Innovation activities that are managed in a goal- and result-oriented manner represent a basic requirement for any company’s sustained competitiveness, because they ensure that the company can constantly provide its customers with a relevant and desirable selection of products or services.
Well-organised innovation activities produce new or improved products, services, processes and business ideas that meet the customers’ needs.
The foundation for the innovation activities must be formed by collecting information about customers, markets, competitors and technologies continuously in order to correctly focus the innovation development efforts.
The various dimensions of innovation activities
The innovation activities of a company comprise the following dimensions:
Creating new ideas
Continuous product development
Monitoring the market situation
Protecting ideas, products and competence
The management of innovation activities is about controlling these elements, securing the proper resources, scaling the investments, increasing or obtaining the necessary competence, and integrating the development processes into the company’s business processes.
IPR strategy as part of a company’s business strategy
An increasing portion of the capital of companies is tied to intellectual property. Therefore, the protection of intellectual property rights (IPR) has become an increasingly important means of safeguarding a company’s value in the short and long term.
It is advisable for any company to prepare its own IPR strategy in order to protect the intellectual property and the related rights. This strategy provides guidelines for all operations of the company that pertain to intellectual property rights.
Protecting competence protects the company’s value
Protecting competence is an extremely important part of business operations for companies that provide physical products and services. Companies must devise their business strategies in such a way that keeps their competitors from utilising their ideas, inventions, hit products, unique service models or expertise.
Once the protection of intellectual property is in order, the company’s rights can, and should be, actively monitored and enforced.