While many pathways are available to bring an innovation into social systems (whether that is giving away the innovation or licensing the patent), some innovators choose to develop a business in order to pursue profit from the impact of their innovation. Personally taking on the challenges of capitalism, the innovators are often the people leading the development of the innovation while also working to commercialize it.
Impact Innovators are people who pursue entrepreneurial pathways to make a meaningful difference with their innovative ideas, techniques, and procedures.
There are typically four core challenges facing impact innovators:
- Finding funding of the basic scientific idea
- Having the knowledge to start and run a business
- Finding the necessary resources to build the business
- Time and resources to understand, manage, protect and grow the business.