Design, Innovation, Creativity-led Entrepreneurship (DICE) truly characterizes the rise of the ‘entrepreneurial economy’ in India. Design thinking has more to offer the modern organization as a means to cultivate creativity and innovation in an organization
In a world where disruption and exponential change is the new normal, it has become imperative to build a company that is agile enough to change, and adapt with the times; if not ahead of the times. The objective should be to bring the future into the present.
Digital transformation is impacting all spheres of business; no organization is protected from intense, unpredictable and disruptive competition. I believe that successful organizations of the future must be designed for speed, agility, and adaptability to enable them to compete and excel in the constantly evolving global business environment.
In the past, organizations were designed for efficiency and effectiveness; which led to creation of complicated silos. However, successful companies are always looking for new ways to compete in the marketplace. One approach which has taken the corporate world by storm is Design Thinking. I strongly believe Design Thinking is a ‘power tool’ for empowerment and has the potential to transform and make a positive difference to businesses across the board.
The Design Thinking we are talking about is not visualization of aesthetics, but Design Thinking for Business Innovation – how businesses should think, innovate, operate and devise effective means of gaining a competitive advantage in their industry.
I believe that Design Innovation Creativity-led Entrepreneurship truly characterizes the rise of the ‘entrepreneurial economy’ in India. Design thinking has more to offer the modern organization as a means to cultivate creativity and innovation in an organization.
Steve Jobs once said, “Design is not what it looks like and feels like. Design is how it works.” Corporate goliaths like Apple, Google, and Airbnb have design at the core of their business. Design–driven organizations are not problem-focused but solution focused. Such action-oriented, logic driven and imaginative organizations are more adept at exploring possibilities and creating desired outcomes.
Design-led innovation is ‘human centered’ – it puts people first, not technology. As a result, when design principles are applied to strategy and innovation, the success rate for innovation dramatically improves.
For innovation to flourish, organizations must create an environment that fosters creativity. Decision making process in innovative organizations involve open-minded, passionate and adaptable leaders who are not averse to taking risks.
Modern organizations have a sharp focus on design management to encourage creativity and professional entrepreneurship. In fact, many Fortune 500 companies and even Governments of more developed nations have C-level positions focused on design & innovation. Almost every bank has a Chief Digital Officer or a Chief Innovation Officer.
With the growing interest in fintech, the Monetary Authority of Singapore has appointed a Chief Fintech Officer which has not been seen in any other country until now. I feel the day is not far when we will see large global corporations run by designers or even boardrooms full of designers.
Consumer demand-led market forces, Disruptions in Technology and Innovations across operations & customer service are all synergizing well towards the creation of a new ecosystem. This is not very different from what happened at the Silicon Valley in USA over the past 2-3 decades. We are at a juncture now, where creativity & innovation emanating out of India is altering the dynamics of the global economy.
This new entrepreneurial phase emphasizes that educational institutions are the best place to ignite entrepreneurial spirit. Globally the paradigm of ‘the innovation district’ is providing entrepreneurs and startups an ecosystem designed to spur economic development. With over 80 official innovation district globally including Silicon Valley, Boston Massachusetts and Barcelona, Spain; the concept is changing the landscape of innovation globally.
In India, similar endeavors like Lower Parel Innovation District (LPID) are providing building blocks using the disciplines of design & innovation to play a significant role in addressing issues of economic development and social improvement.
Even as the Government and policymakers are making significant strides to nurture entrepreneurship and innovation, I believe Design Thinking and Creativity are key skill sets that must be encouraged by legacy and new organizations alike – especially at our educational institutions.
Authored by Rana Kapoor, MD & CEO, YES BANK and Chairman, YES Global Institute
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