the millennia, have
driven us to where we are today. Gaining prominence in the wake of industrial
revolution in 18th and 19th centuries, innovations
along with inventions have since paved the way for the growth of business. Invention of the
steam engine, led to innovative ways of mechanized transportation. Inventions
in telecomm-unication and computer industries and
many innovative products and services led to vast changes in the way we live, communicate,
and conduct business. Basically, behind any major industry that we see around us today
are chronicles of inventions and innovations.
Academics argue that innovations were the ones that helped nations develop as
major economic powers. As strategy guru Michael Porter rightly said, "Competitiveness of
a nation depends on the capacity of its industry to innovate and improve." Yet, when we
look at some of the well-known innovative nations of our time, such as the US and Japan,
and listen to their economic grievances, we feel it inevitable to
ask if indeed innovation by itself is a such powerful mean to
achieve competiveness. The sudden emergence of China, which was a Soviet-styled
behemoth till 30 years ago and not known for
innovations under state planned economy, as the
world's strongest economy is adding further
suspicions to the weight given to innovation claim.
That innovation lost its orientation as regards
its role in promoting competitiveness was recently highlighted by the fact that US
government appointed a high-profile team of
academics and business executives to find just how
to define innovation. |
