Selected references:
Leading eBook on Creativity and Innovation in Business
Creativity and Innovation Best Practices
Creativity and Innovation Case Studies
The Innovation Index
Top 50 innovative companies in the world
In 1976, during visits to the poorest households in the village of Jobra near Chittagong University, Yunus discovered that very small loans could make a disproportionate difference to a poor person. Jobra women who made bamboo furniture had to take out usurious loans for buying bamboo, to pay their profits to the moneylenders. His first loan, consisting of USD 27.00 from his own pocket, was made to 42 women in the village, who made a net profit of BDT 0.50 (USD 0.02) each on the loan. Thus, vastly improving Bangladesh's ability to export and import as it did in the past, resulting in a greater form of globalization and economic status. (Imagine if the Jobra women in Bangladesh can create real product such as bamboo furniture with small loans, what can entrepreneurs do with small loans given out to create new products in energy, environment and education.)
Muhammad Yunus was awarded the 2006 Nobel Peace Prize, along with Grameen Bank (who he founded), for their efforts to create economic and social development. In the prize announcement The Norwegian Nobel Committee mentioned:[1]
"Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people, not only in Bangladesh, but also in many other countries. Loans to poor people without any financial security had appeared to be an impossible idea. From modest beginnings three decades ago, Yunus has, first and foremost through Grameen Bank, developed micro-credit into an ever more important instrument in the struggle against poverty."
Muhammad Yunus is a modern day innovator, who had the foresight and insight to provide opportunities in the form of microcredits to the poor women in Bangladesh, who were anything but poor in their entrepreneurship drive, and aptly turned these microloans into innovations.
An age old innovator, Leonardo Da Vinci, shared his wisdom by telling us: "There are three classes of people: Those who see. Those who see when they are shown. Those who do not see." Innovators foresee. Innovators see beyond the ordinary, and yet have uncanny common sense. Leonardo has often been described as the archetype of the renaissance man, a man whose unquenchable curiosity was equaled only by his powers of invention (1.). Leonardo's approach to science was an observational one: he tried to understand a phenomenon by describing and depicting it in utmost detail, and did not emphasize experiments or theoretical explanation.
Thomas Alva Edison, inventor of the light bulb and phonograph, an innovator unlike any other, and founder of GE, shared this insight: "I never perfected an invention that I did not think about in terms of the service it might give to others." He goes on to say, "The three things that most essential to achievement are common sense, hard work and stick-to-it-iv-ness". And of course, his most famous quote used by magazines and leaders all over the world is: "Genius is one percent inspiration, and ninety-nine percent perspiration." He was one of the first inventors to apply the principles of mass production and large teamwork to the process of invention, and therefore is often credited with the creation of the first industrial research laboratory.
"Think big, think fast, think ahead. Ideas are no one's monopoly," is a famous quote by an entrepreneur from India, credited with the modernisation of Indian textile and petrochemical industry, and whose rags to riches story has made him a cult figure in the minds of Indian people. Dhirubhai Ambani, founder of Vimal, Reliance Textiles and Reliance Commercial Corporation, is an innovator behind the multi-billion dollar Reliance Industries in India. Mr. Ambani, who began his occupation with a salary of Rs. 300 (about $7), grew his business by taking risks, building inventories, anticipating price rise, and reaping profits. In the year 1975, a Technical team from the World Bank visited the Reliance Textiles' Manufacturing unit, certified as "excellent even by developed country standards" during that period. "Pursue your goals even in the face of difficulties, and convert adversities into opportunities." - Ambani never gave in or gave up during his storied entrepreneurship career and always thought BIG, and forever inspired Indians to become modern day innovators.
Innovations necessitate lots of failed experiments and hard work to uncover the latent customer need. Innovations require processes to think creatively, ideate and experiment. Build an Innovation Factory, Learn to be an Innovator, Launch new Innovations by downloading the Innovation Resource Kit
References:
1. Gardner, Helen (1970), Art through the Ages, Harcourt, Brace and World
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