With the world changing so rapidly virtually every established company feels the imperative to innovate. Executives, managers and employees across the globe are working hard to figure out how to succeed with innovation. The lessons that are emerging from this work are sometimes counter-intuitive and challenge many long held assumptions. For example, research by Strategy&shows that there is no correlation between R&D spending and returns from innovation. It is not about how much money a company spends but how the money is spent. We are also learning that merely training employees on how to use lean startup and design thinking methods is not enough. It also important for leaders to change how they manage innovation within their companies so that they can align with their innovators’ way of working.
Last week PriceWaterhouseCoopers (PwC) published their innovation benchmark report. The report is based on a global survey that was conducted with over 1220 executives in 44 countries. The goal of the research was to “understand how these leaders view innovation and what they are doing to better reap its rewards”. Within the report are several key findings that are worth highlighting:
• The survey results showed that companies are now embracing more collaborative models of innovation such as open innovation and design thinking. In fact, companies that use more collaborative approaches to innovation were twice as likely as their counterparts to expect growth rates of 15% or more.
Read the Full Article by Tendayi Viki HERE.
Last week PriceWaterhouseCoopers (PwC) published their innovation benchmark report. The report is based on a global survey that was conducted with over 1220 executives in 44 countries. The goal of the research was to “understand how these leaders view innovation and what they are doing to better reap its rewards”. Within the report are several key findings that are worth highlighting:
• The survey results showed that companies are now embracing more collaborative models of innovation such as open innovation and design thinking. In fact, companies that use more collaborative approaches to innovation were twice as likely as their counterparts to expect growth rates of 15% or more.
Read the Full Article by Tendayi Viki HERE.