In the past few years the international market of plant engineering and construction has changed dramatically from a buyer's market to a seller's and again to a buyer's market. Costs and prices have changed dramatically from extremely low to extremely high and again to devilishly low. Furthermore price pressure increases through globalization and vendors from low cost countries join the global market place. The financial crisis causes rapidly declining revenues and margins. The idea of off shoring activities puts a new emphasis on engineering-driven industries. These dramatic developments in the markets require huge efforts to act quickly and to readjust structures and processes within a company. Cross-functional cooperation need to be adapted to optimize the value creation structure. The adaption of the actual price situation, the requirement of new products and services, the internal shift of resources to where the firm actually, and very immediately needs it, new skills and behaviors are necessary, geographical shifts of main markets need to be mastered, and also stable and optimized processes for low cost - high quality manufacturing is desirable. Centralized or decentralized research activities and product developments are to be handled with care to foster competitiveness and future growth of a company. Existing markets decline and new markets come up in very short time periods. To bundle core competencies and leverage them to new markets and to new products, it is necessary to foster small units as start ups to get the organic structure to explore efficient new fields of research and development and to be able to bring disruptive innovations successfully into markets. But there are also products with a much longer life cycle. For these products it is essential to foster incremental innovations to differentiate them and bring them to cost leadership. Therefore it is very important to implement effective methodologies for innovation management to meet customer needs but not to overfill them. To handle all these requirements I have to think about the existing structure of a company with all its advantages and disadvantages and to bring in new ideas and to put into effect these ideas. Creating and hosting a culture and innovation network to foster open innovation is essential! Internal skills and competences in research and development of products and processes enhance long term success of a company. Innovator roles, team work, and project management are the basis for driving the innovation process. A plan for growth, a target innovation portfolio, and efficient innovation management ensure an environment for long term success. In the plant engineering and construction business, a lot of technology driven and market driven innovation is required. The challenge is to get the right balance between innovation and execution, between exploration and exploitation.