TRANSFORMATION OF KNOWLEDGE INTO INNOVATION: FROM AN IDEA TO A MARKETABLE PRODUCT/SERVICE
TRANSFORMATION OF KNOWLEDGE INTO INNOVATION: FROM AN IDEA TO A MARKETABLE PRODUCT/SERVICE

Summary/Abstract: Both theorethicans and practiotioners agree that knowledge is the most important economic resource today. The total human knowledge created by the beginning of the last century had doubled by the beginning of the 20s of this century. At present, the total human knowledge doubles every 5-8 years. The changes that followed due to this fact have their epilogue in all spheres of life and work. This paper aims to explore why it is necessary to manage knowledge and its alter-ego intellectual capital, how to do it and how to arrive from knowledge i.e. an idea to a marketable service/product.Through this process, a new learning organization, in the new knowledge economy, by using knowledge workers, creates new value added for the organization. Knowledge is a resource like no other in human history: knowledge actually multiplies through use - negative depreciation. This is because intellectual capital, as a basic resource of the business process, is not included in the calculation of depreciation, but in the calculation of accumulation resulting from its use. The process of turning knowledge into innovation is neither easy nor quick: it is a challenge for research & development teams. Initial research efforts, the use of high technologies and their convergence and general technological progress do not in themselves constitute a competitive advantage on the market. In this paper, the authors examine what steps must be taken in order to turn research into an innovative product or service.

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