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Innovation and emerging technologies
Factors that Influence Success or Failure in Innovation
HSC Outcome: H3.1 Analyses the factors that influence innovation and the success of innovation
Studies of organisations that have been consistently successful innovators indicate that these organisations place great importance on managing and investing in the following ingredients, which are their principal assets for innovation:
- information; systems for obtaining reliable, current information about markets, technologies, research, etc in the area in which they operate
- skills; formal and informal learning for skilling, reskilling, and multiskilling of staff
- intellectual property; developing and protecting their knowledge base through patents, design registrations, trademarks, copyright, and, where necessary, secrecy
- funding; innovation is risky and it usually requires considerable investment of time and money either from previous profits or from external funding, eg loans, grants, commissions, share issues, licences, royalties
- networks; all organizations rely on networks of other organizations to make and supply materials, components, equipment, and often to provide services such as design, distribution, training, and advertising
- reputation; innovations continue or fade away according to their reputation for style, quality, service, performance, status, etc.
by Robert Renew, Chief Curator Engineering and Design, The Powerhouse Museum, Sydney,
Further information may be found in Making It: Innovation and success in Australia's industries, published by the Powerhouse Museum in 1993.
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