How companies approach innovation
Executives certainly see innovation as an important driver of growth, with some 70 per cent of top managers saying it is one of their highest priorities.
In addition, more than three-quarters of survey respondents say the huge amount of media attention to innovation has, at the least, raised their companies' awareness of the importance of innovation. Nineteen per cent say the attention has caused them to make innovation the main focus.
That importance is borne out in some of the decisions made by top managers. A majority, for instance, say they routinely decide where to focus innovation efforts, where and how to commercialise, or who works on innovation. But top managers don't seem to think they have a lot of control over the innovation process as a whole.
For instance, less than a quarter of respondents indicate that innovation budgets or targets are decided at the top. Further, many top managers lack a structured approach to making innovation decisions: though 40 per cent say they rely on a solid fact base, almost as many, 37 per cent, say they depend on a consensus of their peers; only 21 per cent rely on intuition.
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