Product design & development have always been very closely associated with innovation. The need for the new is closely tied to innovation, a thirst for adventure and risk taking, uncertainty and the spirit of enquiry. Innovation has been a buzz word of the last decade which has been extensively mentioned by all the industry doyens. Some of these observations, we give below:
“High rates of growth registered so far had been based on competitiveness triggered largely by cost arbitrage. India needs to reposition itself from a low cost manufacturer / service provider to a creative and innovative product developer. India should aim for a growth trajectory engineered by value arbitrage through innovation”
— Mr. Seshasayee, Past President, CII.
“I believe companies that can create their business models around delivering quality products and services while remaining cost competitive will be at a distinctive advantage…. Indian companies will need to innovate new products and services or invent completely new product categories”
— Sunil Bharti Mittal (Business Today, 15th Jan 2006).
“Therefore the answer to the question, ‘What will it take to create a market out of India’s poor?’ is …. It will require innovation in products, innovation in processes, and above all innovation in the concept of enterprises…. Using new models of production and distribution, new products and services at lower cost can be created that can meet people’s requirements along with the growth in their incomes”
— Arun Maira (Business Today, 15th Jan 2006).
“Innovation has long been recognized as an important driver of economic growth. Empirical research and surveys of business activities show that innovation leads to new and improved products and services, higher productivity, and lower prices. As a result, economies that have consistently high levels of innovation also tend to have high levels of growth.”
— Atkinson and McKay 2007, Information Technology & Innovation Foundation.
“During my lifetime, innovations in business, science, and technology have energized the global market economy in unprecedented ways. The world economy is 500 percent bigger than in 1960.”
— Bill Gates in his address at the 2011 G20 Summit.
But has it been a sustainable economic development? Has it ushered in an equitable and inclusive growth ensuring a better quality of life? Has the recent turbulence in the global markets heralded a need for sustainability coupled with the fortune (?) at the base of the economic pyramid? How is innovation nurtured in enterprises and in governments to create new products and services to enhance the quality of life for all? What are the challenges we face in these uncertain times for innovative product development? What are best practices being followed globally in meeting these challenges?
In this proceedings, these issues have been addressed with experts from industry, institutions and the government presenting their insights.
Readership: Engineers, scientists, architects, industrial designers, design managers and other researchers and professionals working in product development.