The Innovation Center operates under the “INNOVATION TO” strategy consisting of 3 pronged approaches as follows: 1. INNOVATION TO INTEGRATION: Research and development to achieve Core Uplift and Adjacent Business innovations to add value to become Specialty Products that contribute to improved competitiveness. The focus is on 5 core industries, namely Automotive, Electric and Electronics, Packaging, Construction, and Medical and Hygiene, through Digital Innovation Process to enhance coordination between R&D, sales and marketing, and production to ensure speed, transparency and traceability. 2. INNOVATION TO INCUBATION: Innovation research and development strategy aims to identify Step Out Businesses in quest of new business opportunities for the company. This is done through the De Novo Program, a fundamental research phase to assess innovative ideas at the Proof of Concept phase. Having passed the Proof of Concept phase, such innovations move forward to Prototypes Development phase and onto market testing, Manufacturing, Integration and Delivery phases. This can be implemented under 2 paths: Path 1 Sandbox Program, which is the incubation of the company's innovation under the new business ecosystem similar to incubation of startups, or Inside-out Innovation, and Path 2 Open Innovation & Technology Investment, or to develop new businesses by means of Outside-in Innovation through investment in Venture Capital or start-ups in order to gain access to technologies that can be used to develop the company’s new businesses. Organic Growth (Inside-Out Innovation) Accelerated Growth (Outside-In Innovation) 1 2 Apple “Outside-in” concept to seek for new opportunity and fulfill gap of innovation development to achieve goal Corporate Startup (Growth from Incubation) Design Thinking Practice of Sandbox to exercise unfamiliar innovation and new business model to get ready for commercialization Improve to achieve market leadership Current Market Current Technology Strategic Partnership (Growth from Partnership) Venture Capital (Growth from Investing) New Technology Adjacent Core Business Adjacent New S-curve In-house R&D Sustain for market leadership New Market Emerging technology to new business Ideate Scale Incubate Commercial S-Curve Sandbox 3. INNOVATION TO INCREMENT: This approach calls for implementation of human resource development strategy aimed at Reskill and Upskill to enhance the capabilities of the company’s analytical and testing laboratory to meet internationally accepted standards. Digital system is applied for use in innovation development using the body of knowledge of the company’s personnel, and the use of latest analytical testing equipment that meet the international standards to generate new revenue streams for the company. 116 56-1 One Report 2022 IRPC PUBLIC COMPANY LIMITED
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