India’s iconic Tata Group is a remarkably diversified company with investments as divergent as tea and steel. As the company seeks to grow beyond its Indian roots and compete with the best globally, innovation is becoming increasingly central to its strategy. Toward that end, chairman Ratan Tata has instituted a surprising competition: A prize for the best failed idea! To spark innovation and keep the company from avoiding risks, the prize is intended to communicate how important trying and failing can be. “Failure is a Gold Mine!” proclaims the near-retirement chairman, hoping to leave the sprawling company with enough of an innovative spark to keep it relevant on the global stage.
Failure Is a Gold Mine for India’s Tata
India’s iconic Tata Group is a remarkably diversified company with investments as divergent as tea and steel. As the company seeks to grow beyond its Indian roots and compete with the best globally, innovation is becoming increasingly central to its strategy. Toward that end, chairman Ratan Tata has instituted a surprising competition: A prize for […]
April 11, 2011
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New!
HBR Learning
Innovation and Creativity Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Unlock your team's curiosity and willingness to take smart risks.