A study of innovation measurement and innovation management at Irish medical device SME's

Abstract

The objective of this dissertation is to discuss the current state of innovation measurement and innovation management at Irish medical device SME's. Irish medical device SME's are often founded as spin-out companies from MNC's and are styled on scaled down versions of an MNC. The resulting culture, strategic management and innovation management is not considered best practice. The word `innovation' has lost its currency through over-use and this study will explore a toolbox of techniques to implement innovation management best practice. The management structures, cultures and corporate governance policies of small companies are often an ad hoc mixture which don¿t support innovation management or in the worst cases, are detrimental to it. This report will develop tools which can be used to measure the innovation activity so that the company can start to actively manage it. The study uses a mixed method approach with an innovation audit questionnaire to gather quantitative data on innovation activity and an interview to gather qualitative data. Case study data will be included for the purpose of supporting the qualitative and quantitative information. The study found that there are varying levels of innovation activity across the sample of organisations. The quantitative data found that innovation management was predominantly passive; the qualitative data found that innovation management was mostly an aspiration of management. Setting up an SME to commercialise a technology is difficult enough, however the installation of innovation management and an innovation culture at the outset greatly enhances the chances of success.