The final-round survey is the sole criterion for awarding the TOP 100 seal of approval.
In the survey, the project coordinators, headed by Dr Nikolaus Franke, Professor of Entrepreneurship and Innovation at the Vienna University of Economics and Business Administration, apply the following test criteria.
Professor Doctor Nikolaus Franke
The Innovation-friendly Senior Management category records the extent to which senior managers promote innovation. For analysis, the project coordinators divide it into three sections: commitment, innovation strategy and deployment of resources.
In the commitment section, they investigate how much time and energy the management team spends on innovation projects. To what extent is the innovation function a boardroom issue? How much does the management team support and encourage the development of new ideas? Does it ensure the corporate strategy is forward-looking and sustainable? Commitment at senior-management level is vital for overcoming the resistance and inertia that inevitably arise during the process.
The innovation strategy section records whether, and on what scale, systematic innovation strategies are created and communicated in the company, as well as the topics they cover. After all, a company's innovative spirit is more than just the sum of its individual projects.
Without a clearly defined and well communicated corporate strategy, there is the risk of becoming completely distracted by the details of day-to-day business. In the deployment of resources section, the project coordinators investigate the extent to which senior management actually provide the necessary financial resources. Innovations are investments in the future – but it is only possible to generate successful future innovations by utilising resources with vision, courage and good judgement today.
In the Climate of Innovation category, corporate culture is scrutinised in detail. How entrepreneurial is it? Does it promote creativity, a willingness to learn and spontaneity? A positive climate of innovation allows new ideas to emerge and evolve.
The project coordinators divide the category into three areas: innovative focus, development of potential and suggestions for improvement. Innovative focus refers to the extent to which the corporate culture facilitates and supports employees' entrepreneurial activities, whether mistakes are tolerated and whether there are arrangements that prevent radical, innovative ideas from being halted prematurely.
In the development of potential section, they assess a range of initiatives that are suitable for encouraging employees to be innovative, such as continuous professional development, incentive systems, giving employees the scope for entrepreneurial activities, employee share schemes and the provision of internal venture capital. In the suggestions for improvement section, they investigate how far employees with their own ideas play an active role in the company and the extent to which suggestions that are implemented increase annual profits.
In this category, the project coordinators are interested in how the process is organised from idea to market launch. Good ideas and goodwill alone are not enough to produce successful innovations. Processes and organisational methods with a lean, flexible structure that focuses on the innovation target are needed.
The Innovative Processes and Organisation category is based on three sections: monitoring, innovation management and project management. In the monitoring section, the project coordinators analyse how routinely the company observes and evaluates developments in the market, in technology and among its competitors and incorporates them into its strategic decisions. The innovation management section provides an overview of how the actual innovation process is structured from the original idea to market launch.
The project and portfolio management section includes an investigation into the extent to which innovations are evaluated and selected in line with a company's innovation strategy.
Every company is small compared with the rest of the world. This is especially true for SMEs. In the age of open innovation, a systematic and consistently managed two-way relationship with the outside world is mission-critical.
The External Involvement/Open Innovation category is also divided into three sections: integration, sources of innovation and external partners. Integration refers to how closely marketing staff are involved in innovation projects and as a result are able to ensure that the customer's voice is heard.
In the context of sources of innovation, the project coordinators investigate which tools are used to identify opportunities for innovation or to provide the company with the skills for its own innovation management. The scale of cooperation with external partners (including customers, suppliers, universities etc.) is ascertained in the external partners section.
While the four categories mentioned above describe a company's innovative potential, i.e. the probability of successful innovation in the future, the Successful Innovations category relates to the here and now, and investigates which successes have actually been achieved through innovation.
The category covers two sections: successful commercial innovations and successful technological innovations. The successful commercial innovations section examines the importance of market-facing innovations (products and services), which are expressed as a percentage of revenue and earnings and innovative processes within the company, which are expressed as the cost savings achieved. The successful technical innovations section relates to competitive advantage and market position.