Co-Innovation Competence: A Strategic Approach to Entrepreneurship in Regional Innovation Structures

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15 most important Innovation Theories your company should be using - Idea to Value

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Regional Research and Innovation Strategy 2014-2020 (RIS3)

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Smart healthcare and education systems — The two areas that will likely see the most drastic changes in the future will be healthcare and education. Already there are many new breakthrough medical technologies that fight numerous diseases, such as genome editing to cut off undesirable cells, and many converged smart systems that will replace human resources e.

Also, massive open online courses MOOCs have already revolutionized higher education around the world. These smart systems will have profound impact and implications socially, economically and also personally to people.. Smart homes and autos — Two of the aspirational needs of people are affordable, efficient, and comfortable home and car. In the digital age, with the support of smart people, leadership, governments, and infrastructure, homes should be equipped with advanced ICT, closed-circuit TV CCTV , sensors, smart security systems, self-learning systems, and the like.

The home security system can be controlled by a mobile device and an IoT system can manage the content of the refrigerator, control lighting and temperature, operate the smart toilet and the like Lenovo, Already Google, Apple, and Tesla are working on smart self-driving cars. These innovations will greatly change the quality of life in a smart future..

Important innovations that we need are those that can disrupt many barriers to creating a smart future. Already we have a wide variety of new technologies and convergence practices that are available to remove many challenging barriers to a smart future. Some of those that we have already discussed are: big data and smart analytics, IoT and networked smart sensors, devices and robots that can learn and share information for decision support, smart biochips and gene editing to eliminate diseases, artificial intelligence and self-learning machines for pattern recognition to predict future states, and the like.

However, such technological tools are not sufficient to disrupt many challenges ahead. We also need many social, psychological, and managerial research findings to handle complex and ambiguous soft challenges. Some of the innovations that can disrupt the barriers to the desired smart future are as follows. Leadership, motivation, employee satisfaction, job design, communication, team management, and the like are all related to achieving the best outcome of human resources.

People are most productive when they use their talents on their jobs. Gallup estimates that matching human talent and jobs could be the biggest contributor to not only national GDP several trillion dollars but also the sense of accomplishment and happiness on the part of the worker Harter, The smart future needs such innovation.. Creating jobs to do right things and new things — The conventional wisdom is to focus on incremental improvement of productivity by doing the old work more efficiently.

Such innovation, while always necessary in organizations, is not sufficient to make a quantum leap through radical innovation. The smart future needs effective new solutions that focus on effectiveness rather than efficiency. Design thinking, 3D technology, and bio-artificial systems convergence e.

Creating new jobs with longer life cycles — There is a general belief that new technologies help create new jobs. Such new digital age jobs include many knowledge-intensive professional work that support smart systems e. Leveraging the aging population — Population in almost every country, with the exception of Middle East nations, is aging rapidly. This trend is due to several important factors: drastically decreasing birth rates, the increasing longevity of people due to advanced medical sciences and health care services, improved quality of life, and ICT-supported converged services for well-being.

Japan already has about 25 percent of the population over 60 years of age. The proportion of working population simply cannot produce enough income and taxes to support retired senior citizens. The smart future must find ways to not only keep senior citizens healthy and engaged in the society but also leverage their accumulated wisdom in producing value.

Sustainability and green management — One of the major threats to the smart future is the deteriorating environment. The global warming trend has caused numerous natural disasters, including the increasing sea level due to the fast melting permafrost and El Nino-induced droughts, wildfires, floods, hurricanes, etc. The world needs continuous and revolutionary innovations to clean up the already damaged environment and simultaneously take proactive measures to prevent further environmental disasters.

The smart future needs incentives management. Design thinking — We have already discussed the merits of design thinking. The conventional decision-making process assumes that the problem under study is well defined and associated variables are known. Design thinking considers the fluid nature of the decision environment, including the objectives, variables, and relationships Brown, ; Howkins, Innovations that can support design thinking more easily and widely applied to deal with complex problems will help the process of creating a smart future..

Soon, we should be able to see the sound and people's mood or feelings. Innovation is about the actual implementation of new ideas or technologies to create new value in fundamentally different ways than in the past. In the continuous efforts to confront complex challenges in the networked global market, innovation is imperative. Innovation is no longer about creating value for an individual or organization. Rather its ultimate goal is about creating a smart future which can provide new possibilities to the stakeholders of a society.

A smart future is clearly something that people, organizations, governments, and countries want to create. It certainly makes a sense to have such a national goal, as Singapore is one of the world leaders in personal GDP, yet her people have a very low level of happiness and optimism for the future Sim, Such requirements are preferred as they are visible, measurable and easy to celebrate for accomplishments.

For example, the following represent the typical national project requirements for building a smart nation. Applied research centers for convergence innovation and venture creation.. Support of educational programs in science, engineering, and mathematics.. Government structure, budgets and policies for job creation.. While the above programs are all worthy and positive elements for a forward-looking modern society, creating a smart future requires more fundamental cultural fabric where innovation can be nurtured and harvested for a smart future.

Culture and environment where creativity is valued.. Society that values entrepreneurship and risk taking.. People supporting and participating in collaborative leadership and shared goals.. Environment where integrity and collective discipline are virtues.. The government is viewed as the facilitator rather than a ruler.. A culture that advocates change over status quo.. A society where job creation is more valued than job taking.. The smart future is an aspirational goal for most people and society. However, it is not an imaginary future but within the grasp of our possibilities, especially in the digital age.

To create a smart future, people must set stretch goals, think beyond the obvious, and work collectively for the good of the entire society.. ISSN: X. Previous article Next article. Issue 1. Pages January - April Download PDF. Sang M. Lee a , Silvana Trimi b ,. Corresponding author. This item has received. Under a Creative Commons license. Article information. Innovation classification. JEL classification:. Introduction Innovation has been the main task of humans throughout history Lee, Instead, innovation should be for more aggressively active in creating a smart future that provides more opportunities for a better quality of life.

Nevertheless, the general concept of a smart future should mean a living environment which is much better than the current state of affairs. Innovation for value creation Today, business executives, political leaders, educational administrators and even religious leaders all exclaim the innovation imperative.

Innovation classification Innovation has been classified in many different ways in the literature. That means firms cannot sustain their competitiveness by focusing primarily on incremental innovations. The co-innovation platform is the hub of innovation web with numerous nodes and networks of smart innovation sensors. Samsung Electronics and Nike are perhaps the best-known organizations that have the most comprehensive co-innovation programs. Organizational value creation The main purpose of any organization is value creation. Innovation life cycle In the networked digital age, organizational core competencies have short life cycles.

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