As Global Tech Competition Rises, Ability To Manage Innovation Key
[1 May 2006 - Investor's Business Daily] Paul Camuti oversees Siemens Corporate Research, the U.S. research arm for a company that's involved in such fields as communications, power generation, factory automation, transportation, lighting and medical technology. Amid the fast pace of globalization, companies must foster a culture of innovation in order to succeed, says Camuti. This involves developing new products and technologies, but also new services, processes and business models. "There is no single correct approach to managing innovation," he said. "We constantly evolve the ways that our central research labs are managed and run." Camuti recently spoke with IBD about innovation.
IBD: How is the role of innovation changing these days?
Camuti: For a long time in industrial research, innovation has been driven around invention and the discovery of coming up with something new. But that's a pretty product-centric view of innovation. Today, there can be new ways of doing business processes or services, or new business models. The idea is to think of creative ways that the business can be conducted, and not only about an invention-centered product view. More