15. Rajiv Banavali (WestRock) on innovation and sustainability

I speak with Rajiv Banavali, the senior vice president of science and innovation at WestRock, the second largest American packaging company. (0:00) Introduction (0:44) Definition of innovation (1:28) Distinction between breakthrough and incremental innovation (3:53) Identifying opportunities for innovation (5:32) Figuring out what customers and their customer want (8:10) Predicting which products will be successful and which ones will fail (10:27) Setting an innovation strategy (12:42) Role of science at WestRock and drivers of new ideas (17:51) Designing products for sustainability (20:25) Resources needed for innovation (23:37) Creating a culture of innovation (26:23) Innovation killers (28:38) Sustainability as a value driver (30:29) What drivers sustainability (34:56) Circular economy in packaging industry (37:03) Innovation in packaging industry (38:37) Exciting development in packaging (41:14) Innovation at WestRock (44:21) Regulation (46:18) Government’s role in creating and supporting innovation