From Idea to Business—How Siemens Bridges the Innovation Gap

OVERVIEW:The path from an innovative idea to a profitable business is long and difficult. Often, good ideas will never be realized because they do not succeed in bridging the innovation gap that exists between the different R&D departments and the operational units, especially in large companies. Siemens Corporate Technology held an idea competition to help bridge this gap. In so doing, it identified several factors that make such competitions successful, as well as the risks. Furthermore, it learned that idea competitions can be a first step toward more comprehensive innovation processes that will be successful in the long term.