All too often in the world of corporate research and development, people look for innovation “at the top of the pyramid” – an expensive mistake to make during these tumultuous economic times. As 3M CEO George Buckley says in this interview with the Wall Street Journal, “Many people ask, ‘What can I add?’ Sometimes you have to ask, ‘What can I take away?’” Far from limiting or stifling innovation, Mr. Buckley motivates his employees to innovate by reducing production costs. In the midst of the economic turbulence of last year, Mr. Buckley was able to cut back on R&D spending by 8% while keeping it steady at 5.6% as a percentage of revenue.
Mr. Buckley also knows the importance of open, uninhibited creativity when it comes to innovation, encouraging everyone involved in R&D to spend 15% of their time researching whatever they want. Click here to read the entire interview with George Buckley: http://online.wsj.com/article/SB10001424052748703787304575075590963046162.html?mod=WSJ_Tech_LEFTTopNews.
Hey everyone, I just wanted to introduce myself really quickly. My name is Elliott Van Ness, and I am currently interning at Edison Nation and will be a guest-blogger. I hope you all enjoy my posts.
Inventors take risks everyday, from deciding to take the time to pursue an idea to investing in a patent. What big risks will you take this year?
Only 47% of senior executives see their companies as more innovative than the competition, and 17% concede that they’re even less innovative than peers, according to an Ernst & Young survey of C-suite executives at firms with revenues of $50 million to $5 billion. Among the most frequently cited innovation challenges are lack of appropriate personnel (48%) and “lack of a big idea” (41%).
Bubble Wrap Contest: Deadline March 3, 2010
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From Landmine-and-Disease Sniffing Rats to Ice Cream On Demand, meet the entrepreneurs behind tomorrow’s most disruptive technologies in Forbes “Ten ‘BreakOut!’ Business Ideas Of 2009.”
Hulu.com hosts the Web’s most comprehensive selection of free online video content which now includes Season 2 of Everyday Edisons. You now have the opportunity to watch your favorite episodes any time you like, or if you are not familiar with our television show, catch up on all that you missed!
The number of patent filings in the United States fell 2.3% in 2009, which makes this year the first year since 1996 in which businesses and inventors filed fewer patents year over year. “That’s unfortunate because [patent filings] are a reflection of innovation,” said David Kappos, director of the Patent Office. “Innovation creates so many jobs and so much opportunity for our country. It is absolutely key to our long-term success in the global economy.”