Innovation: not just about ideas in a lab, it’s now open and collaborative

The Next Silicon Valley

open-innovation-collaboration

by Nitin Dahad

The term ‘innovation’ has become so common in daily language that it is easy for policymakers to forget what it actually means as it covers so many different aspects of the economic growth agenda.  In the past innovation might have been about ground-breaking new research, technology, or processes developed in a lab where engineers or scientists sat in a well-partitioned division that focused on ‘blue-sky’ thinking.

But now innovation is different. Companies don’t invest in such departments, but instead might acquire innovative ideas or companies. Today we have ‘open innovation’, and it is often more collaborative. The latter was demonstrated well in an experiment last week conducted at the Long Term Care Revolution Live event in London, hosted by a bank in the city of London and organized by the UK’s innovation agency, Innovate UK, in conjunction with the Digital Health & Care Institute.

The task set…

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