Open & Supportive Managements Are Helping Ideas To Bubble Up From The Bottom
Hi Everyone Today We Will Talk About How Big Players Betting On In House Startups
Innovations are Springing Out of the Inbox, Leading to Disruptions Across Sectors. Digital Idea Exchange Platforms, Innovation Contests and Cross-Functional Brainstorming Sessions are Helping Employees to Wear the Innovator’s Hat. Encouraged by Recognition and Rewards, Employees Cutting Across Ages, levels of Seniority and Industrial Sectors are Working towards Developing a New or Improved Solution or Product.
Annual Innovation Contests Prompt Employees to Offer Out-of-The- Box Solutions, which Can be Deployed to Meet Client Needs.
Client Interactions often Spark an Idea. Such Interactions led to Realise that while Cloud Technology Enables Companies to Connect with their Customers via Mobile Apps, the Going isn’t Easy and Costs can Escalate. Vijay Kannan, a Senior-Level Consultant in his Mid-Forties, and his Team Developed the ‘Digital Foundation Platform (DFP)’ through which a Mobile App can be Updated at a Faster Pace. App Users Don’t have to Wait for Months for a Newer Version. “After the Launch of their First App, Corporate often Run into Roadblocks. A Typical Development Cycle can take Anywhere from a few Weeks to a Few Months,” says Kannan.
As You can See in the Above Stats India Holds 66th Rank Globally In the Innovation Index and 4th Place in the BRICS Nations, Below South Africa & Just Marginally Above Brazil. So Corporate Houses are Looking forward to Change these Stats, Which is Beneficial for the Company, and for the Countries Over All Standing Globally As Well.
Digital Foundation Platform was One of the Five Ideas Selected at the India level in the ‘Global Innovation Challenge’ Contest for 2015-16. Kannan got a Chance to Compete with Firms and Found a Place in the Top 30 Global List. Digital Foundation Platform has been Piloted with Clients in India.
Vedanta, the Diversified Group Engaged in Mining and Exploration, Recently launched ‘Eureka’, a Web-Based Employee Idea Exchange Platform to Incubate In-House Innovation. The Company has a Rs 200 Crore Corpus to Fund Select Ideas.
With ‘Zero Waste’ in Mind, Eliakim Tshiningayamwe, a Technical Manager from a Group Company in Namibia, Proposed Making use of Stockpiles of Marginal Ore, a Waste Product. “The Target is to Process Marginal Ore and Recover Zinc, which would Boost Profits. Eureka Helps in Collaboration Between R&D and Process Teams Across Locations,” says Tshiningayamwe. The Company has Introduced a Quarterly Chairman’s Award — A Trophy and Citation for the Best Innovation and an Annual Award.
“Sustainability is at the Heart of Our Business. High Efficiency Technology and Safe Practices Ensure Maximum Recovery as Well as Zero Waste. Eureka Helps Create the Discourse on this,” says Ajay Kumar Dixit, CEO (Power) at Vedanta. Other Ideas Include Recovery of Cobalt and Copper from Slag and Conversion of Fly ash into Geo-Polymer Cement.
The Hierarchical Manufacturing and Service Sector in India frowned upon a Bottom-Up Approach towards Innovation. A More Open Culture in the Tech Sector Enabled Infosys, Wipro, HCL and others to Nurture In- House Innovation. But Now the Engine of Internal Crowd-Sourcing of Disruptions is Revving up in Non-Tech Sectors as Well.
In-House Innovation Surge Is Not Restricted To The Technology Sector
Talking about the Indian Railways, It’s Not Just the Private Sector that’s Recognized the Need for Innovative Solutions to Make the 163 Year Old Indian Railways More Agile. Railway Minister Suresh Prabhu Announced a 50 Crore Innovation Fund for Startups Set Up by its Employees to Solve Problems Unique to the Organization. The Ministry is also Mulling Setting Up an Incubator. It Seems Clear that Technology is the Only Way to Keep the Railways on Track.
One may Not Easily Associate Innovation with a Law Firm, but Nishith Desai Associates (NDA) has Set Up a ‘Disruptive Practices Group’ which Tracks Futuristic Trends such as Drones or Driverless Cars. Thus it is Forearmed with Sound Perspective and can Deliver Innovative Solutions to its Clients, besides Achieving Leadership in New Practice Areas. “Emerging Technology Brings with it New Legal and Tax Problems Requiring Innovative Solutions. A Clear Assertive Statement Based on In-Depth Research from Our Law Firm on the Legality of Bitcoins Stopped the RBI from Barring them,” says Prateek Bagaria, a 28 Year Old Legal Associate with the Firm.
The Law Firm Helped Shape the Bitcoin Policy in 2013. It also Enabled FII Investments in Bitcoin Companies in India by providing Investment-Structuring Solutions and is Now Assisting this Sector to Develop a Self Regulatory Regime. NDA Recently Helped the Government to Set Up an Investment Structure for the $6 Billion National Investment and Infrastructure Fund, Considered to be a First of its Kind in the World.
At Marico, an FMCG Company, ‘Mar- Val’, a Multi-Pronged Module Ranging from Jam Sessions to Niche Think Tanks, in One Instance Led to a Packaging Design Innovation. “Periodical Thematic Innovation Jam Sessions Bring Ideas to the Table from Our Employees Across the Globe. The Winners are Selected by an Innovation Council, says Ashutosh Telang, Chief HR Officer. Over the last Two Years, the Jam Sessions have Resulted in Over 2,000 Ideas. Companies having Realized the Value of Employee Sourced Innovation are Supporting these Initiatives. “We Treat Our Innovators as ‘Special People’ Regardless of the Commercial Success of Certain Ideas,” says NDA Founder Nishith Desai.