RISE, Regional Corporate Innovation Powerhouse and Thailand’s top startup in Corporate Innovation, reveals that corporations in Southeast Asia have been innovating and giving importance to corporate innovation. However, about 91% of the organizations still face the challenges in pushing corporate innovation to reach their goals, or not being able to scale or expand the outcome of innovations any further. This results in the dead end of many organizations in not knowing where to move forward in their innovation journey.
With experiences of working closely alongside big corporations from many different industries, RISE has come up with a new Corporate Innovation Maturity Model that consists of 5 levels of creating Corporate Innovation, starting from Newcomer, Explorer, Challenger, Practitioner, all the way to Champion level.
This is to guide organizations in developing the capacity in creating corporate innovation and advise them with 6 important factors of organization around People Attributes and Technology Attributes as indicators of corporate innovation to leap forward and accelerate the success of corporate innovation.
The study indicates that about 46% of organizations from over 400 companies in Southeast Asia are in the Explorer level of corporate innovation, while about 28% are in the Challenger level. This points out that even though most of the organizations see the importance of developing corporate innovation, they still face the challenges of implementing and adjusting the strategies that will create a truly successful innovation with clear outcomes.
At the same time, to introduce Corporate Innovation Maturity Model and reveal direction to accelerate corporate innovation of the year 2021 for the first time, RISE is hosting “RETHINK” event on 13th November 2020 at The Society, Gaysorn Tower, 22nd Floor. For anyone interested in the event, you can find more information and register to get the invitation at https://bit.ly/RegisterRISERethink-news
Dr. Kid Parchariyanon, CEO and Co-founder of RISE, reveals that from his experience of working closely alongside organizations to accelerate corporate innovation for over 4 years, he found out that about 83% of organizations realize the importance of creating corporate innovation.
However, many corporations still face challenges throughout their innovation journey, since creating corporate innovation is a long process, with each and every industry having their own unique pathway, knowledge and skillset. In addition, each organization also has different amount and type of resources.
Whereas 91% of Southeast Asian organizations have been developing their corporate innovation, most of them are still confronting with the challenges in seeing clear results of creating corporate innovation and the issues of not being able to scale or expand the results of innovation further. This follows by the uncertainty of the direction that the organizations should take to reach the goals of corporate innovation that have been set.
“RISE aims to help organizations accelerate their innovation development and creation to reach their goals, with clear results and sustainable business values. Therefore, we developed a ‘Corporate Innovation Maturity Model’ (CIMM) as a tool to measure the level of innovation each corporation is currently undergoing in order to help define and set working plans and guidelines to drive innovations in the right directions. We have differentiated between 5 levels of corporate innovation stages, which includes Newcomer, Explorer, Challenger, Practitioner, and Champion” said Dr. Kid.
Newcomer level is when organization realizes the importance of innovation to business, but without any plan or innovation goal. Explorer level is when organization is aware of the importance of innovation, has a plan for innovation development, but has not yet readied itself for the thinking process, or mindset, and skills of their personnel in creating innovations.
Challenger level is a corporation that has a plan and the personnel with the mindset of creating innovation, but still lacks the skills in creating real innovations with real results. Practitioner level is an organization that is able to create corporate innovations, but has not yet seen clear results or benefits of their innovations. Lastly, Champion level is an organization that has created successful corporate innovation, with clear and objective results, which should follow by building sustainable business model arising from the innovation.
Study from 400 companies in Southeast Asia shows that about 46% of organizations are in the Explorer level of corporate innovation, while about 28% are in the Challenger level. This shows that even though most of the organizations see the significance of creating corporate innovation, they still encounter the challenges of implementing and adjusting the strategies that will create truly successful innovations with clear outcomes.
RISE has pointed out the crucial factors that affect the level of corporate innovation, which are People Attributes and Technology Attributes. These are the tools that help organizations to create innovations that allow them to leap forward to successes. People Attributes consist of 3 components: Leadership, Team Capability, and Organizational Process while Technology Attributes consist of 3 components: Ecosystem, Tools, and Data, which all indicate the growth of corporate innovation.
“A successful corporate innovation will provide organization with products, services, and new business opportunities that will create tremendous value to the organization. It can be said that corporate innovation is one of the most important factors that organization should focus on, especially in a digital disruption era.
RISE aims to support organizations by introducing the Corporate Innovation Maturity Model to help guide organizations on the right track to create the correct innovations that are suitable for each organization’s level of growth. This is to accelerate the level of competitiveness towards regional level and create a sustainable growth for the organizations,” remarked Dr. Kid.
To introduce Corporate Innovation Maturity Model and share information about the direction to accelerate corporate innovation in 2021, RISE is to organize “RISE Rethink” on 13th November 2020 at The Society, Gaysorn Tower, 22nd Floor. Learn more about the event and register to receive invitation for free of charge at https://bit.ly/RegisterRISERethink-news