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Innovation
In our Umicore Way we are stating:
Innovation: We believe in continuously searching for better ways of doing things. We believe that innovation is the ultimate driver for long-term profitability and growth. We are open to new ideas and ready to take considered risks.
To foster Innovation we have under the umbrella of the CTO (Chief Technology Officer) organisation strong central and decentral Research and Development (worldwide) activities. We also have a specific Innovation process called Umagine and are converting the Knowledge gained at our Research and Development work to Innovation with an adequate Knowledge Management process. We are supporting “Open Innovation” and are awarding excellent scientific research outside Umicore in our Umicore Scientific award. Internally we are recognizing Innovation in all areas in an internal Umicore Innovation award.
Research and Development (Worldwide)
Overall R&D expenditure in 2008 rose by 33%, reaching the equivalent of more than 7% of revenues. Of the total spend of € 166 million, € 16 million was spent at associate companies and € 15.5 million was spent on long term projects at corporate level.
