Short answer
Embrace calculated risks and seek collaborative opportunities with diverse stakeholders to drive innovation forward.
- Field
- Innovation & Design
- Source
- London School of Economics and Political Science Research Online (London School of Economics and Political Science) (2014)
- Method
- Literature Review and Theoretical Analysis
- Evidence
- Strong effect
Successful innovation is not about avoiding risk, but about effectively managing it through strategic collaboration between public and private sectors. This innovation & design research insight is drawn from a 2014 study published in London School of Economics and Political Science Research Online (London School of Economics and Political Science). Using Literature review and theoretical analysis, researchers explored how this design variable affects real-world outcomes. The key design takeaway: Embrace calculated risks and seek collaborative opportunities with diverse stakeholders to drive innovation forward.
Innovation thrives through managed risk and cross-sector collaboration.
Successful innovation is not about avoiding risk, but about effectively managing it through strategic collaboration between public and private sectors.
London School of Economics and Political Science Research Online (London School of Economics and Political Science) · 2014
Key Findings
- 01Innovation is a primary driver of economic growth and societal progress.
- 02There is an inherent and delicate interplay between innovation and risk.
- 03Effective management of risk, rather than avoidance, is key to fostering innovation.
- 04Social and economic structures, alongside physical infrastructure, are critical for survival and well-being.
- 05Collaboration between public and private sectors is critical for fostering innovation and determining its effectiveness.
Application
Design takeaway
Embrace calculated risks and seek collaborative opportunities with diverse stakeholders to drive innovation forward.
How to apply
When developing new products or systems, identify potential risks early and explore how partnerships with government agencies or other organizations could help mitigate these risks and accelerate development.
Project actions
- 01Consider how your design project might involve risks and how you can plan to manage them.
- 02Think about who else (e.g., industry partners, government bodies) could benefit from or help your design project succeed.
Method & Evidence
Variables
Strengths & Limitations
Strengths
- +Provides a high-level, interdisciplinary perspective on innovation.
- +Emphasizes the critical role of collaboration and risk management.
Limitations
The broad scope of the paper means specific, actionable risk management techniques for individual design tasks are not detailed.
Reliability & validity
The findings are based on synthesis of social science perspectives, offering theoretical insights rather than empirical data from controlled experiments. Validity relies on the robustness of the social science theories applied.
Think critically
How might a designer proactively identify and engage potential public or private partners to help manage the risks associated with a novel design concept?
Design Principles
"Innovation is fostered by strategic risk management and robust public-private partnerships."
Understanding the dynamic interplay between innovation and risk is crucial for designers and engineers. By embracing a managed-risk approach and fostering partnerships, design projects can navigate uncertainties more effectively and achieve greater impact.
What This Means for Your Design
To make new ideas happen, don't be afraid of problems; instead, figure out how to handle them by working with others, like the government and companies.
How to use in your project
- 1.Reference this research when discussing the importance of risk assessment and stakeholder collaboration in your design process.
- 2.Use it to justify why certain partnerships or risk mitigation strategies were chosen for your design project.
Add to My Project
Quick Cite
Paragraph starter
The research by Stern et al. (2014) highlights that innovation is fundamentally linked to risk, and that effective innovation thrives not by avoiding risk, but by actively managing it. This is often achieved through strategic collaboration between public and private sectors, a principle that informs the development of novel solutions by acknowledging and planning for potential challenges.
Source
London School of Economics and Political Science Research Online (London School of Economics and Political Science)
Innovation, risk and government: perspectives and principles from the social sciences
journal · 2014
View sourceQuestions About This Research
- What does the research say about innovation thrives through managed risk and cross-sector collaboration?
- Embrace calculated risks and seek collaborative opportunities with diverse stakeholders to drive innovation forward. Evidence: London School of Economics and Political Science Research Online (London School of Economics and Political Science) (2014).
- Why does "Innovation thrives through managed risk and cross-sector collaboration." matter for design?
- Understanding the dynamic interplay between innovation and risk is crucial for designers and engineers. By embracing a managed-risk approach and fostering partnerships, design projects can navigate uncertainties more effectively and achieve greater impact.
- How can designers apply this research?
- Embrace calculated risks and seek collaborative opportunities with diverse stakeholders to drive innovation forward.
- What were the main findings?
- Innovation is a primary driver of economic growth and societal progress.. There is an inherent and delicate interplay between innovation and risk.. Effective management of risk, rather than avoidance, is key to fostering innovation.. Social and economic structures, alongside physical infrastructure, are critical for survival and well-being.
- What research method was used?
- Literature Review and Theoretical Analysis.
- How strong is the evidence?
- Evidence strength is rated Strong effect, based on a 2014 journal from London School of Economics and Political Science Research Online (London School of Economics and Political Science).
- What should I do differently in my next project?
- When developing new products or systems, identify potential risks early and explore how partnerships with government agencies or other organizations could help mitigate these risks and accelerate development.
- What are the limitations?
- The paper focuses on broad socio-economic and governmental perspectives, and may not delve into specific technical risk management methodologies for individual design projects.