Please preview the keynotes for this unit.

This unit is about innovation. It covers innovations that are truly revolutionary and can change people’s lives, eg the computer, and also innovations in style, eg a lemon squeezer by a famous designer. The concept of innovation also ranges from real breakthroughs to ideas which simply move an existing idea a step further. True innovation can be risky for the innovator: the public may not see a need or be ready for it. However, some real innovations are remarkably successful, eg the wind-up radio. Generally, companies are more successful when they develop an existing concept further; a clear need for the product or service may already have been identified. Even innovations as radical as telephone banking or e-commerce have their roots in traditional banking and shopping. Traditionally, a company’s new ideas and products come from its research and development (R&D) department, but what happens once a product goes into development can vary. Different industries have different lead times (the time between the original concept and the final product launch): a new gadget may take only a year for development whereas a drug (which needs to be trialled) might take 10 or 15 years. While innovations are perhaps more easily to be developed by entrepreneurs in start-up companies as it can be difficult to develop and support new ideas in larger bureaucratic organisations, some large companies have introduced policies and procedures to foster creativity