Alex Goryachev, the former managing director of Cisco's global co-innovation centres, dwells upon the nuances of innovation that can transform businesses and continuously drive growth
Innovation is one of the most bandied about words of the decade. The most misunderstood, too, perhaps. What will it take to get beyond the buzzword and catalyse 'true' innovation, the kind that can transform businesses and continuously drive growth? Alex Goryachev, one of the world’s top experts on innovation and the former managing director of Cisco's global co-innovation centres, dwells upon the nuances in his new book Fearless Innovation. Excerpts from an email interview:
Q. How would you define ‘innovation’ in the context of the Fourth Industrial Revolution?
I think we are just starting to see the growth from the seeds planted over the last two decades. The internet democratised entrepreneurship and innovation, providing almost everyone with opportunities to connect and collaboratively implement their ideas. We have innovated at unprecedented speed, creating platforms and technologies that revolutionised many aspects of our lives. I see tremendous impact in the areas of workflow optimisation, commerce, and media.
At the same time, I feel we are just starting to realise the true potential of the 4th Industrial Revolution and innovation is beginning to take a wider effect in improving living conditions and creating economic opportunities for all. As we move forward in the post-pandemic era, it becomes obvious that the internet has been created for more than shopping and entertainment and there are lots of other areas where we need to innovate as strongly. One-third of the world population lacks access to clean water and half of the world population does not have access to basic healthcare. We need best ideas, teams, and technologies to focus on solving these and other pressing societal problems.