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Introduction

The role of innovation is essential to gain a competitive edge, to shift productivity and output upwards and is a unique capability to sustain a firm’ foothold in the market and regional competitiveness worldwide. In a globalized economy, only the most prepared companies will assert their positions in the market and take an active role in the economic development.

The Mohammed Bin Rashid Al Maktoum (MRM) Business Innovation Award, a niche award created by the Dubai Chamber of Commerce and Industry in 2015 in collaboration with the UAE Ministry of Economy and under the holistic Mohammed Bin Rashid Al Maktoum Business Award supports and encourages organizations to focus on innovation excellence and compare, develop and improve their internal capabilities to drive innovation to the next level, sustain growth and create value.

The MRM Business Innovation Award also recognizes and celebrates the success of companies who are proven to be leaders in the realm of innovation, and whose outstanding practices and achievements in innovation contribute to the development of their economies and serve as an inspiration for all like-minded companies across the UAE and the GCC.

The application for this Award contributes to the strategic reflection of companies on their innovation practices and capabilities, allowing for an in-depth understanding of the different dimensions that sustain such practices and capabilities and identification of areas for potential improvement which ultimately will contribute to drive breakthrough performance.

Objectives

The MRM Business Innovation Award aims at supporting companies:

  • To opt for innovation driven growth ventures in consistency with business excellence principles.
  • To develop and strengthen innovation-wise strategies, culture, capabilities and results to drive growth and create value for all stakeholders.
  • To transform their business models to swiftly overcome current and future challenges and manage risks.

Benefits of Participation

Participant companies stand to gain the following benefits:

  • Assessment of your company’s innovation health.
  • Develop and implement a robust system of innovation and drive breakthrough performance.
  • Foster a culture of innovation, creativity and value creation.
  • An independent, objective assessment from an experienced team of assessors.
  • Transform the business model to swiftly overcome current and future challenges and manage risks.
  • Receive a comprehensive Feedback Report outlining the innovation key Strengths and Areas of Improvement.
  • Local and international recognition for outstanding practices and performance in innovation excellence and enhancement of your stakeholders’ confidence.

The Innovation criteria in the MRM Business Award Model

The Mohammed Bin Rashid Al Maktoum Business Award Model covers all key business performance areas essential for business success. Embedded in this holistic model, the Innovation niche area enables organisations to focus on innovation and compare, develop, and improve their capabilities in driving new ideas to beat competition. Companies who wish to embark on a thorough Business Excellence journey should refer to the holistic main model to receive a full understanding of MRM Business Excellence (to learn more click here). Companies seeking to further develop their innovation capabilities, should refer to the unique innovation niche. In this respect, the MRM Business Innovation Award is a core niche within the MRM Model allowing businesses to single-out innovation and focus on developing key practices and capabilities to harness performance results through innovation. The application for this award contributes to the strategic reflection of companies on their innovation practices and capabilities, allowing for an in-depth understanding of the different dimensions that sustain such practices and capabilities and identification of areas for potential improvement which ultimately will contribute to drive breakthrough performance. The MRM Business Innovation Award scoring scale comprises two parts, Processes and Results, whereas a total of 5,000 points is divided in 2,000 points for Processes and 3,000 points for Results.

The Innovation criteria in the MRM Business Award Model

The Learning Module

The Training Workshops for the MRM Business Innovation Award are conducted to assist and support companies aiming to harness innovation within their organisations and draft a sound award application document. Designed to encourage interactivity amongst participants for effective learning and sharing of experiences, the training workshops enable participants to take an in-depth look into the model’s framework and how the assessment areas can be applied and incorporated within their respective organisations. Furthermore, participant companies competing for the Award also learn how to prepare a comprehensive Award Application document which will ultimately enhance the chances to become winners of the prestigious Award.

The Roundtable Discussions are exclusively held for the companies who are applying for any of the three Awards and aim to provide the opportunity to address last minute inquiries, discuss challenges in filling the document, exchange ideas, clarify doubts and ultimately improve the quality of the Award Application document before the submission.

Organizations who are looking for advice or to know more details about the participation requirements and expectations can ask for a One-to-One Counseling Meetings with the MRM Award Office team. The ultimate goal of these meetings is for us to provide all the necessary information and clarifications to companies who are still in the process of deciding to participate or are already participating and need some clarifications on the participation procedures and strategy.
To participate and/ or clarify any inquiries feel free to contact us.

Email: businessaward@wps02-chamber.azurewebsites.net
Telephone: +971 4 202 8 203/ 258/ 267
From: Monday-Thursday: 08:00am to 05:00pm (GST) and Friday: 08:00am to 12:00pm (GST)
Address: Dubai Chamber of Commerce and Industry, P.O. Box 1457, Dubai, UAE
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