Please see below pre-2016 intelligence about innovation. This is a synthesis of major recent developments at competitors, business schools, thinktanks, media, commentators, and other key influencers in our external environment.
- Financial chiefs are more inclined to spend on research and development despite economic worries abroad. Some 36% of businesses planned to invest in R&D, up from 27% year earlier, the Grant Thornton International Business Report found when it asked US business leaders about their third-quarter sentiments. t the same time, North American CFOs are increasingly concerned about domestic impact from the slowing Chinese economy, which is affecting revenue growth expectations, according to Deloitte’s latest Global CFO Signals report.
- Innovation continues to rise in importance. In The Boston Consulting Group’s tenth annual global survey of the state of innovation, 79% of respondents ranked innovation as either the top-most priority or a top-three priority at their company, the highest percentage since they began asking the question in 2005, when 66% said innovation was their top or among their three top priorities. At the same time, science and technology continue to be seen as increasingly important underpinnings of innovation, enabling four attributes that many executives identify as critical: an emphasis on speed, well-run (and very often lean) R&D processes, the use of technological platforms, and the systematic exploration of adjacent markets.
- Making innovation and entrepreneurship a priority to attract and aid the development of young, technology start-up companies has earned New York City the top spot in a global comparison of 40 cities, according to a study from Accenture, Nesta and Future Cities Catapult. The report, 'City Initiatives for Technology, Innovation and Entrepreneurship (CITIE)' also named London, Helsinki, Barcelona and Amsterdam as cities with policy environments that foster innovation. New York’s key differentiator is its leadership over the last decade, which has supported the growth of a sector that now accounts for nearly 300,000 jobs.
- Strategy&'s 2015 Global Innovation 1000 Study found that firms that favour a more global R&D footprint outperform their less globalised competitors on a variety of financial measures. But going global simply to be global isn’t the answer. Company leaders must clearly articulate, as part of the overall business strategy, the role that innovation plays in the company’s mission. For example, companies should first decide which geographic markets and customers are critical to their growth strategy and then determine where R&D resources need to reside in order to best understand and serve those markets. It’s those types of decisions that should inform the organization’s global R&D footprint.