Many companies, locally and abroad, have innovation as either a core value, part of their vision and often stated in their strategy. True innovation is however mostly elusive. It is seldom that one finds a truly unique new business concept or product – whatever the industry. Many companies want to entrench a culture of innovation, but have no idea how to go about it.

It has been proven time and again that innovation is one of the key differentiators for any business and it is only through innovation that any business can grow exponentially.

In a survey, conducted by the Economist in 2007(3), among 485 Executives around the world, 87% stated that Innovation is important in the company’s long-term success.  

From our research it seems that the word “innovation” is often used but seldom is the concept practiced. Some companies (particularly in the IT industry) confuse innovation with new technology – innovation is much more than technology or new software.

According to an article in the Harvard Business review by Hargadon & Sutton (1) “Businesses that constantly innovate have systemised the production and testing of new ideas, and the system can be replicated by practically any organisation.”

In essence this is the solution that MINDSTIR aims to provide to customers: a solution that will enable companies to generate ideas, implement some of them and to capture test results to measure the value of innovation in their company.