COTEC and EY demystify some of the main misconceptions on the subject, seeking to foster the spirit of innovation in companies.
INNOVATION IS ABSTRACT
Contrary to popular belief, it is neither abstract nor random, but rather a competence inherent to the company that must be worked on in a continuous and sustained manner, and must be in accordance with the vision and lines of action.
INNOVATION IS NEW PRODUCTS OR TECHNOLOGY
Not necessarily. Innovation exists beyond products which have already been created or are yet to be invented, and the capture of value is usually greater in terms of the business model and identification of the next generation of demand – that is, the anticipation of the future needs of customers, partners and markets.
INNOVATION CANNOT BE LEARNED
Not only is it not true, it is just the opposite. Innovation can and must be learned, and in order to do so, it is necessary that companies build this competence through the incorporation of the lessons learned and the good practices of innovation processes. The investment in collaboration, creation of ecosystems and platforms is fundamental.
INNOVATION IS R&D’S RESPONSIBILITY
Although R&D competence is important for the extraction of value, many innovative ideas come from other business units, with corporate culture taking on a critical role. Knowledge sharing within the company structure is an essential step.
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