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ETuhreopean The Four Ways of BReuvsiineewss Organizing Innovation May - June 2021 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• europeanbusinessreview.com A New Framework for Growth in the Post-Pandemic Era •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Getting Up to Speed in Your Sales Efforts •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Top Executive Education with the Best ROI featuring ESSEC Business School UNITED BY SCIENCE FOR A BETTER TOMORROW BY ULRICH A.K. BETZ VP OF INNOVATION, MERCK empowering communication globally USA $22 EU €17.5 CAN $22 UK £15

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The European Business Review empowering communication globally MAY – JUNE 2021 COVER STORY BUSINESS PROCESS 4 United by Science for a Better Tomorrow 56 Six Business Processes you need to Ulrich A.K. Betz rethink for the Agile Age Alessandro Di Fiore and Gabriele Rosani INNOVATION BRAND 12 The Four ways of Organizing Innovation 61 Company Brands as Purpose-driven Christoph Burger, Christoph Räthke, Bianca Lived-Experience Ecosystems Schmitz and Jens Weinmann Venkat Ramaswamy and Nicholas Ind SUSTAINABILITY TEAM MANAGEMENT 21 Lenzing sets a milestone towards 71 Aiming to nourish the more Human climate neutrality with the first CO2 neutral Organization VEOCELTM branded lyocell fiber Michael Chaskalson, Helen Sieroda, Chris Nichols and Philippa Hardman TOP EXECUTIVE EDUCATION PROGRAMMES WITH THE BEST ROI LUXURY STRATEGY 24 Unlocking Leadership Potential through ESSEC Executive Education's Programmes 78 To Harness the Power of Purpose, Brands must have a mission LEADING IN THE POST-COVID WORLD Klaus Heine and Sabine Chretien-Ichikawa 30 Are you prepared to take the risk? 86 SALES MANAGEMENT Interview with Iain Wright, CFIRM, Chair, Getting up to speed in your sales efforts Institute of Risk Management (IRM) Frank Cespedes and Zoran Latinovic INNOVATION STRATEGY 37 TimeXtender Helps European Companies from 90 Designing a Customer Value-Centric Growth Numerous Industries Manage Their Data Strategy Thales Teixeira ENERGY 42 Smart Moves for Europe’s 99 ORGANISATION People Assessment in the Digital Age Energy-Intensive Industries Adrian Furnham Jean Marc Ollagnier, Sytze Dijkstra, Lasse Kari and Gargi Chakrabarty 50 FUTURE OF BUSINESS 106 The Psychology of Start-Ups FLP-IT Forward: A New Framework for Growth in Adrian Furnham the Post-Pandemic Era TECHNOLOGY Olaf J. Groth, Mark Esposito and Terence Tse 110 Powering Costing with Artificial Intelligence: The case of Vodaphone Procurement Herve Legenvre, Gavin Hodgson, Govind Khandelwal Production & Design: Angela Lamcaster Print Strategy: Stefan Newhart Production Accounts: Lynn Moses Editors: Elenora Elroy, David Lean Group Managing Editor: Jane Liu Editor in Chief: The European Business Review Publishing Oscar Daniel READERS PLEASE NOTE: The views expressed in articles are the authors' and not necessarily those of The European Business Review. Authors may have consulting or other business relationships with the companies they discuss. The European Business Review: 3 - 7 Sunnyhill Road, London SW16 2UG, Tel +44 (0)20 3598 5088, Fax +44 (0)20 7000 1252, [email protected], www.europeanbusinessreview.com No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage and retrieval system, without written permission. Copyright ©2021 EBR Media Ltd. All rights reserved. ISSN 1754-5501 empowering communication globally

COVER STORY UNITED BY SCIENCE FOR A BETTER TOMORROW By Ulrich A.K. Betz In an age of uncertainty, there is inarguably a need for a cool and, above all, rational approach to addressing the manifold issues faced by humanity. Here, Ulrich Betz of science and technology company Merck outlines the background to next year’s Curious Future Insight conference: “solving the challenges of today and enabling the dreams of a better tomorrow”. 4 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

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COVER STORY Celebratory address given by the Chancellor It was a remarkable moment back in 2018 when Merck, of the Federal Republic of Germany a vibrant science and technology company, celebrated its 350th anniversary. At the Curious2018 – Future Insight Conference in July 2018, Merck announced a new research prize comprising up to €1 million per year, which is planned to be awarded for the next 35 years to honour and enable groundbreaking research in areas of high need for humanity, such as health, nutrition and energy. And on that day, a Tuesday, 17 July 2018, it was announced that the theme of the first prize was in a high-need area called “pandemic preparedness”. Who would have known that only 17 months later, a coronavirus would jump species barriers and form the worst pandemic that humanity has experienced since the flu pandemic a hundred years earlier, in 1918. The Curious2018 - Future Insight Conference (Springer, ISBN 3030160602) also featured a panel discussion on the topic of pandemic preparedness that further highlighted the urgent need to progress research in this area. It assembled more than 1,300 international participants and top speakers, including many Nobel laureates, and covered many topics from health, life sciences, material sciences and digitalisa- tion to new ways of working together. For its 350th anniversary, Merck clearly showed what it stands for. Science is at the heart of everything we do at Merck. It drives the discoveries we make and the tech- nologies we create – from advancing genome editing technologies and discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices. As a leading science and technology company, we draw on our unique scientific expertise to develop break- throughs that enrich people’s lives. Our approach to technology paves the way for discov- ering and scaling the most exciting technologies. The majority of our innovations come from our healthcare, life science and electronics business sectors, with approx- imately 7,800 scientists and researchers collaborating for our company. Complementary to our business sectors, we also create and foster an innovation ecosystem, bolstering our overall innovative power across emerging tech areas. We believe that scientific exploration and collaboration are 6 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

key to technological advances that benefit us all. Annually, the company’s core business areas. Since its inception Merck offers the Merck Research Grants to stimulate inno- in 2009, M Ventures has established itself as a major vative research in challenging areas of future importance. corporate venture fund, focusing on investments in the For more information, please visit http://researchgrants. fields of biopharma, life science tools and technologies, merckgroup.com (for the world, excluding the US and semiconductor and display technologies, and deep-tech Canada) and at http://research- and sustainability. Always on the grants.emdgroup.com (for the US lookout for cutting-edge tech- and Canada). Annually, Merck offers nologies, M Ventures invests in We also drive innovation and approximately 10 new companies back entrepreneurs through the Merck Research per year. These investments range equity investments and hands-on Grants to stimulate from early-stage deals to later- support in fields that could impact innovative research in stage investments. our current and future business. In addition, Merck offers one of M Ventures, the strategic, corpo- challenging areas of the most renowned programmes rate venture-capital arm of Merck, future importance. aiming to support talented young invests in innovative technolo- people in the development of new, gies and products that have the fresh ideas, advancing them with potential to significantly impact the help of professionals to a full M lab at Burlington site, USA www.europeanbusinessreview.com 7

COVER STORY project plan and thus win the €20k Merck Innovation Cup the nutrition of a growing world population. The laureate with their teams. Participation in the programme can ulti- for this year will be announced at the 2021 Future Insight mately result in project implementation funded by Merck Days, which will take place online from 12-14 July 2021. and a permanent employment position. Applications can Participation is open to all those interested around the world. You can register free of charge at http://curiousfu- be made at http://innovationcup.merckgroup.com (for tureinsight.com. The Future Insight Days will also feature the world excluding the US and Canada) and at http:// the awarding of the Nature Spinoff prize (https://www. innovationcup.emdgroup.com (for the US and nature.com/nature/awards/spinoffprize) and the Johann Canada). Anton Merck Award (https://www.merckgroup.com/en/ Merck will continue to honour and enable research/grants-and-awards/johann-anton-merck-award. innovative research with its Future Insight html), along with several stimulating keynote presenta- Prize. In 2020, it was in the area of antimi- tions and panel discussions. crobial resistance, and in 2021 it is going to be in the area of food – looking closer at the For July 2022, the big science flagship conference science and technology needed to secure Curious Future Insight is planned again, this time as a hybrid event allowing for on-site and online participa- M lab at Burlington site, USA. M Lab concept features tion. The motto of the event will be “United by science for a simulated manufacturing environment that fosters a better tomorrow”. The conference will bring together hands-on training and complete end-to-end process renowned scientists and accomplished entrepreneurs to development support. present their work, discuss the future of science and tech- nology, and work together to solve the challenges of today and enable the dreams of a better tomorrow. Abstracts for presentation can now be submitted at http://curious2022. com. Tickets are available at the site, too. The event is supported by several co-sponsors and has developed into a global endeavour to support science and tech- nology. All innovative organisations are cordially invited to apply to become a partner of the event. Many Nobel laureates have already agreed to speak, along with some one hundred additional speakers in total. In the remainder of this article, let me add some personal opinion and thoughts that manifested them- selves over the last couple of years of thinking diligently on the matter of innovation – particularly coming back to the global COVID-19 pandemic, which is not yet over. The story of the coronavirus pandemic in relation to science and technology holds light and shadow. On the one hand, it clearly showed that progress was not as fast as required to protect humanity in a densely populated world. At the beginning of the pandemic, the pictures from 1918 and 2019 looked almost identical, including the counter- measures taken, such as face masks and social distancing – 100 years without any progress? But then it turned into a triumph of science, technology and innovation with a new-technology mRNA vaccination entering the race and leading to the best-performing vaccine in clinical studies, with advantages over older but more validated vaccina- tion technologies. It is also a clear story emphasising 8 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

the innovation potential of Germany, with two German the digital networks all around the world is not beyond biotech companies, BioNTech (together with its US devel- the bounds of possibility), climate change (already well opment partner Pfizer) and CureVac, pioneering this field, publicised, but not yet sufficiently acted upon), geomag- along with Moderna in the US. The scientific groundwork netic disruption (a reversal of the magnetic north and had been done earlier by scientists relentlessly pursuing south pole are overdue, looking at history records), a advances in this field, despite many drawbacks and nega- solar flare potentially wiping out computer memories tive feedback, believing in the way forward and deserving all around the world (it has happened in pre-digital all honour and applause for this grand achievement – times and could happen any day again), disruption of scientists such as Ingmar Hoerr, Drew Weissman and the global ecosystems due to increased pollution (e.g., Katalin Kariko. microplastics), a return of The latter has recently also the financial crisis and, last signed the Darmstadt Science For July 2022, the big but not least, a global food Declaration, a global call to all crisis with rising costs of food, nations, societies and organisa- science flagship confer- including all the associated tions to invest more resources ence Curious Future problems of starvation, malnu- in the advancement of science Insight is planned again, trition, political instability and and technology for the benefit of global migration on a large humanity. Everybody is cordially this time as a hybrid scale. With the current state of invited to join this call and to sign event allowing for on-site science and technology, these the declaration at http://make-sci- and online participation. problems cannot be suffi- ence-not-war.org (Angewandte ciently solved and we need Chemie International Edition more resources and more-ef- 2018, 57, 2-4). ficient advances towards new And additional challenges technologies enabled by new are on the horizon, such as, for example, those regularly scientific discoveries, and it needs to happen quickly, analysed and published by the World Economic Forum as drastically laid down in “The Limits to Growth: The in its World Risk Report. Threats that need attention in 30-Year Update” (ISBN-10: 193149858X). my personal opinion are bioterrorism (inspired by the Needless to say, science and technology alone will coronavirus pandemic), accidental nuclear war (more not solve the problems, as acceptance and global distri- widespread availability of nuclear weapons all around the bution are important issues. In addition, science itself is world), cyber-threats (a big hack damaging large parts of neutral and can be used for good and bad. That is why www.europeanbusinessreview.com 9

COVER STORY Sign-up for a free ticket for the 2021 Future Insight Days at http://curiousfutureinsight.org a stable super-heavy element? What is dark matter and dark energy? Will there be a universal theory of everything, combining quantum mechanics and rela- tivity? What does quantum entanglement mean for our understanding of reality? Are we alone in the universe? How did it all start? How will it all end? Then it must be clear that there are limits to science, areas that lie beyond its methodology. We cannot research, for example, the most important question in life: Why do we live and what should we do? These answers need to come from it always needs to be accompa- As Carl Sagan once put somewhere else and we need to nied by a strong code of ethics and find the respective answers to clear moral values, such as truth it, “Somewhere, some- these questions ourselves. and love and courage and liberty, thing incredible is This is an invitation to join as also reflected in the Merck waiting to be known.” values: integrity, achievement, the global movement for a bright future – United by Science respect, courage, transparency (http://unitedby.science). and responsibility. Along with the challenges and global problems described above, also come tremendous opportunities for a bright future. The ABOUT THE AUTHOR advancements in artificial intelligence and machine learning are breathtaking, progress in quantum Ulrich A.K. Betz, Vice computing leading to ever-more-powerful electronic President of Innovation brains, new therapeutic options with gene and cell Merck, is responsible for therapy, the molecular understanding of the ageing innovation management process opening new avenues for medicine to increase and strategic academic life expectancy, advancements in synthetic biology, collaborations at Merck. He the understanding of the effects of the microbiome, as is an accomplished R&D well as impressive advances in fusion technology and manager with >20 years of experience in robotics, and a revival of space travel. the pharmaceutical and chemical industry, As Carl Sagan once put it, “Somewhere, some- including positions in the President’s Office thing incredible is waiting to be known.” Merck Biopharma and positions reporting Science is one of the noblest endeavours directly to the Heads of Research and of humankind, exploring with curiosity Development at Bayer and Merck. In his the world and striving for truth, and current role for example he designed and there are still many unsolved ques- implemented the Merck Innovation Cup, tions of science, such as, for example: the Curious-Future Insight Conference, the How does the human brain work? Is Merck Future Insight Prize, the Darmstadt the brain a computer or an antenna? Science Declaration, the idea competition What is consciousness? Will there be innospire and the BioMed X Outcubator. a singularity with AI? Will we find 10 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

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INNOVATION THE FOUR WAYS OF ORGANIZING INNOVATION By Christoph Burger, Christoph Räthke, Bianca Schmitz, and Jens Weinmann How have innovation practices changed in the last years? We conducted around 20 semi- structured interviews with senior managers of companies ranging from multinationals to startups. From our findings, we derive a guiding framework, which we call the Corporate Entrepreneurship Matrix, that helps executives organize their innovation activities. Broadly described, innovation comes from within an organ- ization – internal – or from sources outside – external. Besides, in terms of its nature and effects, inno- vating can be targeted or disruptive. Targeted innovation, often also called incremental innovation, means that there is a clear and stated aim of the innovative process, for example, the development of a more energy-effi- cient washing machine. Disruptive 12 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

innovation does not have a clear direction; it is a search Starting from the top left quadrant, process based on experimentation and trials. we will present our findings on targeted innovation, and then switch Certain types of industries may have traditionally to disruptive innovation. tended to one side or the other. For example, gas turbine manufacturers have gradually become more efficient 1 over the last fifty years, while producers of fast-moving consumer goods such as vegan food alternatives, elec- TARGETED AND INTERNAL tronic gadgets, or computer games with new versions and Blockchain-based platforms, are exposed to a higher The classical stage-gate process is an degree of danger of disruption and have to experiment example of targeted and internalized with new products and services. However, even compa- innovation. It is a project management nies in high-reliability infrastructure industries now face technique that emerged in the late ’80s, the necessity of becoming more disruptive due to digitali- was formalized by Cooper (1990), and zation, lower barriers to entry, and climate change. is used to steer a new product from product ideation to market rollout. THE CORPORATE ENTREPRENEURSHIP In the initial setting, the stage-gate MATRIX process comprises five major inter- related stages, separated by four Based on our research and qualitative interviews with decision points (gates). At each gate, corporate decision-makers and executives working in internal experts carefully decide innovation management in large, medium, and small whether or not it makes business companies, we have identified the main tools and mech- sense to proceed to the next stage. anisms of how executives can organize innovation. Using the two dichotomies described above, we suggest Most companies adapt the stage- a “Corporate Entrepreneurship Matrix” that helps to gate process to their innovation categorize and balance innovation efforts along the two management practices. For example, dimensions “internal/external” and “targeted/disruptive.” a large European player in the chem- ical industry has successfully used FIGURE 1: THE CORPORATE ENTREPRENEURSHIP MATRIX the stage-gate process in its product development by reducing it to three Internal gates. While only six to seven projects pass the second gate each year, 13 getting beyond the third and last gate Targeted Disruptive requires a revenue prospect of €500 and internal and internal million within ten years. Targeted Disruptive Few companies have the luxury to operate in this time frame, and 2 4 even this company went from “tech- nology push” (the creation of superior Targeted Disruptive products that create new markets) and external and external to “market pull” based on customer needs. To observe user preferences External far from the corporate headquar- ters, the company sends so-called www.europeanbusinessreview.com 13

INNOVATION trend scouts to different continents cultural gathering capable of fostering team spirit and and major foreign markets to obtain detailed trends on market segments augmenting internal networks – creating a more vibrant and develop scenarios for potential product and service innovations. company culture. A multinational social media network, A European online retail company for instance, has organized hackathons to produce some continuously screens the market and develops a short list of around 100 of its most popular user features, such as the link button, ideas and technologies, which they publish internally twice per year. They live chat functions, and the rainbow “Pride” emoji. call it the “Innovation Radar” and reduce the ideas to a few dozen via Open innovation as a model for an internal voting process, and even- tually select a single-digit number of Our interviews creating products, methods, and ideas for piloting. Then they system- ideas has been around for several atically organize innovation clubs, events, and roundtables with their revealed that years. Its overarching objective is to subsidiaries to convince them to test open innovation receive new ideas from the outside the ideas. platforms may and get access to know-how, while keeping risks associated with inno- 2 not be the vation to a minimum. Via digital TARGETED AND EXTERNAL optimal path platform providers, it taps into a to company- global pool of talent and expertise. The field of targeted innovations Similarly, crowdsourcing involves bears many more possibilities in the digitalization age. For example, specific seeking inputs from a large pool of hackathons can be used both as problem people and leveraging that wisdom internal or external sources of inno- solving. to an organization’s advantage. vation. They have evolved from Crowdsourcing is external – albeit being a social coding event driven by the open-source community to Commercial targeted – innovation. A task or platforms might project is offered to a relatively not attract the large group of people outside of the company. For example, a Danish right experts. producer of plastic construction toys actively seeks proposals for new toys from customers and simultaneously encourages them to vote on the toy submissions sent in by fellow consumers. However, our interviews revealed that open innovation platforms may not be the optimal path to company-specific problem solving. Commercial platforms might not attract the right experts. A representative of a specialty chemicals 14 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

company argues that they have to build their units, inorganically expand their portfolio of own network. They do open innovation for products, and enhance their knowledge assets ideas, but as global competitions. If open inno- and technical prowess. Obviously, acquiring an vation is defined as integrating external parties, organization with specialized capabilities works then collaborations with universities for basic out faster than building know-how internally science questions or classical joint ventures from the ground up. (JVs) are more promising, according to our interviewee. They prefer to build JVs with part- A key aspect of 3 ners that are geographically nearby to reduce intrapreneurship transaction costs. and corporate DISRUPTIVE AND INTERNAL incubators is to Such long-term business relationships have proliferated of late. In the automotive lead to a more Moving from targeted to disruptive industry, a 50:50 joint venture between a fami- entrepreneurial innovation methods (from the left ly-owned automotive supplier and a subsidiary mindset of to the right side of the matrix), we of large automotive manufacturer was set up to enter the world of uncertainty and make complete seats, seat structures, and seat components. A joint venture in the smart home employees and complexity, where waterfall project industry includes partners such as Germany’s gradual changes management often fails and agile former telecommunications incumbent, a home in the corporate ways of innovating dominate. sound systems provider, a domestic appliances and a lighting products manufacturer, and a Intrapreneurship (internal entre- U.S. search engine company. This cross-vendor home automation solution bundles multiple culture. preneurship) is a system by which a brand experiences on a single application. company lets its talented employees As the most external form of targeted take charge of individual projects innovations, acquisitions have become an increasingly popular tool. This helps them to while still operating within the company. The complement the activities of the classical R&D employee wears the entrepreneur’s hat and can perform more or less like an entrepreneur while enjoying the relative security of a salaried job. This can happen, for example, by allowing staff to devote 10 to 15 percent of their time on their pet projects – in the hope that these might benefit the company at some future date. This innovation practice, dubbed “permitted boot- legging” by experts, smartly mines workforce talent. Oft-cited examples of successful intra- preneurship include 3M’s Scotch Tape, the world’s first-ever transparent adhesive tape, which was famously developed by an in-house engineer in 1930. Likewise, its Post-it sticky notes is a product that figures in most conversa- tions on classic intrapreneurship. 3M allows its staff to devote up to 15 percent of their time on intrapreneurial projects. Especially critical for fostering intra- preneurial thinking is the creation of an environment that enables learning, a context that exhibits high tolerance for mistakes. www.europeanbusinessreview.com 15

INNOVATION Therein, employees have near- absolute facilitates implementation and narrows the freedom to innovate, go beyond the known, and gap to commercialization. push the frontiers of knowledge and its appli- cation without having to worry about punitive When taking innovations to market, compa- actions in case of failure. Corporate incubators, nies might choose to completely spin off the such as “innovation labs,” are similarly used to innovation, that is, separate the innovation into drive internal projects proposed by employees. an independent strategic unit with the mandate They offer opportunities to explore and incu- to go to market with the new product or service. bate innovations within a safe environment Instead of keeping all innovations under the that allows employees to return to their depart- roof of the mother company, a leading energy ments – so the risk for the individual innovator services provider in the German market sets up is limited. The employees take ownership of the an independent business for every niche they innovation project, at least in the first phases have identified as lucrative and want to occupy. with early prototypes. The COO of the company states, “If we close a niche, we try to keep the people and look what A German energy utility, for example, has we can do with our own employees. This reduces set up an “innovation campus” right outside the risk that – if you say it does not work – you get an existing power plant, far away from corpo- fired; employees are then deployed differently.” rate headquarters. One idea that was developed across various prototypes was an intelligent 4 street lamp, equipped with two plugs for elec- tric vehicles, a motion sensor, Wi-Fi, etc., which DISRUPTIVE AND EXTERNAL was sold successfully to numerous other grid operators and municipal utilities. A world market leader in specialty chem- icals uses so-called project houses, with half of the money coming from the central budget and the other half from the respective opera- tional units of the intrapreneurs. The steering committee is located just under the manage- ment board, but the employees in project houses come from their operational units and provide their experience with existing processes. A project house is operational for three years, then dissolved, and the employees return to their operational units. This transfer Similar to hackathons, Some companies focus on nurturing internal corporate accelerators serve as company ideas and approaches, while others a pool for talent recruitment in partner with external entities – such as startups, addition to fulfilling marketing enterprises, or entrepreneurs – to spawn and public relations tasks. non-core ideas with an outsider’s perspective. If companies want to tap into completely new ideas, one popular tool is to establish or participate in corporate accelerators. They run fixed-term programs lasting around 90 or 100 days and provide startups and entrepreneurs 16 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

opportunities to acquire essential business skills – Thus, a company-building investor including marketing, finance, sales, or product design – in (unlike a casual investor) is proac- a very condensed way. Participants benefit from sessions tively involved with the birthing of with experienced mentors and coaches, for example, on the company and in driving business how to pitch their business ideas to investors. Typically, growth. Such investors also support the startup yields a certain percentage of its equity to the the fledgling startups for a relatively accelerator in return. Similar to corporate hackathons, longer period, often helping them corporate accelerators may serve as a pool for talent attain scale. A German manufacturer recruitment in addition to fulfilling marketing and public of heating, industrial, and refriger- relations tasks. Some of the more famous accelerators ation systems founded its venture include TechStars – which, in 2019, boasted a client base builder five years ago to “create deep exceeding 1,600 – and Plug&Play, which accelerated 1,107 tech products and companies that startups in 2018. solve industrial problems.” The rela- tionship between a startup and a FIGURE 2: THE CORPORATE TOOLKIT FOR INNOVATION company builder is a two-way street – both parties stand to benefit. Internal Since the actual success of corpo- Status Quo Corporate rate accelerators is rather mixed (e.g. \"Stage incubator (GALI, 2018), many companies that want to avoid the financial risk of Gate\") Project houses the early-stage development process Permitted establish venture capital units (VCs), bootlegging which allocate financial resources to later-stage startups or already Targeted Trend scouts Disruptive established companies to scale their existing products or services. As they Hackathons Corporate are completely detached from the accelerator investing company, a challenge is Open how to merge and integrate the capa- Innovation Venture capital bilities and resources of the startups. A large European energy utility, for JVs & strategic Company example, does so-called strategic alliances builder co-investments, in which individual business units own the integration of Acquisitions the existing business. For the part- nering startups, this opportunity is External attractive, because it allows them to tap into the large existing customer Company builders are yet another innovation catalyzer base of the utility without having to that have come into vogue. In this model, the investor enter the time-consuming process of is involved from the outset in the startup creation stage. acquiring customers by themselves. The company builder has an abiding interest in creating a VC investments typically seek disrup- well-organized and smooth-running startup on as frugal tive products or services, but they can an investment as possible. The investor might also chip also be targeted. Depending on their in with ideas, resources, and operational involvement. objective, they might have different KPIs and objectives. A traditional, family-owned boiler manufacturer www.europeanbusinessreview.com 17

INNOVATION wants to become a smart home integrated into the prevailing company beyond daily tasks. According to a company and, for instance, invests structures. More efficient processes representative of a large energy utility, into or picks up stakes in prom- lead to cost reductions and better KPIs. incubators are also a great tool to ising deep tech and has set up two While this approach promises secure enhance employee motivation and VC branches: One of them focuses short-term returns, concentrating on attract internal entrepreneurs. As a on extensions and enhancement of targeted innovation might reduce the cultural tool, by being just inwardly existing business lines, such as prop- company’s chances of finding the next focused, a company might be left ruing tech and constructiontech companies, game-changer – the new pillars of many missed opportunities, though. while the second one deals with the growth. It may hamper the long-term disruptive business models predi- prospects of the company. If innovation is largely coming from cated on next-gen technologies. the outside, for example via startups Meanwhile, adopting a totally in corporate accelerators or venture BALANCING THE FOUR disruptive approach to innovation capital investments, the potential of WAYS TO ORGANIZE might also have its share of hits and the mother company to spark innova- INNOVATION misses. The company might well tion is left untapped. turn into the next big thing but have There is no one-size-fits-all approach moved so far from its core business The pace of digital transforma- in the world of business innovation. that it will be difficult to launch or tion forces companies to accelerate Each approach promises to open up inlay these transformational changes their innovation cycles, if they want new possibilities and appeals to a within the existing organizational to remain competitive in the market- certain type of company. No matter structure. A major part of the work- place. But innovation comes at the what road to innovation a company force would have to be replaced or price of experimentation and fail- chooses to take, there are bound to be trained in a completely different field ures. Companies have to become pros and cons along the way. of expertise. more experimental and daring in their innovations, but that might A company can, say, innovate in a If innovation occurs only from create a cultural clash between those very targeted manner, limiting itself to within, changes in the corporate parts of the company that exploit innovations that strictly map to its core culture may lead to a more entrepre- and improve existing business lines competencies. The upside is that the neurial mindset of employees, for and those that explore and venture resulting innovations will be those easily example, by providing a safe envi- into new products and services. ronment for internal innovation Balancing innovations efforts there- in incubators or by fostering intra- fore becomes a key priority for preneurship with regular time-off growing also in the future. Companies have to fit their ambitions and innovations strategies to a robust balance between each quadrant of the Corporate Entrepreneurship Matrix. 18 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

FIGURE 3: SUMMARY OF FINDINGS Internal Create products or services that + May trigger cultural change REFERENCES and adoption of entrepreneurial • Cooper, R. G. 1990. Stage- + are very close to your company skills inside an organisation and may be easy to integrate gate systems: A new tool Often an HR management tool for managing new prod- - This way, you don't find ucts. Business Horizons, game changers! - with very low output of truly 33(3), 44–54. innovative or market-ready • Global Accelerator Targeted product ideas Learning Initiative (GALI). Very few employees of the 2018. Entrepreneurship & Disruptive Acceleration: Questions + mother company involved; normally faster results A chance to discover and from the Field. Return - This approach leaves the + build true game changers on Investment for mother organisation that may reach beyond mostly untouched industry boundaries Accelerators. April 2018. Retrieved from - They may be far from what your https://www.gali- core organisation is about or data.org/publications/ good at! entrepreneurship-and-ac- celeration-ques- External tions-from-the-field-roti/ ABOUT THE AUTHORS Christoph Burger is a senior lecturer at ESMT Berlin. Before joining in 2003, he worked in industry at Otto Versand and as vice president at Bertelsmann Buch AG, in consulting practice at Arthur D. Little, and as an independent consultant focusing on private equity financing of SMEs. His research focus is in innovation/blockchain and energy markets. Burger studied business administration at the University of Saarbrücken (Germany), the Hochschule St. Gallen (Switzerland), and economics at the University of Michigan, Ann Arbor (US). As a founder, investor, author, and lecturer, Christoph Räthke has been a driving force in the German startup ecosystem since 1999. With his podcast angelsofdeutschland.de, he sttives to get more people excited about startup investing, while his methods, articles, university lectures, and events aim to give aspiring founders a better chance of success. Since 2012, he has been developing and implementing entrepreneurship programs for some of Germany's largest companies and providing executives with structured practical experience in executive education workshops. Bianca Schmitz is a director of leadership development programs and affiliate member of the Bringing Technology to Market Center at ESMT Berlin. Her research has been published in journals such as Industrial Marketing Management and Journal of Family Business Management. Beyond academic research, Bianca has published a number of case studies and managerial articles on hidden champions and digital transformation. Jens Weinmann is a program director at ESMT Berlin. Weinmann’s research focuses on the analysis of decision-making in regulation, competition policy, and innovation, with a special interest in energy and transport. His academic experience includes fellowships at the Kennedy School of Government, Harvard University, and the Florence School of Regulation, European University Institute. www.europeanbusinessreview.com 19

1194101220 - © Romain Gaillard/Rea UNVEIL YOUR TALENT ESSEC EXECUTIVE EDUCATION PART-TIME EXECUTIVE FULL-TIME MBA PROGRAMS MBA PROGRAM ESSEC & Mannheim EMBA ESSEC Global MBA 15 to 18-month part-time program 12-month full-time program in Paris, Mannheim and Singapore in France and Singapore ESSEC EMBA 2 majors: 18-month part-time program Luxury Brand Management in France and Singapore Strategy & Digital Leadership #5 #6 EXECUTIVE EUROPEAN EDUCATION BUSINESS PROGRAMS SCHOOL

SUSTAINABILITY Lenzing sets a milestone towards climate neutrality with the first CO2 neutral VEOCEL™ branded lyocell fiber VEOCEL™ Lyocell fibers are available as certified CarbonNeutral® products with a net-zero carbon footprint in accordance with The CarbonNeutral Protocol New carbon neutral offering enables Lenzing’s VEOCEL™ brand to be a leader in the transformation of the nonwovens industry towards decarbonization Almost two years ago Lenzing offering for VEOCEL™ branded lyocell CEO Stefan Doboczky an- fiber, delivering a product that is more nounced the company’s goal representative of its overall strategy to reduce its CO2 emissions by 50 per- than any other: it will be the industry's cent till 2030 and be completely CO2 first carbon neutral fiber. With the neutral in 2050. An ambitius target, new range of VEOCEL™ Lyocell fibres, which can only be achieved through it enables its partners in the nonwo- a clear reduction readmap, innova- vens and branded goods industries tions, collaborations along the supply to reduce their own impact on the chain and measures which go beyond climate by using fibres with net-zero legal requirements. reduced carbon footprint. Now Lenzing is setting a new As a brand that has been dedi- benchmark with a completely new cated to offering products based on www.europeanbusinessreview.com 21

SUSTAINABILITY renewable material wood, derived CERTIFIED CARBON- an external nature-based carbon from sustainably managed forests, NEUTRAL® PRODUCT FOR removal project. These VEOCEL™ VEOCEL™ is leading by example, CLIMATE PROTECTION branded fibers reinforce Lenzing’s making significant strides in commitment to the Science Based achieving new certification standards As of June 2021, VEOCEL™ Lyocell Targets initiative around reduction of and now also reinforcing Lenzing’s fibers are available as certified total global carbon emissions, a quest commitments to carbon neutrality. CarbonNeutral® products with driven by the UN Paris Agreement. a carbon footprint reduced to “At Lenzing, we are very proud of net-zero in accordance with The “The first step in taking action, is the progress we have been making to CarbonNeutral Protocol. Achieving understanding the problem at hand,” address climate change,” said Robert certified carbon neutrality was said Jürgen Eizinger, Vice President van de Kerkhof, Member of the the result of Lenzing’s ambitious of Global Management Nonwovens Board of Lenzing. “The new carbon carbon reduction efforts over the at Lenzing. “The VEOCEL™ brand neutral VEOCEL™ Lyocell fibers will last years and the collaboration with is committed to making the shift to play a big role in contributing to our Natural Capital Partners, a recog- carbon neutrality an ongoing effort. goal to become a net-zero company by nized global leader in the design, Emission from raw materials is often 2050. At Lenzing, we understand that development and delivery of corpo- the biggest part of a product or corpo- caring for the environment isn’t just rate climate action programmes. rate footprint. To reduce these indirect good business, but good for the busi- Together it was possible to reduce emissions, a company can either ness. That is why we are becoming carbon emissions to net-zero avoid such a material or depend on even more dedicated to effecting real through a mix of higher produc- its value chain to deliver new climate change to the industry as we come tion efficiencies, use of renewable friendly solutions. With our new offer out of the COVID-19 pandemic, and energy sources, low-carbon mate- of carbon neutral VEOCEL™ Lyocell embrace climate protection through rials and the dedicated support of fibers, we can certainly help our our zero carbon commitments and partners and customers reduce their ongoing innovations.” emission impact.” 22 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

When consumers PARTNERING FOR CHANGE see products with the ‘climate Consumers are holding their brands “With the newly minted VEOCEL™ care’ logo on the to higher standards when it comes ‘climate care’ logo, we hope to build packaging, they to carbon neutrality and climate a connection between brands and they shall be friendly products. As an ingredient consumers. When consumers see able torecognize brand, VEOCEL™ is committed to products with the ‘climate care’ logo that the product guiding and partnering with retailers, on the packaging, they they shall be is made of brands and the nonwoven industry able to recognize that the product VEOCEL™ Lyocell toward improving the carbon foot- is made of VEOCEL™ Lyocell fibers fibers which print and environmental impact which have a neutral impact on our have a neutral of raw materials and products. climate. This will not only give them impact on our Materials and goods produced with confidence about making more climate. VEOCEL™ Lyocell fibers certified as informed, eco-conscious purchase CarbonNeutral® products will benefit decisions, but also reassure that they from a specially developed VEOCEL™ are taking a proactive step to tackle “climate care” logo. The VEOCEL™ climate change,” added Eizinger. “climate care” initiative signifies Lenzing’s commitment to offer climate friendly solutions to limit global warming, reduce its carbon footprint and engage with partners along the supply chain to provide more sustain- able nonwovens solutions. www.europeanbusinessreview.com 23

TOP PROGRAMMES WITH THE BEST ROI UNLOCKING LEADERSHIP POTENTIAL THROUGH ESSEC EXECUTIVE EDUCATION’S PROGRAMMES In a turbulent business landscape where the danger of becoming unsuitable to deal with sudden changes is ever-present, business leaders are confronted with an urgent need to draw on a wide range of different skill sets. 24 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

In the midst of all the uncertainty, business educators ESSEC Business School have been hard at work to arm these professional exec- aims to infuse executive utives with the intellectual arsenal and expertise they education participants with will need to robustly handle such challenges. new business and economic models that are impactful With French roots dating back to 1907, ESSEC Business in result as well as mindful School has fashioned itself as a titular academic institu- of the environment at large. tion with the goal of passing on cutting-edge knowledge to new generations of curious minds with a passion to centred on humanist goals, the univer- lead and influence. sity is committed to enlighten, lead, and change the world by instilling a sense In order to prepare tomorrow’s leaders for the trans- of responsibility and direction to the formative changes of today, be it in technological, leaders of tomorrow. industrial, managerial or social spaces, ESSEC developed an educational model that has successfully kept pace with ESSEC Business School aims to a rapidly changing world. infuse executive education partici- pants with new business and economic RISE STRATEGY models that are impactful in result as well as mindful of the environment at With the values of the institution rooted in its heritage, large. Through meaningful and econom- ESSEC inspires new forms of leadership through their ically-conscious projects, future leaders symbolic RISE strategy. As a higher education institution will be prepared to run companies and organizations that are more inclusive, innovative, sustainable and fair – all with the goal of bringing value and posi- tive impact to the world. THE GOLDEN STANDARD OF INTERNATIONAL EXCELLENCE As the 5th provider for Executive Education worldwide (Financial Times, 2020), ESSEC’s1campuses in La Défense, Paris and Singapore, have dedicated many decades to nurturing the invigor- ated spirits of executive professionals and deepening their business acumen and leadership development. www.europeanbusinessreview.com 25

TOP PROGRAMMES WITH THE BEST ROI “Undertaking the MBA specifically during the pandemic has certainly shed light on uncertainty. It has shown the importance of continuous learning, diversi- fying one’s skillset, and developing interest in new technologies. To sum up my answer in one sentence, I would say that the MBA allowed me to develop three main areas to face tomorrow’s challenges: my skills and knowledge, my curiosity, and my adaptability.” – Nayda Massoud, ESSEC Global MBA Alumna ESSEC Executive Education1 equips partic- A UNIQUE INTERDISCIPLINARY ipants with the necessary tools to hone their ECOSYSTEM skills, talents, and ideas into that of real world applications they will greatly benefit from. Having been in existence for more than a century as an academic institution, ESSEC Placing uniqueness and individual integrity at prides itself on providing graduates with the heart of their educational model, the univer- a fully immersive educational experience. sity’s post-experience learning journey draws Through peer-to-peer interactions, enriching out an individual’s innate leadership potential coaching sessions, and the practical applica- through practical theory and collaboration. tion of their learnings with social projects, to name a few. From March 2021, ESSEC Executive Education is also under the new leadership ESSEC Business School’s approach to of Jérôme Barthélemy, recently appointed as education places human individuality and Executive Vice-President for Post-Experience uniqueness at its fundamental core. The insti- programs and Corporate Relations. tution has built its name on educating a wide range of professionals throughout the course of “I am looking forward to contributing their career: from high-potential individuals in to advancing the practice of management their early stages, mid-level associates steadily in organizations through the results of making their way up, to experienced executive ESSEC’s best research in this field.” leaders who need refresher courses. – Jerome Barthelemy, ESSEC Executive Vice-President In a tight international environment, having in-depth knowledge backed by research and education is the double-edged sword ESSEC provides. Through the executive education programme, this higher form of enlightenment will give executives the foresight to better under- stand multicultural problems and address them with the appropriate multidisciplinary approaches. 26 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021 1. https://executive-education.essec.edu/en/pages/introduction-en/1/ 2. https://executive-education.essec.edu/en/program/embas-en/essec-mannheim-emba-modular-track/

The executive educators for each systems, and more. programme are more than equipped Having been in The part-time Executive MBA2, to guide every participant towards the one of the school’s most respected implementation of their life project, existence for more degree programmes, also ranked encouraging them to embrace their than a century 8th worldwide in the QS World own individuality and nurture it in as an academic University ranking, is designed such a way it becomes their edge in the for seasoned executives looking real world. institution, ESSEC to build a stronger network in an prides itself international collaborative environ- on providing ment. The full-time Global MBA3, on the other hand, can greatly REVEAL YOUR TALENTS graduates with a benefit younger executives with 3 fully immersive to 10 years of experience, leader- ESSEC Business School’s programmes educational ship potential and their eyes set on not only develop participants’ manage- careers in consulting, digital leader- ment qualities and expertise, but also experience. ship or luxury brand management. give them the intuition to be able to call It is also the world’s MBA with the on such skills when needed. largest representation of women The learnings they will derive from (Financial Times, MBA ranking, these sessions can be applied to different fields, 2020), a testament to the school’s ambition to such as: purchase management and supply chain, promote diversity by encouraging female leaders marketing, human resources, finance, information to accelerate their careers. 3. https://www.essec.edu/en/program/mbas/global-mba/ www.europeanbusinessreview.com 27 4. https://executive-education.essec.edu/en/program/executive-diplomas/luxury-management/

TOP PROGRAMMES WITH THE BEST ROI “During my EMBA I had the opportunity to sign EXECUTIVE OPEN DAYS a contract with my first client, a luxury automo- bile company. While signing the contract I did not From 21-25 June 2021, ESSEC Business School is emphasise on my past experience or company; rather, hosting an all-out online event open to all interested I presented myself as an ESSEC student, with an inno- participants. Through this virtual seminar, execu- vative project. It paid off!” tives, managers and leaders will have the chance to gain a better understanding of the different aspects – David Pereira, Executive MBA Alumnus of executive education and how it can accelerate one’s career. Other programmes of the school, such as the part-time Executive Master in Luxury Management Upon registering, you can expect to find a & Design Innovation4(EMiLUX) or the full-time MSc range of masterclasses taught only by the most in Hospitality Management5 (IMHI), accommodate respected professors and experts in the university, individuals who want to foster stronger relation- the chance to talk to advisors and admissions to ships within a global frame, as well as fine-tune help identify which programme is best suited to their mastery in business acumen and getting first- your needs, Q&A sessions with returning alumni, hand experience in high-profile roles. workshops – and more! ESSEC Executive Education’s portfolio of YOU CAN REGISTER HERE6 functional programmes incorporates different cross-cultural and custom-built tools for leadership and change management, operational manage- ment, and social entrepreneurship. 28 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021 5. https://www.essec.edu/en/program/mscs/MSc-in-Hospitality-Management-IMHI/ 6. https://app.meltingspot.io/subscribe/s/34e5b455-6b36-41ca-946f-3012f13b1f1e?

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LEADING IN THE POST-C VID WORLD ARE YOU PREPARED TO TAKE THE RISK? Interview with Iain Wright, CFIRM, Outgoing Chair, Institute of Risk Management (IRM) Risk is a fact of life for businesses of all kinds – large and small. If we’re lucky, we might see it coming, so that we have an opportunity to formulate a coping strategy. But how can managers and employees be best prepared to deal with the unexpected? Iain Wright, CFIRM, Outgoing Chair of the Institute of Risk Management, has some informed observations on the subject. 30 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

Our aims were to find out how time but this period of crisis will focus attention on ensuring that organi- Thank you for your time today, Iain. risk management functions were sations have the people and skills to raise their game to what will be To start with, can you share some in- responding to the crisis, whether their required in ‘the new normal’. formation with us about the IRM, and plans were working, what had proved We mustn’t allow the magnitude of the current crisis to obscure the other how your members dealt with risk helpful to their response and what major (and interconnected) risks that we all face. We still need to tackle mitigation with regard to COVID-19? had not, how this situation might climate change, cyber-risk, supply chain disruption, and economic and The Institute of Risk Management affect the development of the profes- geopolitical volatility, to mention just a few. The IRM, the Institute of (IRM) is the leading international sion and what we should be learning Operational Risk (IOR – part of the IRM group) and our wider global risk professional body for risk manage- from it. management community stand ready and confident to lead the response. ment. We are an independent, We found that, out of the 959 How does your professional back- not-for-profit organisation that cham- respondents, 32% of organisations ground in risk and investment indus- tries help you navigate the complex pions excellence in had not consid- world of intelligent risk manage- ment? How does this shape your vi- managing risk to ered pandemic sion for IRM as the organisation’s risk or anything chair? improve organisa- We found that, I am lucky that I have had a varied tional performance. out of the 959 similar before it career, giving me insight into a number We do this by respondents, 32% happened. Only of types of organisation, including providing interna- of organisations one-fifth of those healthcare, charities, manufacturing, tionally recognised who had consid- retail and financial services. And I have been lucky enough to work in qualifications and had not considered ered pandemic external audit, corporate finance, stock training, publishing pandemic risk or risk hadn’t planned exchange, financial service regulation research and guid- anything similar what to do, should ance, and raising it hit. I think that professional stand- before it happened. we will find that the ards across the organisations that world. Our 8,000 coped best with the members work in all industries, in all crisis were those which were able to risk disciplines and across the public, react quickly to unfolding uncertain private and not-for-profit sectors in circumstances and I think there will more than 100 countries. be a high correlation between those The role of risk management is to organisations and those that had help organisations achieve their objec- prepared for similar eventualities. tives in an uncertain world. In 2020, War-gaming unrelated scenarios can that world was turned upside down help get an organisation’s DNA into a as a long-observed, although perhaps place where it improves its capability not sufficiently managed, risk – global to respond to unforeseen events. pandemic – became a live issue. The full survey and report(s) are We were pleased that nearly one available on our website. thousand of IRM’s members and For the future, we expect to see a contacts around the world were able, sharper focus on resilience and on at such a busy time, to contribute to strategic risk management. These our pandemic response survey. topics have been around for some www.europeanbusinessreview.com 31

LEADING IN THE POST-C VID WORLD and industry positions. Although I more about risk management. The In what ways does a small com- pany’s risk profile differ from risks didn’t appreciate it in these terms in second thing is that this education faced by enterprise-level companies? some of my previous roles, what I should not inhibit, in fact should I’m not sure that the risks faced by different-sized companies do understand now is that all organisa- promote, wide-ranging thinking and differ hugely in general. Of more importance is the nature of the busi- tions face risks – and often they face open-mindedness. One of the impor- ness – the sectors within which it operates, the extent and location of common risks. What is important is tant skills of risk managers is to connect its supply chains, exposure to inter- national markets, and so on. Larger how organisations and people identify various parts of (often voluminous) companies may be able to weather crystallising risks better than smaller risks, measure and monitor them, and information which face us and make companies, but that will depend on the nature of the risk and also the put in place appropriate mitigation to sense out of them. Having wide expe- preparedness of the enterprise (in other words the maturity of its risk bring that risk within an explicit risk riences allows some of us to do this but management). Small companies will find it harder to devote resources to appetite. I appreciate that risk management but that does not mean they can’t be effective in identi- There are there are people fying and managing risks. starting their two aspects of What is important is How can a company create an all- of-staff risk mitigation effort? my experience how organisations and careers who which, for me, people identify risks, will not have I think this comes down primarily shape what we measure and monitor the advantage of to that nebulous concept of culture. are here to do at those different Critical to ensuring that all staff contribute to mitigation is the right the IRM. First, them, and put in place experiences. Of “tone from the top”, that is a clear I want us to appropriate mitigation course, some direction on expected behaviours provide a sound to bring that risk within will have the and how the enterprise will react education to our opportunity to to risk events. This must be backed up by senior-level behaviours – for students. Risk an explicit risk appetite. move in and example, there cannot be a culture management is out of risk as a of shooting the messenger when bad news is uncovered. When things go a discipline that career, but for wrong, senior management need to be clear about expectations. They requires education and training. At the those who stay in a risk role, we need should support their teams who are managing the risk and create a IRM, we have world-leading qualifica- to equip them with the ability to think culture where lessons can be learned to improve the organisation’s resil- tions and training programmes for all widely and understand, assimilate and ience going forward. levels of risk professionals, and others analyse wide-ranging data. who are interested in understanding 32 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

management is people speaking to do hear a lot about office workers working from home but, of course, At what stage should a company each other, in particular discussing there are a number of people who have continued going to a workplace, consider creating the role of “chief areas of concern with their managers. often in very difficult circumstances – for example, healthcare, transport, risk officer”? energy, construction and extraction. Good communications and targeted Some organisations, especially investment in what helps people carry on working productively have been in financial services, need to have the difference between those who have come through strongly and those someone identified in this role. Can you give some examples of who haven’t. However, the title is not important firms that thrived during the pan- After COVID-19, people might think spending money on risk man- and I would suggest that all organisa- demic, and explain why they were agement is pointless if it is impossible to prepare for a blind force that is be- tions, whatever their size and nature, able to survive the COVID-19 crisis? yond human control and understand- ing. What would your advice be here? will benefit from having someone I won’t single out any organisations It is impossible to prepare for every of sufficient clout whose role it is to here, but I have seen organisations eventuality and very few organisations challenge whether the organisation come through the crisis successfully is aware of the risks it faces, how who quickly moved to support their those risks are people in making changing, what the big move to the impact could Some organisations, working from be if those risks especially in finan- home, bringing in crystallised, and to cial services, need to technology solu- prepare the organ- have someone iden- tions and making isation for such the move to online an eventuality as tified in the role of interactions with appropriate. That customers and may be part of “chief risk officer”. their people. We someone’s role in a small organisation or a role carried out by tens of people in large, regu- lated organisations. I think the key thing here is that everyone needs to understand that they are a source of risk to their organ- isation. This is not bad – it is a fact that organisations in carrying out their daily business take on risk. Those risks may be due to the external envi- ronment, such as geopolitical risks, or risks that could lead to operational disruption, such as weather-related risks. They could also be due to things the organisation is doing and, in particular, weaknesses in controls. So, I would say that people should be aware of what they do and what risks are relevant in the context of their role, and ask whether the organisation is aware of those risks, and prepared. I also think a powerful part of risk www.europeanbusinessreview.com 33

LEADING IN THE POST-C VID WORLD input from academics, practitioners and our members and stakeholders on providing leading relevant qualifi- cations and training for all those who deal with risk in their jobs. Enterprise Risk Management is relevant to any business, in any sector globally, and the broad church of our members and student community demonstrates that different companies and, indeed, sectors and countries are at different stages of risk maturity and implementing If I have one piece of advice to risk management strategies. Our young people (or, indeed, people of portfolio offers any age) thinking of a career in risk something for management or just interested in everyone at every stage of their will have been specifically prepared how effective risk management career. for COVID. However, organisations can prepare for business disruption can make their organisation better, If you could and set up structures such as incident it will be to study the subject. management teams that allow them pick three of the to react quickly to unfolding events. Investing in data sources to keep Having a solid grounding in the top risks that abreast of changing circumstances is topic will pay dividends in helping CEOs are losing also an important part of risk manage- your organisation understand and sleep over, what ment. I do come back to culture here manage its risks. would those be? – investing in ensuring that you have a culture within your organisation that I think the means you are aware of and discuss top three of risks that face you, you plan appro- priate mitigation, you set indicators, so many would you can see risks unfolding, and you are ready to react should things go wrong. We have moved all our training include some or all of: threats to These are all worthwhile investments which don’t require you to plan for courses online. Our suite of Enterprise organisational resilience, impacts every specific risk that may impact you. Risk Management, Financial Services of the pandemic (health, people and How will IRM’s training programmes change (if at all) after COVID-19? What Risk Management, Supply Chain and economic) and climate change. do you think are the top emerging trends in enterprise risk management Digital Risk Management Certificates and how will IRM prepare for them? were already delivered by online supported distance learning, so they are available to anyone, anywhere Given the turbulent nature of the in the world. Virtual delivery for business sector, what advice can you training is likely to continue for the give aspiring young professionals in foreseeable future, as countries are at the industry to enable them to hit different stages of recovery, although the ground running and keep going, we may move to offering a hybrid of even amidst all the disruptions? face-to- face and online. If I have one piece of advice to young We believe that our suite of people (or, indeed, people of any age) training is world-class, current and thinking of a career in risk management relevant. We are constantly seeking or just interested in how effective risk 34 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

management can make their organisa- rock of society, because of the disrup- a game of football at the London tion better, it will be to study the subject. tive nature of the pandemic. As the Stadium or meeting friends for a Having a solid grounding in the topic leader of one of the most sought-after drink or dinner. will pay dividends in helping your organ- risk management platforms, how do isation understand you personally and manage its deal with change? What are some words you live by? I try to live And finally, what does success mean risks. I would also Personal success to say that change is a me means leaving the some of the to you? people, organisations Personal success to me means constant, so build and physical environ- things I have leaving the people, organisations and your personal talked about physical environments I interact with resilience to earlier. I like deal with and, if ments I interact with to think ahead in a better place than when I started possible, lead that in a better place than about the possi- with them. Personal development has change. Finally, when I started with bilities but also always been very important to me; build your own the pitfalls of the education can open many doors. Our networks. This them. future. I like to enrolment window for the December think about what exams closes on 31 May 2021 and I’d will help you navi- gate change and could happen. I encourage anyone looking to enhance be effective in work, but it will also help talk to people about change and the their career to get qualified with the combat any feelings of isolation you may future and, while we can certainly IRM. Risk management offers many have during difficult, turbulent times. learn lessons from the past, I do not opportunities across the globe and not dwell on the past. Finally, I do try just in banking and financial services. to get some down time. During the Risk management has never been last year, that has meant getting out so important to the survival of busi- Regardless of line of work, risk is and walking more in my local area nesses globally. Now is the time to an everyday thing felt by everyday than I have done in the past. In more ensure that your staff are current people. How do you approach uncer- normal times, that may be watching and competent. tainties in such a way that it doesn’t hinder productivity and still inspires you to innovate? How does this trans- late into the work you do? INSTITUTE OF RISK MANAGEMENT Build good risk management into everything you do. Don’t see risk Our new professional Chair Stephen Sidebottom as something that sits elsewhere in took over the role of IRM Chair on 1st June 2021. the organisation, perhaps in a team Stephen has over 30 years’ international experience labelled “Risk Management”. I expect of working in HR and Organisation Development all my colleagues to talk about the primarily in global financial services and in both risks in whatever they do, whether it private and public sectors. He also has nearly 20 is developing strategy, thinking about years’ experience on the boards of various member- an acquisition, looking at building the ship associations. talent in our organisation or going The enrolment period for the December exams has been extended about their day-to-day jobs. to 30 June 2021. Enhance your career and earning potential and learn from anywhere in the world by online supported distance learning Don't risk it, get qualified. www.theirm.org/quals It can be argued that change, while inevitable, has shaken the very bed- www.europeanbusinessreview.com 35

The automated way to build a modern data estate for analytics and AI Get Your Data Ready for Analytics and AI with TimeXtender timextender.com

INNOVATION TimeXtender HELPS EUROPEAN COMPANIES FROM NUMEROUS INDUSTRIES MANAGE THEIR DATA Managing corporate data is mission crit- and costs, only to see the new data warehouse ical for any company or organization unveiled and often times not aligned with and for good reason. When having an then-current-business needs. This is where abundance of high-quality data and instantaneous TimeXtender® comes in. access to it, companies can significantly improve their capabilities to make sound, strategic deci- TimeXtender is a market leader with its auto- sions to grow their business. The challenge is find- mated, no-code/low-code data management ing a solution that will efficiently manage all this platform for organizations – across any region or information – “efficiently” being the key word. industry – to build, deploy, manage and operate a corporate data estate. Traditionally, building a technical infra- structure with a data warehouse as the Following are four examples of how centerpiece has required excessive labor hours TimeXtender has helped European companies from across various industries do just that. www.europeanbusinessreview.com 37

INNOVATION 1 2 FOOD INDUSTRY CONSTRUCTION INDUSTRY Data plays a vital role for Sonneveld Group B.V., part Data is becoming increasingly vital across the of the Orkla Group. Its operational environment and board, and the construction sector is no excep- the machines in the company’s production environ- tion. From safety to productivity and from ment generate vast quantities of data. The supply streamlining business processes to proactive chain in the food industry must be clear and trans- maintenance, the sector is using ever-greater parent at all times and the organization needs insight volumes of data. Following a SAP implementa- into stock levels, prices of raw materials, customer tion in 2014, Heijmans N.V. installed Qlik software preferences and transport statuses, among countless to give staff and management access to reports other vital aspects. TimeXtender was used to help and analytics. After many years of successful use, with data management. the ever-increasing demand for reports within the business meant it was time to take the next “ step: developing a “data estate.” Rather than conducting an extensive RFP process, Heijmans Once you have a data management adopted a pragmatic strategy. environment like TimeXtender, in which all data is automatically collected, compiled, documented, validated and prepared, you can truly get your data to work for you via analytics, data mining or AI. And once your data is working for you, your organization can operate in a data-driven, flexible and agile manner,” said Ismail Yasemin, CIO, Sonneveld Group B.V. “TimeXtender now serves as our ‘Central Park’ in which all of our data is collected and distributed. We can now create validated reports incorporating all of our systems, all of our definitions and all of our data. This has helped to boost data quality within the organization. ” The complete manuscript about this story can be found here.1 38 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021 1. https://www.timextender.com/sonneveld-groups-data-journey-from-cost-driven-to-value-driven/ 2. https://www.timextender.com/heijmans-fully-prepared-for-the-future-with-a-strong-data-infrastructure/

“ 3 “ We could see that TimeXtender Let me state first of all that I have no IT provides a modern data manage- background. I am now responsible for setting ment platform. We also saw that up and maintaining the data warehouse TimeXtender can easily connect with up to and including building dashboards every data source, allowing us to and reports,” said Tessa van der Linden, BI categorize, model, transfer, trans- employee at Zorggroep Charim. “If you have form and document all of our data to do that alone, TimeXtender is a very easy down to the very last bit. As all of solution. There are countless ways to retrieve the business logic is now stored in the data in a very user-friendly way. The nice a central location, the reporting and thing is that you don’t need to have as much analytics performance within Qlik detailed technical knowledge of the design and Power BI has been substantially of different packages. Otherwise you would boosted,” said Marc Salah, Informatie have to seek outside help for that. Manager, Heijmans N.V. ” ” Click here3 to learn more about this story. Visit the website2 for more about this success story. HEALTHCARE INDUSTRY Where data quality is important for every organization, this is especially true in healthcare. Institutions deal with sensitive information and efficiency is extremely important. Employees must always have up-to-date and correct information in order to lead the organization efficiently. The care group Zorggroep Charim chose TimeXtender’s data management platform to bring data from various sources in a simple and secure manner together, as the foundation for reports and analyzes. The implementation of TimeXtender did not take months or weeks, but merely days. The time required for data updates and integrations has decreased from days to hours. 3. https://www.timextender.com/care-group-charim-builds-a-reliable-data-foundation-with-timextender/ www.europeanbusinessreview.com 39 4. https://www.timextender.com/hardi-international-turns-to-timextender-to-build-a-modern-data-estate/

INNOVATION 4 MANUFACTURING & RESOURCES INDUSTRY Hardi International A/S has grown to become a world leader in crop protection and sprayer equipment. To control its unusual manu- Visit here4 for facturing process effectively, the business more details needs clear, easy-to-understand data about how analysis of every step from planning and TimeXtender tech- manufacturing through to delivery. With nology supported such processes in place, Hardi can keep this project. track of its manufacturing, deliver on its promises and accurately analyze its finances and sales statuses. As is so often the case in the modern world, WRAP UP what it needed to achieve this was a stricter control of its business data. TimeXtender has helped more than 3,300 companies over Hardi quickly realized that TimeXtender offers the the last 15 years -- these success stories as shared above flexibility and ease-of-use that it was looking for. By being are just a small sample of how TimeXtender offers an auto- independent of analysis tools, TimeXtender can feed, for mated data management platform, without writing code, example, Microsoft’s Power BI with the data it requires that helps implement and operate data warehouses, data to visualize data in ways that are clear and valuable to lakes, and data marts; automating the process to get data users. Yet, by also being fully customizable, TimeXtender ready for AI and analysis. allows Hardi to add in enough fields to match the complex Use cases5 for TimeXtender include accelerating nature of its product builds. As a robust data manage- Azure Synapse Analytics, data warehouse modernization, ment platform, TimeXtender creates a single source of migrating to the cloud and a modern data estate, and data capable of feeding any number of BI applications. By building a data warehouse for SAP. doing so with minimal support from staff, it saves time. Widespread automation, plus features such as contin- For more about TimeXtender’s success in various uous incremental loading of additional data, save even vertical industries visit here6, or at this point7 to more time, allowing Hardi to concentrate on their busi- discover greater details about TimeXtender software. ness rather than maintaining their back-end systems. TimeXtender’s Data Architecture 40 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021 5. https://www.timextender.com/use-cases/ 6. https://www.timextender.com/industries/ 7. https://www.timextender.com/software/

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ENERGY 42 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

SMART MOVES FOR EUROPE’S ENERGY- INTENSIVE INDUSTRIES By Jean-Marc Ollagnier, Sytze Dijkstra, Lasse Kari, Gargi Chakrabarty Europe needs to keep producing chemicals, steel, and cement while reducing emissions from those industries. Here’s how companies can slash carbon output while at the same time improving their competitiveness. www.europeanbusinessreview.com 43

ENERGY Tackling climate change and at the same time meet- ing consumer expectations requires businesses to rethink how they make and market things. This is increasingly needed for the materials that scaffold modern life: steel, cement, and chemicals. These industries have outsized footprints on our daily living, from the homes we live in, to the cars we drive, to the office buildings where Chemicals, steel, and cement we work. In Europe, they ac- industries emit about 311 count for almost 6 million million tons of carbon a year jobs and 3% of its GDP. But in Europe – accounting for current processes of making them also emit high amounts more than half of its total of carbon dioxide and green- industrial emissions. house gases into the atmos- phere. Chemicals, steel, and cement industries emit about 311 million tons of carbon a year in Europe – accounting for more than half of its total industri- al emissions. And the numbers likely will grow as Europe’s population climbs and cities expand, spiking demand for their products. Overall, many European industries have tried to address climate change, putting nearly 10% of capital expenditures toward energy efficiency measures to reduce emissions. But that pace and size of investment is not nearly enough to meet the European Union’s long-term goal of making the region climate-neutral by 2050, in compliance with the Paris Climate Agreement. It’s not just government: consumers want faster change too. We surveyed 1,400 utility consumers last June spanning the United Kingdom, France, Germany and the United States. We wanted to gauge if their feel- ings about climate change – mostly linked to emission of pollutants into the atmosphere from industrial activities – had shifted amid COVID-19. Our research1 found 60% of consumers have become more aware of climate change and its environmental impact since the outbreak, while half of them said this awareness would influence their decision on purchases. Hoping to push along this energy transition, the European Union has tied climate goals to its €750 billion pandemic recovery package for industries announced in July 2020. Our research suggests that four EU countries – France, Germany, Spain, and Portugal – could allocate between €20 billion to €38 billion from the package to reduce carbon emissions by 2025. 44 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

STRUCTURAL CHALLENGES, found these industries could implement specific COMPETITIVE PRESSURES short- and medium-term tactics in the next three to five years to stave off any trade-offs Transition issues for industries are more between investments in low-carbon solutions complex than just the upfront cost of buying and and cost competitiveness and also spark long- installing technologies. As it is, the cost of doing term business growth. Digital technologies such business is structurally higher in Europe than as artificial intelligence, Internet of Things, elsewhere, largely due to higher energy costs. blockchain, digital twin, and more can facilitate And competitive pressures continue to mount the rapid development and adoption of these as European businesses deal with COVID-19. In solutions. These technologies can foster agile November 2020, 45% of European C-levels said innovation processes, better insights into oppor- they expect Europe to be less competitive than tunities in the business ecosystem. China after the current crisis – as compared with 17% who had that view earlier in May. Our analysis suggests European companies can not only position themselves to achieve the The biggest challenge for industries making ambitious EU target of 55 percent emissions low-carbon investments is balance and timing, reduction by 2030 but also unlock around €28 given that such technologies are maturing at billion in business value across these six sectors uneven speeds. Pouring money in too early by 2025. The resulting carbon emissions reduc- could mean a trade-off between lower returns tions would total 137Mt, more than the total and higher emissions reductions, while waiting greenhouse gas (GHG) emissions of the Czech too long could lead to missed opportunities in Republic in 2018. lucrative markets. PRACTICAL STEPS Reducing emissions from industrial FOR EUROPEAN COMPANIES processes while being cost competitive isn’t easy but can be done – with digital enablers. We identified four practical steps for investment A recent Accenture report2 found that compa- that can help industries achieve the dual goals nies which pursue such a twin transformation of accelerated emissions reductions and busi- – combining digital technology adoption with ness growth while positioning them for future sustainability – are 2.5x more likely to be opportunities. Digital technologies are critical among the companies that emerge strongest enablers for executing these steps effectively from this current global crisis. and at scale, enabling real-time monitoring, facilitating collaboration across consortia and So, what should industries do? We studied ecosystems, and providing transparency and six of them for actionable solutions – the convenience for consumers. legacy industries of steel, cement, and chem- icals, and the emerging industries of pharma, battery manufacturing, and data centers. We www.europeanbusinessreview.com 45

ENERGY 1 MEASURE AND MONITOR FOOTPRINT Map carbon footprint and energy landscape to iden- tify opportunities for emissions reduction, process optimization, and value creation. Identifying opportunities for emissions reduc- tions starts with a detailed understanding of the carbon footprint and energy landscape of busi- ness operations. Energy and materials flows sin industrial processes are highly complex. IoT technology embedded in assets combined with advanced analytics capabilities enable detailed and forward-looking understanding of wasted energy and unnecessary emissions. Honeywell, a technology and performance materials company based in Charlotte, NC, has a vision of the future: one that is characterized by the use of technology (connectivity and artificial intelligence, among others) to opti- mize energy and resource use. To this end, in 2019, Honeywell launched Honeywell Forge, an IoT platform that helps clients collect data from their operations and makes it easy to display and analyze. The intent is to use software to improve operational efficiency, reducing waste and energy costs. The company has improved its own energy efficiency by 70% since 2004.3 1 SMART MOVES IoT technology embedded in assets, Embed IoT and AI tech- combined with advanced analytics nology into assets and capabilities, enable detailed and processes to gain real-time forward-looking understanding of wasted insight into energy & emis- energy and unnecessary emissions. sions footprints Adapt frameworks for decision making (e.g. business cases) to include emissions and energy-use criteria Set targets to reduce impacts by processes and KPIs for continuous improvement 46 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

2 SCAN THE FRONTIER Structurally monitor low-carbon technology cost levels and technology maturity to identify key tech- nology enablers for decarbonization and inform opportune timing for investment. Technologies that enable emissions reductions have developed rapidly over the past decade. Some, like renewable energy generation, have developed into mature, commercial markets. E-mobility solutions and intelligent energy management are also reaching this stage, while others remain pre-commercial and sub-scale. Understanding how solutions are moving across horizons is essential for anticipating the right timing for investing. SusChem, the European Technology Platform for Sustainable Chemistry, supports sustainable chemical and biochemical inno- vation.4 It develops and leads large-scale, integrated research and innovation programs on behalf of its members, and also disseminating critical intelligence. This includes, for instance, a common Strategic Research and Innovation Agenda5, which identifies key technology priori- ties to address EU and global challenges. 2 SMART MOVES Create dedicated teams responsible for understanding technology trends and exploring relevant opportunities Integrate scenario thinking into business strategy to anticipate demand for sustainability solutions Engage with external experts and partners to share and develop cutting-edge market intelligence www.europeanbusinessreview.com 47

ENERGY 3 Sea Canal area to enable the use or storage of CO2 under the North Sea. This project is a joint CONNECT THE VALUE CHAIN initiative of Gasunie, EBN, Tata Steel and Port of Amsterdam. It brings together all the key capa- Build cross-industry consortia that can work closely bilities that are needed to establish a CCUS value with regulators and local governments to find joint, chain: Tata Steel will capture CO2, Gasunie has bigger opportunities for reducing emissions and experience with building infrastructure and unlocking trapped value. transport, EBN has knowledge of geology & storage, and the Port of Amsterdam facilitates Opportunities for emissions reductions do not and coordinates companies in the area. The consortium approach in this industrial cluster end at company boundaries. In fact, collaboration makes it possible to capture, store and reuse large quantities of CO2 emissions before 2030. creates new opportunities for larger emissions 3 SMART MOVES reductions. Waste energy and material streams Establish consortia at industrial clus- ters to create, test, and scale technology can find useful applications solutions for sustainability impact Embed low-carbon at partners on a single site Utilize technology such as block- or along the value chain. chain to trace resource use within ecosystem partners. criteria into product And pooling of resources & service design for and expertise can accel- Closely work with peers, national and local better product perfor- erate commercialization of governments, and policy makers towards new solutions for emissions an orchestrated European energy transi- tion strategy that safeguards the European mance, longevity, reduction by identifying competitive edge and level playing field safety, and quality at and testing early use-cases, affordable costs. supported by stimulus and subsidy funding. Consortia at industrial clusters can serve as early test beds for new concepts that bundle multiple solutions (e.g. large- scale renewable supply and hydrogen production). Tata Steel is a partner in the Athos consor- tium, which provides for the construction of a basic transport infrastructure in the North 48 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021

4 tool for low-carbon, smart road design. With ORIS, the carbon footprint of road construction IMPROVE USER EXPERIENCE can be reduced by up to 50%, while increasing road lifespan by up to 3 times and lowering the Embed low-carbon criteria into product & service costs by 15% to 30%. The tool assesses road design for better product performance, longevity, design from construction down to maintenance. safety, and quality at affordable costs. It uses a suite of digital platforms, hybrid cloud, digital design services, artificial intelligence, Action on reducing emissions really starts to and Industrial Internet of Things to incorpo- drive competitive advantage when it informs rate and assess materials knowledge in cement product design and customer experience. Helping and concrete products and building solutions. customers meet their own climate ambitions through low-carbon products takes the business GETTING IT RIGHT benefits beyond cost savings. And ever- improving technology means that low-carbon design can also Europe is at a pivotal moment. The European Union bring better performance, longevity, safety and has stepped up efforts to become zero-carbon by quality – at affordable prices. 2050, tying the pandemic-related stimulus euros to clean energy transition. Now EU businesses Swiss multinational LafargeHolcim launched must respond by accelerating their emissions ORIS, a digital pavement design and sourcing reductions – to their competitive advantage. 4 SMART MOVES REFERENCES Optimize emissions and energy footprints of 1 https://www.accenture.com/us-en/insights/utilities/lead- products by integrating these criteria into product ing-energy-transition-in-tough-times design briefs, supported by digital twin technology 2 https://www.accenture.com/us-en/insights/strategy/euro- pean-double-up Develop and market low-carbon premium product 3 Honeywell Annual Report 2019 ranges to help customers reduce their footprint 4 Suschem. What is Suschem. http://www.suschem.org/about 5 Suschem. Strategic Research and Innovation Agenda. http:// Use traceability technologies such as blockchain www.suschem.org/highlights/suschem-identifies-key-tech- for greater transparency around resource use nology-priorities-to-address-eu-and-global-challeng- es-in-its-new-strategic-research-and-innovation-agenda ABOUT THE AUTHORS Jean-Marc Ollagnier is the Sytze Dijkstra is a senior Lasse Kari is the global Gargi Chakrabarty chief executive officer of principal at Accenture energy research lead at is a senior editor at Accenture in Europe, with Research for European Accenture Research in Accenture Research management oversight of and Sustainability Thought Düsseldorf, Germany in Boston all industries and services Leadership in Amsterdam, in Europe. He is also a Netherlands member of Accenture’s Global Management Committee. www.europeanbusinessreview.com 49

FUTURE OF BUSINESS FLP-IT FORWARD: A New Framework for Growth in the Post-Pandemic Era By Olaf J. Groth, Mark Esposito and Terence Tse 50 THE EUROPEAN BUSINESS REVIEW MAY - JUNE 2021