The Need for Innovation & Entrepreneurship

The world is rapidly moving from the knowledge based economy to the innovation economy. Success in this dynamic global environment requires an enlightened cadre of engineers, scientists and managers who have depth in their specific disciplines, as well as a keen understanding of how their work meets the needs of society, business, industry and government. This will be the new generation of innovators and entrepreneurs who become tomorrow’s faculty and leaders in business, industry and government.

Innovation is the process of designing,inventing, developing and implementing new or improved products, services, processes, systems and organizational models and structures for the purpose of creating new value for the university, community, the region and the nation. *

There are startup entrepreneurs who realize the value of a new enterprise, as well as entrepreneurs who realize the value of innovation for their university, company, or government agency. Entrepreneurs are people of vision and courage, capable of managing risk to create value. Nurturing tomorrow’s innovators and entrepreneurs requires an enriched university environment attained by bridging the culture of academe with the culture of the marketplace while building on the strengths of both.

Business and industry must thrive in global competition which entails market dynamics, investor expectations and government regulations. Large corporations and small and medium-sized enterprises (SME’s), encounter difficulties in partnering with universities because of the gap between the culture of academe and the realities of the marketplace.  Innovation Strategies International (ISI) helps organizations harvest the value of their research for revenue growth. ISI assists universities and businesses in establishing partnerships for their mutual benefit. ISI works with government agencies to design and evaluate R&D investment and educational strategies that advance entrepreneurship and innovation for economic growth and social well- being. ISI assists companies in partnering with other enterprises to achieve innovation in the global marketplace.

*Modified from Exec Summary of Measuring Innovation & Its Impact on the Economy.US Dept of Commerce.01/08.