Approximately 19% of the world’s electricity bill comes from lighting according to Rudy Provoost CEO of Philips Lighting. As such Philips the world’s largest producer of industrial and consumer lighting products has a big role to play in the ongoing transformation from incandescent to solid-state lighting using LED technology. Provoost who until last year was CEO of Philips Consumer Electronics is no stranger to new technologies which he says are ”just a vehicle to respond to needs.” Figuring out what those needs are weeding out needless complexity and innovating with an eye on the bottom line are the keys to growth Provoost says. He recently spoke with Wharton marketing professor George Day and Knowledge at Wharton about the challenges of staying ahead in a rapidly changing industry.