Innovation introduction

Innovation introduction

1. Marx who first suggested that innovations could be associated with waves of economic growth. Others such as Schumpeter (1934,39), Kondratieff (1935,51), Abernathy and Utterback (1978) have argued the long-wave theory of innovation. Marx suggested that capitalist economies would eventually decline, whereas Kondratieff argued that they would experience waves of growth and decline.

2. The importance of innovation? The ability to change and adapt is essential to survival. ‘.. Not to innovate is to die’ Christopher Freeman (1982) In virtually every industry from aerospace to pharmaceuticals and from motor cars to computer, the dominant companies have demonstrated an ability to innovate.

3. What is Innovation? Invention & Innovation -Innovation = conception + invention + exploitation (Henry & Walker, 1991) -’Innovation is not a single action but a total process of interrelated sub processes. It is not just the conception of a new idea, not the invention of a new device, nor the development of a new market. The process is all these acting in an integrated fashion..’ (Myers and Marquis (1969)

4. Example GSK said yesterday that it had more than 20 potential blockbuster drugs in the pipeline with likely annual sales of more than $1 billion. The CE of the Anglo-American pharmaceuticals group called GSK had 147 different projects undergoing clinical trials, including 82 new drugs. GSK desperately needs new products to replace sales being lost to generic competition to three of its formers top-selling drugs.

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