This is a key message from “Innovate 2008: Is the Tide Turning?”, the major innovation report from Boston Consulting Group released this month.
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“It is worth pointing out that only 20% of companies considered a shortage of great ideas to be the problem… Most companies, in fact, have an abundance of good, even great ideas."
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But having ideas and turning those ideas into cash are two entirely different things. Innovation is often equated with the former, when in reality it’s all about the latter.”
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In conjunction with its companion report “Measuring Innovation 2008: Squandered Opportunities”, this global BCG senior management survey is a must read particularly in today’s tough economic climate.
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“Rising dissatisfaction with the return on their investments in innovation may be taking a toll on companies’ willingness to spend”
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What are the most significant barriers within industries?
•    Idea selection is the biggest hurdle for technology and communications companies (39%)
•    Manufacturing companies struggle most with a lack of insights to customers (31%)
•    Consumer products companies are hindered most by a shortage of great ideas (29%)
•    Automotive companies wrestle most with an inability to market and publicise their innovations (32%)
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What factors are hurting company’s innovation returns:-
•    Lengthy product development times (36%)
•    A risk-averse corporate culture (36%)
•    Difficulty choosing the right ideas to commercialise (33%)
•    A lack of co-ordination within the company (33%)
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Interestingly, these are four of the major factors that prompted the re-innovate challenge to help Australian businesses to drive innovation (www.reinnovate.com.au)
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For more insight and to download a copy of the reports, go to Bill’s Creativity and Innvoation Blog