Introduction to Innovation Pt1

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Innovation vs Invention

Invention = a new idea for a product, diagnosis technique

Innovation = successful exploitation of new idea becomes commercial, producible, marketable. Monetary value can be gained.

Different types of innovation:

Process - PCR

Operation - virtual biotech

Product - herceptin

Incremental - temperature dependent

Radical - PCR / DNA sequencing

Different definition of invention leading to innovation:

Schumpeter - 1970s

innovation and invention are not linked to each other, each can happen without the other.

Recently - 1997

...only when innovation leads to monetary value, produced economic change

Why are governments so interested in this topic?

1) Healthy lifestyles

2) Reduce inequality

3) Sustainable markets

4) Changing demographics

Innovation is important for competiveness:

Innovation = paradigm shifts (new possibilities)

Three generations of biotechnology:

1) >3000 BC (cheese, wine, beer)

2) Microbiology (19th and 20th century)

3) Genetic (1970s --> NOW)

Industrial focuses within bioscience for different EU countries

Web of life sciences (areas covered):

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