Anand Mahindra, the chairman of Mahindra Group had some advice to share with entrepreneurs, investors, and founders alike on Friday when he tweeted saying that he believes that innovation goes beyond just creating new products.
What Happened? The billionaire entrepreneur who often likes to share his musing on business and finance on Twitter shared that in his view, innovation doesn’t just involve coming up with new products but also involves creating entirely new use cases for an existing product category.
Mahindra’s comments were referring to a photograph of a ‘standee’ spotted on a street in Copenhagen.
Mahindra has also advised companies in the past to adopt new ideas and innovations — much like start-ups, especially during times of crisis.
While Mahindra’s tweet was meant to be a generic reflection on the advert and not necessarily deep-rooted business advice, the idea that innovation doesn’t always suggest ‘product innovation’ isn’t just an idea unique to Anand Mahindra.
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Per a blog post by Harvard Business School professors Vijay Govindarajan and Jatin Desai, companies should integrate product innovation with business models, processes, and service innovations to achieve sustainable growth. They suggest that focusing solely on short-term product innovation engines is insufficient for achieving meaningful and lasting differentiation.
Image by World Economic Forum on Flickr
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