Innovation cannot be fostered without propelling growth, Frost & Sullivan chairman David Frigstad said, while delivering the keynote address at the consulting firm’s flagship Growth, Innovation and Leadership (GIL) congress in Bangalore on Friday.

He said innovation cannot be put in backburner even during these times of downturn, pointing to the example of Apple and its CEO Steve Jobs.

“The CEO has to focus on a 360 degree model of growth, by building a world class team around him, which keeps its focus on innovation,” said Frigstad.

He said the CEO cannot do it on his down. “He needs to build around him a great strategic team around him,” the chairman said.

According to him, CEOs around the world will have to combine the best practices along with potentially successful growth models to emerge triumphant. He said accelerated growth models are of paramount importance as the world is coming out of the downturn.

Frigstad said where he is living in the United States – California – he is surrounded by venture capital firms. “They are looking for two important aspects for any business. They look at the technology and the quality of the management team. It is important that both these are in place for a venture to succeed,” he said.

Frigstad added that over the course of the day, the congress will debate and discuss the importance of combining the virtues of growth, innovation and leadership to create successful business stories.