Coming up with a PhD Research Topic after 10 years away from academics I am looking at going back to University after almost 10 years in the Corporate World (I am exploring a PhD in Business and Quantitative Methods in Spain...line of Research is in "Innovation, Organization And Strategic Management").My MSc/BSc are relevant, only I bagged them in 2004.

I am really trying to figure out how to come up with a relevant topic. Applicants for Spanish PhD are required to write a thesis describing their topic. This becomes a bit difficult for students who have been away from the Ivory Tower for such period of time. Any suggestions?
You've been in the corporate world for 10 years. You know better about what is going on 'outside' there, what is current practice, challenges and problems, trends etc. This is a very valuable experience when you delve into your PhD later.  

Pair this up with your previous postgraduate experienced (MSc) and I don't think you will have such a big problem to figure out about relevant topic. Approach any potential supervisors (or their postgraduates students) in your field and briefly discuss about topics that relate with your experiences. Really, you've been in corporate world and you must seen much about innovation and management (and problems arise) first hand.