STAIRWAYS
INNOVATION IS THE NAME OF THE GAME FOR COMPANIES AND ENTREPRENEURS START-UPS THAT POWER VILLAGES, RESTORE TRADITIONAL CRAFTS AND SAVE THE ENVIRONMENT - By Ahmed Kamal Khusro
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n today’s competitive environment companies cannot survive without innovation. They need to explore and adapt new cutting edge technologies to drive their business forward. Many companies are increasing their R and D spends to incubate new innovations. Tata Industries has an innovation forum called Tata Group Innovation Forum (TGIF) for fostering a culture of innovation in Tata companies. TGIF has been conducting a programme to encourage innovation in the group since 2006, according to a TOI report. According to a Tata spokesman, “Innovation agenda will remain and be more focused now. Innovative ideas are in our agenda. But in what form, we have not yet decided.” The group recently held its Tata Innovista 2014 programme for entries in four categories:
Tata Industries has an innovation forum called Tata Group Innovation Forum (TGIF) for fostering a culture of innovation in Tata companies.
41 EASTERN CRESCENT | JUNE 2014
Yashraj Khaitan, set up a company to provide remote Indian villages with on-demand electricity through a pre-paid affordable model, according to HT.
“promising innovations”, “leadingedge innovations”, “dare to try’ and “design honour”. The Tata spokesman pointed out that Tata Industries had provided seed capital for Tata Honeywell and later on for Tata Telecom ventures. “Tata industries are basically providing seed capital for long-term projects. But incubation is not that long term, so we have to find the right solution for that,” he said. Tata Industries has initiated and promoted Tata ventures across several sectors, including control systems, information technology, financial services, auto components, advanced materials, telecom hardware
and telecommunication services. Commenting on Tata Innovista 2014, Mukund Govind Rajan, the brand custodian and member of group executive council of Tata Sons, said 43 innovations were shortlisted in the ‘promising’ category which recognizes innovations that have been successfully implemented during the year and have accrued benefit. “The combined economic benefit assessed from these innovations was $ 1 billion”, he explained. Tata Group is spending an average 2.5 per cent of the turnover on R & D, which is much higher than the national average of 0.76 per cent of GDP in 2013-14. In actual terms,