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The 5 Letters of Innovation: IMRAD

 2018-12-06 By: Elroy Yao


Under many circumstances, innovation comes from necessity and to fill a gap that current technologies or solutions cannot solve. Innovation can be in the form of the creation of something new, but also being able to use existing technologies in new ways or to produce new results. For several companies, innovation even becomes a matter of life-or-death; especially if their business models become too stagnant or obsolete. The common belief is that innovation often comes from startups or SMEs rather than from larger corporations; however this is not necessarily true. The source of innovation can be separated into internal & external; either from their R&D team (internal) or from investments and M&A (external).


The sources of innovation are equal in value, but perhaps what is more pressing are the presence and the pace of innovation; both of which are necessary to stay ahead of the competitors. This means corporations must also innovated in supporting technologies or products to enhance their strengths. Examples can be seen from exhibitors to the InnoVEX sister event, COMPUTEX. One of the exhibitors in question is Microsoft who recently invested in or acquired many developers, independent companies, or startups. This is done in addition to developing their own products or supporting products.


Another example would be Delta Electronics who showcased their EV charging solutions in COMPUTEX 2018 following the growing trend and interest in electric vehicles. As a form of R&D, the solution was presented to answer the growing need and trend of the market; the whole purpose of innovation itself.


Conclusion


An inclusive innovation that includes all 5: research, development, merger, acquisition, and investment is ideal; but is impossible without sufficient funds. In the end, it is more important to focus on one aspect of innovation and excel in it; rather than trying to do everything, but coming up short. Without serving the purpose of serving the market demands better than and before the competitors, calling it innovation might sound hollow. This is why the definition of innovation should not be broad as “to create something new”, but should be narrower “to create new, useful things”.


Join the InnoVEX Corporate Innovation Saloon


On December 7, InnoVEX will host a Saloon event on Corporate Innovation. More than just a buzzword, innovation is vital for many companies; which is why they are interested in startups and their solutions. Join us in the Saloon with speakers from arm Taiwan, Delta Electronics, SYSTEX, and more.


Sign up here to join the event

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