Identify the sources of innovations: beyond R&D

Fig_3_1R&D is not enough. Significant R&D spending might be necessary for some firms to develop new technologies but certainly do not guarantee their innovation success. Identifying innovation opportunities requires finding new combinations of new or existing technologies with new or existing needs.

Fig_3_2The triggers of innovation opportunities which firms should proactively exploit include internal sources such as new knowledge, challenging routines and serendipity, and external sources such as changes in markets, industry and environmental constraints.

Fig_3_4Sizeable innovation opportunities do not pop up out of the blue. Organizations must invest time and resources to combine, integrate and mature innovation ideas into potential opportunities. They should also pursue already emerging opportunities and focus on scaling them up.

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