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|Title:||Role of Collaborations, Systems, and the Soul in IP and Innovation|
|Authors:||Swenson, David W|
|Keywords:||Global market system;innovation economy|
|Abstract:||In today’s global market system, innovation is the driver for economic development and wealth creation. The new competitive reality no longer has cost and quality as its core decision factors or drivers. Developing a competitive advantage now requires a business culture of rapid innovation, collaborative strategies, a systematic methodology, and a culture of concurrent change. This is the reality in today’s innovation economy. Commercialization of disruptive innovations is based on integrating unique intellectual property, technical capability, and market needs. Collaborative partnerships between mul-tiple companies incorporating technology, market/distribution, and financial investors are essential to optimize innovation and successful commercialization of technology. Higher value disruptive innovations meet new market needs while pushing a company to new technology and/or capability requirements. Competitive success for innovative technology increasingly depends on speed to market and speed to profits. Innovative companies must empower technology managers to adopt a business-building approach that connects tech-nology creation to the target market. This in itself is an innovative business model and will require transition in management skills. For an entity to do this, the elements that form the soul of innovation are essential. The soul of innovation, is com-prised of:(i) an emotion or passion – as a part of the company culture to innovate, (ii) the mind to innovate – for any innova-tion to have an opportunity to be commercializable and profitable requires sources of intellectual property and a defined sys-tem to capture the innovation, and (iii) the will to innovate, i.e. drive it to the market. The paper further discusses the role of collaboration in innovation and IP creation.|
|Appears in Collections:||JIPR Vol.10(5) [September 2005]|
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