Innovation is the essence

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Innovation is the essence by Kim Klastrup
Global Competitiveness and World Citizenship
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Why is innovation important for Grundfos?
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Pumps are more important than most people think
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The essence of innovation

• A good hockey player doesn't play where the
  puck is. A great hockey player plays where the
  puck is going to be.
• Wayne Gretzky,
• Canadian ice hockey player

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Innovation

• Innovation is the essence. It is the innovations
  that make Grundfos unique.
• We stand out because of our ability to
  constantly create new solutions to the
  ever-changing demands of the pump business.
• We meet every challenge and we are never
  afraid of taking the initiative remaining true
  to our ideals cause for renewal.
• Innovation is the soul of Grundfos.

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A history of innovation
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How do we put innovation to work?
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Innovation processes

• Constant search for new technologies
• Structured new product development process
• Clear model for the front-end of innovation
• Encouraging many types of innovation
• Building strong in-house competences
• Empowerment of project teams
• Creating a learning culture
• Partnerships with universities
• Deep involvement of users and customers

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Innovation process Disciplined processes
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Innovation process Innovation toolboxes
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Innovation process creating a learning culture
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Innovation process involving universities
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Results
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New products
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Introducing energy labeling in pumps
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Digital monitoring
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Solar powered pumps
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What will the future bring?
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Some initiatives to prepare for the future

• Creating an innovation intent for our future
• Using our social responsibility to drive
  innovation
• Creating new breakthrough technologies
• Globalising our innovation and RD
• Building deeper insights on unmet user needs
• Moving from products to solutions

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Don't imitate. Innovate!
Thank you!
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