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Innovation – from Ideas to Reality

Ideas that spark innovation can come from anywhere. The challenge remains in harnessing the best ideas and making them a reality. For more insight on this process look no further than the Institute of Medicine’s recent report titled: Growing Innovation Clusters for American Prosperity: Summary of a Symposium. Insightful speakers reinforce that the nature of innovation is non-linear, interactive and exhibits a culture of entrepreneurship. Innovation clusters exhibit an emergence of dense networks of trust and cooperation that reaches across multiple organizations. Michael Porter further observed that “the enduring competitive advantages in a global economy lie increasingly in local things—knowledge, relationships, motivation—that distant rivals cannot match.”  Ed Penhoet offers some common sense guidelines for creating a climate of entrepreneurial activity which fosters innovation. Here are my favourites:

Innovate for the real world—globally and locally. Research must be relevant to industry and the community.
Invest in collaboration.Innovation needs partners from universities, industry, and government.
Listen to the smart people.“There are hard decisions in this process, and you will need the best advice.”