Week 3

Summary:


"It is not possible to have a linear process of manufacturing in a world finite in resources indefinitely." What this means is that if we do not consider how to preserve our current resources and continue to use up these resources indiscriminately, we will eventually run out of them. This is as the earth's natural resources disappear once used and cannot be replenished.


Secondly, we also learnt about the innovation process in innovation management where we see that an good and creative idea is still not yet an innovation, and still has to go through the process of research, development as well as application before it is considered an innovation. Research happens when there are new insights and understanding of the matter or product involved after observation. Development would be the translation process where the product or idea is materialised. Application would be the business side of the model where the product or idea is engaged in commercial, clinical or social use and is open in the market to the public after the firm evaluates the product's potential in the market.


Intersting ideas:


I think that a concept that is generally accepted to be inseparable from innovation is the idea of capitalism. An idea, no matter how creative or good, is not considered an innovation unless it is able to reap some sort of financial benefits. This step is also seen as the business-case validation where the firm will evaluate if the product is able to bring in economic benefits. To be practical, a firm will require income if it is to continue operating in the market and innovation is very much profit-driven. However, what if we change points of view and view this in the Government's perspective instead of the firm's? Does the link between innovation and capitalism still apply?


The Government can participate the innovation process of firms by giving grants or providing training, hence easing the development stage for firms. Does the government benefit from engaging in such activities? In my opinion, when the Government provides grants for research, it greatly increases the likelihood of firms to engage in more extensive research and development. When these firms become successful and expand their production, more jobs are created, thus reducing unemployment and improve the general standards of living for people in the country. Hence it can be seen that innovation could also help governments to achieve their economic objectives.


Key takeaways:


My main takeaway is that creativity does not equate to innovation, but instead is a part of the process of innovation. It is important to understand the various stages of the innovation process such as research, development and application for one to excel in this highly competitive market.


Another key takeaway I have is that we should not make decisions and actions now that would reduce options for future generations. Another way to explain this is that we should not make a mess out of this world, and expect our future generations to clean it up for us. Instead, we should aim at creating an environment which is increasingly comfortable for our future generations to live in.


Issues:


"Creating value" is a concept that could be discussed in greater detail. Though these 2 words seem to be easy to understand, the 2 words are hugely subjective and vary in meaning for many different people. By mentioning maximizing value creation, it would be good to discuss if there was an general standard in which people could use to measure the value of an idea or innovation.


I would give this lesson a 6 out of 10 as mainly due to time constraints, we were not able to get in-depth into many issues regarding sustainable development. However, the processes involved in innovation management were very clearly stated, and had benefitted me greatly from knowing and understanding the processes involved.