Grafenberg, Germany - - Plastics specialist RAMPF has said that medium-sized businesses cannot afford to "kiss too many frogs" when turning ideas into innovative products.
The company has rejected a claim made by the European applications-orientated research organisation, the Fraunhofer Society, that of around 2000 ideas, only 11 ever go on to become a market success.
RAMPF Giessharze ceo Dr Klaus Schamel told participants at the a 19 Jan Innovation conference in Grafenberg that such a strategy was not suitable for medium-sized companies.
"A good idea only becomes an innovation once we have successfully transformed it into a concrete product or service," Schamel said.
Currently, the group achieves 20 percent of its revenue through innovation, and plans to increase this share up to 40 or 50 percent by 2013, according to Schamel.
RAMPF, which specialises in plastics made from polyurethane, epoxy and silicone, started an innovation drive in 2008 by making every employee an innovator. Project teams, innovation workshops and think tanks were implemented to transform ideas into finished products.
The company also supports its own RAMPF Academy, and aims to have the Academy's advanced training programme certified by the Bern University of Applied Sciences in a bid to link chemical specialist expertise with management and innovation issues.
Products were have emerged from the RAMPF's innovation programme include the first germ-free knife handle on the market - a solution aimed at butchers and the catering trade - and charging plugs for electric cars made from RAMPF plastics. LMH