TEYS1 - Collaborative Innovation Strategy

Summary

Teys Australia (previously Teys Bros and Cargill Beef Australia) were among the first companies to partner with MLA in the Collaborative Innovation Strategies (CISP) program. MLA and Teys Australia agreed to continue their innovation partnership for a Stage 2 for an additional 2 years. In 2010, the University of Queensland Business School conducted an independent review of the progress made by the Innovation Program.  

Key findings

The UQ analysis of the innovation process at Teys Group led to a number of observations:

• The innovation program at Teys Group has accomplished a great deal, both in terms of impact within the firm and of external recognition.
• The Teys group benefits from its private ownership governance structure primarily through the long-term strategic view that this structure enables.
• There is a clear imperative within the organisation to integrate innovation within the broader strategic business plans.
• There is a need to develop a more flexible approach to measuring the impact of innovation within the firm.  
• Benefit-Cost Analysis fails to capture all of the impacts generated through the execution of new ideas within the firm.