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Reinventing the Wheel: Contextualizing Existing Innovations as a Path to Market Success

Authors :
Karthik Sankaranarayanan
Jeff Moretz
Jennifer Percival
Source :
Technology Innovation Management Review, Iss October 2013: Managing Innovation for Tangible Performance, Pp 16-21 (2013)
Publication Year :
2013
Publisher :
Carleton University, 2013.

Abstract

In the quest to create cutting-edge products, organizations often invest substantial time, attention, and capital in primary research and development (R&D). By themselves, these R&D investments to create avant-garde products may not provide good return-on-investment. In the context of Canadian businesses, there is a significant scarcity of resources available for R&D. What can Canadian firms do to stay innovative when they face a plethora of difficulties, including insufficient funding? This article explores how organizations can leverage external innovation and existing technologies to create products or services that cater to the market needs. We present a three-pillar model along with examples of companies that attained market success in large part by contextualizing existing technologies in order to create innovative products or services. This approach provides companies with a high-level framework to facilitate resource-parsimonious creation of commercializable, innovative products that are competitive in today’s global marketplace. Creativity is not the finding of a thing, but the making something out of it after it is found.

Details

Language :
English
ISSN :
19270321
Database :
OpenAIRE
Journal :
Technology Innovation Management Review
Accession number :
edsair.doi.dedup.....537c119a72e237558b5f8cfe58ac6a56