An innovation strategy will prevent great ideas from failing in Danish companies
nikolai steensgaard | berlingske tidende | 4 august 2015
PA innovation expert, Mads Kjøller Damkjær, is quoted in an article that focuses on PA’s innovation research. The report reveals Danish companies are lagging behind when it comes to executing their innovative ideas – caused by internal company rules, investment funds and their overall approach to innovation.
“Companies must focus on innovation, and this focus should be founded in the entire organisation. Innovation should be at the core of the organisation and permeate the company’s culture and overall mission. Moreover, companies should make use of digital platforms and technologies that can help realise innovative projects,” says Mads.
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According to Mads, the report shows Danish companies lack systematisation and management, and that too many innovative ideas are obstructed. However, these obstructions can be overcome: “You need to implement a strategy for your innovation approach and define the targets and how to achieve them to ensure employees follow the same path.”
Mads comments that most companies already have a business strategy in place that should be extended with an innovation strategy to systematise and protect great ideas. Moreover, innovation should be subject to market tests and cost control.
“What characterises smaller, innovative companies is their mentality. They dare test concepts and take risks, and large companies can learn from that. It’s important to have a strategy for how to encourage innovation and how to execute it quickly, and this applies to large companies too. It’s about implementing a strategy and being flexible,” concludes Mads.