...Innovation is the driving force for the advancement of technology, and always has been. But where does innovation come from? It comes from within, as it is highly dependent on one of the most basic facets of human nature, being unsatisfied with current situations. We, as human beings, are never truly satisfied, and this has led us to better ourselves and to innovate, and will continue to lead us to innovate in the future. The quote “Everything that can be invented, has been invented” (attributed to Charles Duell) couldn’t be more wrong. Dr. Kumar, a professor at London Business School makes a few interesting points on the topic of innovation, but more specifically, outsourcing innovation. While India has made a splash in the information technology aspect of business, it is becoming increasingly clear that India is starting to innovate in the management side of things. Therefore, India is destined to also become a global leader in both management and management innovation. Manufacturing isn’t the only thing that foreign countries have to offer US companies anymore. Kumar talks about four different kinds of “invisible” innovation (innovation not usually seen by consumers) coming from India. The first kind is known as Business to Business innovation, also known as B2B. These products are inventions made by businesses in their research & development departments. R&D projects in India have been shown to be as competent as American R&D projects, therefore debunking...
Words: 963 - Pages: 4
...INTRODUCTION Franchising is the practice of the right to use a firm's business model and brand for a prescribed period of time. It is an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities. India’s franchising industry is expected to quadruple in volume in the next five years, accounting for almost 4% of India’s gross domestic product (GDP) in 2017, according to a report by KPMG India Pvt. Ltd released on 31st December,2015.The industry was worth $13.4 billion in 2012, contributing 1.4% of GDP, the report said. That compares with almost 10-25% of GDP in most OECD (Organization for Economic Co-operation and Development) countries .The industry is projected to provide almost 11 million employment opportunities by 2017.Retail, food and beverages, health and wellness, consumer services, and education are predicted to be the key sectors for franchise opportunities. While the organized retail segment in India is estimated to be worth $24 billion, only 2.5% of total retail sales are driven through franchise formats compared with nearly 50% in the US, indicating significant potential, the KPMG report said. “Franchising is critical for retailers to achieve exponential growth. Given the threat of mom-and-pop stores closing, both due to the changing external environment and the rising aspirations of the second generation, there is huge potential for franchise growth in the retail sector,” said associate director...
Words: 1525 - Pages: 7
...Agrovet Website: www.godrej.com Introduction to Corporate: Godrej Group consists of 2 corporate entities: 1. Godrej Consumer Products 2. Godrej Industries Godrej Industries Ltd. (GIL) is India’s leading manufacturer of oleo-chemicals and makes more than a hundred chemicals for use in over two dozen industries. It also has a major presence in food products such as refined oil and tetra pack fruit beverages. Besides, it operates businesses in medical diagnostics and real estate. Besides its three businesses, Godrej Industries also runs 4 divisions- Corporate Finance, Corporate HR, Corporate Audit and Assurance and Research & Development- which operate on behalf of the entire Godrej Group. GIL has built a strong manufacturing base capable of delivering international quality products at competitive prices. It operates two plants, one at Valia in the Indian state of Gujarat and a second at Vikhroli in suburban Mumbai. The company’s products are exported to 40countries in North and South America, Asia, Europe, Australia and Africa, and it leads the Indian market in the production of fatty acids, fatty alcohols and AOS. Godrej Consumer Products (GCPL) is a leader among India’s FMCG companies, with leading Household and Personal Care Products like Good Knight, Cinthol, Godrej No 1, Expert, Hit, Jet, Fair glow, Ezee,...
Words: 1878 - Pages: 8
...none. Economically, the "profits" from the triple bottom line, including clean air, improved safety, clean water, etc., are shared by the society, as well as internal corporate profits that keep the business running. Environmentally, a triple bottom line organization works to reduce its carbon footprint and be responsible for the entire life cycle of its products. Social and environmental issues play a greater role in consumer and B2B choices than ever before. The "Green" movement was on the fringes of mainstream culture just a few years ago. Today, global warming, eco-sensitivity, fair trade and sustainability are issues that can have a tremendous impact on businesses of all sizes. A relatively new marketing model -- the triple bottom line -- offers businesses of all sizes an opportunity to create sustainable businesses that benefit people, the plan and corporate profits. While the GENERAL MANAGEMENT Page 2 traditional...
Words: 4389 - Pages: 18
...An Analysis of Opportunities in the Wind Power Value Chain EA I Energy Alternatives India Foreword These are exciting times for Indian renewable energy, and especially so for solar and wind energy. Investments in renewable energy industry in India have increased from a meager $94.58 million in 2001 to $3.7 billion in 2008, and about $7.2 billion by 2009 - at a CAGR of 72%. A significant part of these investments were in wind energy. For the past few years China has been doubling its cumulative wind energy installed capacity, and by end of 2009, the country had a cumulative installed capacity of 25.1 GW, from 12.1 GW for end-2008 - over 100% growth! During the same year, India added a modest 1.27 GW, raising its total installed capacity from 9.65 GW to 10.92 GW. The comparative data for India and China show the potential the Indian wind energy sector has. With the government of India keen on promoting renewables with attractive incentives, the wind energy sector is expected to created thousands of jobs and a number of business opportunities for the private sector. EAI is glad to be part of the The Renewable Energy Chennai 2010 Conference which has a focus on the exciting wind energy sector. We hope that this white paper on the opportunities present in the wind energy sector will assist entrepreneurs and businesses in their efforts at exploring this sector. EAI thanks Exhibitions India/Comnet Conferences for providing the opportunity to present this white paper as...
Words: 4443 - Pages: 18
...PGDM[2013–15] BY: R O H I T K U M A R G O E L [DM15142] SECTION 1 Page |2 CONTENTS S.NO. I II III IV V TITLE INTRODUCTION IMPACT ON BUSINESS PRACTISES AND SOCIETY IMPACT ON GOVERNMENT AND SOCIETY CONCLUSION REFERENCES PAGE NO. 3 3 6 6 8 GREAT LAKES INSTITUTE OF MANAGEMENT | Introduction The internet is a medium that is soaring in polarity in almost every facet of the world and is used for a myriad of reasons by persons, universities, governments and businesses. It is the network that facilitates communication among all the smaller networks and individual computer systems that connect to it. It is growing at an impressive rate due to the many services it facilitates, the ease with which services can be created, the presence of a single standard and the global reach that makes national boundaries invisible. With the dramatic increase in bandwidth, decreasing communication costs and an everincreasing number of organizations using it, the Internet has ushered in a revolution. As far as businesses are involved, the internet usage has been tested to a variety of experimentations that seek to determine the viability of using the internet to improve business practices in various industries in India. One particular aspect of business is that the internet marketing has a great impact on society. Around the world, developed countries have improved their communication systems and are able to share information in a user-friendly way. The Internet is used now in various sectors:...
Words: 3214 - Pages: 13
...International Journal of Innovations in Engineering and Technology (IJIET) Social Entrepreneurship: A Growing Trend in Indian Economy Dr. Partap Singh Head & Asstt. Professor, Deptt. of Management studies S. D. Institute of Technology and Mgt. (SDITM) Israna, Panipat, Haryana Abstract - Social entrepreneurs can help get better various issues like nutrition, education and health care and many are still blighted by unemployment and illiteracy by helping those less fortunate towards a worthwhile life. Rather than leaving societal needs to the government or business sectors, they can solve the problem by changing the system. Social entrepreneurship is expected to be the next big thing to influence India as the country juggles to achieve a balance between a growing GDP growth, ensuring inclusive growth and attempting to address issues ranging from education, energy efficiency to climate change. This paper attempts an analytical, critical and synthetic examination of social entrepreneurship in India. Key words: Social venture, inclusive growth, and social problems. I. INTRODUCTION Social entrepreneurship is the recognition of a social problem and the uses of entrepreneurial principles to organize create and manage a social venture to achieve a desired social change. While a business entrepreneur typically measures performance in profit and return, a social entrepreneur also measures positive returns to society. Thus, the main aim of social entrepreneurship is to further broaden...
Words: 3473 - Pages: 14
...INTRODUCTION – ‘Intrapreneurism is a form of management which, potentially, offers the venture a way of combining the flexibility and responsiveness of the entrepreneurial with the market power and reduced risk of the established organisation’ Gifford Pinchot, in the mid-80s, created the word “intrapreneur” which described employees of large businesses who were hired to behave and think like entrepreneurs. Pinchot defined intrapreneurship as “behaving like an entrepreneur when you’re employed at a large corporation for the benefit of the corporation as a whole” and believed that being appointed as an intrapreneur before giving a shot at entrepreneurship is a great method developing management skills and techniques before stepping into the entrepreneurial world. Apart from just a set of skills and great techniques there are also personality and character qualities that make up a successful intrapreneur or entrepreneur. “The most successful are risk takers who are driven by a vision of something that is better in the world,” Pinchot says. “They are honest and use a balance of intuition and analysis to make their decisions.” Other scholars have defined intrapreneurship in many different of ways. Expressions such as corporate entrepreneurship (Burgelman, 1983, Vesper, 1984; Guth and Ginsberg, 1990; Hornsby et al., 1993, Stopford and Baden-Fuller, 1994), corporate venturing (MacMillan, 1986; Vesper, 1990), and internal corporate entrepreneurship (Schollhammer, 1981, 1982; Jones...
Words: 3622 - Pages: 15
...Indian IT Services: Shaping Up for the Next Big Push Published: February 24, 2011 in India Knowledge@Wharton Earlier this month, newspaper headlines in India about US$5 billion worth of IT outsourcing orders expected from large U.S. banks brought cheer to the Indian IT services industry. In recent months, industry players have been expecting the return of good times, and this news reinforced their optimism. But experts say the US$60 billion industry needs to retool and reposition itself or it risks losing out on growth. According to Sudin Apte, principal analyst and CEO at research firm Offshore Insights: "Businesses in the U.S. and Europe have undergone dramatic changes. The paradigm at their end has changed and so have the needs and requirements from their technology vendors. If Indian IT firms want to stay in the game, they need to change, too." Meanwhile, the country's top IT firms are close to shuffling positions. While Tata Consultancy Services (TCS) and Infosys Technologies continue to hold sway, Cognizant Technologies, currently the fourth-largest player, is threateningly close to unseating Wipro Technologies for the third slot. In the last quarter, Cognizant's revenues grew 45% to reach US$1.31 billion; Wipro was marginally ahead with US$1.34 billion in revenues from IT services. Also getting ready to join the club is iGate, which last month entered the billion-dollar revenue club after buying Patni Computers in a US$1.2 billion deal -- one of the largest acquisitions...
Words: 3122 - Pages: 13
...Name: Kunal Ashok Email id: ashok.kunal@gmail.com or kunal.ashok@iimb.ernet.in Phone number: 961116703 Abstract: Can India have a Google of its own? The idea behind the suggestions of India becoming an innovation powerhouse or at least to start with a company that becomes an innovation education is to revamp India’s education system that has for long focussed on training people to get a job and not really thinking creatively. Fostering creative thinking by directing the education system towards a more research oriented framework can do the trick for India. This coupled with social support for our budding technology entrepreneurs can put India on the fast track of finally having a Google of its own. There have been innumerable speculations as to whether India indeed would become a superpower by the end of the century or at least be at par with China and the USA at the high tables of the world. Though as Indians, we have reasons to feel optimistic, it should be noted that no country ever has dominated the world economy without being at the forefront of the technological revolution of its era. Be it the British through their industrial revolution and ensuing exports in the 18th century, the Americans in the 19th century through innovation or the Indians themselves in 1000 BC by being pioneers in the field of education and science - all historical instances of countries leading the world did so in terms of creativity and originality of thoughts. Hence if India wants...
Words: 1372 - Pages: 6
...information technology industry are high. The marginal cost of each unit of additional software or hardware is insignificant compared to the value addition that results from it. A wide variety of services come under the domain of the information technology industry. Some of these services are as follows: • Systems architecture • Database design and development • Networking • Application development • Testing • Documentation • Maintenance and hosting • Operational support • Security services Infosys Technologies operates in all major functions of the IT industry and is part of the Software Industry subset. Type of Industry The Indian software industry has grown from a mere US $ 150 million in 1991-92 to a staggering US $ 5.7 billion (including over $4 billion worth of software exports) in 1999-2000. No other Indian industry has performed so well against the global competition. According to a NASSCOM-McKinsey report, annual revenue projections for India’s IT industry in 2008 are US $ 87...
Words: 1164 - Pages: 5
...Impact of Technology and Workforce Diversity on the Corporate Sector | Keerthi Purushothaman III B.A. Corporate Economics 10CEM28 | Introduction With the onset of globalization, the corporate sector has transformed in many ways. It has adopted new work policies and adapted to new technologies. The impact of technology and workforce diversity on corporates is an area of growing importance. In a multicultural nation such as India, workforce diversity has a huge impact on business. With the expanding innovations in technology, businesses are forced to explore and adapt to new technologies in order to make the processes faster and more effective. This is also important for them to be able to stay ahead of the game and face competition. Businesses today use technology in almost every facet of operation. They communicate with advanced network systems; they analyze data and plot forecasts using complicated programs; they utilize all types of digital media for marketing campaigns; and they streamline operations with new inventory and check-out systems. Technology is not without its downsides, but business cannot deny the impact it has had on every level. As we enter the 21st century, workforce diversity has become an essential business concern. In the so-called information age, the greatest assets of most companies are now on two feet (or a set of wheels). Undeniably, there is a talent war raging. No company can afford to unnecessarily restrict its ability to attract...
Words: 4032 - Pages: 17
...fact, it was the first Indian company to manufacture refrigerators. Over the next few decades, the company garnered a lion's share of the market on the back of its demonstrable reliability and performance. Supported by a philosophy of innovation, Godrej launched refrigerators with Poly Urethane Foam (PUF) in 1989, which went on to become an industry benchmark. Market expansion and competition from foreign brands in the 1990s only helped to invigorate it and once again brought to the fore its pioneering spirit. Godrej Refrigerators met these challenges with its own product development. In 1996, it unveiled the first-of-its kind refrigerator model in India, the 260-litre deep door refrigerator; it followed this in 1998 with the roll out of a 400-litre refrigerator in the frost-free range.This was, at the time, the largest refrigerator ever to be manufactured in India. Godrej raised the bar yet again in 2001 with the launch of the all-new Pentacool range. With its 5-side cooling, these refrigerators were generations ahead of several brands in technology. The spate of innovations continued with the launch of Godrej Eon in 2006 – once again setting new benchmarks in the cooling space. Having more than held its own against global competition the company is today, set to accelerate its growth by catering to the needs of the young Indians with its promise of brighter living. It is basing its success on the strength of the fact that no one knows the Indian consumer better than Godrej...
Words: 2542 - Pages: 11
...Company profile Titan Industries is the organization that brought about a paradigm shift in the Indian watch market when it introduced its futuristic quartz technology, complemented by international styling. With India's two most recognized and loved brands Titan and Tanishq to its credit, Titan Industries is the fifth largest integrated watch manufacturer in the world. The success story began in 1984 with a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. Presenting Titan quartz watches that sported an international look, Titan Industries transformed the Indian watch market. After Sonata, a value brand of functionally styled watches at affordable prices, Titan Industries reached out to the youth segment with Fastrack, its third brand, trendy and chic. The company has sold over 135million watches world over and manufactures 13 million watches every year. With a license for premium fashion watches of global brands, Titan Industries repeated its pioneering act and brought international brands into Indian market. Tommy Hilfiger and FCUK as well as the Swiss made watch Xylys owe their presence in Indian market to Titan Industries. Entering the largely fragmented Indian jewellery market with no known brands in 1995, Titan Industries launched Tanishq, India's most trusted and fastest growing jewellery brand. Gold Plus, the later addition, focuses on the preferences of semi-urban and rural India. Completing the jewellery portfolio is...
Words: 3239 - Pages: 13
...Jugaad - The Indian Model of Frugal Innovation By Dr. Ajith P Abstract This paper defines frugal innovation also called as Jugaad in Indian context. The concept of jugaad innovation is introduced and explained. The uniqueness of jugaad model compared to innovation model followed by developed nations is compared and contrasted. The paper further explores the relationship between frugal engineering, design principles, design thinking, co-creation and jugaad. The benefits and implications of jugaad model of innovation for emerging nations as well as developed countries are also discussed. The paper provides better understanding of what jugaad innovation model is and how to accelerate jugaad innovations by firms in emerging markets. Jugaad can provide value for money as well as value for many. Learning to do more with less for more people should be the jugaad innovator’s dream. Key words: Jugaad, Innovation, India, Frugal Innovation, Affordability, MLM, Sustainable Solutions Introduction “Earth provides enough to satisfy every man’s need, but not every man’s greed.” - Mahatma Gandhi Peter Drucker made a very profound observation long back. According to him, as the purpose of business is to create a customer, the business enterprise has two and only two basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs (Trout, 2006; Kotler, 2009). Strategic innovation, which is a must for all marketing firms in today’s market...
Words: 6702 - Pages: 27
