A. P. Moller Maersk A/S
9. Further Perspectives
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then Innovation is, of course, enabling even more environmentally friendly operations and energy production. In the case of Maersk Oil, this is not always the case, as even though new technology and innovation helps lower emissions, the objective is a greater production and, thus, is not aligned with the goal from Denmark and EU to abandon Oil & Gas production only a few decades from now.
Back to the question of why Innovation is important, is also the ongoing business issue of attracting talents and recruiting the best in-industry employees. A part of the Innovation checklist, proposed earlier, is Innovation Culture and Branding. How the company is perceived from internal and external stakeholders, such as employees or outsiders. As attracting talent is a very important discipline in knowledge-heavy industries, it makes sense to consider if innovation and the perception of the company being innovative is a driver for attracting talent. It makes sense to consider, that new talent may not want to work with the technologies or fields of yesterday, as this places them in the vulnerable state of potentially losing their position, if such becomes eclipsed and outdated – e.g. if one’s abilities are concerned with the properties of a floppy disk, in the age of cloud storage. In such a case, it is of less importance, how well a company does its job or how good a product it can deliver, e.g. an excellent floppy disk, if the market for such is extinct to the extent, that the demand becomes non-existent. There has been one recent study, that demonstrates that among 1000 respondents, the majority wants to work in a creative and innovative cultural environment – Whereas 80 % answer that they do not feel they are currently working in such a place(London School of Business and Finance, 2017).
Lastly, I want to reflect on the strategic foundation, of which Innovation Strategy is developed.
Assuming that a company’s intended strategy(Mintzberg and Waters, 1985), is the overall strategy from which an Innovation strategy is developed. In a company with Innovation as its main driver, is the overall strategy then to be formulated from the Innovation strategy, and not vice versa? One could argue that this would then build everything else in the company from the roots of their Innovation strategy, thereby making Innovation the core of the business.
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