The Nature of Risks, Gaps, Routes and Outputs

Innovation is a complex and risky process that is often unsuccessful. Reducing the risks associated with innovation can be achieved from both a technology and a market perspective. Whether the research is science-supplySciencesupply or market-led also influences the ability to not only identify a problem, but the extent of need and demand for a solution hence, approaches and research that provide the most likely delivery of innovation are required. The importance of technology, market and regulatory risks of innovation, their measurement and management are considered. A case is made for a reduction in market risks and an increase in market opportunities for innovation through investment in market intelligence. Although dependent on the type of research undertaken a generally applicable route to market from concept to commercialisation incorporating key stages, actors and outputs is provided. A table of proposed measures of inputs and outputs that can be used to determine the value of, or contribution to innovation, completes the chapter.