Innovation Drives the Corporate World Forward

Team Innovation: A PEGH Perspective

In the early 2000s, Nokia devices were ubiquitous, resembling the market position Apple holds today. However, Nokia struggled in the smartphone era and was acquired by Microsoft in 2014, leading to a poignant moment from their CEO who lamented, “we didn’t do anything wrong, but somehow, we lost.”

This situation underscores a stark reality: the failure to innovate can be detrimental, even for established corporations. To stay ahead, it’s critical for companies to invest adequately in an innovation department.

What does an Innovation Department do?

Innovation is about both responding and anticipating change. An innovation department acts as the organisation’s radar, scanning for emerging trends, technologies, and shifts in consumer behaviour or regulatory changes, such as new ESG mandates. Being proactive is key to remaining relevant and competitive.

Fostering an Environment of Creativity and Experimentation

A successful innovation department nurtures a culture of creativity and experimentation. It’s a space where employees are encouraged to think differently and test new ideas, which can lead to significant advancements. Creative exercises, like regular brainstorming sessions and hackathons, can help stimulate this innovative thinking.

Where Innovation Meets Strategy: Crafting the next wave of investment opportunities.

Collaboration and Partnerships with the Outside World

Innovation departments are crucial in establishing strategic collaborations with external entities like startups, academic institutions, and industry groups. These partnerships can open doors to new markets and co-creation opportunities. For instance, PEGH collaborates with organisations such as Scanwolf Corporation Berhad to drive innovation, particularly in sustainable manufacturing practices.

Choosing the Right Talent

Identifying the ideal traits for an innovation team can be challenging, but the Chief Innovation Officer (CINO) serves as a prime example. In today’s era of AI and rapid technological evolution, a strong CINO exhibits:

  • Strategic Thinking: Connects the company’s purpose and strategy with ongoing innovation initiatives and programs, particularly in defining ‘focus areas’ for corporate strategy and objectives.
  • Technological Understanding: Grasps not only current technological capabilities but also anticipates what will be possible within your company’s innovation horizon.
  • Multilingual Communication: Effectively conveys ideas across corporate, product, and technical domains, facilitating clear dialogue with product managers, engineers, designers, and the C-Suite.

Embracing A Future of Innovation

Reflecting on the lessons from Nokia, PEGH understands that innovation is not just an operational necessity but the cornerstone of visionary leadership. We stand at the forefront of cultivating a robust innovation department, one that not only predicts but shapes the future. Our commitment goes beyond adapting to changes. We aim to be the catalysts for industry evolution, steering not just our organisation but also our partners and clients towards a more innovative, sustainable, and prosperous future.

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