Corporate leadership's role in promoting home-grown innovations

3 Apr 2019

As we begin to understand the evolving model of corporate leadership, we realise how paramount the need for innovation is. Companies across the world are sourcing novelty from the outside, with the hunt being on for the next great innovation – from academic labs to garden sheds. In our third square at the Xynteo Exchange/India2022, leaders gave insight into what it takes for large companies to shift their mindset towards open and successful innovation. Sir Malcolm Grant spoke about his experience working both in the academic field and at the NHS England (National Health Service), mentioning how we need to come up with ideas that are future-safe and that will take care of society. "There's a necessity for the private sector to find low-cost solutions. It's about adding a human face to technology - towards training, care, and prevention." India2022 as a platform is designed to foster the conditions for innovative, sustainable and collaborative growth.

Nitin Prasad, Chairman, Shell India, said that we need to make use of platforms such as India2022 to seek new ideas and to commercialise them. "The keyword here is adaptation. In order for us to see a version of India that is leading the world and a hub for innovation, we need to make use of such platforms. Through the work of India2022 we can see the interplay of different nuances of corporate strategy, start-ups and many other sectors." Jaideep Prahbu, co-author of Frugal Innovation, spoke about how the Indian experience is very different from that found in the West. "India is often working backwards by using what's available and economising on our resources. We can't afford to operate how Western tech developed, we attempt to make our solutions more inclusive – call it a form of enlightened capitalism." These values continue to find relevance for India's next phase of growth, a momentous time. "We are lucky to be in India today where we have 1.3 billion people who are ready to experiment.

As entrepreneurs, this is truly exciting," said Siddharth Jain, CEO, INOX Leisure. "India should soon be seen as an innovation hub where new business models can be tried to take to the rest of the world," he added. We concluded on a morning full of talks of inspiration, insight, and innovation by hearing from Bakul Patel, founding trustee of the Nehru Centre. The centre is a testament to the enduring nature of the power of values and vision to build a nation. "We share the same values with the Xynteo Exchange – beliefs of democracy, social justice and inclusion of lives were the focus in the creation of the Centre. Our ambition was and is to help create an aspirational modern generation to stand out and become good citizens for a modern India," said Patel.