Abstract
Innovation and the timely use of advanced technology are decisive factors in competitive edge and profitability. However, these are the factors which give rise to the concern of management and the investor. Experience has taught us to be sure that our product and its process of manufacturing contain innovation, but that it must be sparingly used and focused on achieving the improved competitive edge and profitability. The innovative step must be developed with the last word in thoroughness. It must be explained with great care and in a manner which is readily understood by management and the investor ahead of time in order to obtain the release to proceed. The achievement of interim milestones en route to the effective exploitation of the innovation will retain confidence as time and money is spent ahead of the full realization.
The engineering design team plays the key professional role in focusing the issues.
The studies done in a small company, Rolls-Royce Business Ventures Limited, a wholly owned subsidiary of Rolls-Royce plc, have focused the importance of new businesses which can be described as discontinuities. For these special techniques are required to achieve satisfactory launch and profitable growth thereafter. Within the Rolls-Royce history there are important examples of how it was done. These can be analysed to distil out what factors were important.