A Chartered Surveyor and Civil Engineer, Engr. Babatunji Adegoke has called on engineers to give precedence towards achieving economic value, gains of their innovations beyond providing solutions in the society. 

Engr. Adegoke made the disclosure while being featured as Guest Speaker at the monthly general meeting of Nigeria Society of Engineers (NSE) Calgary Branch, Canada held on Saturday via Zoom 

Speaking on the Topic: “The Myth–Paradox of innovation, Rethinking How Innovation Creates Real Economic Value” he said “this concept challenges traditional views on innovation suggesting that Innovation is not just about new ideas but execution, implementation, and creating profitability.

“We are focusing on these natural ways of solving problems that should be value driven and bring food to our tables. The ultimate goal of innovation is to create financial value, not just to innovate for its own sake.”

He stressed that innovation is highly dependent on the context in which it occurs, including factors like market demand, competition, and regulatory environments that must tally with the system.

He explained that practical reality on projects is based  on conservative, nature of the engineering profession where value is contract-driven and innovation outside the scope of work is rarely paid for.

The expert hinted that this concept encourages a more nuanced understanding of innovation, one that recognizes the complexities and challenges involved in creating real economic value through innovation.

“How innovation creates value will depend on solving painful, costly problems that Fits existing systems and has a value capture path feature.

He advised that there should be measures to drive  innovation by outcomes such as revenue growth and customer adoption rather than just tracking inputs (e.g., R&D spending) or outputs (e.g patents).

“Innovation often requires experimentation and learning, so it’s essential to create a culture that allows for failure and iteration.”

He underscored practical solutions innovations by studying the local environment, understanding procurement and risk and innovating within existing systems. 

“Innovations that create real Returns on investment (ROI) includes AI development which is significant driver of economic growth, with investments in AI expected to reach $500 billion in infrastructure spending in 2026. Investments in digital infrastructure, such as 5G networks and data centers, drive economic growth and improve productivity. 

Engr. Adegoke noted that these innovations have the potential to drive economic growth, improve productivity, and create new job opportunities.