How to build and measure innovation culture using IP analysis [Webinar]
This webinar was hosted by Duncan Clark, head of product marketing at PatSnap, who was joined by guest speakers, Jon Calvert, managing director of ClearViewIP, Donal O’Connell, managing director of Chawton Innovation Services, and Daniel Gray, director of innovation and IP strategy at PatSnap.
In this webinar, Duncan asked each speaker what they think innovation means and how to measure it.
According to Jon, innovation involves having ideas which can be grown and developed into something tangible. This will vary depending on each job role. For a researcher, innovation may be the end game of a prototype but for another it might be a product launch or its success in the market.
He explains that most publicly listed companies attempts to meet their revenue targets result in a focus on short term goals. Given the length of time and cost bringing an entirely new and untested product to market, companies will often spend more time on improving their existing product line. If corporations have individual business units with their own revenue targets, this often leads to lack of freedom to play and experiment with ideas.
Donal explains that innovation has different phases and forms. In most cases, innovation consists of tiny steps whether it’s being applied to services and business models or tangible products; it means different things to different people.
Innovation is most easily identified when there is a new player doing things differently to disrupt a market. It’s all about relevance. In times of change, what has helped some companies remain innovative and ahead in the past may lead to its failure in the future so it is important to embrace change.
Daniel looked at innovation from a client’s perspective. Often employees are given tools to take their ideas forward but companies can fall short by investing in tools and programs to drive innovation but not tools which can gauge effectiveness. Therefore, employees have no way of evaluating their ideas.
Daniel considers the ability to embrace failure as crucial in developing new ideas. It needs to be accepted as part of innovation and employees shouldn’t be criticised for failing.
To find out more about how you can build and measure innovation using IP analysis, watch the webinar by clicking the link below.