Innovation aimed at tapping markets beyond borders key to success of companies

Compared to what had been happening in the past, companies and startups, these days, score successes depending on their ability to effectively make innovation possible with a global perspective so as to meet the demands and choices of markets beyond national borders.

This was opined by experts at a session on ‘Innovation and Entrepreneurship’ at the Trivandrum Management Association conclave, TRIMA 2023. They suggested that it is critically important on the part of nascent firms to plan their activities in a sustainable and inclusive manner.

Noting that innovation is about improving on the state of art, Ajay Pitre, Managing Partner, Pitre Business Ventures, said the managers have to focus on doing things that haven’t been thought of anywhere in the world. In the current scenario, innovation has to aim and be able to better anything that is happening in the world and it is not just about what we are doing here. Small companies are more innovative as they are driven by the passion and urge to act and succeed fast, he said.

Innovation needs to be as per customer needs

The improvement is not just about doing it better but also about making it easier, safe and more convenient for users. Commenting on social entrepreneurship, he said a social entrepreneur starts a business for a larger social good and all entrepreneurs can contribute significantly for the prosperity of society.

C Padmakumar, President, TMA and Director, Kerala Life Sciences Industries Parks Pvt. Ltd., who moderated the session, said entrepreneurship is by and large accepted globally as one of the vital factors that drive any society’s development.  Suja Chandy, SVP and Managing Director, Zafin India, said if companies don’t innovate, they won’t survive. It’s one way of building products and services beneficial for customers. In the long run, it has to be impactful. Every company has to keep on innovating to meet customers’ needs as well as continuously look for scaling up to maintain growth, she noted.

Sustainability in diverse scenarios

Lakshmi Mini, Co-founder and CEO, GoHuddle, said resilience is the one factor that decides the success of a startup.  Majority of startups are founded by people who don’t have the background of business. They will have brilliant ideas, conviction, passion and they must be tech savvy. But when it comes to entering and knowing the market, managing their team and networking, they face various challenges, she added. A startup founder must be able to face challenges and be able to sustain in diverse scenarios, she pointed out. 

Sandith Thandasherry, CEO, Navalt Solar and Electric Boats, said availability of resources is the key for innovation as it has various levels. Over 400 delegates, including industry leaders, decision makers, professionals, members of the business fraternity and policy makers, attended the event.