Innovation

· There are 3 types of Salable commodities: Product, Service, Innovation

o Advanced countries are moving up the value chain and are moving towards sale of innovative products / services like i-phone, i-pad, SAP, walkman, aero plane, pepsi, burgers, pizza, hybrid cars, to as simple things as a Velcro belt or a stick on paper.

o Japan with 117 patents/million population leads, US 69 / million population is 2nd ( but yearly totaling of some 30000 patents is still a leader), followed by Germany and Korea…China 0.05, India 0.02

o Educational system in India needs to address this. Creativity and innovation need to be priority in the curriculum. Germany gives bachelors engineering only when at least 1 patent is registered by a student.

o Companies cannot grow through cost reduction and reengineering alone... Innovation is the key element in providing aggressive top-line growth, and for increasing bottom-line results