FAULHABER’s innovation management earned recognition in the 17th round of the high-profile business initiative. Lothar Späth, former Minister President of Baden-Württemberg, conferred the coveted Top 100 hallmark on the Schönaich based company at a special ceremony held at the Gästehaus Petersberg hotel in Königswinter. The mentor behind the midmarket initiative thereby paid tribute to FAULHABER’s achievements in the categories of “Innovation-promoting management”, “Innovation climate”, “Innovation marketing”, “Successful innovation” and “Innovative processes and organisation”. In the latter category, FAULHABER managed to secure a top 10 placing.
According to the Top 100 analysis, the company demonstrates particular innovative flair in its creative workshops and its “innovation days”, on which employees make use of a special creative space with numerous technological prototypes. Since the company’s innovation management system underwent a full restructuring process around two years ago, staff have been contributing at least one new product idea per week on average, with bonuses paid for suggestions. A dozen or so of these ideas are now being pursued and realized. The innovation process is structured in such a way that the learning benefit produced by technological development is considered as important as the product itself. In other words, a concept that is not subsequently realized is not regarded as a failure, but will ideally point the way towards implementation of the same product idea by an alternative approach.
To qualify for the award, FAULHABER was required to pass a stringent two-stage assessment by the Vienna University of Economics and Business. The Top 100 of the 319 entrants included 54 national market leaders and 22 world leaders in their fields of activity. FAULHABER has proved that when it comes to innovation, the company ranks with the best that the SME segment in Germany has to offer.