Date: January 7, 2009
Friedman and Bihde writings http://hbswk.hbs.edu/item/6090.html center on innovation, its ease of travel and origin. U.S. technology prowess relies on rapid movement of innovation to feasibility to development to market. We do this part better than most. So, I have no argument about the genesis of an innovation, but I am concerned that the global wellsprings of truly value producing innovation will begin to extinguish without concern for the most vital innovation-to-market phase. That is, the 1st stage to accomplish an idea's proof of concept (PoC) .
PoC work must bridge applied research to rational feasibility then to the product/service Development phase. In the PoC environment novel ideas are crafted into realistic innovations. Then six months to one year are spent shaping, testing and guiding an innovation based project to understandabilty of its higher performance/value and cursory market validation. Very few observers of the innovation processes describe these crucial steps from idea to commercialism.
Here is a short PoC FAQ:
1. Investment money to move ideas to innovations to feasibility is not available from venture capitalists nor angel networks - far too early stage and risky.
2. Universities are uncomfortable having commercial activity on campus and are reluctant to use operating or research money for PoC operations or PoC faculty grants.
3. Corporations percieve PoC's as culture disrupting. They chose outside investments to satisfy growth while perhaps brilliant ideas from their engineers/scientists remain in their notebooks.
4. The value of doing PoC work is not to gain more commercial potential ideas, but to cause projects of higher quality to become nearer to the market stage. An additional PoC benefit is the catalyzing of greater numbers of ideas from researchers where a PoC is operating.
5. Over the last 30 years many PoC initiatives began with hopes of a new venture yielding returns sufficient to provide PoC activities self-sustainability. Observation and history conclude that only a philanthropic attitude and funding will sustain PoC efforts on a campus, in an institution or corporation.
6. Once the scoured ideas that may lead to innovations are processed by PoC Centers, they reach the prototype or development stage to be assessed by venture capitalists who may invest in 5-10% of these offerings. (see post below - "Life Cycle of a Novel Idea."
Installing proof of concept initiatives in universities, Federal Laboratories, and research institutions is a national imperative best supported by governments and philanthropy. No matter where the innovations orginate, America must seize them and apply resources to increase their value for development and market delivery. Historically, our nation's risk tolerance drives innovation to the highest performance thus market value. The proof of concept stage leading to more unique innovations has and will keep us ahead of foreign competition. As science based clusters researchers generate higher value innovations leading to desired products/services, this ignites from them more novel ideas.
Installing proof of concept initiatives in universities, Federal Laboratories, and research institutions is a national imperative best supported by governments and philanthropy. No matter where the innovations orginate, America must seize them and apply resources to increase their value for development and market delivery. Historically, our nation's risk tolerance drives innovation to the highest performance thus market value. The proof of concept stage leading to more unique innovations has and will keep us ahead of foreign competition. As science based clusters researchers generate higher value innovations leading to desired products/services, this ignites from them more novel ideas.
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