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Fostering Innovation – IT Driven Innovation Deployment for Profitable Growth – Part 2

Insights learned from Praveen Gupta
From his Presentation called:  Fostering Innovation – IT Driven Innovation Deployment for Profitable Growth

Summary By Alex Jarett, Founder, Technology Executives Club and Technology Innovation Institute.

How do actually create an innovative idea?

According to Praveen Gupta, who spoke about Innovation at a past Technology Executives Club event, innovation should have one objective:  to create sustained, profitable growth.  Praveen  presented a very interesting framework that would allow companies to be more innovative..But how do you create the actual innovative idea?

First –  let’s understand Praveen’s definition of Innovation.  In his framework, Praveen presented that Innovation is a function of speed of processing combined with the speed of thought, or ability to process the information to make good decisions.

Speed of thought, Praveen defined as the function of Knowledge, Play and Imagination!

Knowledge is created by processing information effectively.  I think IT executives can understand that in a straightforward fashion.

But how do you create a process for Play and Imagination?  Praveen showed us a very interesting chart that demonstrated how to have fun as part of the job!  Fun, he explained is critical to innovation!  Ideas can be good, crazy, stupid and funny.

What’s interesting is the really good ideas come when you think crazy, stupid and funny!  That’s because the crazy ideas relate to the left side of the brain.  The stupid ideas are more right, and the funny ideas combine the two.

Here’s where the innovation occurs:  You create new ideas by combining TWO or more things uniquely!

And that’s how you create an innovative idea!

Now imagine if you could cultivate a culture of idea creation, combined with a process of innovation.

In our final post in this summary, we’ll cover Praveen’s insights on what innovation can mean to your company’s profitability and how to create a process to capture innovation in your company.

What do you think?

Updated: October 11, 2016 — 6:47 pm

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