jumping into red or blue pool is a big question which needs to be answered, This is what exactly our Prof. Jayavelu talks about with his immense knowledge of Blue and Red Ocean Strategy.
An Innovation faculty at the prestigious IIM-A.
What, where, how, why? All these questions need to be asked to you before jumping into the large pool of entrepreneurship. What should be the difference that a customer would come to U? What would be the factors that would draw any customer to U?
All these questions were properly and clearly explained by Prof. JayaVelu through Blue Ocean and red ocean strategy. Any business which is too dense and cluttered and if you jumping into it, then it’s likely that you would be just like many of those who are already there and it would come on your Critical Success Factor. Blue ocean strategy tells us what is your USP and that difference is that shall make you different from others In the industry. So basically it becomes a different industry where people are quite few. What are the ERRC factors– which is what needs to be Eliminated, Reduced, Raised and Created. These factors bring in the exclusivity in your business and that becomes the Value Proposition.
Next, Prof JayaVelu talked about the Open Innovation which completely resonates with our Founder, Mr. Deepak Menaria who says Innovation is for everyone, and by everyone.
The concept of Open Innovation is very clear. Prof Jayavelu says that there is immense talent and innovation in the world, you need to give people a platform or a source so that they contribute in this very world. You never know from where the best of the ideas would come from, from which corner of the world innovation would come from. The world is full of talents, ideas, innovations; all they need is a little push. Innovation, you know, is a lot like Gravity, all you need is a little push.