The world’s growing prosperity is the result of innovation, and management innovation creates the greatest competitive advantage.

President Shri. Praful Patel told the audience that management innovation requires passion: it needs to be ‘joyful, romantic and inspiring’. In medicine and science, academics are inspired by ‘romantic goals’ such as defeating AIDS, extending human life spans, protecting the environment or reducing poverty. However, management innovation also requires organisations to question their fundamental principles.

Lives, markets and democracies are all resilient – they constantly evolve. As a result, companies need to build innovation management into their systems to ensure that they, too, evolve, that they maintain their resilience. The most innovative companies give employees the space to innovate – such as Google, which encourages its staff to take time to innovate and post their innovations on the web to see how customers react.

Yet innovation in management ideas still typically derives from the work of academics, journalists and consultants but rarely leads to those ideas being implemented. Business schools could, play an important role in encouraging management innovation by creating an environment where top academics come together in partnership with business practitioners, enabling students to address the problems of the future.

I'm very much happy seeing the website of NMD college is step towards such Invocation .

Shri. Praful Patel
(Civil Aviation Minister)