7 Principles of Small Innovations

(Published in Banking Services Chronicle June 2008)

I came across a news report recently. Bhaskaran, a furniture shop supervisor in Vadakkancherry near Thrissur, has designed a brake for elephants. It prevents the jumbos from wreaking havoc, a common phenomenon when these otherwise gentle creatures go berserk. Bhaskaran was prompted to invent this device by the cases of elephant violence witnessed during the temple festival season in summer.

Reading about this small innovation set me googling. And I came across small business expert Darrell Zahorsky’s 7 Principles of Small Innovations. I have borrowed them to apply the same to the students.

1. Free time: Everyone wishes to have more than 24 hours in a day. This certainly is one wish that can never be fulfilled unless the scale of time is re-invented. What then is the way out? Go for short-cuts and quicker methods. A speedy journey makes the distance shorter and frees time for you.

2. Collect ideas: The world is ruled by ideas. So do not shy away from collecting them irrespective of what source they come from. If you are armed with ideas, you can face the world much better.

3. Look outside: It is necessary to be an extrovert. Success, except perhaps in the spiritual sense, can be had only in a world of competition. And this world exists outside.

4. Be customer-centric: Again, success consists in providing satisfaction to your customer. So when you look out, identify who your customers are and what they need. Mould yourself accordingly.

5. Use all types of innovation: Don’t think of waiting for the best innovation. It will never come. Use whatever innovation you have made or come across. More often than not, the innovation is likely to click.

6. Ask the right questions: A focus, however, needs to be retained on your field of concern. It is relevance and accuracy that distinguishes the winner from the also-ran.

7. Make a daily habit: Making innovations should become a part of your life wherever possible. Remember everyone saw the apple fall but it was Newton who discovered in it a grand phenomenon.