About the Business Innovation Award

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.

  1. Introduction
  2. Objectives
  3. Benefits of Participation
  4. The Criteria
  5. The Learning Module

1. 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.

To this end, with the ultimate objective of supporting GCC companies to excel in business excellence and particularly in the area of innovation, the Dubai Chamber of Commerce and Industry in cooperation with the UAE Ministry of Economy launched the Mohammed Bin Rashid Al Maktoum Business Innovation Award. The Mohammed Bin Rashid Al Maktoum Business Innovation Award aims at recognizing and celebrating 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 GCC.

The Mohammed Bin Rashid Al Maktoum Business Innovation Award is a unique niche award that provides businesses in the GCC a distinctive benchmark for their business practices and performance in innovation and appreciate its related enabling areas that are embedded in the Excellence model.


2. Objectives

The Mohammed Bin Rashid Al Maktoum Business Innovation Award aims to support companies:

  • To opt for innovation driven growth ventures in consistency with business excellence principles.
  • To develop and strengthen practices, innovations, strategies, cultures and capabilities to create sustainable value for their stakeholders.
  • To transform their business models to meet current and future challenges and manage risks.


3. Benefits of Participation

Participant companies stand to gain the following benefits:

  • An organisational learning experience through self-analysis resulting into leading innovation practices.
  • An independent, objective assessment from an international team of experienced assessors.
  • Receive a comprehensive Feedback Report outlining the innovation key strengths and areas of improvement enabling organisations to document achievements and plan progress.
  • Enable the development and implementation of a systematic and robust system to harness innovation.
  • Foster a culture of innovation within the company and drive breakthrough performance.
  • Companies adopting innovation will definitely open new avenues for their top management and staff to appreciate and recognize their performance and enhance competitive advantage for the company.


4. The Criteria and Award Application

The Mohammed Bin Rashid Al Maktoum Business Performance Model covers all key Business Excellence performance areas essential for business success.

Embedded in this holistic model, the Innovation niche 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.

To this end, Mohammed Bin Rashid Al Maktoum 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 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.


5. The Learning Module

International Conference
The International Conference is the starting point for every new cycle of the MRM Business Innovation Award and provides an effective platform to engage GCC professionals and business leaders to underpin their organisational strategies in adopting global progressive business best practices in the field of innovation.

A learning gateway for the business community, the International Conference brings together GCC and international prominent innovators, business leaders, previous award winners as well as renowned business executives to create an environment for learning and developing new practices and capabilities in the realm of innovation.

The International Conference enables entities to learn and benchmark their organisations against local and international outperformers in innovation in order to attain measurable benefits that lead to breakthrough performance.

Best-Practice Seminars
In support of the Award Program, a series of Best-Practice Seminars are organized and dedicated to educating the GCC business community on international best in class business and innovative practices and capabilities.

Specifically catered to the learning needs of businesses who adopt the Mohammed Bin Rashid Al Maktoum Business Performance Model, the Best Practice Seminars highlight the importance of developing innovative and sustainable business practices in today’s challenging and ever evolving business landscape.

Garnering an esteemed group of innovation champions, including previous winners of the Mohammed Bin Rashid Al Maktoum Business Innovation Award, the seminar’s speakers will impart innovative know-how and share their experience in achieving exceptional organizational performance by showcasing exemplar innovative practices.

Training Workshops
The Training Workshops for the Business Innovation Award are conducted to assist and support companies aiming to harness innovation within their organisations.

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 are also instructed on how to prepare a comprehensive Award Application document which will raise the chances to become winners of the Business Innovation Award.

Roundtable Discussions
The Roundtable Discussions are exclusively held for the companies who are applying for the Award and aim to provide the opportunity to improve the quality of the Award Application document.

Participants are given the opportunity to discuss the challenges faced in applying for the Award, exchange ideas, and share experiences encompassing excellence best practices.

One-to-One Counseling Meetings
Organisations who are looking for advice or to know more details about the participation requirements and expectations can ask for a One-to-One Counseling Meeting with the MRM Award Office team at the Dubai Chamber head-office.

The ultimate goal of these meetings is to provide all the necessary information and clarifications to companies who are already participating or still in the process of deciding to participate.


For any inquiries please contact:
Email: businessaward@dubaichamber.com
Telephone: +97142028203/ 258/ 267
From: Sunday to Thursday, 8.00 am to 4.00 pm (GST)
Address: Dubai Chamber of Commerce and Industry, P.O. Box 1457, Dubai, UAE

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