In the latest episode of TRENDONE’s Innovation Podcast, Prof. Dr. Holger Ernst, chaired professor of technology and innovation management at WHU - Otto Beisheim School of Management and co-founder of PatentSight, spoke about the success factors of innovation leadership with Peter von Aspern (Director Trend Services, TRENDONE Hamburg) and Sebastian Metzner (Chief Strategy Officer, TRENDONE Berlin).
In the podcast, Prof. Ernst explained the Innovation Success Panel (ISP®). The ISP® benchmarks a company on key success factors of innovations against innovations leaders. This very efficient and scientifically proven method enables companies to increase their innovativeness and the contribution of innovations to sales and profits.
Since the establishment of the ISP®, Prof. Ernst has scientifically examined the success factors of innovation leadership in over 300 companies and derived recommendations for practitioners. By means of numerous examples, Prof. Ernst underscored his findings. Innovation leaders share a long-term-oriented innovation strategy, modern portfolio management, and an innovative corporate culture that both encourages risk-taking and accepts possible failure. In order to realize this culture, a committed executive board that makes innovation a top priority is indispensable.
In addition, innovation leaders are increasingly implementing open innovation approaches and a professional property rights management: By opening up the company and establishing trusting partnerships, innovation leaders secure access to important skills, new markets, and competent employees and at the same time protect their shared knowledge. In the podcast, Prof. Ernst referred to China, which, as the engine of worldwide patent applications, is a leader in the fields of Artificial Intelligence and Big Data Analytics.
Lastly, innovation leaders share one central feature: They focus on customer needs and successfully develop solutions that offer real added value, for which customers are ultimately willing to pay.
To listen to the podcast and for more information, please click here.