
A report by the Institution of Engineering and Technology (IET) entitled “Bridging the Innovation Gaps” explored the obstacles and challenges facing UK SMEs as they strive to innovate and grow.
They identified the Number One challenge as “The belief that when a technology is explored, developed and perfected, it will automatically find a market and become a commercial success”.
To describe this, they coined the term “ Inventor’s Syndrome ”.
Here is a summary of key messages from the IET report which addresses this issue:
Inventor’s Syndrome
There is no shortage of ideas and inventions among engineers and entrepreneurs working within UK SMEs, but success isn’t all about the science. Inventor’s Syndrome manifests itself as the belief that when a technology is explored, developed and perfected, it will automatically find a market and become a commercial success – the “build it and they will come” mentality.
Generating a good idea, developing a proof of concept and successfully taking it to market is a huge undertaking and requires as much financial, business and marketing acumen as it does engineering prowess.
Entrepreneurs and start-ups need to be tough, stubborn and resourceful to survive the early stages. But such self-reliance can sometimes this can lead to a blinkered view of an invention and cause them to lose focus on the wider context, and that inventions must also provide commercial value .
Another critical factor is getting the innovation to the market at the right time – one of the biggest differentiators between success and failure. A simple prototype may turn into an over-engineered solution, or spending too much time in development can result in an obsolete invention.
Market analysis is a weakness for many small businesses, meaning that they may not be able to identify opportunities, the best timing, or know where to invest their time and resources. Even when the market is ready and the need is there, Insufficient market research, or researching the wrong demographic can lead to poor decisions about where to invest.