Innovation Life Cycle

Portrayed as an Ecosystem

Karl Duffill, LUMS

Atmosphere: Surrounding conditions

Society and Government:Foundation and bedrock of

innovative development

Resource Pool: Continually replenished supply of

resources. Also represents risks.

Economy: Provides resources to resource

pool and foundation. N.b. is only as good as what it gets

back from the cycle (evaporation)

Entrepreneurial Roots: Set in the foundation of society. They feed on available resources and are

networked. They simultaneously support and are supported by government and

society.

Entrepreneurial Talent and Goals: Supports entrepreneurial ambition and

reaches out toward consumers. Provides the infrastructure for innovation to occur.

Entrepreneurial Reach: Out of the infrastructure and support

networks, entrepreneurial activity spawns outward towards consumers

Innovative Fruits: The product of aforementioned

entrepreneurial activity is innovative offerings to society. Can be in the form of

product or processes.

Consumers:Innovative products and processes are ultimately chosen by consumers. They judge the relative success or failure of such: and carry the seedlings from one

site to another, promoting diffusion.

Evaporation:Resources filter back into the economy

through sales, taxes and spillage.

Driving Force:The biggest driving force to this entire system is human desire to continually

improve and innovate upon past success.