• What is the real challenge in innovation ?
The poor conversion of good ideas into truly valuable innovation. The fundamental issues behind this challenge are - How to create the vision for technology innovation? How to engage the experts and focus their efforts? How to organize the resources? How to deliver the innovations in time?
• How is it a challenge?
When ideas don’t evolve into innovations, the inventors get discouraged, technology managers are frustrated, stakeholders are disappointed, technology development stagnates, the business loses confidence in R&D, new product development falls into a coma and ultimately the market suffers.
• Who faces the challenge?
Technologists and scientists everywhere face this challenge whether they are in university research groups, government laboratories, industrial R&D teams in large companies, small technology start-ups etc. Though the innovation environment is significantly different across these organizations, the challenge remains the same.
• When and where is it a challenge?
The challenge arises typically when the market need is ahead of the technology or when the technology is ahead of the market. The challenge exists in most emerging / developing / fast-growing economies. The challenge is intense, for a late entrant, in technology domains where the IP space is crowded. The absence of government regulation or enforcement favoring the new technology could further make things difficult.
• Why is it a challenge?
o Management of IP – Inventors create valuable IP when they patent their ideas and inventions, but most of them don’t realize the importance of monetizing their IP. Even large technology-based businesses and R&D organizations do not effectively monetize their intellectual capital. Sustaining the innovation efforts becomes a challenge when the IP fails to generate value.
o New Product Development – Effective use of technology to differentiate the product in the market is the most reliable way to create a competitive advantage. The creation of a winning product needs a good knowledge of the unmet needs and a focused effort to meet those needs through technology innovations. Typical examples of a desired, but currently unmet, need in technology products could be lower cost, longer life, more user friendly, environment friendly etc. Sustaining the innovation efforts becomes a challenge when the revenue generated by new products is non-existent or delayed.