Resolution: More innovation. Almost all entrepreneurs have this resolution. But what actually are innovations? Everything that is new?

No, an invention alone is not an innovation by definition. A patent alone is also not an innovation. The patent-offices are full of applications that have never resulted in a product, let alone a successful product on the market. And that brings me to the definition of innovation: the combination of invention, new ideas, new products, new processes and market success.

Innovative strength of companies

That’s why I would be very cautious about defining a company’s innovative strength by the number of patents it holds. Or to put it more directly: the number of patents alone says nothing about the economic success of an enterprise. However, if companies such as AVL List in Graz can count themselves among the companies that top the list of patent applications in Austria every year, that usually says a lot. In such a case, innovation meets the market, which accepts these innovations.

Need for action – taking the right path

Where is your company located? Do you invent a lot but generate little? Do you invest large sums in R&D as an end in itself? Are your creative forces often found at conferences and other R&D-related events? If you can answer YES to these questions and your revenues from new products are low or the average age of your cash cows is high, then action is needed! We would be happy to discuss this in a direct conversation. Feel free to write me via contact form or contact me on LinkedIn.

(This blog was inspired by the article “Mini-steps to the new you” by Rosanna Schmit, published in the Austrian Newspaper “Kurier” supplement “Job and Business” on 12/31/2022).