PA innovation expert, Mads Kjøller Damkjær, has had a byline published in Børsen, discussing PA’s innovation report and why Danish companies are lagging behind.
Mads refers to the Danish government’s innovation strategy, launched in 2012, that aimed to ensure more growth and jobs, and form the basis for more innovation-driven products and services. Despite this initiative, 71 per cent of Danish companies have had to discard innovative products and ideas according to PA’s innovation report.
Mads says: “One of the most significant barriers to innovation is internal company rules. Many companies struggle to develop and commercialise their innovative ideas due to complex go-to-market processes and the inability to implement concrete innovation initiatives.”
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Other barriers include the inability to predict ROI and too few investments. According to Mads, companies could learn a great deal from innovative companies such as LEGO, where true innovation is at the core of the company’s culture.
“Innovation is not something you build, it’s an innate part of the company’s DNA, and the company constantly strives to be market-leading and at the forefront of the newest ideas. Moreover, innovative companies learn from their mistakes, rethink their ideas and quickly launch new ideas for services or products. Technology and digital platforms are also a natural part of their innovation approach,” says Mads.
Mads Kjøller Damkjær is an innovation expert at PA Consulting Group