Innovation, not invention, may be the answer to the impatience economy
The impatience economy has forced businesses to accelerate development cycles. While crucial to meet demand, this isn't sustainable
By Rob Clark, chief operating officer for Epson Europe
In today's fast-paced, instant-gratification culture the 'impatience economy' has emerged as a defining characteristic of modern business and consumer behaviour. We're no longer willing to wait.
With attention spans shrinking and expectations rising, businesses are under pressure to deliver faster, more unique solutions. It's led to a cycle of research, development, invention and delivery in order to meet demand. Yet this response isn't sustainable.
Sustainable shortcuts
But opportunity may lie in refining and improving existing ideas rather than reinventing the wheel. This approach–innovating within established frameworks–can drive significant advancements, offering businesses the ability to rapidly respond to market demands and stay ahead of competitors, all while minimising the risks and resources associated with starting from scratch.
Nasa has been a pioneer of this approach for years through its Spinoff programme. Successful technologies initially developed for space exploration have been repurposed for other applications, making the most of existing research and development. For example, memory foam started life as a material to cushion test pilots during flights. It's now found in beds, furniture and clothing worldwide.
Making ideas go further
Epson has also embraced this approach to innovation, making ideas go as far as possible. Back in 1969, it pioneered the use of crystals within the design and development of accurate time keeping and watches – a solution still used by many watch manufacturers throughout the world. Epson learnt from this success and considered how the use of crystals could meet other needs. Crystals are still grown by Epson, one of only a few companies in the world to do so, and used in numerous Epson technologies from sensors to printheads. Interactive
This approach has worked in other areas of the business too. In 2010, Epson's technology development team saw that printed materials holding confidential information were often disposed of inefficiently, incurring security risks as well as high costs for outsourcing, while wasting huge volumes of water in the recycling process.
Epson developed a solution that would close the resource loop and stop the need for confidential documents being taken off-site. Enter PaperLab, and at its core, Epson Dry Fibre Technology. This process breaks down used paper into pulp before producing new paper from these fibres using virtually no water. PaperLab was the world's first dry process office papermaking system. And while a new invention, has gone on to be innovated for additional uses.
With PaperLab in place, Epson applied Dry Fibre Technology to waste clothing. This led to a dry recycling prototype that can break down used fabric before recombining it to create new materials for the fashion industry. It has also applied its Dry Fibre technology to projects looking to accelerate and widen the use and application of recycled plastics. But this is a project not undertaken alone.
Open innovation
To bolster the idea of reusing ideas for new uses, Epson engages in what it calls 'open innovation'. This rests on the premise that valuable ideas and insights can originate from anywhere, not just within a single company. Therefore, Epson has strategically positioned itself to engage in partnerships across the globe. This allows it to respond quickly to a wide range of demands. Epson's innovation centre located at the Hirooka office in Japan. Photograph: Epson
One example is Epson's DX Innovation activity. The vision? To collaborate with partners worldwide, harnessing the capabilities of technologies and products to craft tailored solutions that meet both established and emerging needs.
Epson's collaboration isn't limited to inter-corporate partnerships. The business is working with a diverse range of stakeholders, from startups to industry giants, government entities to academia, to enable creativity and technological advancement to address increasing demands from customers and society in general.
Joint research between Epson and Tohoku University is one such collaboration. It's investigating the use of fibre-reinforced plastics, using Epson's Dry Fibre Technology. Recycled plastics often have lower mechanical strength and durability compared to new plastics, which limits their use to certain applications. This research aims to further the development of composite plastics using defibrated cellulose or fabric to widen the suitability and use of recycled plastics.
Getting ahead
To meet the challenges of the impatience economy, in which we all increasingly demand instant gratification and immediate solutions to problems, reusing ideas and inviting open innovation offer a more sustainable solution.
We are only going to become more impatient, and the threat to the environment is only going to grow. It's time to get ahead of both and look for solutions that already exist.
To learn more about Epson's approach to innovation, visit: Innovation | Epson United Kingdom | Epson United Kingdom This content is paid for and supplied by the advertiser. Find out more with our
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