How to implement long-term innovation strategies?

CEEMAN alumni, Dr. Mindaugas Lauzikas (Malta) and Dr. Gisleine Silveira (Brazil), and 13 experts of finance from Lithuania discussed the significance of continuous investment in innovation among innovation-driven organizations in Canada. Both GILE experts agree that customer expectations and the market pressure in terms of innovation performance are superior for organizations which successfully entered local and global markets with innovative niche products and/or services. Thus, innovative players should not stop impressing while commercializing their services, because it is like a game within a higher league where the rules are much stricter and quality/ professionalism — much higher.

GILE experts presented the example of a globally known Cirque du Soleil, which focuses on process and service innovation in order to continuously lift up its quality to a higher level. According to Silveira (2016), who has over 17 years of experience in multinationals corporations (with managerial positions in Marketing and Communication areas in Brazil, Latin America, and Europe) an innovative marketing strategy, accompanied by digital technology, brand innovations, and human resource management, is critical for innovative organizations. Lauzikas (2016) adds: “based on GEM 2015/ 2016 only 27,9% of entrepreneurs in Europe indicate that their products and/or services are new to all or at least some customers/ clients, and that there are few or no businesses offering the same product and/or service in the market. This figure is higher in Canada (36,1%) which is ranked 10th in global markets”.

CEEMAN alumni believe that a sustainable innovation strategy should be implemented, driven by a well-established innovation culture, strong strategic partnerships, and innovative human resource management techniques. These factors become compulsory in strengthening competitive edge of innovative organizations.