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RANA EL KALIOUBY: Hmm, what is innovation?

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TIM MIANO: I think innovation, right now, is

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a burgeoning piece of the economy that has to do with taking

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the technologies and the tools and the learnings of the last 20 years,

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and trying to put them into practice.

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RANA EL KALIOUBY: I think it's seeing a version of the world that doesn't exist
yet, and then painting

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a picture of what this looks like for the rest of the world.

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Then you have people aligned behind you, and you can all move towards that vision.

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RAMANA NANDA: I think of innovation as taking an invention and commercializing it,
making it into a product

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or company that is creating some value for society,

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where people are actually paying for it.

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DAVID MILLER: I think innovation is a combination of two things.

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One thing is, it's something new.

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It's something that hasn't been done before, right?

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It's unique.

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It's different.

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It's original.

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And two is, is it's useful.

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WARREN KATZ: Innovation is the activity whereby new products,

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technologies, ideas, techniques are generated,

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which sometimes displace or destroy older established practices or products.

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KARIM LAKHANI: From my point of view, innovation means problem-solving -- taking on
an activity, finding a

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problem, and then going about solving them.

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PETER BARRETT: Innovation, to me, is looking at really creative approaches to
difficult problems, and looking

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at them in different ways that others haven't done before.

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WARREN KATZ: Innovation happens usually with a person who is emotionally distraught
regarding current

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scenario or situation.

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This could be a user of a product, or user of a technique, or a user of a practice
that
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doesn't like the way they're currently involved in the ecosystem.

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They don't like the current technique or method for doing something, and they want
to fix

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it or change it or improve upon it.

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TIM MIANO: Innovation happens in a lot of ways.

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In the university context, you've got students that have really good ideas, and
they want

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to see those ideas exist in the real world.

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And there is a process around thinking through problems, problem spaces, and
solution spaces,

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and making that connection, and building something that is able to take some
observed problem

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and connect that to some real world solution.

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CONRAD HOLLOMON: Is a soup kitchen who finds a better way

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to distribute food to the local population?

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That's an innovation.

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And somebody who creates a social enterprise that finds a way to generate a revenue
model

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aligned with that social impact...that's innovation too.

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I think it's important to appreciate how in all these different contexts

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innovation is taking place.

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PETER BARRETT: And what we are constantly looking for is new approaches to either
halt the progression

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or to actually improve the condition of Alzheimer's patients.

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And to do that, we need to look at new approaches from a biological standpoint, or
new approaches

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from a modality, that is therapeutic, that is using a different type of technology
to

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intervene with the disease.

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VISH KRISHNAN: So it's a new way of doing things, but still problem solving.

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And that's what makes it different from invention, which may not have a problem to
solve as its

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fundamental goal.

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RAMANA NANDA: For me, innovation is defined as being different from invention,
precisely because you have

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taken that invention and commercialized it into a company or a product that people
are

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willing to pay money for to use, that they find valuable, not just you.
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SHREYA DAVE: We use 12% of all U.S. energy consumption separating different
chemical components from one another

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in the manufacturing sector.

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So this could be everything from fertilizer to plastic bags to medical devices.

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And the amount of energy is equivalent to all the gasoline used in all the cars and

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trucks in the United States every year.

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So the magnitude is enormous.

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It's in all these different sectors.

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And that paper said, well, you know, if only we had better membranes, we could
start solving

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this energy challenge.

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We could reduce the energy used for this by 90%.

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And they said, well, you know, if only we had better membranes, and we have an
over-engineered

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membrane over here.

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Is there a good fit?

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KARIM LAKHANI: Sometimes, you solve big problems, which are things like inventing
quantum computing, but

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actually bringing them to market, or inventing the next generation of mobile
phones, or the

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iPhone, and bring it to market.

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That's, you know, breakthrough innovations.

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Or it could actually be something simpler, which is improving your factory process
flows.

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WARREN KATZ: It always comes back to a person who wants to fix, change, improve,
modify,

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disrupt a current ecosystem.

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CONRAD HOLLOMON: I think that innovation comes down to

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wanting to do something just a little bit better.

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