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Innovation: Companies
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In both the models strategy and innovation are two sides of the same coin. Analytically formulated strategy can only be implemented through the stream of new products and services that a company develops and introduces into the market. And from the emergent side of the coin the stream of new products and services that has flowed into the market place from a company is the most tangible manifestation of what that firm’s strategy actually has been. Actually the crucial challenge in the strategic management of innovation therefore is to ensure the two sides of this coin are as coherent as possible.
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As the role of innovation evolves, marketing and communications will play a greater role in a company's success more than ever before. Already, 68 percent of senior executives report that they're expanding their communications strategy thanks to the advent of the Creativity Economy -- a percentage that is sure to increase as the new business paradigm takes root. "As companies' emphasis on innovation continues to grow, so too will the need for creative, well-articulated communications strategies," said Risi.
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The US capital markets system, which remains one of the most important competitive tools in attracting and nurturing innovation, must be protected from the ill-effects of over-regulation and over-taxation. For example, since the inception of the Sarbanes Oxley Law, it has been the NVCA's position that the law is the "right shape, but the wrong size". Its requirements burden younger, smaller companies -- the very innovators that are trying to make it to market -- and make the US IPO market less attractive than overseas markets. The venture capital industry will continue to encourage the implementation of policies that strike the right balance of transparency and opportunity for all investors.
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Cheskin (http://www.cheskin.com/) is a consulting firm that guides innovation through a deep understanding of people, cultures and change. From a perspective grounded in research, design and marketing, Cheskin helps companies identify new markets, develop new products and services, and enhance brand experience.
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From research to innovation to commercialization and entrepreneurship, Ohio and Northeast Ohio have many of the right ingredients to be considered nanotechnology leaders. In particular, the report shows that Ohio has rich a concentration of growing, small/mid-size nanotech companies; an impressive research publication record, complemented by large aggregate nanoscience/nanotechnology research expenditures; a significant concentration of active, public-market resourced companies hungry for new technology; a nexus of world-class polymer materials companies and a strong presence in the healthcare/biotechnology space, which are both areas of nanotech strengths; a growing venture capital community with an appetite for early stage investment; and an established and successful nanotechnology focused organization, the Nano-Network, which has been a catalyst for nanotech activity in Northeast Ohio and an attractor of national attention.
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On average, executives said that their companies plan to boost spending on innovation by 15 percent in 2005. In addition, more than 90 percent said that generating growth through innovation has become essential for success in their industry.
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