The process of innovation follows an invention. Whenever we talk about innovation, the beginning is fraught with challenges, remarked Professor V. Raghunathan, former Professor of Indian Institute of Management (IIM) Ahmedabad.
He was delivering address as a chief guest at the three-day national symposium held at the Institute of Management Studies on the occasion of golden jubilee celebrations of Pandit Ravishankar Shukla University (Pt.RSU) which began here on Friday.
He said that there is no development possible without some challenges. ‘One encounters challenges where there are opportunities’.
Prof Raghunathan said that challenges are first examined and thereafter innovations are used for commercial purposes or in public life.'Human beings innovate in different ways every day in their daily life’.
Vice Chancellor of Pandit Ravishankar University Professor S K Pandey in his address said that the process of innovation takes place from childhood among human beings.
‘When a child attempts to draw attention through his behaviour, that is the prime indicator of an innovation process underway’, he said.
During the first technical session of the symposium chaired by Professor Gurcharan Singh of Punjabi University, Patiala, Professor Devvrat Mitra explained how the process of innovation began in the Banking and Insurance sector.
He said that all the financial reforms that took place in the Banking and Insurance sector are as a result of the the process of innovation that took place in the sector.
Commenting on ‘Total Quality Management’ (TQM), Professor Mitra said that the productivity goes up when ample attention is paid to research. This is only possible when there is a synergy between ‘invention’ and ‘innovation.’
A large number of delegates from across the country are participating in the symposium.