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26 November 2010 - "We need to deal with the fact that beneath the financial crisis, we have an innovation crisis," say the authors of World Scientific's latest innovation management book, Inside Real Innovation: How The Right Approach Can Move Ideas From R&D to Market - And Get the Economy Moving.

Co-authors Eugene Fitzgerald, Andreas Wankerl and Carl Schramm are all distinguished innovators. They argue that the American economy can only be truly revived by re-thinking the country's "innovation system" - the entire set of private-sector practices and public policies meant to support the innovation process. And they show that the process is not, as commonly believed, a simple straight-line path from R&D to a product on the market. Rather it calls for iterating among three key elements, Technology, Market and Implementation, until the "right pieces" converge. Companies, investors, universities and individuals must all become better attuned to this process, they conclude.

Fitzgerald, a Massachusetts Institute of Technology professor and inventor, said, "As a product of more than 25 years of learning in corporate R&D, start-up companies, and multiple universities, this book contains the insights we have gained while performing and practicing innovation. It will benefit readers who are interested in innovation processes and outcomes, and how to think about innovation in the 21st century."

Dr. Jerry Woodall, a National Medal of Technology Laureate, said, "Kudos to the authors of Inside Real Innovation. After debunking the age-old dogma about real innovation being a linear process, they clearly demonstrate how the cornerstones of Technology, Market, and Implementation must work together iteratively to realize ideas in the marketplace. As a university professor who has founded five companies to date, I especially recommend this book to US government and university IP policy makers."

Written for anyone who has an interest in innovation systems and management, Inside Real Innovation: How The Right Approach Can Move Ideas From R&D to Market - And Get the Economy Moving is a breakthrough book. It is available at all major bookstores and retails at US$29.95. More information about the book can be found at http://www.worldscibooks.com/business/7985.html.

About the Authors:

Eugene Fitzgerald is the Merton C. Flemings SMA Professor of Materials Engineering at the Massachusetts Institute of Technology, Visiting Professor of Management in the Johnson School at Cornell University and Fellow in the Singapore-MIT Alliance. He is Founder and Board Chairman of Innovation Interface. Building upon his early experience at AT&T Bell Labs, he has created and led a series of fundamental innovations, from early technology to final implementation in the market. As a serial entrepreneur, he has been a founder or founding team member of five start-up companies.

Carl J. Schramm, president and CEO of the Kauffman Foundation, is an international authority on entrepreneurial innovation and economic growth. He has served on two Department of Commerce innovation committees during both the Bush and Obama administrations, advises government leaders worldwide on economic expansion, and serves on the Prime Minister of Singapore's Research, Innovation and Enterprise Council. Trained as an economist and lawyer, Schramm has founded and cofounded several healthcare finance and information technology companies. His commentary appears in major publications such as Foreign Affairs and The Wall Street Journal, and his book, Good Capitalism, Bad Capitalism, is available in nine languages.

Andreas Wankerl is Operations Director of the Innovation Interface. He conceptualized its beginnings and co-founded its precursor, the 'Business of Science and Technology Initiative' at Cornell University. The Innovation Interface works with corporations on innovation processes and innovation projects at the corporate/university interface. With a PhD in Electrical Engineering and after managing international sales and customer relations in the semiconductor equipment industry, he returned to Cornell to earn his MBA and to start what has become the Innovation Interface.

About World Scientific Publishing Co.
World Scientific Publishing is a leading independent publisher of books and journals for the scholarly, research and professional communities. The company publishes about 500 books annually and more than 120 journals in various fields. World Scientific collaborates with prestigious organisations like the Nobel Foundation, US National Academies Press, as well as its subsidiary, the Imperial College Press, amongst others, to bring high quality academic and professional content to researchers and academics worldwide. To find out more about World Scientific, please visit www.worldscientific.com.

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Updated on 10 July 2012