Innovation is the need of the day and according to India Inc, innovation is the key to growth. At Frost and Sullivan’s Growth, Innovation and Leadership (GIL) congress held in Bangalore, industry leaders said that cost reduction and affordability is what everyone should look at and one way to achieve that is through research and development.

Speaking at the event, Chetan Maini, deputy chairman and CTO, Reva Electric Car company said, “ Our main focus is on R&D. About 40 per cent of our employees are involved in this. Consumers today want cost effective solutions and for this we have to constantly innovate,”

Agreed Ajay Nanavati, MD of 3M India, who said that “Our source of Innovation is listening to the needs of our customers. We have a 15 per cent rule in which we allow all out technical people to spend that much time on their pet project and bring about innovation.”

According to Nanavati, India has always been a source of the best innovative minds, but one thing that is missing is the urge to follow the idea to the very end. “The ability to do more with less is the best form of innovation and this trait is present among the Indians,” he added.

Another key attribute for growth is leadership. Grooming of leaders thereby making them credible is the need of the hour. The speakers stressed that leadership should involve innovative thinking, which in turn will lead to the bridging of the gap between consumer aspiration and reach.