Corporate Innovation in practice: from implementation to leading projects in the field

In an increasingly dynamic and competitive landscape, companies that embrace innovation stand out as segment leaders and shape the future of their industries. Adopting innovative initiatives not only catalyzes internal development but also strengthens competitive positioning, resulting in a series of benefits that drive business forward, whether by reducing costs or creating new revenue streams.

What does it look like in practice?

Corporate innovation essentially consists of applying innovation tools within a corporate environment, working on new or already existing business models, processes or products. It is a strategic response to rapid market changes that allows companies to anticipate customer demands and shifts in technology, competition and other areas, and then adjust to them, strengthening their positioning as a trustworthy, innovative and relevant partner for their clients. However, it is important to understand how the company in question operates and to think through a well-designed, customer-focused plan that will guide the initial projects, working as a bridge for innovation to effectively happen, adopting new methods and processes to keep it alive.

Many companies – whether small, medium or large – want to innovate in their internal and external processes and, as a result, in the solutions they offer to their audience. In many cases, however, they lack adequate methodologies. In my talks, I usually highlight the difference between the trendies and the trenders – in other words, those who only want to “ride the wave” of whatever is a technology trend, without even having a defined strategy or objectives; and those who put forward ideas to implement something new in terms of solutions and get ahead of the market. To embrace innovation in its processes and services, a company must have a culture geared toward solving customer pain points, thinking about approaches or methods that differ from what is already being done.

Types of Innovation: open and closed innovation

Before mentioning a few models, we need to talk about the concept of open innovation and closed innovation, whose main difference lies in the way innovation is created. In open innovation, we work beyond the company's boundaries, seeking to interact with the market. This model may involve partnerships with universities, consumers, startups, innovation hubs, communities, ecosystems and even other companies, depending on the business segment. Here, some of the identified benefits are lower costs, democratized access to new ideas and, above all, a shorter time between the development of an idea and its execution.

Closed innovation, as the name itself suggests, is based on creating innovation inside the company. That is, both idea generation and the development of new solutions are entirely the responsibility of the organization itself. In this case, innovation can help solve operational problems by optimizing internal processes. This way, the company will stand out not only for its resilience, but also for its ability to turn challenges into growth opportunities.

Implementing innovation in companies

Below are some tips for running projects in companies, according to the size, moment and profile of each organization:

• For small companies or those that struggle to innovate, first and foremost it is essential to have a study and a person leading the topic, so that it is possible to understand and, later, convince the business managers that innovating is genuinely worthwhile, along with a strategic and relevant internal area that can design a first project and get it approved by the executive board, which will act as its sponsor. In this case, the most advisable path is what we call a “spearhead” project: smaller, with more focused innovation and requiring minimal sponsorship, one that solves a specific pain point of the company, delivering quick results without major costs, through experimentation and the automation of paid tools, for example. The name represents a way of breaking down resistance and barriers to innovation
• In the case of large companies, the recommendation is, in parallel with internal innovation projects alongside the business areas, to enable open innovation (explained earlier), taking organizations to innovation hubs in order to learn from the market and from startups, and to get to know different ways of operating, profiles and actions that are being put into practice in this regard.

Innovation often opens up new opportunities for market expansion and diversification. By exploring new ideas and approaches, companies can identify untapped market segments or niches that are not being adequately served. It will also open doors for geographic expansion, with entry into new related industries and a broader base of customers and users.

It is essential to understand that corporate innovation is far more than a simple trend; it is a strategic approach that will define which companies are successful today and tomorrow. By adopting innovative initiatives, companies can thrive in challenging business environments, establishing themselves as visionary leaders and creating real impact in the market. In other words, corporate innovation is a journey that brings with it a series of benefits – from the immediate ones to the most lasting – for companies that embrace it in a strategic and committed way.