OREANDA-NEWS.  At a panel discussion on Thursday evening in Stuttgart on the topic of “leading through innovation,” Dr. Volkmar Denner, chairman of the board of management of Robert Bosch GmbH, urged Europe to step up innovation in order to retain its leading edge. “Our leading position is not set in stone.” For example, a decade ago China registered 80,000 patents, while Europe registered 160,000. Since then, the number in Europe has risen to 260,000; in China, however, it has reached 650,000 – more than double the number in Europe. According to Denner, it is crucial to remain vigilant of these trends and not be satisfied with past achievements. “Innovation and creativity are necessary to maintain and increase our prosperity. Indispensable elements of this are education, research and development, as well as a new startup culture.”

Connectivity a vital factor in success
Above all, Denner sees connectivity over the internet of things and services as a pioneering development. “In a few years, every electronic product will be internet-capable. The question is no longer if, but when,” Denner said. “If we fail to comprehensively network our machines and facilities, I believe we will jeopardize Germany's position as an industrial hub.” At the same time, Denner emphasized the opportunities that are resulting from new business models and products in the realm of connectivity, such as the preventative diagnosis and remote maintenance of machines over the internet, or automated driving. In the future, even heating systems will know the weather forecast, and will be able to regulate the temperature in homes accordingly. Denner is convinced that this connectivity will trigger a flood of innovations. “The only way we can protect our existing business and remain fit for the future is by having new ideas. Connectivity will literally revolutionize many areas.”

New products for mature markets in Europe
Denner also urged his audience to take advantage of growth opportunities in emerging markets. At the same time, he said, it is important to develop products for mature, wealthy, yet slow-growing markets such as Europe. Here, innovation and creativity are particularly needed. All companies must rise to this challenge, not only Bosch.