Few companies can remain competitive today without adapting what they offer to a constantly and rapidly evolving market. In order to deal with global competition, they need to distinguish themselves from their competitors through new or improved products and services. Research, development (R&D) and innovation allows them to renew what they have to offer and gain competitive advantages in relation to their competitors.
Innovation is not restricted to large enterprises or high-tech companies, but can be accessible - and necessary - for anyone. Innovation management techniques are tools that are simple to use throughout the innovation process. They can be used by an organisation that wants to launch a strategic reflection on its activities, or help transform a new idea into a commercial success.
When launching innovation activities, a company might have to rise to technological challenges that it cannot solve with its means alone. The solution might be to carry out a technology transfer. This process consists of sharing knowledge, skills, technologies or production methods between 2 partners - companies and/or research laboratories.
The innovation, research and development results obtained by a company should be protected quickly, in order to avoid their imitation or copying by competitors. The efficient use of intellectual property rights is essential for any company involved with R&D and innovation activities. Intellectual property provides legal protection and thus ensures that small and medium-sized companies can compete with larger enterprises.
Research in the private sector represents an important part of the investments made in Luxembourg's R&D sector. Research activities are undertaken by large multinational enterprises located in Luxembourg as well as by endogenous companies of more modest size.
For companies in Luxembourg that have launched successful innovation activities, several innovation competitions exist. They aim at promoting innovation in companies and encouraging innovative projects in all types of firms.