Innovation & Gumption – The Essence of New Age Businesses

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Almost every day we hear about the birth of a new star in the IT industry, the people behind the enterprise are hailed as heroes, the new knights of the industry.  Many of us sit back and look at the successes blooming around, with a tinge of envy and a dash of inspiration. A driven few are on their way to conquering new horizons, the rest of you who read this note maybe get a little nudge that will help you in joining this growing breed of entrepreneurs.

Over the ages we have seen era’s that seemingly take quantum leaps of growth and enlightenment. You could look back at the age of the renaissance as one such example, the industrial revolution that followed closely seemed to derive from the new ideas in the areas of culture and arts.

Today we are at the dawn of an era that is different from those of the past. As a civilization we have grown not just by flashes of individual brilliance and achievements but more through the collective wisdom of a divergent society comprising of scientists, engineers, artists and led by entrepreneurs who constantly looked to conquer new frontiers.

As information technologists there are multiple opportunities that beckon us, be it areas of new software platform development or embedding intelligence into machines or even creating new canvases in a wide open blue ocean.

The opportunities to create valuable organizations are many and multifold paths lay before us. Today there are different ways to achieve success. As you assess the opportunities pertinent to you, size the market potential, build your business plans and embark on your journey to becoming a successful business person there are two core traits that have continued through the ages right from the dawn of time that you may want to pay heed to:

 Innovation

Our natural instincts to explore & learn coupled with our curiosity can be immensely leveraged by our intellectual capabilities. Our world is connected by technology and this has become one of the most important mediums to connect, educate and empower people, leading to new age opportunities.

The pace of growth is explosive, yet one key observation is that innovation and not invention is driving the industry. Invention continues to reside in the harbor of scientists, even as the areas of their domains have dramatically increased and so have the number of people involved in research. The quest for quantum breakthroughs will continue and happen, it is however the incremental innovation that is driving business growth and fueling new age entrepreneurs today.

Incremental innovation is happening across dozens of fields, be it material sciences, bio technology, computing and other everyday areas through esoteric fields. Today opportunities stare us in the face, we can pick and choose different innovations and use a variety of technologies to create applications where the sum of the whole is far greater than its parts. An example could be combining inventions in material sciences with optic breakthroughs and AI computing to create appliances, devices and even robots to address different needs.

Opportunistic innovation will continue to drive wealth creation. The old adage “necessity is the mother of all invention” will continue to ring true.  We must however realize the goal posts will keep moving as the human race conquers hunger, improves quality of life and finds news ways to challenge itself.

Innovation is an inherent human nature, it is equally an inherent part of any business enterprise.

Gumption

All of us have great business ideas, which if implemented well would create significant value. Many of us have the fire, drive and experience coupled with game changing ideas, yet, somehow we either do not take any steps to actualize this potential or make half hearted attempts that fizzle out.

While you may plan for many contingencies in your venture or even job, the ability to take risks is of paramount importance. Business environments are always dynamic even volatile, in many cases we do not have adequate time to plan the most apt response to a unplanned scenario.

What you, entrepreneurs, experienced business men and indeed people from all walks of life need is a little bit of gumption to succeed. This is the ability to hold your nerve in situations that are not going as planned, not back away from adversity and back your plans and innovate depending on the situation.

Your ideas are as good as any, the next generation is at your doorstop, just have the gumption to go after it.

We have heard of the stories of Christopher Columbus setting out to discover new trade routes to the East Indies and discovering the Americas instead. This new age will have similar paradigms, everything that you create may have a value beyond what was originally intended, keep your eyes wide open.

This era awaits its dragon slayers and heroes who are looking to discovering new frontiers. The opportunities have never been so bright before, Innovate and Believe in yourself. The doors to new age businesses are wide open, beckoning you.

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