Innovation Management for high tech SMEs

‘Innovation’ is an elusive concept. A clear and concise definition of Innovation is difficult to achieve and might vary wildly depending on the individual and their field of application. In the dictionary ‘Innovation’ is “the action or process of innovating” – not particularly helpful. ‘Innovate’ means “to make changes: do something in a new way” a bit more useful but still leaving a lot out.

In Atlantic KET Med we consider Innovation, and its management in a company, to be of the utmost importance for a successful med tech enterprise. To us Innovation means the ability to create new Products and Services in a way that improves a company’s competitive advantage and respects the needs of the customer.

The Atlantic KET Med ‘Innovation Audit’ takes the industry leading definition of Innovation, as it applies to an enterprise, and builds an assessment and testing system that couples the practical daily operation of a company with the outward looking practices necessary to understand the competitive field. Our Innovation Audit is a seven section questionnaire that examines:

  • Idea Creation & Creativity
  • Design & new Product development
  • Competency Management
  • Competitive technology Intelligence
  • Project Management
  • Knowledge Management
  • and Value Chain Analysis

These seven segments not only assess the current status of Innovation management in the group but also provides a roadmap for future development of an environment primed for innovation.

You can download the blank file here to see for yourself.

During the AKM project we have delivered 50+ Innovation Audits to companies across the Atlantic Area. In the below video Dr Diane Cresswell presents an overview of the results of these 50 audits and what it can tell us about the state of Innovation management across the EUs Atlantic Area.