A network of innovation : New era of rapid innovation requires new approaches to R&D

Purpose – To investigate why many leading businesses are struggling to finance, invent, and commercialize their innovations. Design/methodology/approach – Observes the changes in companies' R&D departments and approach. Findings – It is becoming apparent to many leading businesses that the traditional model of innovation – where companies single‐handedly finance, invent, and commercialize their innovations – is increasingly ill disposed to meeting the growing demand for technology enabled innovation. Originality/value – Demonstrates how R&D is working now compared to the in‐house style of the past.