PA’s latest innovation research is featured extensively in Ugebrevet Mandag Morgen (Monday Morning weekly). The article looks at PA’s report – Innovation Matters – in depth, which finds that Danish companies are largely missing out on the potential of innovation to drive growth and are lagging behind neighbouring countries Sweden and Norway.
The article states that there are great differences between the approach to innovation taken by the average Danish company and the group of “super innovators”, identified in the report as global companies who succeed with innovation. One example is the fact that 6 out of 10 super innovators have recognised the importance of working with external partners such as start-ups to create innovation. In Denmark, only 3 out of 10 companies take this approach.
“Today there are so many elements involved in innovation that no one can manage on their own. Partnerships are becoming more prominent and innovation today is much more about collaboration and sharing and less something that takes place behind closed doors in the organisation’s development department, as was often the case earlier,” states PA innovation expert, Mads Kjøller Damkjær.
Innovation Matters: What are the ´innovation leaders´ doing right?
Another growing trend among the super innovators is to use the start-up approach during the development phase to test and adjust the process. This helps prevent too much money being spent on new developments that are not in market demand.
“Many companies develop new products without making sure that they solve a problem that the market needs solved. They use resources without knowing that this is in fact what the clients and the market want. It is striking how many organisations develop something without testing it along the way to adjust it, or shut it down. There’s a lot to be learned from a company like Google, who is always in a beta-phase”, says Mads.