Innovation at some level is dependent and combination of knowledge, practice, people and economic. various studies highlight future trend about rate of innovation (high vs. low) but interest to notice historical data.
Ofcourse, we will still be generating more innovations than the dark ages had but the rate that has declined. I don't subscribe to the continually exponential rate of growth, nor to an imminent drying up of innovation. few factors can be pointed to that make us inclined to feel that innovation will not continue to be healthy. One is that it becomes increasingly more expensive to produce innovations of significance and sources of funding are not increasing commensurately. Environment for Innovation is primary based on policies and funding.
Analyzing Return-On-Investment(/ROI) for innovation is very challenging. what most doesn't consider is that for some innovation, market don’t exist but created by new technologies,etc..
Prioritisation cannot be a process of simply deciding which of the current trends are preferable and then choosing mechanisms to enhance or support their growth. I was reading interest analogy on prioritising innovation-- simple framework is useful and it is helpful to take three complex criteria and plot them on three axes, forming a space in which those can be judged in terms of their likely:
- scale and scope: by which we would take into account the pervasiveness of their utilization and the extent to which they are dependent on vertical linkages.
- temporal characteristics: by which we would take into account the likely rate at which they would be adopted and disseminated.
- controls available: policies, standards setting and regulatory activities,etc...
Disclaimer: Neither Iam qualified or expert by experience on this subject but I thought to share my view anyways. I recently enrolled to Innovation forum for Banking Industry, not that Iam very senior in my organization(yet)) to influence management decision about future course of actions, but I believe participating, driving and supporting innovation is only better way forward in any industry.