In the theory and practice of innovation and entrepreneurship, the bright-idea innovation belongs in the appendix.
New knowledge is not the most reliable or most predictable source of successful innovations. For all the visibility, glamour, and importance of science-based innovation, it is actually the least reliable and least predictable one. Knowledge-based innovation has the longest lead-time of any innovation. First, there is a long time span between the emergence of new knowledge, and it’s becoming applicable to technology. And then there is another long period before the new technology turns into products, processes, or services in the marketplace.
The introduction of innovation creates excitement and attracts ...
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