Innovation and Entrepreneurship: Key Drivers of Economic Growth

This topic immediately takes my mind back to the curious case of Kodak. In my childhood it was the most famous name for cameras. One could not do without Kodak camera for their special occasions. In fact, one of their ad said ‘Kodak smile’ and it taught us how to take beautiful pictures. However, Kodak never innovated. They failed to read or act fast enough at the time of digital revolutions and filed for bankruptcy. Another example was Nokia. Nokia disrupted the market with the first mobile phones. They captured significant market share. Nobody could have ever imagined that as of 2024 Nokia would not even have a 1% share of the market. Again, over trusting the brand value and not innovating was the main reason for the downfall. Blackberry was a fad too. Owning a Blackberry meant you have arrived. BBM was a craze. Now nobody even talks about it. You may say that all these are examples of technology companies and hence they must innovate to stay relevant. I don’t deny that one in case of tech companies the effect is more profound cause disruptions are quick and massive due to the advancement of technology. However, it is a given that innovation and entrepreneurship go hand in hand. Both are almost synonyms. A good entrepreneur is one who innovates or thinks about innovation every minute. Staying inovated is the key. I like Google’s 20 minute something innovation . As per my reading from one of the books on Google, every techie is encouraged to work for 20 minutes in a day on an innovation. At the end of the month the work is evaluated to decide to continue working, take it to the next level or scrap it and start something new. It is said the Google Earth was one of the most successful outcomes of this innovation. Innovation is relevant across departments and levels in the organisation. We in our organisation have KRA’s built around innovation. This encourages the team to invest time into experimenting. Every innovation may not result in revenues, but it can surely assist in savings in the bottom line or simply improving efficiency or in automation of mundane functions. Each department can be encouraged to come up with problems that affect their functioning. Once the problem is identified and considered critical, departments can be provided with resources to find solutions. In addition, it is also important for the organisation to remain updated with innovations at various levels. It may be at the strategic level which may require a pivot, or at sales level to enable easier outreaches, or at accounts level to have a better interface with sales. Most innovations shall fail. However, it is important to encourage innovation atmosphere. Organisations should park a certain amount of budget for such innovation targets. Everyone across levels should be encouraged with a certain amount of budget allocated to innovate. Sometimes the best ideas come from individuals who have their ear closest to the ground or hands on the machine. Introducing MARC In the intricate environment of human resource management, Marc Glocal appears as a reliable partner, offering tailored solutions for Employee Performance Management Systems. About MARC Marc Glocal is a renowned business consultancy firm that specialises in human resource management and organisational development. Marc Glocal’s team of experienced specialists enables businesses to maximise their staff’s potential and achieve long-term success. Why Choose Marc Glocal? Tailored Solutions: Marc Glocal knows that every organisation is unique. Its EPMS solutions are built to match the unique demands and goals of each organisation. Expert Guidance: The consultancy business has a team of HR professionals with considerable expertise in creating and implementing successful Employee Performance Management Systems. Holistic Approach: Marc Glocal offers a comprehensive strategy, ensuring that EPMS is smoothly integrated into the overall organisational architecture to maximise effect. Continuous Support: Beyond deployment, Marc Glocal provides ongoing assistance, including coaching, training, and modifications, to ensure the EPMS’s continued effectiveness. Conclusion The Employee Performance Management System orchestrates an organisation’s performance by bringing together varying traits. Marc Glocal, with its dedication to quality and customised solutions, emerges as the driving force, propelling organisations to a peak of maximum performance, development, and success. By Ashutosh Kharangate Managing Director