Good point Mike. I think the key is to understand that innovation is never a single event, but a process of discovery, engineering and transformation and that these three phases are going on all the time, whether we notice them or not. So the key is to manage handoffs between the three phases rather than to invest more.

A great example of this is the Manufacturing Institutes that werte established during the Obama Administration in the US. Focusing on everything from composite materials to robotics to biofabrication and everything in between, these bring together government labs, top scientists from research universities and firms in the private sector to drive cutting-edge innovation.

Many of the firms involved pay $0-$15,000 a year to join, so more on the order of a Chamber of Commerce membership than a hospital wing. So it is an opportunity that is truly open to any company that wants to explore the future of technologies that will affect their field. Other companies get involve with local universities and other institutions.

So I think the issue is more one of focus than investment or even drudgery. In fact, exploring the cutting-edge is often fun and exciting.