Archive for July, 2012

Can Innovation Be a Structured Repeatable Process?

Tuesday, July 24th, 2012

calendarWhen Innovation comes to mind, the first thing people may think of is creativity, spontaneity, or a momentary stroke of genius. But can innovation occur out of a structured, repeatable process? The answer, in short, is yes. In fact, in order to build a long-term culture of sustained innovation, a structured process must be put into place especially in idea generation or ideation. Although it sounds counter intuitive to say “structure” and “ideation” in the same sentence, organizations need to conduct at least two ideation sessions each year in order to foster continued growth. A good innovation leader has the foresight to schedule regular ideation sessions year after year, and not just when sales are dwindling.

Ideation, or idea management, is part of a long term innovation effort that, if facilitated intelligently, leads to successful new products or services. Even if a small percentage of concepts make it through the process, the payoff could be significant for the company. So schedule those bi-annual ideation sessions and invite members from various departments in your organization to participate. You’ll find value in fresh perspectives from customer service, engineering, production, marketing, and your salespeople. Here are some tips for hosting ideation sessions that will lead to the best possible outcomes.

  • Break up teams into people who know each other but are not “that friendly” with each other in order to minimize group think.
  • Vary the format as well as locations and times of ideation sessions. Predictability can kill ideation. Mix it up to get people out of their comfort zones.
  • Accept ALL ideas and get them written down on the board. You never know when a concept can be recycled for future use.
  • Build a database of ideas from which new combinations and solutions can be derived.

By holding regular ideation sessions, your organization is adopting a proactive strategy in the new product development process. To get results in Innovation, a structured, repeatable process is essential. Look to all imperatives of Robert’s Rules of Innovation:

  1. Inspire
  2. No Risk, No Innovation
  3. New Product Development Process
  4. Ownership
  5. Value Creation
  6. Accountability
  7. Training and Coaching
  8. Idea Management
  9. Observe and Measure
  10. New Result Net Reward

These rules of order are meant to be applied regularly as part of a sustainable growth strategy. All these parameters should be continually utilized – and not just when sales or ideas are low – to achieve successful, lasting innovation.

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New Intellectual Property Exchange Streamlines Patent Trading

Tuesday, July 10th, 2012

intellectual-propertyIn the research and development industry where innovations build on top of other innovations, obtaining patents to protect intellectual property is of the utmost importance. It is critical to ensure that patents being are utilized, especially within big corporations like IBM or organizations like the Unites States Navy. Not only do patents protect newly developed products or processes, they contribute to unrealized value creation, or assets that can be explored and sold.

The latest development besides one on one deals and patent auctions is IPXI, the newly formed IP exchange created after the successful Carbon IP Exchange model. IPXI, the Intellectual Property Exchange International Inc., is the world’s first financial exchange focused solely on intellectual property rights. Some major companies like Philips, Ford and Sony have already signed up as corporate founding members and will begin trading in the near future. Since its formation in December 2011, twenty-seven organizations have joined the IP exchange, representing innovative companies with substantial IP assets in various technology markets, three Department of Energy national laboratories, top university research institutions, and a community of leading IP law firms.

IPXI revolutionizes the way patents are licensed and traded by allowing companies to buy and sell patent rights as units. These “unit license rights” can be bought and sold like shares. For example, one unit license right grants an organization a one-time right to use that particular technology on a single product. If a car manufacturing company wishes to use that technology in 50,000 cars, they purchase 50,000 unit license rights at market price. Organizations can now bypass costly litigation and use the IP exchange to harness patents as assets, monetize it fairly, and use it to spur greater innovation.

“The Exchange creates a new approach to technology licensing that overcomes the inefficiency of traditional bilateral technology license negotiations.  For the first time, companies and other entities will be able to buy and sell units of technology usage, providing improved economics, enhanced access to technology, and greater flexibility should technology needs change,” says Gerard J. Pannekoek, President and CEO of IPXI.

The concept especially benefits smaller companies with modest budgets by creating a simpler, faster, and cheaper method to obtain IP rights. And that is good news for innovators indeed.

For more tips, see “Patently Obvious” and other Chapters in “Robert’s Rules of Innovation: A 10-Step Program for Corporate Survival.”

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