Innovation Process: New Business Development

Abstract

As companies in different sectors seek to make the most out of innovation, one question that is relevant and remains a mystery to many is how (Byrd/Brown 2003, p. 7 ff.)? The current paper aims to describe the innovation process, at a business unit level, at one of the leading innovative chemical and life science companies worldwide – DSM. The business unit described in the current work is DSM Composite Resins. A recent survey by a consulting company Innovaro Ltd in UK has ranked companies across twenty key industry sectors according to their innovative capabilities (Innovaro 2006). It highlights those, so called „Innovation Leaders“ who are either able to better understand customer requirements and exploit new market opportunities, or access new technologies to deliver successful new products and services. According to the survey, the top performer in chemical sector for the second consecutive year has been identified to be DSM. At a high level, across the top ranking companies, the survey identifies several common traits: strategic focus, insight, collaboration, process (they have simple yet effective approaches to conceiving, qualifying, developing, and then quickly launching, new products and services), and organisation. According to MacKenzie (2001, p. 17 ff.), systematic, competitive innovation is the key for survival.