How Technology are setting the pace for nurturing innovation?
The way of doing Research & Development (R&D) is changing. Innovation labs, R&D units and training modules are now stepping out of the fold of parent companies and HQ’s and gaining their own independence and agility to combat disruption, compete with start-ups and stay competitive in the market. Corporate Innovation Labs are booming, as more and more companies are using them to regain, maintain or expand market dominance. Their numbers and roles have expanded rapidly in tandem with the digital economy. In 2019, the global spend on R&D reached a whopping US$1.7 trillion, with tech companies leading the way. Clearly, innovation is a crucial differentiator.
“When it comes to nurturing innovation globally, technology labs – or hubs, incubators, or accelerators are setting the pace. While most large corporations have their own in-house innovation labs, the smaller companies and start-ups are gravitating to hubs, which provide a strong ecosystem for specific domains or activities. Globally, such hubs usually have a large start-up community, established corporations, easy access to active investors, top universities or research institutions and a supportive local government”, says Satya Priya Yadav, CEO, e-novation Centre, India’s first private hub for Corporate R&D, trainings and innovation.
“In Europe and America, innovation labs are coming up in mixed-use hubs, which can house corporate offices, labs, cafes, studios, accelerators and co-working – all intermingled in the same space. However, in India, because of the very strict land use policies, an innovation hub cannot be created in a residential, commercial or manufacturing area; while institutional areas are specifically designated for R&D and innovation activities”, added Satya Priya.
Indian corporates, Small and Medium Enterprises (SMEs) and start-ups are feeling the need to step up on the innovation ladder to stay competitive in the global environment. Stand-alone innovation hubs in institutional areas, catering to the needs of independent corporate labs and small companies is the answer. Such hubs not only address the ever-increasing requirement
Creative hubs, whatever the form, from planned neighbourhoods to contained communities, are stimulating environments to work in, for both large corporations and start-ups. The cross-pollination of ideas across industries has resulted in some of the best inventions. Learning from what others are doing can spark some random associations which are essential for new ideas.
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