Innovation as unusual - download PA's innovation report 2015
Innovation is a culture and it starts at the top
Is innovation broken? Our latest research shows that many organisations are too risk averse to invest boldly in groundbreaking ideas.
Only half of organisations in our study try to be pioneers in innovation. When they do get a good idea, many waste that good idea – and half 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 organisations alone are flushing some £64.7 billion down the drain each year.
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 organisation.
To achieve this, our research suggests seven recommendations that senior executives should consider to convert innovation investment into profitable return.
The report also covers:
- Our view of the innovation challenges that organisations face
- 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.