~ Leading Innovation workshop identifies keys to managing the next generation of new ideas ~
Innovation is essential for companies to survive and thrive, providing the mechanism by which companies stay ahead of the competition, enter new markets and exploit technologies. Failing to innovate in the current climate is a risk that can lead to disasters. Consider the fate of Kodak, who fell to the digital camera revolution even though they developed the first prototypes! Not identifying, developing and market testing new ideas may mean you miss the next big thing.
So how can innovation be managed? A broad range of participants came to EIIL’s LPG7 Leading Innovation workshop in March to find out. Some were new to innovation, for others this was their area of expertise. A common item on everyone’s agenda was the issue of managing the generation of new ideas and bringing the best to market as quickly as possible.
They found the answer to their questions and more by interviewing experts in innovation from a wide range of industries. Examples came from areas where companies compete on their ability and speed to innovate to industries that are moving away from being slow to adopt new products and technologies.
Feedback from the workshop is well summarized by Chris Phillips, Chief Innovation Engineer for Gas Control Equipment, “Informative and thought provoking, very interesting discussions on commercial aspects of innovation. Also, a very useful opportunity to interview a senior Innovation Manager and gain new perspectives on product development.” He identified that the key takeaway from the experience, to remember managing innovation is not just about the technical engineering but “understanding different expectations and ways to overcome these to work together effectively.”
Ensuring the future leaders of industry can drive companies forward by managing innovation to go to new markets, apply new technologies and develop new ideas is highly important for Europe to develop. The participants from LPG 7 are now better equipped to ensure their companies are not going to miss out on the next big idea.