Innovation drucker

In the early 1990s Drucker forecast the value of knowledge to business The basic economic resource— the means of production, to use the economist s term—is no longer capital, nor natural resources (the economist s land ), nor labor. It is and will be knowledge. Value is now created by productivity and innovation, both applications of knowledge to work [15],... 

I would like to begin my remarks with an industrial perspective on the critical role of innovation. Everyone would agree with Peter Drucker s statement Innovation is the fuel of corporate longevity. It endows resources with a new capacity to create wealth. ... 

The highly esteemed management professor Peter Drucker once said, Success is more likely to result from the systematic pursuit of opportunities than from a flash of genius. I will discuss the systematic pursuit of innovation used at ExxonMobil Chemical Company to increase the yield from basic science to commercialization. Although innovation is thought of as an inherently fuzzy process, my role in the last 5 to 10 years of my 35-year career has been to add a fair amount of structure and discipline to the process of innovation. Some of our best practices will be shared. 

P. Drucker, Innovation and Entrepreneurship Practice and Principles, 1st edition, HarperCollins, New York, 1985, 277pp. 

We may now return to the question of what may really be happening in the chemical industry to change the character of its innovative activities. It is a function of the above realities and the developing political-economic climate of the last 20 years, and has been extremely well summarized by Professor Peter Drucker as follows (remarks in brackets are mine) ... 

Drucker is the initiator of an oiganization and management philosophy, where the organizational factors are approached from both the employer s and employee s point of view. In particular, many trade unions world wide with members from R D and innovation-driven communities have both explicitly and implicitly adapted this philosophy in their work. 

Drucker, P.F. Innovation and Entrepreneurship - Practice and Principles. New York Harper Row 1985. 

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