AUGUST 20224The barriers to innovation still exist, but the most inventive businesses have realized that 'innovation' is more fundamentally about finding new ways to provide value than it is about creating new goods and services. Innovation is a relatively recent concern, at least in the private sector, which makes up only a fifth of the country's overall R&D expenditure in India, where it accounts for just 0.8 percent of GDP (compared to 1.2 percent in China). Indian businesses operate in an environment that is more competitive than ever both at home and abroad. These businesses have been concentrating on cost-cutting, improving operational efficiencies, and carefully aiming their products and services to particular client segments for years. The barriers to innovation still exist, but the most inventive businesses have realized that innovation is more fundamentally about finding new ways to provide value than it is about creating new goods and services. Innovation is a relatively recent concern, at least in the private sector, which makes up only a fifth of the country's overall R&D expenditure in India, where it accounts for just 0.8 percent of GDP (compared to 1.2 percent in China). Indian businesses operate in an environment that is more competitive than ever both at home and abroad. These businesses have been concentrating on cost-cutting, improving operational efficiencies, and carefully aiming their products and services to particular client segments for years. The 'New Product Introduction' process, which Tata Motors started, outlines the business procedures for introducing new goods, covering everything from identifying consumer needs to commercialization and everything in between. It's interesting to see that businesses all throughout the world frequently mention these similar innovative impediments. However, businesses who are at the forefront of innovation see it as a requirement rather than a choice and work to get beyond these obstacles. This edition focuses on businesses like these that made the decision to innovate their way to success.Emmanuel Christi DasManaging EditorNew Frontiers to ExploreEDITOR'S NOTEsiliconindia Vol 7 · Issue 8 - 1 · AUGUST- 2022 Publisher Alok Chaturvedi Special Editor Emmanuel Christi Das Editorial Team Monica Pallavi J Hridkamal Roy Akankha Chak Sales & Marketing Deepika S. Nischita Prakash Naik Arvind Chakaravathy Editorial Queries startupcity@siliconindia.com To subscribe Visit: www.siliconindia.com/subscribe/ Magazine price is Rs. 150 per issue.Printed and Published By Alok Chaturvedi on behalf of SiliconMedia Technologies Pvt Ltd. and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017. Editor Alok ChaturvediCopyright © 2022 SiliconMedia Technologies Pvt Ltd. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.sales@startupcity.comArt Manager Suanya Chakraborty Circulation Manager Magendran PerumalVP Sales & Marketing Shashi Ranjan Senior DesignersSouvik AcharyaI Disesh Kumar Visualisers Mrigank Sharma Tushar DasAmit Kumar VermaManager - Design Prabhudutta A.R.N Ray
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