rain lab (Innovation Lab)
"rain lab" - reflect, act, innovate and nurture.
rain lab was inaugurated by Prof. Dr. Sten Ekman; PhD in Innovation Science and Management from Malardalen University in Sweden and Dr. Analill Ekman, Department of Education, Uppsala University in Sweden. Both of them are practicing experts in the area of Innovation led Entrepreneurship. It was inaugurated in the month of February 2012 during their visit to iFEEL in India.
Both of them mentor and closely work with iFEEL on Innovation and its relevance in all spheres of management.
The objective of having the rain lab in the vicinity of the campus is not only to provide the students with a space where they can explore their creative minds and work on the plethora of ideas that may range from whacky to wonderful but also to give them a space where they can prototype a service or a product and implement things and hopefully come out with something sustainable and scalable. We want to give them an environment which has scientifically proven to facilitate innovation.
The Benefits : B-schools
Today, the entire world is talking about innovation and the impact that it can have on a business. "Facebook" is a classic example of Innovation in social media. Apple, Google, Tata Nano are all classic examples of businesses soaring up on strengths of innovation. A one rupee shampoo sachet was a classic example of marketing innovation.
There were times, when cost of a product determined the sales and ultimately the profitability of the business. Cheaper the cost, higher was the sales. Then "Quality" was the differentiator. That is when Japanese companies like Toyota, Sony, Honda etc became world famous.
Now, when almost all companies are equally competitive in pricing and good in quality, we believe that "innovation" would be the major differentiation going forward. Companies will either have to innovate or die. An iFEEL student would thus be benefitted by being able to adapt to innovation better or implement innovation in his or her area of work than their counterparts from other b-schools.
Learning Outcome Expected
Innovation is not a function of management like Marketing, Finance, Operations etc. but it is omnipresent in everything we do and thus has a relation to all the functions of management.
The students are encouraged and guided to work on their ideas and come out with an innovative process or product and then go the entire process ranging from ideation to creation to sales to book keeping. The students thus get to work not only on innovation but also get to learn the different functions of marketing like Finance, Operations, Marketing etc. They thus get to use the creative as well as the analytical sides of their brain.
A typical 'rain lab' project would make a student learn the process of innovation by actually having to innovate on a thought or an idea. The project will also give them an entrepreneurial experience as they would have to make a profitable business out of their idea. They would thus get the practical experience of the various functions of management and understand the finer nuances of the same and the close proximity that the functions have to each other.
The entire experience will take the students on an entrepreneurial curve that will make them understand the challenges of startup ventures, the possibilities that are on offer and their true potential as innovators, entrepreneurs and leaders.