Innovation is the key to sustainable competitive advantage. However, it faces many challenges when attempting to get innovation programs off the ground. How to balance between optimization of processes and nurturing creativity? This question were answered by professor Bruno in the last Business Talk on April 10.
Prof. Bruno van Pottelsberghe has been Dean of the Solvay Brussels School of Economics and Management (SBS-EM), at Université Libre de Bruxelles (ULB) since April 2011. He is a full-time professor and holder of the Solvay S.A. Chair of Innovation, he teaches courses on the economics and management of innovation and intellectual property.
Professor Bruno began his speech with a question: Why do the companies disappear? After a few audiences’ comments, he collected and synthesized them into 4 main reasons: The cost competition, failure to innovate, disruptive technology, disruptive models, and board’s decisions.
The professor mentioned 2 real cases of Blackberry and Nokia to prove. Blackberry used to be the best one but then dropped dramatically, and Nokia used to be a big leading company in the mobile phone industry but failed quickly because of wrong innovation strategy.
According to professor Bruno, this can happen to every kind of companies and if you want to innovate, you can’t just think about it, YOU HAVE TO ACT!
In fact, innovation is the thing every company must face, no matter if they’re a start-up company or an old one. In his opinion, if a company wants to innovate, they have to focus on several factors to have successful innovation management:
Innovation management is not only a trend, it is a must if you want to build a successful business. Therefore, professor Bruno hopes everybody will be able to change at least one thing in their daily life, have new ideas and apply them into their businesses after this talk.