Two articles - one in business week and other in Fastcompany are somehow bothering me. First lets look at Fastcompany article Innovation: Old Often Becomes New - it says ORIGINALITY IS OVERRATED and the author goes on to say "It depends upon how success is measured - the author says for commercial success, engineering design should work sooner than later, cost-effectively.
Well the tone of the article seems to be originality at the cost of timetomarket and cost-effectiveness. I believe innovation has to do with originality, cost-effectiveness and timeliness simultaneously. The author asks the reader to choose one approach over other - while I would rather like to be doing the AND - Originaity with cost-effectiveness and timeliness!
The businessweek article talks about the talks at Davos - World Economic forum - the author talks about three important points related to recent issues with too much innovation in financial products led to recent failures in sub-prime markets (A) Prototyping is key to Innovation (B) Testing is Key to Innovation (C)Risk is essential to Innovation. The author points out these three missing elements in the Innovation Process.
I am not really convinced about the failure of any innovation process per se - I believe it is really the absence of innovation system that is at the core - process is not really system - system thinking with a study of dependencies and analysis of impacts in any process or process change/improvement is important - with system thinking it may turn out that process itself is not needed.
Well - may be we need to think about elements of Innovation System Design!