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The Missing Ingredient in Innovation
Report

The Missing Ingredient in Innovation

Patience

Mark Dodgson and David Gann
World Economic Forum, 2018
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Editorial Rating

8

Qualities

  • Analytical
  • Innovative
  • Overview

Recommendation

Transformative, high-payoff innovations like GPS take a long time to come to market. They typically emerge from multiple paths of investment in basic research and development. What they need are “patient capital” commitments that give visionaries the chance to explore new ideas and applications. In this brief article, academics Mark Dodgson and David Gann offer a thoughtful and well-articulated overview of patient investing, a much-needed but often-neglected financial area. getAbstract recommends this important analysis to investors and inventors.

Summary

Groundbreaking inventions are in the making for many years. They change the world, but their commercial viability becomes apparent only after extensive research and development. For example, the potential for GPS began with Albert Einstein’s 1915 Theory of General Relativity, and the concept had decades of US government financial support before becoming an intrinsic part of everyday life. The cumulative efforts of researchers and investors have led to many GPS applications, among them its commercial success in cellphones and other smart devices. 

About the Authors

Mark Dodgson is the director of the Technology and Innovation Management Centre at the University of Queensland Business School. David Gann is vice president of Imperial College London.

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