Experts at a conclave here said that, unlike in the past, the success of businesses and startups now greatly depends on their capacity to innovate with a global perspective to meet the demands and options of markets beyond national borders.
Speaking at a panel discussion on “Innovation and Entrepreneurship” at the two-day Trivandrum Management Association (TMA) conclave, TRIMA 2023, they stressed how crucial it is for newly founded businesses to plan their operations in a sustainable and inclusive way.
The event’s main theme is “Trivandrum 5.0—Prosperity Beyond Profit,” which kicked off on Thursday.
Mr. Ajay Pitre, Managing Partner, Pitre Business Ventures, noted that innovation is about improving the state of the art and said that the managers must concentrate on doing things that haven’t been thought of anywhere in the world.
“In the current scenario, innovation has to aim and be able to better anything that is happening in the world and it is not just about what we are doing here. Small companies are more innovative as they are driven by the passion and urge to act and succeed fast,” he said.
He claims that making it easier, safer, and more convenient for users is just as important as making it better.
In response to a question about social entrepreneurship, he stated that all business owners can make a significant contribution to the prosperity of society.
The session’s moderator, C. Padmakumar, President of TMA and Director of Kerala Life Sciences Industries Parks Pvt. Ltd., noted that entrepreneurship is widely acknowledged as one of the key elements driving the advancement of any society.
According to Suja Chandy, SVP and Managing Director of Zafin India, businesses that don’t innovate won’t last long.
“It’s one way of building products and services beneficial for customers. In the long run, it has to be impactful. Every company has to keep on innovating to meet customers’ needs as well as continuously looking for scaling up to maintain growth,” she noted. UNI KNR SSP.