Washington, DC and London, UK – The state of the global innovation economy is alive and well, according to a recent survey report from Leading Edge Only conducted by BizTechReports. The survey features insights from organizations actively developing and implementing new technologies and solutions across a range of industries.
The research reveals a sector of the worldwide business community that is investing more in innovation to affect an increasingly broad portfolio of organizational activities – from product and service development, to internal and external cost containment initiatives.
However, there are some challenges that still need to be addressed, especially as organizations seek more transparency and predictability around implementing new innovations within expected time frames.
Just over half (51 percent) of respondents invested more on internal innovation initiatives this fiscal year than they did in the previous fiscal year. This trend seems set to continue with little change, as the same percentage of respondents plan to invest more on internal innovation activities next year compared to this year.
Interestingly, only a little over one third of respondents (35 percent) reported that they invested more on external innovation during the current fiscal year than they did over the previous fiscal year. Next year, nearly 40 percent plan to invest more on external innovations than they did this year.
There is clearly a significant amount of frustration associated with implementing innovations. Half of respondents indicate that it took more time than expected to implement internal innovations, while 41 percent said the same about implementing external innovations.
For the executive summary of this report please visit: