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On Innovation Part II: Fostering Innovation
Posted by Ogan Gurel MD MPhil at 2 October 2007, 2:18 PM and is filed under Innovation,Drug-eluting stents,J and J,Biotech Business Models
In this second part of a three-part series on innovation, we discuss the key elements involved in fostering innovation. The third part will focus more on accelerating development.
The previous installment of this series explored three basic points:
1. Innovation is different from invention
2. Innovation is the realization of invention
3. Innovation often results from a combination of inventions
In this regard, fostering invention – which is often done in places like basement university labs and garages – involves creating an environment of relatively unbridled freedom. To some extent relative isolation from the exigencies of the real world (and hence influence from conventional paradigms) is also beneficial. Ironically – as the phrase “necessity is the mother of invention” would indicate – globs of money are not required, and can actually inhibit, the process of invention. Because innovation involves the integration of multiple inventions and interdisciplinary combinations the factors involved in fostering innovation are quite different and in some ways almost opposite those that stimulate invention.
Obviously this is a complex topic, but here are a few high points.

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