In developing new products, or in modifying and enhancing existing ones, organizations will find themselves operating in a more efficient market for ideas. Recognizing and using the creation and exploitation of ideas as an asset, they can buy and sell the commercial rights to an innovative product or service, allowing them more scope to specialize in what they know best and to add on any extra improvements from external sources.
Subject Area: General Engineering & Engineering Management
Organizations competing in todays rapidly changing technological markets are faced with the challenges of "dualism" operating efficiently in the present while innovating effectively for the future. Managers and leaders within these organizations not only have to focus on current market success and profitability, but they must also introduce the next generation of technical advances, product attributes, or service features that will sustain and even augment their continuing global competitiveness.