This is quiet interesting and difficult question to answer. I am not able to see any other model than current on the scale of feasibility. However, in the study of current model, I did observe some aspects which can be improved to make the current system more robust.

Lack of all the stakeholder: The focus is generally more on R&D and not on the execution. The community is still not part of the innovation process, although it is the largest beneficiary from the innovation. The communities rely on the inbuilt innovation rather than actually demanding for innovation. Many times, the corporations who are investing money to make an innovation decide the prices a common man pays to get it. This leads to reduction in outreach of innovation.

Focus on results: Innovation is a collective effort with linkages from different stakeholders. As highlighted in the lecture, majority of them are corporations. The corporations are mainly driven by the results out of innovation, thus many times manipulating the actual process of innovation and outcome.

Lack of Ethics: The innovation process does not cover the ethical portion. It is very natural, that any innovation which is harmful to the society need to adhere to some concerns. Looking at the incidents of chemical weapons, it is important to modify the current process to address this issue.

Too much regulation: The regulation although is good, but many times it can just dried up the purpose of innovation. As highlighted, many times the innovation is not coming from inside of the organization, rather than outside source of the organization. Regulations like patent laws, IP make the free flowing ideas almost impossible, thus hindering the innovation process.

Lack of common benchmarks: As highlighted in the lectures, cross-country collaboration on innovations is still represents only fraction of total process. The lack of common benchmarking making it difficult for researchers at various countries to churn out grass root innovations.

Cultural consideration: Certain culture do not value the long term innovation process and thus reduction in innovation environment. The current process fails to take is into consideration. The innovation process requires patience and large investment to bring out new products or a process. The innovation process must be able to accept this fact.

Political dominance: The lack of political will affects the innovation process. The current system does not have properly defined checkpoints. Thus the process is vulnerable to subjective analysis rather than objective analysis. If the political system like to support a certain sector, than it will boom like anyone and other sectors may suffer. There is no clearly defined parameters on how much role should a government be paying to the entire cycle of Innovation.

This are some of the most common problems in current process of innovation, as I feel. Solving them will make the current process more robust.