How can ISO 56001 help LatAm companies attract investment?

The ISO 56001 standard could become a tool to attract investment in Peru by certifying excellence in management of innovation.

"Unlike other standards that impose restrictions to meet quality requirements, this standard is designed to foster innovation within a company," Alan Zettelmann, a consultant on innovation, told BNamericas.

Part of the ISO 56000 family of innovation standards, ISO 56001 was approved this year and recently introduced in Peru.

This standard provides a series of requirements for establishing, implementing, maintaining and improving an innovation management system within organizations.

It includes areas such as leadership, technology foresight and intellectual property.

Zettelmann believes that certification under this standard serves as a guarantee for future business success, potentially becoming a factor that investors consider when deciding where to allocate capital.

"Generally, companies are managed based on financial-economic metrics that reflect what you did well or poorly in the past. ISO 56001 introduces metrics that can be measured today, giving an indication of what you will excel at in the future," he said.

Zettelmann cited statistics showing that only one out of every 5,000 hydrogen-related ventures secures funding. Strong innovation management could significantly improve the success rate for obtaining that financing.

"Changes will come at greater volume and speed, and if a company isn't prepared to embrace change, it will disappear," he underscored. According to Zettelmann, around 50% of companies listed on the S&P 500 in 2000 had disappeared by 2024. "In the coming years, another 40% of companies worldwide will disappear," he warned.

The path to certification

In Latin America, Zettelmann sees Chile leading in innovation management, with industries like pharmaceuticals and biotechnology investing heavily in research and development and maintaining specialized departments dedicated to excellence.

Other tech industries, such as software, are also more advanced in terms of innovation management.

"Argentina is doing very well in terms of intellectual property, but it lacks investment in research and development," he explained.

According to Zettelmann, companies that have not yet started on the path to innovation management may take up to four years to achieve certification.

"Companies that have followed the [ISO 56000] guidelines over the past 10 years will be able to obtain certification within a year, while the rest will be left behind," the executive stated.

He also emphasized that the process of achieving robust innovation management begins with having forward-thinking leadership that prioritizes innovation.

"If the CEO isn't convinced, it’s very difficult for the rest of the organization to be on board, because innovation requires money and time," he said.

Another crucial aspect is managing uncertain horizons and aligning employees' skills with the company's ambitions, said Zettelmann.