The global service industry is dominated by the Indian companies. The talent pool associated with this industry is enormous. This industry contributes revenues and jobs to the country. 57% of the GDP is contributed by the service sector.
This picture gets reversed when we see the top global companies in innovation. Indian companies are negligible in this list. Countries like USA, Switzerland, China, Japan, France and so on are dominating the list of companies who encourage innovations and innovators. India is one of the countries with maximum number of engineers and technical specialist so there is no doubt that we lack the pool of talent.
India has always been a great follower of innovation but not self-innovators. An interview being conducted on the people, where they were asked that why India is lacking innovation and different answer were received like lack of infrastructure, lack of vision, brain drain from the country and lack of direction.
This doesn’t answer the question that why India is behind in making innovations. I have been associated with many companies and found some questions that the management thinks when “innovation” comes in front of them.
- Why should I innovate?
This question arises if the management is expert in the business vertical and the probability of exploring new things is limited.
- Where should I innovate?
The management is not clear about where to direct the innovation initiative.
- What are the returns of innovation?
This is the most important question that the management asks the team about the ROI from the investment made in the innovation.
- What if I fail?
This question comes to the picture since innovation is done by the company who are the first movers and the future projection is not clear about the success. The possibility of failure arises.
- When to innovate?
The timing is the most crucial factor for any product to match the customer requirement.
- Who is bothered about my innovation?
This question arises when the management is not clear about the application of the innovation to the target audience.
- What should be the frequency of innovation?
The company is convinced with the innovation concept but not clear about the number of times it should bring innovative product to be in par with the competition.
- What if my competitors replicate my innovation?
The biggest concern for the management is the fear of replication or a substitute of its hard work on innovation.
- Do I have the right talent for innovation?
The talent is the ingredient for the success of the achievement of innovation. Talent is directly proportional to the product.
- How much money should be allocated to innovate?
The management is having is limited resources for investment so this question arises for the arrangement of funds for running the innovation process.
We are just engaged in finding the right answers to the questions and the opportunity for innovation is lost.
For how long India be represented as the hub of service industry?
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