The Innovation Key to Building a Successful Business, Marketing & Advertising News, ET BrandEquity

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Mariwala said that it is difficult to create a culture of innovation in companies and that it is up to leadership to ensure that members of the organization experiment, take risks and eliminate the fear of failure. .

Constant innovation and creating a culture that encourages new ideas are key to building a successful business, Marico Founder and Chairman Harsh Mariwala said Saturday. “I realized the importance of innovation 20 years ago… When I look at our brands, they all have something different that has succeeded in the market. So if you want to succeed in the market, you have to innovate, not just to launch a product but also on a perpetual basis, because it’s only a matter of time when others will start copying you,” Mariwala said during a session organized by the Center for family businesses and entrepreneurship, SPJIMR.

In a product like the Parachute, Marico has constantly innovated in its packaging, Saffola has pioneered healthy edible oil and so on, he said.

“I am a big believer in innovation and that is why we have established the Marico Innovation Foundation. I think if India is to succeed, innovation must play a very important role,” he noted.

However, Mariwala said it is difficult to create a culture of innovation in companies and it is up to leadership to ensure that members of the organization experiment, take risks and eliminate the fear of innovation. ‘failure.

“To create a culture of innovation, where everyone in the organization is thinking about new ways of doing things, not just at the manufacturing level, but across all departments. To create a culture of innovation, it takes talent, diversity because it brings great ideas, an open culture where you can communicate ideas and the most important thing of all is to eliminate the fear of failure because it hampers innovation”, Mariwala added.

Tata Starbucks started operations in 2012 and so far has a presence in around 16 cities with 270 outlets. Sushant Dash, CEO of Starbuck, said the company has maintained a steady growth approach while waiting for all of its criteria to be met to open a new outlet in a given location…

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