Business Practices for Innovation
Business Practices for Innovation Vijay Sardana Techno-legal Expert Advocate, Supreme Court of India Innovation & Risk Management Specialist In the knowledge economy and in the competitive world, the point of differentiation between progressive and stagnant organizations is resources including time commitment toward innovation. Innovation is and will remain the key driver for the success of any organization in the future. For survival, businesses must continually innovate and adapt the same at a faster speed to outperform their rivals for survival and to attract investments. Creative disruptions will decide the future of the competitors. The most important element in the innovation ecosystem is the need to retain an innovative and fertile mind. This will bring serious conflict between seniority and competency. Organizations must strive for competent human resources irrespective of age. If organizations are unable to identify and retain competent people, their existence is at risk.