Random Thoughts on Innovation

• Main Authors: NARASIMHALU, Arcot Desai, Institute of Innovation and Entrepreneurship
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2010
• Subjects: organizational innovation; Technology and Innovation
• Online Access: https://ink.library.smu.edu.sg/iie_research/2; https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1002&context=iie_research
• Institution: Singapore Management University

We had to bring about an organizational innovation by reengineering the organization itself!!! The late 1990s saw us redefine the mission of the organization to be user and market centric aiming to produce solutions with a 10X difference. We had to create a program that will allow promising technologies and solutions created by engineers and scientists who were passionate to see their works utilized by the world. This required transforming a quasi-academic publicly funded lab into an engine that would generate new businesses. The transformation was not easy. This was also about the time when the dot com bubble was building up. There was market pull for good talent. Venture capitalists where funding unproven and unviable ideas with irrational exuberance. We faced the danger of being hollowed out – an organization without the soul. Habits had to be changed, incentive schemes had to be restructured and relevant painful decisions had to be made. There was turbulence across the organization. Established managers felt that their power base was being eroded. Changes had to be made for the organization to survive the then challenges and march towards prosperous future.