KARACHI - For small and medium size business organisations to grow into large-scale corporations, it was imperative to position themselves to the needs of the future markets while retaining and growing their current market share, said Dr Ishrat Husain, dean and director, Institute of Business Administration and former Governor State Bank of Pakistan. He was addressing a conference on Corporate Innovation and Entrepreneurship (CCIE 2010) themed Fostering Innovation in the Pakistani entrepreneurial eco-system here on Saturday organised by MIT Enterprise Forum of Pakistan (MITEFP) in collaboration with The Organization of Pakistani Entrepreneurs of North America and TerraBiz Pakistan. Emphasising on the need for visionary and dynamic leadership that is able to cope up with the challenges of growth, Dr Husain said that it was incorrect to associate business success with conservative approach, avoidance of risk and reliance on proven ways of doing things. Rather, innovation and incremental change to meet the future challenges was the key to business success. He was of the view that leaders should articulate a vision that should be widely shared and owned by others. The leaders should walk the talk for cultural change and bring all departmental managers to work out together to share the vision and formulate a strategy for the future of the organisation. Kenneth P. Morse, founding managing director, MIT Entrepreneurship Centre, said that in todays challenging business climate, only the most innovative, ambitious and outwardly-focused companies will survive the tsunami of global competition. Pakistani entrepreneurs need to understand this and have to innovate continuously to attain sustained competitive advantage, he advised. He said enlightened firms viewed corporate venturing as a vehicle for innovation and corporate renewal and were allocating significantly more capital for both scouting and venture investing. In some cases, major firms have outsourced a significant portion of their new product development function to startups and the venture industry paving way for more leading edge technology and faster development cycles, he added. Morse was of the view that although he had been a serial entrepreneur he had never studied a business plan, rather he believes investing in people instead of business plans. The panelists shared their experiences of challenges and opportunities; the role of entrepreneurship and incubation centres and the entrepreneurship education in promoting entrepreneurship and innovation; and family-owned businesses relying on professional managers to scale-up and modernise their businesses.