(P) The only way up [in business] is to innovate - an interview with Domenico Ventura, speaker at Innovation Summit 2015

Domenico Ventura, speaker at Innovation Summit 2015, scheduled to take place on 26th May in Bucharest, strongly emphasis that for any business to grow it needs to innovate. He has previously held the position of Global Head of Consumer Sensory Innovation - Tobacco Vaporisers for BAT and has worked on streamlining the company processes for innovation and ensuring innovation is at the core of its activity. Question: How did you start your career in innovation? Have you always been an innovator? Domenico Ventura: Professionally I’ve started to work in Marketing Innovation in 2006 for British American Tobacco. Previously I have always liked the creative side of my Brand marketing activity both in Mars and in BAT… I think I became gradually what I have always loved with passion. Q: How do you define Innovation? D.V.: A new Product or Service that create the following consumer reaction: WOW! There are many definitions of innovation. The most common could be found in Innovation books is: an idea for a new product or service which satisfies consumer needs, met and unmet, better than any other existing offers. I’d like to think about short statement to define innovation. One of my favorite is “Innovation = from idea to invoice”. But I still believe that my Innovation equation is also quite thought provoking: Love + Passion + Energy + Belief = Innovation Q: What is the most important piece of innovation you have developed during your career? D.V.: Contributed to development: Mars miniatures now called Celebrations Developed from scratch: BAT – super slim King Size category (Kent Nanotech): Mars – Whiskas and Pedigree in pouch (fresh packaging) Q: When you developed your first piece of innovation, where did you look for inspiration? D.V.: Everywhere. People say that there are no new ideas only improvement of old ones. I’m a curious observer and I like to identify consumer insights and unmet needs to generate new ideas. Q: When it comes to embracing innovation, what do you think causes some companies to feel more of a sense of urgency? D.V.: The acknowledgement that the only way up is to innovate. The alternative is to cash in the profit and eventually sell (or close down). Q.: What are the biggest obstacles to innovation? D.V.: