Lockheed Martin's Senior Technology Leaders Receive Prestigious Journal Award
Award-winning Article Explores the Evaluation of Early-Stage Business Model Innovation
Denver, CO (October 16, 2014) - The men and women leading today's industries define the cutting edge of technology and innovation management. The lessons they learn are important to technology managers worldwide and many of them choose to encapsulate those lessons into actionable reports published for general consumption. To honor these men and women, the Industrial Research Institute (IRI) presents the Maurice Holland Award to the individual or individuals who published the best paper in their official journal, Research-Technology Management (RTM), the previous year. Last night, Ray Johnson, Sr. VP and CTO of Lockheed Martin, and John Evans, VP of International Engineering & Technology at Lockheed Martin, were recognized with this year's Holland Award for their article "Tools for Managing Early-Stage Business Model Innovation."
The article was selected according to the criteria of significance to the field of R&D, technology, and innovation management; originality of new management concepts; and excellence in clarity of presentation. In their article, Johnson and Evans explain the use of a quantitative evaluation tool they developed at Lockheed Martin that uses Innovation Readiness Levels (IRL), similar to Technology Readiness Levels (TRL), that allow a business unit to consider whether it is capable of handling the necessary changes that adopting a new business model will require.
"All investments in new technology development involve risk," said Dan Abramowicz, IRI Chair and Executive VP of Technology and Regulatory Affairs at Crown Holdings Inc. "That risk increases greatly when the unit tasked with its development lacks the kind of business model needed to be successful. The tool Evans and Johnson created at Lockheed for this purpose is a great example of how we can advance technology development through the management of business model innovation."
About the Industrial Research Institute
The Industrial Research Institute (IRI) is an organization of 200+ industrial and service companies having a common interest in the effective management of technological innovation. IRI member companies span diverse industries and represent a substantial portion of our nation's gross domestic product. IRI is the only cross-industry organization creating innovation leadership solutions and best practices in innovation management developed through collaborative knowledge creation. For more information, call 703-647-2580 or visit www.iriweb.org.