Innovation is a culture and it starts at the top
Is innovation broken? PA’s survey of 751 senior executives, spanning 15 countries and nine sectors, shows that many organizations are too risk averse to invest boldly in ground-breaking ideas.
Only half of organizations in our study try to be pioneers in innovation. When they do get a good idea, many waste that good idea – and half (50%) say they have seen a brilliant idea fail for reasons that could have been avoided.
By applying our findings to Nesta’s latest figures on innovation spending, we estimate that UK organizations alone are flushing some £64.7 billion down the drain each year.
When we compare this to the US’ economy, which is six times larger than the UK’s, losses could rise to as much as $620.7 billion.
In our new innovation report, we explore the pitfalls and complications that organizations face – across sectors and geographies – as they strive to think differently and put their new ideas into practice.
In our experience, a siloed approach to innovation is unlikely to succeed. To deliver transformational results, innovation has to move beyond the R&D department and become firmly embedded in the culture of the organization. To achieve this, our research suggests seven recommendations that senior executives should consider to convert innovation investment into profitable return.
The report also covers:
- Cross-sector learnings for addressing the innovation drain
- Best practice examples from 24 interviews with innovation leaders
- Analysis by sector and key findings
- Analysis by country and key findings.