What industries are most in need of innovation, in what areas are they seeking to be more innovative?
According to Entrepreneur, there are six industries that are in desperate need of innovation. These are Healthcare, Real Estate, Manufacturing, Education, Personal Transportation, and Charity. However, after examining other sources that focus on the need for innovation in various industries, we have determined that the top 3 industries within the United States in need of innovation are Healthcare, Real Estate and Manufacturing. This is because these three industries are either not keeping up with technology (healthcare and manufacturing) or they aren't pushing innovation at all (real estate). The other three industries are already working toward innovation solutions (specifically education and personal transportation). Thus, we decided to focus on these three industries.
There are several key factors within the healthcare industry that are calling for innovation:
Disruptive innovation through the collaboration of Humana Insurance and Iora Health (created by Rushika Fernandopulle) are aiming to help consumers become more active in managing and maintaining their own health instead of expanding sophisticated expensive healthcare technologies.
Insurance firms are combining efforts with pharmaceutical companies to retain innovation and help patients gain better access to available treatments.
Politicians have recognized two levels of insurance and creating laws to increase coverage access. The first level of insurance includes people who are insured and receiving better treatment because they are able to pay high deductibles and out-of-pocket costs, and the second level includes those who are unable to access insurance coverage, and are therefore receiving limited treatment, if any at all.
The real estate industry is in need of innovation predominantly because of these factors:
Real estate agents will play the largest role in disruptive innovation for this industry. Practices, tools and marketing strategies are out-of-date and real estate has seen a substantial decrease in value over the past several years. Agents will need to fully grasp new technologies and put them into practice to stay relevant.
Eco-manufacturing requires the greatest level of innovation within this industry with emphasis on the current economic crisis, climate change negotiations, and sustainable manufacturing.
The U.S. is no longer leading the way in manufacturing, trailing behind China as of 2010 and is now growing at a snail's pace. Countries who are leading in this trade are dedicating more of their budget to research and development (R&D Manufacturing).
The Organization for Economic Co-operation and Development (OECD) provides access to a "Sustainable Manufacturing Toolkit" to assist businesses with more feasible, socially responsible advancements, and to better understand and utilize green growth opportunities. The U.S. is an OECD member state.
To summarize, the leading industries in the U.S. in the greatest need of innovation are Healthcare, Real Estate and Manufacturing. Each of these trades has established areas that demand improvement and have key players associated with taking steps towards better development and modernization.