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Innovation Strategy

Innovation can be defined as the creation of an effective new solution to a problem that your customer never knew thay had, or by re-inventing a solution for a pre-existing customer. End-user innovation is recognized as innovations that take place when a person or company develops an innovation for their own use because existing products do not meet their needs. Others, such as economist Eric von Hippel have identified end-user innovation as, by far, the most important and critical process and Joseph F. Engelberger asserted that innovation requires only three things:

  • A recognized need
  • Competent people with relevant technology
  • Financial support.

Whatever the definitions, CreoTech’s team is experienced in working with clients to help them define their Innovation Strategy. Innovations in business is often driven by market needs and it can often be described a a process with continual feedback that loops between marketing, design, manufacturing, and R&D. Even though innovations can be developed informally, R&D will often be the driver for "breakthrough innovations” in sectors such as industry, medicine and engineering.

To establish a functional Innovations Strategy, CreoTech’s team work will with a company to understand their markets and the market needs. This requires a top down approach and will normally be done together with the management team to ensure coherence between Innovation Strategy and Business Strategy. We can help in identifying the need or in creating new product ideas that suit the market needs, and also help clarify and refine these product ideas. A functional Innovation Strategy needs to envolve through analysis of market trends, environmental trends and perhaps also legal trends developing over the next 5 -10 years. On this basis, realistic but ambitious and quantifiable goals needs to be defined. An important part of our expertise includes a thorough analysis that will identify which goals within your strategic development may be eligible for development funding.

Creation of an Innovation Strategy involves close cooperation with a company, and is typical of the way we interact with all our clients throughout the Innovation Process.