What the top innovators do that we can learn from
Life is a longterm learning process. And if possible, learn from the best! Study what others have done right (and wrong) by looking for mentors that are ahead of you in knowledge.
The ‘Global Innovation 1.000’-report list the top corporate spenders when it comes to innovation and provides an insight into the latest trends and developments.
It is obvious that these companies play in another league compared to many start-ups and SMEs that we come in contact with at Inspiralia. Nevertheless, it’s encouraging to read as the report states, the lack of long-term correlation between the amount of money a company spends on its innovation efforts and its overall financial performance. What instead matters is how companies use that money and other resources, such as talent, processes and decision-making skills, to create products and services that connect with their customers.
Never give up on your dream! Fighting for it can take you places you never imagined.
So let us take a moment to look at what those that outperformed their industry groups did.
To summarize:
1. They closely align innovation strategy with business strategy.
2. They create company-wide cultural support for innovation.
3. Their top leadership is highly involved with the innovation program.
4. They base innovation on direct insights from end-users.
5. They rigorously control project selection early in the innovation process.
6. They excel at each of these first five characteristics and have been able to integrate them to create unique customer experiences that can transform their market.
Only seven Spanish companies can be found in 2018’s listing, but among them, Telefónica is right at the top. With spending of about $1 billion in R&D last year Telefónica also qualifies for a position among the top 200 on the global list. Their technological innovation activities span over three major areas:
- New network development
- New products and services development
- Experimental and applied research
Considering Telefónica’s approach to R&D, being something that we at Inspiralia are very passionate about as well, it is a pleasure to be co-organizing this year’s Get in the Ring Madrid event together. The event could be the break you have been waiting for and an excellent opportunity to put your business idea to the test in a unique environment. More information here!