TOMORROW'S BUSINESSES, THE NEW ECONOMIC CATAPULT

Innovation has been the sole reason for the sustenance and prosperity of a company, especially in times such as these

- CHANDRAJIT BANERJEE

In today’s world, businesses have only two choices: Innovate or perish. For example, only 54 of the Fortune 500 companies (ranked by total revenues) from 1955 were still on the list in 2018, and hence the balance from those days have either ceased to exist, merged with (or were acquired by) others, or are still lingering on but have been dislodged from the list of top 500 companies. The uncertainty is more pronounced today than ever before, with a pointer that innovation should be the mantra for all businesses.

Innovation has been the sole reason for the sustenance and prosperity of a company, especially for coping with changing times. Innovation always starts with an idea and as it takes shape, it can impact a large population. Hence, the first requirement of a thriving innovation ecosystem is to encourage minds to ideate and nurture them to their fruition.

Many new firms driven by disruptive innovations are emerging in the world, replacing traditional business offerings with entirely different business models coupled with technology. While companies of the future are now positioning themselves as ‘upcoming new businesses’, they also signify new ways of doing existing businesses. These are known for anticipating the needs of the market earlier than their counterparts and tend to disrupt the market with their solutions.