As two intermediaries from Hamburg that foster open and cross innovation processes, Science Scout (an initiative of Hamburg Innovation) and Cross Innovation Hub (Hamburg Kreativ Gesellschaft) joined forces to start a discussion around the stimulation and measurement of open and cross innovation processes.
In the context of business management and economics, innovation has mainly been considered as a source of profit and growth. But innovation can also have a transformative role and recently more and more innovators and entrepreneurs are not only considering the financial returns of their projects, but also the societal impacts that they might bring with them.
Over recent years we have been tracking how companies identified as leading innovators subsequently perform in terms of growth in shareholder value. Linking innovation efficiency to out-performance against all major indices has proven the relationship that many across industry believe in and hope for: innovation pays. The latest round of analysis has just been completed and shows even greater performance than before.
You would be hard-pressed to find a business leader who would question the importance of innovation not only to promote growth within their organization, but also to ensure its very survival. These business leaders have invested significantly in their innovation initiatives to support this importance. Yet a 2012 Accenture study found that more than half of corporate executives were disappointed by their innovation results and returns from their innovation investments.
Consider this all too familiar scenario: Company X’s new products developed and launched with great expectations, yield disappointing results. Yet, these products continue to languish in the market, draining management attention, advertising budgets, manufacturing capacity, warehouse space and back office systems. Wouter Koetzier explores how to avoid the innovation death spiral.
The Innovation Value Institute (IVI) is a unique industry-academic open innovation consortium. IVI researches and develops unifying frameworks and road-maps for IT and Business executives to create more value from IT and better deliver IT enabled innovation.
