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  • Innovation & Networking

GE Renews its Commitment to Innovation

  • June 25, 2004
  • naina

Source: Innovation Tools Weblog

The July 2004 issue of Business 2.0 magazine.

“In a sense, Immelt has concluded that to power his $134 billion goliath forward, his managers must view GE not so much as a collection of huge, multibillion-dollar businesses but as a vast network of entrepreneurial, Silicon Valley-style – or better still, Edison-style – tech startups. He has ordered them to grab the scientific lead on the far technological frontiers of markets from clean energy to medical diagnostics to nanotech to security to jet-propulsion systems. And he wants to harness that revved-up innovation metabolism to a more highly developed and systematic marketing effort than GE has marshaled in many years, if ever.

The result, Immelt believes, will be a GE that looks like an entirely different company – more entrepreneurial, more science-based, and generating much more growth from its own internal operations than by simply acquiring other companies. ‘Constant reinvention,’ Immelt says, ‘is the central necessity at GE.'”

The article highlights four major strategies that GE is employing to accomplish this major transformation:

1. Chase big change: GE is targeting markets undergoing transformation, such as energy, healthcare, transportation and security for potential billion-dollar scores.

2. Repurpose everything: GE managers have been ordered to find new markets for existing products; modifying medical imaging technology to monitor industrial systems, for example, is expected to bring in $1 billion in 2006.

3. Sell like crazy: Immelt created the post of chief marketing officer, named marketing executives for each of GE’s 11 major divisions, and added 5,000 new salespeople.

4. Unleash the mad scientists: Immelt reinvigorated the famed House of Magic research center, hiring hundreds of new scientists to dream up groundbreaking innovations.

Under the leadership of Jack Welch, GE grew primarily through acquisitions. Immelt is committed to leverage the opportunities for growth and innovation that exist within each of its divisions and core technologies, while still pursuing acquisitions on a limited basis.

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Naina Redhu is a professional photographer & visual artist.

Her career, spanning 16 years, started with an MBA in IT & Systems, to a job as an Innovation Management Consultant, to branding & graphic design work for international clients, to a full-time solo-entrepreneurship as an Experience Collector.

Naina started her blog 16 years ago and it has evolved from writing about Creativity & Innovation, to sharing case studies about Branding & Graphic Design to finally a destination for some of the leading Luxury & Lifestyle brands as Naina writes features for these brands and photographs them.

Having traveled all over India as a child ( the advantage of having a father serving in the Indian Army ), she is also well-traveled across Europe ( Austria, Switzerland, Netherlands, Italy and France ), Asia ( Bhutan, Sri Lanka, Thailand, and Vietnam ), America ( New York, Los Angeles and San Francisco ), and Canada.

Naina has her own podcast called The Naina Redhu Experience, where she talks about the business and professional aspects of photography, blogging and influencer marketing in India.

Her abstract art, under the KhaosPhilos label can be shopped on the Naina.co online store and she is available for bespoke commissions as well.

"The New Rules of Online Brand Building", Naina's on-ground workshop, recently wrapped up its 7th Edition. Launched in 2018, "Workshops By Naina" is going to be seeing more editions across the country & online.

Naina is also available for hire as a Speaker. She has been invited as a Keynote Speaker at a blogging conference and also speaks about the business of photography in India.

Always learning & evolving online, she has presence across several online spaces including Twitter, Instagram, Facebook, YouTube, Pinterest, LinkedIn, TikTok and her podcast can be found on all podcast channels and apps.

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