Medtronic and IBM share how they are pioneering disruptive solutions in Asia to access new customer bases and a faster impact in the region.
The definition of innovation has transformed. From insulated labs that protect confidential ideas, innovation is now happening across industries, in nimble start-ups with big ambitions, and in the collaboration between companies and their partners. It is this spirit that is creating the most cutting-edge products and services for the world today.
Although organisations continue to patent their ingenious ideas, they are looking externally to create an ecosystem that can help them invent and innovate relevant solutions at a much quicker pace. Tapping on new competencies and being a part of a far reaching creative loop has enabled multiple new companies and industries.
IBM is a case in point. It is currently working with multiple stakeholders in Singapore to create an environment that breeds innovation.
Abraham Thomas, Managing Director, IBM Singapore, explains that collaboration with customers helps the 106-year-old technology organisation stay grounded.
“Often, people invent solutions in a vacuum; something that they think people want. However, collaborative effort gives us more real-world solutions than something that is nice to have and no one wants to use,” he says.
Another firm believer of a collaborative innovation model is Medtronic.
According to Bob White, Executive Vice President and President (Minimally Invasive Therapies Group) at Medtronic, partnering with like-minded stakeholders allows the medical technology and services company to develop market-specific approaches and cater to the individualised needs of each country it is present in.