Success Story

10 drivers for successful innovation

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Innovation is the most important engine of the economy today. Almost everyone has a rough idea of what innovation could be. The term innovation is often confused with creativity – if you only bring the most creative minds together, something big will come into being. Can. But it doesn’t have to, because creativity may spur innovation, but the element of action is missing: innovation actually brings ideas to life. Innovation is more than just an idea – it happens when great ideas are actually implemented and make their mark on the world.

Better is not enough! Different works!

In the past, most companies have focused on the continuous improvement of their products and services in order to maintain a competitive advantage. But in today’s economy this is not always enough. If innovation is the key to success, how can companies excel in it? They must create conditions in which innovation can flourish in their companies. But how?

HYVE innovation strategist Verena Sperlich takes up this question. She looks back on formats such as the co-pace Innovation Rally and the co-pace Incubation Program, Innovation Labs in the context of German medium-sized businesses and cross-industry digitization projects.

“Our projects at HYVE are always different. None are alike. And yet, in each project I could observe patterns that repeat themselves. There are principles that help me to successfully set up and implement an innovation project.”

Verena Sperlich

In the spirit of open innovation, Verena shares her observations and experiences in the 10 drivers of successful innovation.

10 drivers for your Innovation success

  1. Urgency
    Create momentum – but how? Markets change, new players enter the market, rigid processes hinder the ability to innovate or the awareness of innovation is not reflected in the company’s vision… – these topics need to be addressed, substantiated and it needs to be clearly stated why action is necessary this instant.
  2. Clarity
    What do I want to achieve with my actions? For innovations to be successful, it is crucial to define clear objectives, establish criteria for decision-making, manage expectations realistically and select the right approach for the innovation challenge.
  3. Commitment
    The right support is the key to success. If everyone pulls together, innovation projects can be implemented much more easily. It is therefore important to combine the necessary expertise, follow a common team vision and involve all decision-makers in the process.
  4. Structure
    Be the guide to innovation! With regard to the three dimensions of innovation – desirability, feasibility and viability – it is important to establish methods such as Design Thinking, to promote agile processes, to communicate without barriers and to clearly assign tasks. This creates an innovation-friendly environment – an important factor for the success of innovation.
  5. Ownership
    Who are the key players of the project? Identify the stakeholders early on and involve them right at the beginning of the project to guarantee a high level of commitment and benefit from the support – from MVP to implementation!

Are you curious about further success factors for innovation? Download our guide to the 10 factors of innovation!

We explore and empower the new

This sentence stands for our inner drive to always create something new. Creativity, research, and trying out something new lies in the HYVE DNA. HYVE has been living innovation for 20 years and since then has been consulting companies in the innovation of products, services and new business areas.

Lilium, marine diesel, power transformers, food processor, Icaros, dog leash, avalanche backpack, hearing implant, brain surgery robot, Müllermilch packaging, Black&White deodorant, and many more – probably, at least in the German speaking countries, everyone has a HYVE product in their hands a few times a week.

In the past 20 years we have accompanied more than 1500 innovation projects, (co-)developed more than 120 patents, created more than 320 product designs, organized far more than 300 innovation competitions and advised 70% of all DAX companies.