Skip to main content

Article Category

News

Article available in the folowing languages:

Innovation: The DNA for Growth

Special Summit for the Future Report by Evalueserve

You can't solve a problem on the same level that it was created. You have to rise above it to the next level - Albert Einstein This quote by Albert Einstein clarifies the common misconception about innovation. Innovation is not only about developing a product or service from scratch but is also about adding value to an existing product or service. Organisations across the world have focussed on innovation in order to achieve the competitive advantage required for creating and sustaining growth. The effect of globalisation on the world economy has also played a significant role in fostering innovation. Organisations soon realised that without innovation they faced the possibility of extinction. Research and development (R&D) and innovation go hand in hand; however, R&D is only one aspect of innovation. While innovation is about introducing a new idea or process to the end customer or developing and improving an existing product or service, R&D is about conducting original investigations to gain new knowledge for improving products or services. Innovations and the risks associated with them are directly proportional. On the other hand, the rewards of taking these risks are high. All resources employed for successful innovation are subject to some form of risk. These resources vary from the capital employed to the use of raw material, time, manpower and technical skills. A successful innovation is subject to various external and internal factors. These factors include government regulations and support, availability of skilled labour, the firm's internal management and its sources of capital. India and China attract large investments in R&D due to the availability of highly skilled manpower. The UK has an average innovation performance as its firms are less inclined to change. Therefore, they lag behind other geographies such as the US in adopting new and innovative business practices. Collaborations such as that of Tata Consultancy Services in India with Stanford University for research in data privacy are examples of pooling existing expertise. Government involvement is a key factor as it influences all other factors. A government's fiscal measures and macroeconomic policies promote access to capital. It has a role in developing science and technology centres, and associations. It also has a role in encouraging R&D in institutes that provide the support system required for innovation and R&D. The government is also responsible for providing funds for quality education and sourcing the required human capital. This can be seen in the United States where the government has increased the number of H1B visas in order to increase the skilled labour pool for its IT sector. Summit for the Future - May 3-5, 2006 http://www.clubofamsterdam.com/summit2006.htm The full report is available at: http://www.clubofamsterdam.com/content.asp?contentid=603 Evalueserve Evalueserve is a global knowledge services firm that provides high value-added research services to leading edge clients worldwide. Our clients include global consulting and market research firms, investment banks, Fortune 500 corporations, as well as SMEs in financial services, telecom and technology, pharmaceuticals and biotech, and various other sectors such as automotive, oil and gas, FMCG, Retail, etc. Evalueserve’s client executives are located in the North and South America, Europe, Asia-Pacific and the Middle East. The client executives are supported by its multi-lingual research team of 750 professionals, based in Gurgaon India. http://www.evalueserve.com Club of Amsterdam The Club of Amsterdam is an independent, international, future-oriented think tank involved in channelling preferred futures. It involves those who dare to think out of the box and those who don't just talk about the future but actively participate in shaping outcomes. Research and development (R&D) and innovation go hand in hand; however, R&D is only one aspect of innovation. While innovation is about introducing a new idea or process to the end customer or developing and improving an existing product or service, R&D is about conducting original investigations to gain new knowledge for improving products or services. We organize events, seminars and summits on relevant issues and publish findings & proceedings through various off-line and online media channels. Our goal is to become a global player and catalyst for innovation in industries, science and society. The Club of Amsterdam is a not-for-profit foundation registered in The Netherlands. http://www.clubofamsterdam.com

Countries

United Arab Emirates, Austria, Belgium, Canada, China, Czechia, Germany, Denmark, Estonia, Greece, Spain, Finland, France, Hungary, Ireland, Israel, India, Italy, Lithuania, Luxembourg, Latvia, Malta, Netherlands, Poland, Portugal, Russia, Sweden, Slovenia, Slovakia, United States