Innovation stretches firm’s potential
Companies in Asia need to look in their own backyard to maximise their potential to innovate, according to some experts who say the best innovations can be homegrown. They added that as today’s fast-growing companies in emerging economies such as India and China become more mature businesses, they’ll be coming up with innovative solutions to meet the needs of their consumers.
NUS Business School’s Department of Management and Organisation professor Michael Frese said: “You can open it up for innovation and I think you have an enormous amount of potential.
“One of the biggest potentials is that you have different customers – and once you look at customers being different and the customers that you want to get in your vicinity, then you will come up with new ideas. “The Tata small car is one example. By focusing on your environment you become more innovative than western companies”.
I do have to admit, so many great ideas are coming from the Asians, particularly the Indians.