New Knowledge

Innovation based on the latest knowledge must be complemented by the theory and practice of entrepreneurship. New knowledge is not the most reliable and predictable source of successful innovation activity. Despite the visibility, attractiveness, and importance of innovations with a scientific basis, they are essentially the least reliable and practically unpredictable. Such innovations imply long implementation periods because a considerable amount of time passes between the emergence of new scientific data and their transformation into technology. Moreover, it takes much time for new goods or services created based on new technology to appear on the market. The implementation of innovation arouses the interest of competitors, so the one who implements it must behave very correctly. They are unlikely to get a second chance. Entrepreneurs who successfully implement innovative projects instantly attract many envious people and must be prepared for upcoming difficulties. Innovation based on the latest knowledge must be complemented by the theory and practice of entrepreneurship. But it should be valued and appreciated because it develops qualities that are so necessary for society: initiative, goal orientation, inventiveness, and skill. TIP OF THE DAY Does your company belong to inventors or imitators? If it's the former, remember that a successful invention will generate competition, so plan your response actions accordingly.