The Innovation Knowledge Transfer

Posted by: Rod Kurtz on August 24, 2009

Until recently, companies were dealing with the challenge of a retiring workforce and knowledge exodus. In the aerospace and defense industry alone, clients like Pratt & Whitney, Rocketdyne, and Honeywell told us that their average employee was more than 48 years old and about 40% of their employees would be eligible to retire within five years.

Current reports indicate that an increasing number of baby boomers are postponing retirement due to the recession. While this is not great news for individuals, it is good news for companies as it gives them extra time and opportunity to transfer innovation knowledge from baby boomers to Gen Yers.

In an innovation economy, it is critical to create a knowledge infrastructure that will help drive repeatable and sustainable innovation. We must give innovators access to precise knowledge from within their organizations as well as access to knowledge outside their area of expertise. This will allow both generations to leverage knowledge effectively and accelerate the delivery of leading-edge products.

In order to succeed in the next decade, generational knowledge transfer should be a top priority for small business owners. Companies need to implement the right innovation platform to harness baby boomer expertise so that Gen Yers can ramp up their innovation deliverables and increase their competitive-edge. In short, by fostering an innovation environment and the right knowledge-enabled innovation tool, a company can effectively transfer generational expertise. This will result in driving sustainable innovation which in turn will accelerate productivity and boost revenue.

Mark Atkins
CEO & Chairman
Invention Machine
Boston

Reader Comments

David Phipps

August 24, 2009 7:19 PM

from your blog "In short, by fostering an innovation environment and the right knowledge-enabled innovation tool"...what tool might you suggest?

David Phipps

Lucky

September 16, 2009 11:40 AM

I am a student at Tshwane University of Technology doing my 1st year. I would like to approach companies like Eskom, Telkom and Government to bring a new idea of how to implement new ideas but more special I intend to invent a mechine that will help during power-cut and loadshedding. Please give me the chance to talk to above mentioned companies and I am sure South Africa will be proud of me.

Thank You

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