In the Future

In the Future

DOI: 10.4018/978-1-5225-7155-1.ch006

Abstract

Innovation consists of a complex process. We need to create new ideas, but these ideas need to be exploited in the market, need to have an impact, and need to bring a new opportunity of changing. The innovation corresponds to the implementation of a new solution for the market or company. There are five types of innovation: 1) product, 2) process, 3) organisation, 4) marketing, and 5) business model. Another point that must be studied profoundly is how long the innovation process must take. The book presents a method; however, other variables must be taken into account. Thus, it is also essential to design a strategy for measuring the time of process innovation in order to help the innovative entrepreneur.
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Solutions And Recommendations

The biggest problem of innovation is to translate science into innovation.

Some drivers are aiming at overcoming this problem: books explaining the types of innovation and how to measure it and some guidelines about the maturity levels of technology. Even having information about innovation, in fact, there is a lack of a proposed approach concerning the innovation process, namely for an innovative entrepreneur. So this is the point of innovation.

Nowadays, people think that having a new idea is enough to consider innovation; however, making innovation is not straightforward. From the idea to go-to-market, several steps must be taken, namely the market research, the intellectual property research and registration, the market feedback during the development activities and the design of a good business plan. These things seem to be common sense, but people jump most of them. In most of the times, the focus of the innovative entrepreneur is to develop the idea, forgetting the market, but it is the market that will dictate the success of the innovation.

This situation happens because there are no guidelines on how to make innovation. Making innovation is not an exact science, and there is no a correct answer; however, guide the innovative entrepreneur must be done in this process.

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