UNLOCKING THE INNOVATION KEY

When Marico Chairman Harsh C. Mariwala wanted to strike out from the family-owned Bombay Oil Industries in 1990, he realised that operating out of the bustling commodity market in Mumbai’s Masjid Bundar would be difficult. The location was not conducive to attracting talent. Many times, people who came once, never showed up again. Mariwala changed tack and started meeting people outside the office. By 1992, Marico shifted to a tony address in Bandra, which helped the company induct the right kind of professionals. This helped him become one of the early Indian businessmen to unleash the power of innovation. Among the first innovations was launching Parachute coconut oil in blue plastic bottles, a change from the tins in which it used to be sold till then. Soon after, competition followed suit.

That was then. Almost 30 years later, innovation is still key for any business to survive and succeed. But how does one marry innovation with the culture of the company, and show its impact on growth charts? “First, you need to have diverse people on board. When you put together people from different backgrounds, it becomes a melting pot of ideas, which drives