How will you innovate?
Innovation is the siren song and the buzzword of the moment. We are living in the age where Industry 4.0 is steadily becoming a reality throughout the world. Automation and data transmission is becoming embedded in many aspects of life; from cell phones to refridgerators, factories, cars and commercial ships, technology is breaking up the old ways of doing things. Today, blockchain, IoT, AI, AR/VR, smart health, smart cities, smart grids, clean tech, and so much more are shaping the world towards digital transformation. It is unsurprising that innovation is the word of our times.
The word ‘Innovation’ is everywhere and companies are CXOs are striving towards it. However, for many Indian firms, Innovation remains a mere name, and is yet to become a word of action. ‘Innovation’ is derived from latin and means renewal, and ‘to innovate’ comes from ‘in + novus’ which means ‘into new’.
Innovation has remained in its name form for many firms and they are unable to take it from its name form to an actual action. How does one innovate? Though it is a simple question, the answer is multifaceted and complex. Innovation in action means taking necessary steps in the right direction to create a product that effectively answers your customers needs rapidly and accurately anywhere in the world.
What are these steps to innovation? What are the factors of innovation?
We can move from approaching innovation as more than just a catchphrase but rather an action or set of actions that leads to a better product, solving domestic and global problems and spearheading the next wave of disruption.
Some of the practical steps (in no particular order) to innovation are:
- Hiring the best ICT talent
- Finding the right partners and suppliers
- Locating your business at an innovation ecosystem
- Developing an R&D centre
- Collaborating with major companies and universities to develop new technology
- Securing R&D funding
- Locating your business where government regulations are supportive and offer incentives for doing business
- Protecting your intellectual property
- Accessing reliable infrastructure like electricity, roads, processing waste etc.
- Doing market research to assess needs
These steps to innovation are difficult to carry out in India where the governmental regulations take time to catch up with the current innovation. Infrastructure, the current level of technology and intellectual property protection are also inadequate for the degree of innovation necessary to compete at a global level. Thus firms may need to look beyond their current situation and take the major step of setting up operations in a foreign country to truly make innovation an action and not a mere name.
For Indian firms, going global may be the only realistic way to catch up with the pace of innovation happening in the world and to make their own mark in the ICT landscape. In terms of accessibility, ease of doing business, cost-savings and technological innovation, Finland is the hub spot for Indian companies or any companies in the world to take their first steps as global companies.
Indian companies that go to Finland are able to develop their products rapidly and at a cutting edge level thanks to the many advantages offered by the Finnish business ecosystem and the local government.
Finland is a small country with a disproportionate level of technology development. A country of just 5.3 million people, it ranks amongst the top nations of the world in innovation, ICT ecosystem, spending on R&D, standard of living, collaborations between companies and universities and so much more. Finland is a heavy weight champion in the ICT arena and the best option for Indian companies serious about innovating.
Finland has the world’s best talent force (insert link) in ICT. The cost of labour for ICT professionals in Finland is competitive compared to other major hubs and due to their links with Nokia, they have solid experience in ICT, manufacturing, international business and more.
The government is also highly supportive and offer incentives to new companies entering Finland. Firms will find lower corporate tax, readily available information and the easy-to-establish business set-up very helpful and timely. There are several government agencies that play a hands-on role in helping businesses find a location, do market research, secure aid for R&D, participate in the local network, hire talent, do pilot testing in collaboration with local universities and so much more.
Going to Finland is not unheard of either. Major Indian companies like TCS, Wipro, Infosys, Mahindra and Mahindra and others have long since been established in Finland. Smaller SMEs from India have also set up operations in Finland because is a feasilble and effective option for their globalization and innovation efforts.
Finland is the no brainer when it comes to Indian firms seriously considering their next step to innovation and globalization. Business consultancy PrEver in Bangalore, India plays an in-depth role in helping Indian firms innovate and go global through the Finnish roadmap. Through the Finland route Indian ICT firms can save money and time and jumpstart their innovation and product development by many years.
The consultancy in Indian specialising in helping Indian firms go to Finland is PrEver Consulting, based in Bangalore. PrEver is partnered with Helsinki Business Hub and together they provide a roadmap to success for Indian ICT businesses that have innovative products and a goal to go global. Follow PrEver on social media or contact PrEver directly for information on going to Finland.