Led by a steering committee of expert volunteers, the network will bring together IET members to promote the benefits of effective innovation management, identify the challenges, and find and develop solutions to address them.
Innovation aims to enhance the economy, provide improved quality of life and bring a nation to the forefront of world technology leadership. So it’s no surprise that governments around the world are investing in it.
“The UK Government is committed to increasing its spend on innovation,” says Deepak Gupta, Chair of the Innovation Management Technical Network. “Currently, spend is approximately 1.67% of GDP, and UK Government has set a spending target of 2.4% of GDP by 2027. Even if GDP remains flat until 2027, the investment in R&D and innovation will amount to almost $64 billion.”
“This funding is public money from tax revenues, so we should all be interested in how innovations, and the associated expenditure, are managed for best effect and the benefit of us all.”
In February, the new network ran its first event, which covered top-level questions and challenges around innovation management. They identified challenges such as determining and meeting the needs of stakeholders, improving existing innovation management solutions, obtaining funding, and measuring the success of innovations. They also discussed what governance, oversight and accountability are needed, without stifling the innovation itself.
Deepak says that delegates agreed on the need to raise awareness of innovation management and provide education and tools to practitioners and managers.
“If the technical network can promote and support good, robust innovation management practice, then we have the opportunity to achieve scale,” he says. “This means we can obtain the benefits promised and avoid the frustrations of failed developments.”
Deepak Gupta is MD of Black Kite® Ltd, which specialises in innovation management. It continues to support organisations with their innovations and innovation management practice.
If you’d like to join the new network, receive updates and be kept informed about future events, please email your contact details and a couple of sentences on your interest in Innovation Management to the IET Communities team at firstname.lastname@example.org