- Innovation - Wikipedia
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Once innovation occurs, innovations may be spread from the innovator to other individuals and groups. This process has been proposed that the lifecycle of innovations can be described using the ' s-curve ' or diffusion curve. The s-curve maps growth of revenue or productivity against time. In the early stage of a particular innovation, growth is relatively slow as the new product establishes itself. At some point, customers begin to demand and the product growth increases more rapidly. New incremental innovations or changes to the product allow growth to continue.
Towards the end of its lifecycle, growth slows and may even begin to decline. In the later stages, no amount of new investment in that product will yield a normal rate of return. The s-curve derives from an assumption that new products are likely to have "product life" — ie, a start-up phase, a rapid increase in revenue and eventual decline. In fact, the great majority of innovations never get off the bottom of the curve, and never produce normal returns. Innovative companies will typically be working on new innovations that will eventually replace older ones. Successive s-curves will come along to replace older ones and continue to drive growth upwards.
In the figure above the first curve shows a current technology. The second shows an emerging technology that currently yields lower growth but will eventually overtake current technology and lead to even greater levels of growth. The length of life will depend on many factors. Measuring innovation is inherently difficult as it implies commensurability so that comparisons can be made in quantitative terms.
Innovation - Wikipedia
Innovation, however, is by definition novelty. Comparisons are thus often meaningless across products or service. They categorized these measures along five dimensions; ie inputs to the innovation process, output from the innovation process, effect of the innovation output, measures to access the activities in an innovation process and availability of factors that facilitate such a process.
There are two different types of measures for innovation: the organizational level and the political level. The measure of innovation at the organizational level relates to individuals, team-level assessments, and private companies from the smallest to the largest company. Measure of innovation for organizations can be conducted by surveys, workshops, consultants, or internal benchmarking. There is today no established general way to measure organizational innovation. Corporate measurements are generally structured around balanced scorecards which cover several aspects of innovation such as business measures related to finances, innovation process efficiency, employees' contribution and motivation, as well benefits for customers.
For the political level, measures of innovation are more focused on a country or region competitive advantage through innovation. In this context, organizational capabilities can be evaluated through various evaluation frameworks, such as those of the European Foundation for Quality Management. Some people consider the Oslo Manual complementary to the Frascati Manual from The new Oslo Manual from takes a wider perspective to innovation, and includes marketing and organizational innovation.
These standards are used for example in the European Community Innovation Surveys. Whether this is a good measurement of innovation has been widely discussed and the Oslo Manual has incorporated some of the critique against earlier methods of measuring. The traditional methods of measuring still inform many policy decisions. For example, an institution may be high tech with the latest equipment, but lacks crucial doing, using and interacting tasks important for innovation. An Australian academic developed the case that national comparative cost-effectiveness analysis systems should be viewed as measuring "health innovation" as an evidence-based policy concept for valuing innovation distinct from valuing through competitive markets, a method which requires strong anti-trust laws to be effective, on the basis that both methods of assessing pharmaceutical innovations are mentioned in annex 2C.
Several indices attempt to measure innovation and rank entities based on these measures, such as:. Many research studies try to rank countries based on measures of innovation. Common areas of focus include: high-tech companies, manufacturing , patents , post secondary education , research and development , and research personnel. The left ranking of the top 10 countries below is based on the Bloomberg Innovation Index.
John Smart criticized the claim and asserted that technological singularity researcher Ray Kurzweil and others showed a "clear trend of acceleration, not deceleration" when it came to innovations. Patent Office data. Given the noticeable effects on efficiency , quality of life , and productive growth , innovation is a key factor in society and economy. Consequently, policymakers have long worked to develop environments that will foster innovation and its resulting positive benefits, from funding Research and Development to supporting regulatory change, funding the development of innovation clusters, and using public purchasing and standardisation to 'pull' innovation through.
For instance, experts are advocating that the U. Because clusters are the geographic incubators of innovative products and processes, a cluster development grant program would also be targeted for implementation. By focusing on innovating in such areas as precision manufacturing , information technology , and clean energy , other areas of national concern would be tackled including government debt , carbon footprint , and oil dependence.
Economic Development Administration understand this reality in their continued Regional Innovation Clusters initiative. Also, such grants should be better procured to metropolitan areas , the essential engines of the American economy. Furthermore, Russia's innovation programme is the Medvedev modernisation programme which aims at creating a diversified economy based on high technology and innovation. Also, the Government of Western Australia has established a number of innovation incentives for government departments. Landgate was the first Western Australian government agency to establish its Innovation Program.
Regions have taken a more proactive role in supporting innovation.
Many regional governments are setting up regional innovation agency to strengthen regional innovation capabilities. From Wikipedia, the free encyclopedia. For other uses, see Innovation disambiguation. Main article: Innovation economics. Main article: Diffusion of innovations. Retrieved 14 March Journal of Education for Business. Business Insider. Organisation for Economic Co-operation and Development.
Early American Literature. Camden, New Jersey: Rutgers University.
Challenging America’s Innovators for New Ideas for a More Resilient Grid
Retrieved 19 February The New Yorker. The Atlantic. Towards innovation measurement in the software industry. Journal of Systems and Software 86 5 , — Brookings Inst Pr. The Leadership Quarterly. Capitalism, Socialism, and Democracy 6 ed.
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The Economic Way of Thinking. Prentice Hall, 12th ed. Public Administration Review. Applied Psychology. Harvard Business Review. August Retrieved 13 October Innovator's Guide to Growth.
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Harvard Business School Press. January Harvard University. Retrieved 17 January Health Care Management Review. Center for American Progress Report. Rubin, Tzameret The Journal of Innovation Impact. Oxford University Press. Archived from the original PDF on 12 October Retrieved 3 December Procedia - Social and Behavioral Sciences. Forbes India Magazine. Archived from the original on 18 September Retrieved 7 September Networks of Innovation.
Innovativity and cooperative learning in business life and teaching. PhD thesis. University of Turku. Retrieved on Management Science. Journal of Computers in Industry. The laws of imitation E. Clews Parsons, Trans. New York: H. Diffusion of Innovation. Fagerberg, Jan. Oxford: Oxford University Press. Journal of Systems and Software. Epstein and Robert Shelton Oslo Manual. Archived from the original on 27 August The Milbank Quarterly. Nature Reviews Drug Discovery. Journal of Generic Medicines. Globalization and Health Springer. Archived from the original PDF on 14 April Retrieved 18 June Medical Journal of Australia.
Innovation Capacity Index. Assuming several ideas, focusing on a particular problem or business issue, are being evaluated at the same time, these scores can be compared and the highest scoring ideas can be selected for further review. An idea with a low score might be vastly improved following minor changes. We favor the evaluation matrix as the primary idea review approach because it is simple to set up, requires a minimum amount of time for review, enables comparative idea review and makes it easy to identify the most promising ideas in a large collection of ideas.
That said, the evaluation matrix in itself is not usually sufficient for making a final decision on an idea that may cost millions of Euro to implement. But it helps you select ideas for more detailed review, thus making the review process more efficient. An analysis of Strengths, Weaknesses, Opportunities and Threats SWOT is an old marketing stand-by and as such is a useful follow up to an evaluation matrix. In the unlikely event you are unfamiliar with SWOT analysis, it is a simple form in which reviewers indicate the potential strengths, weaknesses, opportunities and threats of an idea.
Because the SWOT analysis looks at an idea from different perspectives, it provides a more rounded review of an idea than some methods. Our SWOT analysis approach includes a scoring system in which reviewers give 0 to 5 points each for strengths and opportunities and takes away 0 to 5 points each for weaknesses and threats.
This provides a SWOT metric which can be handy for comparing large numbers of ideas. Once an idea passes these initial hurdles, it may be ready for implementation or it may require more detailed testing. Idea development may include business case preparation, prototype development, project management initiation or test marketing.
Moreover, how a firm develops an idea depends on the nature of the idea, the nature of the firm and existing processes for implementing ideas. Over the years, I have noticed that business analysts tend to be overly critical of new ideas. This is understandable, they are tasked with managing and minimising risk. And creative ideas tend to be the riskiest. As a result, many evaluators stress weaknesses and threats. On one hand, this is understandable. Your company should not be implementing ideas that will prove to be costly failures. But, many weaknesses can readily be improved.
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An idea that would be very expensive to implement may, with minor changes, be implemented at far lower cost. Evaluations should be performed by a team of people with relevant expertise. Ideally, that expertise should be varied. For instance, if you are evaluating new product ideas for an electronic gadget, your experts might include engineers, marketing people, retailers who would sell the product and one or more people representative of the consumers expected to buy the new products.
A particular benefit to having teams review ideas is that while individual evaluators are prejudiced, a varied team is likely to cancel such prejudices out. For example: an engineer trained in an older technology may well be reluctant to give a high evaluation score to an idea that uses a new technology with which she is not familiar. The success of such an idea might well threaten her job!
A jealous manager might not like the fact that her subordinates are more creative than her and so might give poor evaluation scores to creative ideas. At the other end of the spectrum, creativity and innovation people like you and I are often too enthusiastic about the most creative ideas and so give overly high scores for creativity. Sometimes, a less creative idea might prove to be the more innovative in terms of being profitable.
He is currently developing and running workshops around the world on Anticonventional Thinking , a new approach to achieving goals through creativity. Main image: Businessman stands choosing his way from Shutterstock. How to Evaluate Ideas. By: Jeffrey Baumgartner Many organizations make mistakes in their idea review processes that result in rejecting the most potentially innovative ideas in favor of less innovative ones, warns Jeffrey Baumgartner. In most medium to large businesses, however, a structured evaluation process is necessary in order to: Identify the ideas that are most likely to succeed as innovations for the company.
Ensure that complex ideas are reviewed by people with the appropriate expertise necessary to understand what would be necessary to implement the idea — and what might go wrong.