The revolution in self-driving vehicles has advanced faster than insurance companies can react to it. These cars introduce unique factors that must be integrated into the models that are used to set insurance premiums. At this time, coverage for self-driving cars is set using the same formulas as for traditional cars. Not long ago, there was a fatality involving the Tesla Model S. This occurred while the vehicle’s Autopilot mode was active. The case brought new attention to the risks of using self-driving cars on the road, and insurance companies noticed.
Innovation at best is like watering a nice healthy plant, making it grow and blossom; however, watering without the plant is just getting the dirt wet. Nothing happens. Currently, all over the world and with more than 100 major innovation themed events yearly, complete with great photo opportunities for local and national leadership, most nations have little to show for these super expensive efforts. It seems that we talk a lot about innovation and find ourselves stuck in the suffocation of great ideas. And, suddenly the Trump nation erupts on a high note!
There has been a continued debate around finding and adopting a set of standards for innovation. I blow a little hot and cold on this – not dependent on the time of day but the very “force” that is pushing the agenda along. Far, far too many who push for standards often have very narrow agendas, where this fits their commercial purpose and you get the feeling that they are not as aligned to the broader innovation communities as they should be.
As the need for systematic innovation deepens, establishing common innovation management standards becomes a precondition for sustained value creation in all organizations – longstanding or new, large or small, public or private.
Innovation processes are becoming more open. The large, vertically integrated R&D labs are giving way to distributed networks of innovation which connects numerous companies and organizations into ecosystems. Public policy should follow this evolution and consider the roles of human capital, competition policy, financing, intellectual property, and public data in promoting an environment of open innovation.
The World Intellectual Property Report 2011- The Changing Face of Innovation – a new WIPO publication – describes how ownership of intellectual property (IP) rights has become central to the strategies of innovating firms worldwide. With global demand for patents rising from 800,000 applications in the early 1980s to 1.8 million in 2009, the Report concludes that growing investments in innovation and the globalization of economic activities are key drivers of this trend.
China’s ambition of become an innovation-oriented country by 2020 is an important part of the nation’s long-term strategic plan. Being the second largest science and technology thesis producer, and running the second largest economy next to the US, a lot of things are happening in China. Innovation Management spoke to Professor Richard Li-Hua, word-leading expert on innovation about his thoughts on China’s innovation.
Luc Soete is Director of UNU-MERIT (the United Nations University- Maastricht Economic and social Research and training centre on Innovation and Technology). In this video he addresses three main innovation issues from the perspective of multi-level govenments;
1. Public funding of research in innovation – to what extent do we need to reassess?
2. The direction of technical change – focus on environmental sustainability & social innovation.
3. The regional impact of research and innovation policies.
Since 2009 we have been suffering a serious global economic crisis and the situations in most small countries, including Denmark, has been very difficult due to growing unemployment and unsustainable public finance deficits. This crisis has occurred at a time of structural problems related to an ageing population. InnovationManagement interviewed Bengt-Åke Lundvall, Professor in the Department of Business Studies at Aalborg University, on the role of innovation and innovation policy in this context.