Siemens ‘Inventors of the Year’ solve real world problems

“Our success is based on efficient innovation management. This can only be achieved when our innovation strategy is part of our business strategy and is geared toward attractive markets with long-term growth prospects.”

Professor Hermann Requardt, CTO and CEO of Siemens’s Healthcare Sector at the last Siemens annual ‘Inventors of the Year’ awards in Munich back in October.

So What?

I though this was an interesting quote as many firms appear to think innovation exists separately from business strategy and markets, that it exists in a disconnected and parallel world to thir present reality. Because of this they struggle to see and access it; innovation always remains an idyllic destination (the sandy beached pacific island?) that is beyond their reach or means.

Too many innovation processes (where they exist at all) do not start with a grounding in business and market strategy but with a vague hope that innovation can re-invent the business based solely on the inspiration and knowledge of individuals. Strategy, research, data and customers are often viewed as an encumbrance that can only limit and reduce the potential and scope for innovation rather than help to focus and stimulate it.

This failure to anchor an innovation process to the problems and opportunities of the marketplace and the strengths and assets of the business can lead to ill-conceived innovation initiatives that will not achieve their stated goals but contribute to a sense of failure, stasis or under-achievement.

In these uncertain economic times it is more important than ever to ensure we focus our innovation investments and the best place to start is to ensure they are firmy anchored in satisfying the needs of the business, customers and markets.

More on the Siemens awards at "Siemens increases number of patents by 10% to 55,000" at finchannel.com.