In this study, the innovation management processes of Finnish companies in significantly changing business environment were examined. Data collection for this study draws on qualitative methods and interviews. Based on the analysis, it can be summarized that innovation activities are often characterized as processual and hierachically structured with emphasis on the traditional stage-gate–model. As a contrast, in some interviews also highly informal and unsystematic origins and processes of innovation are described. Strategy processes are often characterized according to the established terminology emphasizing rationality and formal processes. However, business strategies are also perceived as a limiting and hindering factor for innovations.
Based on the analysis, there seems to be heavy emphasis on incremental innovation, which builds on advancing current competencies, businesses, and capabilities. Large foreign companies and "players" are described as trendsetters, which are followed. The majority of characterizations do not convey an exploration spirit or passion for radical, disruptive innovations and creation or transformation to entirely new businesses. Descriptions of developing new social innovations (eg. Facebook, Twitter), novel business models, intrapreneurship or start-up mentality as well as passionate visions of transformational ideas and business opportunities appear seldom. Activities for developing processes for open innovation are seen as a future possibility. Currently there is a lack of open innovation tools and processes. Many companies accumulate "big data" from their operations. However, developing its widespread analysis and utilization is seen to take place in the future. Descriptions of active development of ideas to transform businesses and business models based on "big data" analytics are rare.
Industrial innovations originate from networks involving customers, suppliers and public R&D organizations. The study raises also some suggestions how to reform the Finnish innovation system. Development is needed in company innovation management processes, TEKES activities, new funding instruments and university incentive system. On the Finnish societal level, an innovation gap emerges between small companies and large enterprises
