by Jon A. Fredrickson Vice President, Chief Innovation Officer
The return on investment gained by innovation has been demonstrated time and again by many organizations. Businesses need to innovate to stay afloat in their respective industries, move head of their competition, create new ideas and products, better serve their customers, and so much more.
Let’s get down to brass tacks. What is the purpose of innovation for many companies? Is it to advance technology? You could say that. Is it to create a better world? That’s definitely the purpose of many R&D projects. But why do most companies choose to innovate?
If you only look at the data, it would appear that modern innovation is in a very poor state. Despite 84% of global executives saying innovation is important to their organization, nearly every single one of them, a full 94%, say they are dissatisfied with their innovation performance, according to a recent McKinsey poll. Thankfully, innovation is alive and well, mostly thanks to organizations who are willing to take one key step: opening up their innovation efforts to outside partners.