The Institute for Innovation and Growth
in·no·va·tion / the successful exploitation of new ideas (Dept. of Trade & Industry, UK); change that creates a new dimension of performance (Peter Drucker); the capability of continuously realizing a desired future state (John Kao); a creation resulting from study and experimentation (Dictionary.com)
growth / progressive development (Merriam-Webster); an increase, as in size, number, value, or strength; extension or expansion (Answers.com)
The Case for Action
Innovation. It makes companies competitive … products successful … economies rejuvenate and expand. For Joseph Schumpeter, who many call the prophet of innovation, economic progress is not indefinite. Without innovation -- and "gale forces" of it, at that -- the cycle of business leads inevitably to a stationary state. Innovation is the all-important antidote, and consequently, business and business people must be experts at it. The great business schools study it, teach it and bring new insights about it to the world - helping turn creative ideas into something viable and valuable, teaching others the process of innovation, and developing tomorrow's entrepreneurs. Olin is no exception. Innovation is a key focus of faculty research, curriculum and experiential learning.Then why an "institute" for innovation? Why not continue the more traditional and individualized approach we've used heretofore? In short: efficiency and impact. The built-in infrastructure, resources, process expertise and brand equity of an institute for innovation create efficiencies and economies that cannot be achieved under an individualized approach. Research ideas and opportunities are more easily acquired from the marketplace. Talent can be more efficiently matched with a wide array of opportunities. Infrastructure and resources are more efficiently applied. Ultimately, outlets for influence and impact are more readily cultivated and accessed.
