Innovation Management Overview

Why is this Important?

EGCO Group believes that innovation is one of the most important gears to drive the business to future sustainability and ensure competitive advantages, particularly in the era that business development is greatly influenced by digital technology. Innovation helps enhance the efficiency of the production process, creates changes in cost and profit, and enables the business advancement of the organization. EGCO Group, therefore, supports innovation development within the organization as well as fostering innovative ideas and processes to its personnel in order to modify their working practices in line with business strategy and the situation in today’s context, thus creating competitive advantages and simultaneously being socially and environmentally conscious to drive the organization for a sustainable future.

Stakeholder Impact on Materiality Topics

Employee

Shareholders

Supplier & Business Partner

Community

Management Approach

Innovation Target

At least 3 new business projects per year to be approved by the investment board of directors.

Three new business projects to be approved by the board of directors (including the investment via Innopower Co., Ltd. and innovation contest).
Three of the candidate innovation projects can be practically implemented and one innovative idea can be classified as a new business project.

Three new business projects were approved by the investment board of directors.
There were 29 candidates for innovation and innovative ideas.
Among the candidates, 8 projects were implementable and 2 innovative ideas were classified as new business projects.

EGCO Group Innergy

EGCO Group encourages its personnel to apply innovative ideas and creations into their working processes to continually improve performance and drive the organization toward sustainable development, as well as strive for building a learning organizational culture.

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Open Innovation

In 2021, EGCO Group and its joint ventures established Innopower Co., Ltd. with the objective to generate additional revenue from energy innovation and new S-curve businesses by seeking for new energy market and products.