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Europe, EU, Europe, EU, Europe, EU, Europe, EU, Europe, EU, Europe, EU, Europe, EU, Europe Innovation and Innovation Management
To survive in the new competitive environment, no enterprise can afford to stand still. In today's knowledge-driven world, new technologies appear at shorter and shorter intervals. Innovation thus should be not a one-off event, but a continuous response to changing circumstances. Sustainable innovation system doesn't not just help to solve a problem but creates a new capacity, opening up opportunities for further innovation.
Innovation is the conversion of knowledge into new products, services, processes, strategies or business models. It should not be limited to development of new products only. New processes and methods can be more powerful in helping you to win sustainable competitive advantage. All have to be open to new ideas, new ways of working, new tools and equipment, and be able to absorb and benefit from them. A policy to enhance innovation must be present in a modern enterprise policy as one of its main components.
No-one can predict the future. You can however discover the secrets of the present. Innovation is not about taking risk or predicting the future – it's about focusing on the opportunities of the present. Understand the present, study what is known and turn this knowledge into future opportunities.
Until recently innovation has been seen principally as the means to turn research results into commercially successful products, but not all research leads to innovation and not all innovation is research-based. Certainly research is a major contributor to innovation, generating a flow of technical ideas and continually renewing the pool of technical skills. It should be a vital ingredient in your enterprise strategy, particularly over long term, if you are to maintain a stream of competitive products on the market. Important though research is as the source of invention, innovation encompasses more than the successful application of research results. Innovation can also stem from adopting new technologies or processes from other fields, or from new ways of doing business, or from new ways of marketing products and services. The evolution of the innovation concept - from the linear model having R&D as the starting point to the systemic model in which innovation arises from complex interactions between individuals, organizations and their operating environments - demonstrates that your innovation policies and practices must extend their focus beyond the link with research.
• Hard Innovation is organized R&D characterized by strategic investment in innovation, be it high-risk-high-return radical innovation or low-risk-low-return incremental innovation.
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