InnovaNet’s Approach to Technology Innovation

InnovaNet takes a market-centric approach to innovation. Traditionally there are two basic approaches to innovation, one driven by technology and the other by market need.

In technology-driven innovation, the invention comes first and the market need follows later. Take Teflon for example. After being discovered by accident, seven years passed before markets were developed that could capitalize on its unique properties. The same is true of the light bulb. Developed after more than 30 years of experimentation by Thomas Edison and others, it only became a practical and useful innovation when electricity was made available to homes and offices.

Market-driven innovation starts by identifying a market need and then developing a creative solution to meet it. Like Apple’s iPod which resulted from the company’s response to a market need for an easy to use mp3 player. Apple contracted outside talent to develop software and hardware and launched the new digital device in less than one year. The mp3 player was invented in 1979. Apple made it easy to use in 2001, an innovation that has resulted in over 200 million units sold.

Transformation of Good Ideas

While invention is and can frequently be an aspect of innovation, innovation is not necessarily about invention. But it always involves meeting a specific need in the market place. Innovation is defined as the recognition and transformation of an idea into a specific benefit. It is the mental transformation of an idea into a useful device, process or product that meets an untapped need.

InnovaNet approaches innovation by first understanding market needs, in particular the specific desires and values of those making purchasing decisions. The most profitable innovations are those that best respond to the needs and wants of the market – which constitutes a market-driven approach. A technology-driven approach is more difficult, yet possible. We have developed specific capabilities to identify and develop market opportunities for inventions. In both cases the key capability that our team provides is the transformation of good ideas into market benefits.

Collaborative Innovation

We have found that many innovations are developed in collaborative exchanges. There are usually multiple, sometimes hidden approaches that can meet specific market needs. Frequently these approaches can be combined in a unique way to satisfy those needs, which is often articulated as an “If only” wish, such as “If only I could pause and rewind the television show that I am watching.” Perhaps this was the question that led to the innovation of TiVo. Combining the television, VCR, personal computer and the TV guide resulted in TiVo, the first commercial introduction of the Digital Video Recorder (DVR) now a standard electronic device in many homes. TiVo combined established technologies in a unique way to create a new market category. It met a market need that most did not know existed.

Much of the methodology of InnovaNet involves what we call collaborative innovation where one depends upon the power of collaboration to identify useful technologies in adjacent markets.  Our team looks for existing technologies that can be combined in a unique way to respond to a specific market need. We believe that solutions which already exist are the easiest to develop into value-added innovations. The trick is to recognize the adjacencies.

Utilizing technologies from adjacent markets is not a new concept. This is exactly what Thomas Edison sought to achieve when he established his laboratory in Menlo Park. He staffed his laboratory with a diverse array of skill sets and experiences, and then exposed scientists to a wide array of market needs. As a result, his scientists were able to look at problems from different perspectives and build on each others’ experiences to develop unique solutions. The light bulb, unbeknownst to most, was invented 30 years before Thomas Edison was credited with doing so.  Edison’s scientists tested no fewer than 6,000 materials before identifying the one most suitable for a long lasting filament. But it is even more notable that Edison conceived the key missing ingredient to make the light bulb a household commodity. The means to produce and distribute electricity had not been developed in 1879, back when it existed only as a curious fascination. Edison and company utilized the model already developed for distributing natural gas to homes and businesses. They capitalized on a technology in an adjacent market to respond to a specific market need.

In a similar way, the InnovaNet Group collaborates internally and externally to identify solutions to market needs. We network aggressively to spot both market opportunities and technology solutions. Frequently we are able to apply existing technology from an adjacent market to a specific market need. Or we are able to leverage an existing market to respond to a specific new technology. We have observed that collaborative innovation greatly enhances chances of commercial success and speed to market.

How We Work

InnovaNet prefers to work closely with our clients to understand specific needs in their markets and to develop technological solutions. We take a “roll up the sleeves” approach, developing intellectual property (IP) for the client. InnovaNet does not have an interest in owning IP but rather in developing it to create a competitive advantage for our clients. We can assist in activities from concept development to commercialization or help in assessing and developing an IP strategy that leads to a competitive advantage.  Such strategies can include anything from trade secrets to disclosures to patents.

In addition to market-driven technology development, we can also create market opportunities for new technologies. In these cases it is still important to understand market needs. But it is equally important to identify market opportunities that have needs that are uniquely satisfied by the new technology.

Underlying all of this is InnovaNet’s desire to make the innovation process as easy and as beneficial to the client as possible. In the final analysis, the sole objective of innovation is value creation. Our goal is to utilize innovation strategies to achieve the maximum value for our clients.