United Technologies’ success has several factors behind it, but one that stands out is innovation. America’s manufacturing sector has been experiencing turbulent times since mid-20th century as a result of stiff competition, heavy regulation, and changes to the culture. However, United Technologies Corporation (UTC) has managed to stay afloat as a result of its investments in innovation.
For Louis Chenevert, the former CEO of United Technologies, investing in innovation was an vital aspect to the success of a company. That sentiment is echoed by UTC’s current CEO, Gregory Hayes who believes that every masterpiece was an idea in the mind of a determined innovator. To sum it up, investing in innovation requires an investment and inspiration from workers of any company. Through the Employee Scholar Program, UTC empowers its employees by offering grants for them to pursue their preferred degrees since 1996. The employee investment has brought about the technology innovations the company has.
Louis Chenevert joined UTC‘s Pratt & Whitney engine unit in 1993. Chenevert managed to make the company by helping it gain an outstanding global market share. The company now dominates the market in some areas such as heating, refrigeration and air conditioning sector. Also, the company assembles the most advanced jet engines and builds more helicopters than any other American company today. Much is said on the successes of UTC, but the Geared Turbofan (GTF) engine is what pleased Chenevert the most. The GTF engine’s fuel efficiency was reported to be 16 percent more efficient than other engines. It is one of the achievements made through technological innovations.
About Louis Chenevert
Louis Chenevert is a Canadian businessman with a colorful resume. He had interests in the aerospace and industrial sectors alongside advising other businesses. His leadership believes in investing in innovation for progress. Chenevert is currently a senior advisor at Goldman Sachs Group. The man has served several executive roles under the United Technologies Corporation such as the CEO of UTC from April 2008 to November 2014 and the Chief Operating Officer from March 2006 to April 2008.
Chenevert has been honored with several accolades to recognize his successful career. In 2009, he was recognized with the Honor Award from the National Building Museum. The Award recognizes those who have made significant contributions to the building heritage in the United States. He was recognized as the Person of the Year 2011 by the Aviation Week & Space Technology magazine.