HP recently released a news advisory highlighting the results of a fascinating innovation survey that the company commissioned. (The global survey included interviews with 312 executives in both commercial enterprises and the public sector during February and March 2011).
Some of the report highlights include:
- Ninety-eight (98) percent of the executives surveyed believe that innovation will be critical to the success of their organizations over the next five years.
- The most important reason to innovate is to facilitate future organizational growth (79% of respondents). For commercial enterprises, the second most important reason to innovate is to support profitability (74% of respondents); for the public sector, reputation is the second most important reason to innovate (59% of respondents). InnoCentive’s work with public sector organizations (e.g., Air Force Research Labs, NASA, In-Q-Tel and the intelligence community) in particular reveals that they are serious about finding solutions to problems that matter most to their missions, advocating public-private partnerships, and promoting transparency, openness, and collaboration across agencies.
- Thirty-five (35) percent of organizations do not appear capable of measuring the success of their innovation efforts. This number is somewhat troubling and is probably low. Establishing a measurement framework with feedback loops and regular milestone checks should be a key deliverable for all open innovation programs and projects.
- The majority of executives interviewed believe that they are innovation leaders in their respective industries, with 74% of CEOs indicating said leadership. Since the majority of respondents also indicated that CEOs are most responsible for guiding innovation efforts, it's not surprising that the majority of CEOs self-report leadership.
- Inadequate funding and technology were recognized as significant barriers to innovation. I’ll go ahead and add a few one more: A lack of methodology, process, discipline, and expertise. InnoCentive’s unique methodology, Challenge Driven Innovation, is an innovation framework that accelerates traditional innovation outcomes by leveraging open innovation and crowdsourcing along with defined methodology, process, and tools to help organizations develop and implement actionable solutions to their key problems, opportunities, and challenges. The key point is: Methodology matters.
Overall, some thought-provoking data courtesy of HP.