Celebrating Innovators! August is National Inventors’ Month.

August is National Inventors’ Month; a month-long celebration of all of the innovators that have enriched our world with their discoveries. 

From modern conveniences to breakthrough, life changing innovations, we here at Invention Machine, are proud to celebrate the innovation greats of past generations.  But we are equally thrilled to celebrate those of you who innovate, every day, to improve our world and make life better for all of us.

When most of us think about innovation or inventors – we think of ground-breaking new products. Without a doubt, the invention of the automobile, the zipper, the rocket engine, life saving cardiac devices, the computer, algae-based biofuel, and countless other breakthroughs, have left an indelible mark on all of our lives. 

But innovation is not just developing breakthrough new products.  And innovators are not just inventors with a Eureka-like product inspiration.

Instead, innovation (“big” I and “small” i) happens across organizations every single day with innovators focused on:

• Finding new markets  - Looking at new or adjacent market opportunities for an existing product or technology. Indentifying unmet needs in a market. Anticipating how a product or technology might evolve. These types of innovation represent huge potential and value for companies. A New England-based chemical company identified and monetized millions of dollars in new market opportunities for existing products.
• Improving existing products or processes – Though much less often heralded than breakthrough innovation, many innovations are incremental improvements to existing technologies, products or processes.  Incremental innovations like those led by innovator Hugh Blaxill, chief engineer at MAHLE Powertrain, who is improving fuel economy of engine systems, or Cato Willie, Chief Researcher at Statoil, who is working to develop more eco-friendly ways to address costly, complex challenges deep water drilling.
• Mitigating risk.  From space shuttle missions and medical devices, to food products and automotive parts, success in innovation means improving the chances of success through comprehensive analysis and resolution of potential risks.
• Leveraging Intellectual Property. Intellectual property is the value-creating, life force of a company. It’s correlation to company growth and profitability is no surprise. To maximize return on investment, companies must seize market opportunities, protect their ability to compete, and navigate competitive roadblocks.

This month, as we pay homage to the inventor, let’s also celebrate the every day innovator and herald those organizations that are working to drive sustainable innovation.  By making innovation a systematic and repeatable process, companies can accelerate innovation.

I look forward to all of the incredible innovations to come.