A strategy for Innovation and Creativity
The challenges of coming up with fresh ideas and realizing profits from them vary differently for every entity or organization. One may excel at finding good ideas but may have weak systems for bringing them to the realistic need. Another may have terrific process for funding and rolling out new developments but a shortage of concepts to develop.
Applying any greatest or latest innovation approaches and tools without understanding the unique deficiencies in the innovation system irrespective of any entity or organization. Mere frameworks for evaluating innovation performance can help in great extend which can be done through value chain based ...view middle of the document...
Innovation can also be achieved by selecting or choosing from a wide array of choices and methods of acquiring them, a confusing, and a chaotic place. Here it also needs to be understood of the importance of going outside the boundary in seeking innovation.
Searching for raw ideas can be compared with shopping for ready-made ideas in terms of cost, risk, multiplicity of options, and speed of spreading it for purposeful cause. Raw ideas, whether acquired directly from the inventor or through a patent broker, licensing agent, or some other intermediary, tend to be low cost but high risk and take a long time to bring it to use. Ready-made ideas or products are more expensive and narrow one’s choices, but they can be launched and implemented quickly and with less risk as well.
There is also another kind of intermediary that provides clients(entities or organizations) with access to a broad range of innovative product or technology ideas that are nearly execution ready, thereby mitigating early-stage risks and lowering the time to execute without significantly increasing acquisition costs.
Ultimately, advantages and disadvantages for all the options need to be compared in accordance to the need of the hour, and opt for whichever is feasible as well as...