Commercializing Innovation Through People
A critical issue for industrialization and governments everywhere is the need to encourage innovation and change among industry members in order to increase productivity and enhance the industry’s competitive position.
In order to achieve this objective, it is important that all those involved in making decisions that affect productivity improvement and industry development understand the complex processes and dynamics that are at work within and between organizations and individuals that are also involved in the context of the innovation system.
It has been argued that the success of today’s businesses increasingly, depends on their intellectual assets as opposed to their tangible resources (Stewart, 1997). Among other things, these assets include attitude, knowledge and skills of the workforce. According to American Society for Training and Development (ASTD), these assets are known as competences.
It is a general believe that managing individual competencies is one important element in the management of strategic competitive advantage, and technological innovation has become an important competence of individuals.
The purpose of technology innovation is to create business value, the value, that can take many different forms such as incremental improvements to products, the creation of entirely new products and services and reducing
costs.
Drucker (2001) emphasizes that every organization needs one core competence innovation, and further stresses that every organization needs a way to record and appraise its innovative performance”
Assignment Task
1. You are required to research the challenges of commercializing innovation.
Innovation is regarded as the lifeblood of organizations, yet many companies struggle through the process of creating new ideas, products, and processes, with the result that good ideas are not commercialized and brought onto the market, and businesses fall behind in their competitive offering.
Some researchers see ‘people’ being the key to the successful development and commercialization of innovation – people within the organization that are chosen, trained and ready to work through the innovation to market process.
2. Some of the key words to be used may include: innovation, creativity, brain storming, innovation groups, technological innovation, commercialization, innovative employees, innovation/commercialization models
3. To search for at least 30 citations that relate to the topic. The articles can be from academic /research journals, and from news/ reading/ magazine articles, which can be sourced from EBSCO, QUESTIA, EMERALD or other research libraries, and from internet sources. All sources should be no older than 2008.
4. Create your own topic title from the 30 citations. These might include “A Study of the Relationship between ……..” or ‘Reviewing”, or ‘The Impact of ….”
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