Research at RBS London 2005
February 2005
Dr Richard Gregson (Academic Director) and Dr Karuna Gomanee
(Senior Lecturer in Economics) have recently embarked on a research
project with a focus on the process of innovation.
The aim is to develop an index that will represent the
innovative intensity of an entity. For this purpose, the
project will be based on both qualitative and quantitative research
methods. Innovation indices have been so far developed at the
European, national, regional and sector level. Our project
will add to the existing literature by providing an index at an
individual company level.
What Is Innovation?
What is innovation? The first thought that would probably spring
to many a mind is technological progress–development of new
products like computers, satellites, the new Airbus A380,
etc. However, innovation has a much broader definition. With
advances in research across all fields, innovation now also
includes developments in marketing, finance and management strategy
to mention a few. In fact, it is recognised that innovation
evolves in a complex environment where there are multiple feedback
loops between various aspects namely technological, economic,
social and management style. Hence arises, the concept of
‘system of innovation’ which reflects that innovation is a process
that synthesises different types of knowledge rather than being
driven by formal scientific knowledge only.
Why Innovate?
Why innovate? Innovation is one key ingredient in achieving and
maintaining successful competition. This is resonated in the
British Government’s agenda to promote competitiveness
nationally. Regional Development Agencies have been set up to
promote this priority. At an individual level, companies are
actively recognising the need to innovate in order to avoid losing
on their market share in face of their innovating
competitors. A glance through leading company reports will
show that innovation is coming to the forefront. An innovation
index, like we intend to develop, will provide a common basis to
make comparisons across companies. At the same time, it is
hoped that it will help identify the steps that less successful
firms need to take to stay in the game.
RBS London intends to be at the forefront in such
developments which are of direct interest and application to the
business world, and which can enhance the level of enquiry and
content in the courses we offer to our students.
Dr Karuna Gomanee & Dr Richard Gregson