Reinventing innovation: Five findings to guide strategy through execution
In a global study of over 1,200 companies, executives told us their businesses are collaborating with a broader set of stakeholders to reap greater rewards from their innovation efforts.
of the executives we surveyed struggle to align innovation strategy with business strategy
of our survey respondents are embracing open innovation to generate new ideas
of respondents say they're not out-innovating their competitors
In a world where industry disruption is increasingly the norm, not an anomaly, virtually no company can ignore the imperative to innovate. Failing to do so is an invitation to lose business.
To learn how companies are responding to this mandate, we surveyed over 1,200 executives in 44 countries, asking them about their innovation strategy, operating models, culture, metrics and more to understand how innovating companies are seeking to create business value and financial returns on their efforts.
The majority of respondents clearly think that bringing more parties into the innovation sandbox is a smart idea. It can deliver significant benefits, from improving innovation’s alignment with business strategy, to accessing fresh ideas and critical talent, to failing faster and getting new innovations to market more quickly.
“Since we partner closely with entrepreneurs, we really understand how they are doing it. We sometimes walk out of those meetings and go, ‘Wow, that was really creative.’ Well, why not us? Why not be able to experiment within the corporate realm? I think part of our responsibility is to be bold and do just that.”
Director, Global Lead for Innovation Benchmark, PwC US