Research and development is a key factor for formulating an innovation. Research can be strategic or applied. It is necessary to gather as much information as possible to succeed with a new innovation and avoid any flaws that may come up. When formulating ideas, it is helpful to brainstorm and make concept maps. The SCAMPER technique is helpful to flesh out ideas by mixing and matching them. Another technique is the Gestalt theory where ideas and pieces of a project are put into a whole that makes sense and is presented in a comprehensive way. An innovation also can come from other ideas that can be used as a basis for new ones. Research and development are important aspects of the creation of an innovation to make sure the product excels in the market.
Certain factors can slow down an innovation. Today’s economy is a great example of how innovations can be slowed down because our economy is in a recession. Knowledge factors such as lack of skilled personnel, lack of information on technology, and lack of information on the markets all negatively affect innovations. Other factors that slow down innovation are market factors, institutional inertia and a lack of need. It is important to look at all of these issues when producing the innovation. As time goes on, innovations are created most frequently to improve life. In order to move on, our society must not be stuck in the past, so new ideas are always welcomed. As shirts go though stages from new to old, they eventually need to be altered or replaced. Innovations parallel this idea.
