Practitioner Panel 1: Defining the Innovation GAP

Ground Reality: There is a Lack of a common understanding of what innovation is, how it happens, and what prevents it. The Innovation Myths, widely prevalent are: 1. Innovation is dominantly about Product Innovation, whereas the reality is that biggest contributor to growth over the last 2 decades has been Business Model Innovation. 2. Innovations equals Breakthrough Technology, whereas the reality is that a large number of successful innovations have come from a new application of an older technology. 3. Breakthrough Innovation is Strategic Innovation and therefore has to be Top Down, whereas the reality is that operational innovation can also create breakthroughs. Breakthrough Innovation needs to be Top down & Bottom up and across all functions. 4. Breakthrough Innovation needs extraordinarily talented people; therefore an organization needs to have superheroes – whereas the reality is that in a large number of organizations, ‘the same people have created breakthroughs’ The Learning: An interactive session where 5 innovation experts share their experiences of busting all the myths and expanding the following spectrum of Innovation both top down and bottom up and: 1. Product Innovation 2. Process Innovation 3. Business Model Innovation 4. Ecosystem Innovation