WHAT INNOVATION MEANS TO TEACHING INNOVATION

WHAT INNOVATION MEANS TO TEACHING INNOVATION 

 

Too often the concept of "innovation" is used in government statements, by research academics and some industry spokesman to represent novelty, new research, new opportunities, and potential business ventures. Such communication does not describe innovation. If we are to develop a truly "innovation economy", it is essential that the true concept is both understood and practised at all levels of society. From the research of Peter Drucker and the Australian Graduate School of Entrepreneurship we define "innovation" firstly, as a process. It is this process that endows the recognised opportunity to create change with the capacity to add value to an already existing invention, product, process or service, and then, and most importantly, at a price the customer will pay.

Researchers and engineers can focus on design as though the design is the product. Actually, it is design plus marketing that creates the product. But to launch this product as a profitable addition to the bottom line requires the application of a first-class business concept innovation. It is the successful conversion from opportunity to business concept that characterises true innovation. Commitment to seeking radical innovation within a business context provides the most cost-effective way of developing a high-growth sales strategy.

Prof Emeritus L Murray Gillin AM, academic leader,
Australian Graduate School of Entrepreneurship, Swinburne University of Technology

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