The Future Of Innovation Is Bright And Shiny

Dr Arcot Desai Narasimhalu

The future of innovation is bright and shiny as never before.  This is due to several reasons including better understanding of opportunity identification and innovation management, significant advances in technologies, new economic realities and the shifting focus on service innovation.

Innovation was perceived as an art practiced by an exclusive few sitting atop an ivory tower of a corporate headquarters of a company. Availability of methods such as Disruptive Innovation, Blue Ocean Strategy and Innovation Rules has empowered ordinary individuals to identify innovation opportunities as never before. This is a sea change in the sheer number of minds searching for the innovation needles in other otherwise chaotic haystack we call this world.

Calls for open innovation combined with the realization that the best of minds do not always reside within a firm have awakened companies such as Proctor and Gamble to device new innovation management strategies such as Connect and Develop. Increasingly complex problems, and a wealth of talent distributed across different organizations and geographies can only heighten this awakening and create a series of innovation tsunamis due to the tectonic movements created by the open innovation community.

The speed and acceleration of new technology innovations are astounding. This community often creates new technologies without concern for monetization. Researchers and Practitioners ought to focus on effective methodologies for turning these technologies into wealth for individuals, organizations and nations. This is an area still yearning for clear and useful methodologies. How often do we see stacks of technologies sitting on the shelves of university departments and research institutes around the globe inviting to be exploited? Innovation community is challenged to take the first steps in formulating an understanding that will help spin this “intellectual hay” into gold.

New economic realities deserve close attention. Irrational exuberance, poor governance and unabated greed have resulted in the unprecedented economic crisis that stares us in our faces. Hard times lead to questioning the status quo which in turn kindles our minds towards the creation of new innovations. So, expect new innovations to come out unemployed, intelligent minds seeking a new lease of life based on their past experiences and new technologies. Now is a good time as ever to expect a deluge of innovations to hit the market. Labour is cheap, rentals will fall, and costs of setting up new businesses will be lower. With some help from enlightened investment community, be it public or private, we can expect to see new entrants in several fronts.

New economic realities also encompass the emergence of BRIC Plus - Brazil, Russia, India and China not forgetting the Central Europe and Asia. Keen minds brimming with confidence that their time and turn has come will throw themselves intensely at creating new opportunities that will raise their standards on par or better then the current economic leaders.

As nations grow their economies, cost of doing business in the developed nations will only drive low value added manufacturing to lesser developed countries. This in turn will reshape their economics such that more than seventy percent of their GDPs and GNPs will look to the service component of their economies as the generator. Increasing dependence on service component will draw the brighter minds to focus on innovations in the service industry.

Given the above development can there ever be any doubt that the Future of Innovation could only be bright and shiny.

Article © 2009 Dr Arcot Desai Narasimhalu. All rights reserved.

about the author...

Dr Arcot Desai Narasimhalu

Dr Arcot Desai Narasimhalu

affiliation:   Singapore Management University

position:  Director of the Institute of Innovation and Entrepreneurship

country:  Singapore

area of interest:  Innovation methodologies, Innovation Management

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