#Innovation Big & Small – can big firms innovate?
Large corporations have both strengths and weaknesses in innovation; STRENGTHS due to their in-house resources and the financial capabilities they possess and WEAKNESSES due to organizational inertia and “Not-invented-here-syndrome” that often serve as barriers for new creative solutions. This is also why large firms often are innovative by acquiring small innovative companies, their technologies, and their innovative products and services!
Question of the week: Is #innovation something that can be taught to #children?
Absolutely! Children have a natural talent for coming up with innovative and entrepreneurial solutions (ask any parent!) and the challenge for us is to cultivate and refine (and not destroy) this talent through our school system. One route for this in more of action-based learning-by–doing approaches.
What is the best way to measure #innovation?
Traditionally we tend to measure innovation as IPRs, e.g. as patents. As society develops from an industrial to a post-industrial, service-based economy where knowledge inbuilt in products and services are becoming more critical, research has to rely also on other measures such as sales revenues, profit and market shares but also on measures depicting how customers’ perceive the innovativeness of different companies or products/services. Therefore we cannot rely on one measure of innovation but often need several measures. In the RIBS project we have developed a tool – a business and innovation compass – that captures some of the important innovation and business dynamics.