New Knowledge

Table of Contents

Innovations that are based on new knowledge scientific, social, or technical usually rank high. Knowledge based innovation is essential as it bring publicity and money. This form of innovation has the longest lead time in all innovations. There is that span of period between the emergence of the new knowledge and converting it into suitable technology. There is also that long period before the new technology gets into the market inform of products, services, and processes. In order for new knowledge innovation to be effective, it requires more than one kind of knowledge. An example of new knowledge innovation is modern banking. The entrepreneurial bank theory of using capital to generate economic development was generated by Comte De Saint Simon. This was during the period of Napoleon. It is after thirty years of his death that the first entrepreneurial banking was established.

The computer is also another example of new knowledge innovation which requires six strands of knowledge.

All this knowledge was available by 1918, but the first digital computer appeared in 1946. This indicates how new knowledge innovation takes time before it can appear in the market. There is a long gestation period where there is a lot of talk with little action. Then when all elements converge, there is tremendous activity and excitement and an enormous amount of speculation. Knowledge based innovation can be managed, but it is difficult. In order for an innovation to be possible and successful, careful analysis of the different kinds of knowledge is needed. It is essential to have careful analysis of the need and also the capabilities if the intended user. Innovation that is based on knowledge is market dependent than the other kinds of innovation[i].

A British company had designed and built a jet for passengers, but did not analyze what was needed in the market and failed to identify two main factors. Configuration was the first factor that was not identified, which is the right size and right payload for the right route that the jet would give the airline the greatest advantage. The second factor was how the airline would finance the purchase of the expensive jet. Because the company failed to enough user analysis, Boeing and Douglas companies took over the commercial Jet aircraft industry. A purposeful and systematic innovation usually begins by analyzing all sources of new opportunities. Innovators are supposed to first analyze all the opportunity sources and then go out and look, listen and ask. Successful innovators have to work out analytically on what the innovation have to be to satisfy the opportunity. The innovator will also look for the potential users so that they can find out their values, needs, and expectations. Innovation are usually effective is they are simple and focused[ii].

It should be able to do only one thing so as not to confuse people. Innovation that aims at creating new users and markets should be directed towards a clear, specific, and carefully designed application.From the beginning, a successful innovation aims at becoming the standard setter, determining the direction of the new technology, and creating the business and making it remain at the pack. Innovation should aim at leadership from the beginning.

Reference

Drucker, P (2002). The discipline of innovation Harvard business school publishing

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