Summary form only given. The presentation will kick off the Minisymposium on innovation approaches in the industrialization of biomedical engineering products. The presentation will illustrate the common approach to innovation and its weaknesses and highlight the specific difficulties that are to be faced in industrialization of a product idea. Areas of improvement will be touched upon and rules to improve the chance of success will be given. At the end of the session, we will plan for a panel discussion on best approaches and how to generate awareness especially at funding agencies to facilitate higher industrial impact of the spent research effort.