Moving From a Knowledge Driven Economy to an Innovation Driven Economy-
On June 20, 2006, the first and second year students of ASB had an interactive session with Dr. Vish Krishnan, Professor of Management at the University of California in San Diego. The theme of his talk was, “Moving from a knowledge driven economy to an innovation driven economy.”
Dr. Krishnan said that for the last century or so the world had been under the influence of a knowledge driven economy. In such an economy, the success of an individual or company is dependent on the knowledge capital possessed rather than innovative skills. In other words, “You are only as good as what you know.” The disadvantage of living in a knowledge driven world is that knowledge can sometimes act as a constraint while looking at things differently.
In contrast, in an innovation driven economy emphasis is given to lateral thinking. Dr. Krishnan believes that the next century will be an innovation driven century. One should be capable of spotting exceptions and capitalizing on them. Conventional knowledge will continue to be important where the job market is concerned but people who are innovative will be more sought after and better paid.
Education plays an important part in encouraging innovative thinking. According to Dr. Krishnan, learning should be question driven and interactive, where the students lead the discussion by asking questions and arriving at answers on their own. The teacher’s role is secondary in such a system.
During our discussion a pertinent issue that was raised was about how we could attain the perfect balance between knowledge and innovation. This is very important because innovation may lack structure and lead to breakdown of social norms and values. This disturbing phenomenon is becoming commonplace in highly innovative societies.
Dr. Krishnan also spoke about how in India, people expect the government to do everything for them. If India can produce more people who are innovative, it would result in the emergence of a spirit of entrepreneurship, where people are willing to help themselves.
The talk by Dr. Krishnan left a lasting impression on all of us. For the first time in our lives we were being challenged to question accepted forms of learning. He instilled in us the drive to learn by asking questions rather than by blindly accepting already established conventions. Dr. Krishnan left us ASBians a determined lot, all set to adopt a lifestyle of innovation tempered by the application of appropriate knowledge.
Contributed By-
Anju Varghese Philip
MBA 2006-2008
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