This global benchmarking study analyzes innovation trends and their business impact, strategies to foster innovation and realize more value, and how company culture affects innovation initiatives. The study was conducted throughout 2020 and 2021 and comprises over 165 survey responses from individuals representing more than 150 companies, plus interviews and case-study analysis.
Below are a few highlights from the research.
- 62% of respondents report that “Most” or “A great deal” of their innovation currently comes from collaborating with third parties.
- Companies that reported “Most” or “A great deal” of their innovation comes through external collaboration experienced a 2.8X% greater increase in their revenue compared to those with “Little to none”.
- 75% of respondents report that the amount of external innovation at their companies with increase “Some” or “A great deal” over the next 5 years.
- Companies that have a “smart risk-taking” culture achieved a 40% greater increase in revenue compared to “risk-averse” companies.