3. What economic and societal data can impact innovation strategy?
These elements allow us to place innovation within the context of technical and economic constraints. In fact, it's essential to keep an eye on developments and trends.
3.1 Economic trends by sector
Cost of oil (cost of energy content, cost of energy consumption)
Cost of raw materials (metals, e.g. copper), rare earths (e.g. for magnets, electric motors), lithium (batteries)
Labor costs, including consideration of "low labor cost" countries, automated solutions
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What economic and societal data can impact innovation strategy?
What modern design methods can companies use to innovate?
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