Key findings from PA’s innovation report are highlighted in an article in the Financial Times. The article looks at bright ideas from British inventors that almost never happened. The belief is that the UK is bad at innovation or that businesses are not making any money from it for a number of reasons.
The article goes on to explain that PA’s recent survey of 750 senior business and government executives in 15 countries found that nearly half described their innovation activity as a “costly failure”.
How organisations can stop wasting their best ideas
The article highlights an important statistic from PA’s report which estimates that UK companies are wasting £65bn a year on unsuccessful innovation.
The UK comes seventh on a list of 14 countries ranked by success in innovation in Europe, the Americas and the Middle East, lagging behind Mexico, Sweden, the US, Norway, Germany and Denmark. It also had the highest proportions in the whole group of “least confident innovators” and innovation “talkers” rather than “doers”.
The article goes on to explain that the UK under-performs on traditional indicators of innovation, compared with other developed economies.
To read the article in full, click here.