General Electric, host of the GE Ecomagination Challenge, recently published the results of a study called the Global Innovation Barometer. GE commissioned the study which interviewed 1,000 senior executives from 12 countries. Of these participants, 95 percent believed innovation is the main lever for a more competitive national economy.
Objectives of the study were to analyze perceptions around innovation challenges and the purpose of innovation from a multicultural perspective, provide insights on current drivers and deterrents to innovation and identify best practices from innovation champions.
75 percent of executives agreed that the way companies will innovate in the 21st century is totally different than the way they have innovated in the past and that today, innovation is more driven by people’s creativity than by high level scientific research. The study found that around the globe, leaders believe society as a whole is supportive of innovation; there is an ‘appetite’ for innovation among young generations. More than 50 percent of participants believed society is accepting of taking risks as part of the innovation process. It’s believed that innovation needs to be localized to serve market needs and will be driven by a partnership of small, medium and large companies.
77 percent of executives believe the greatest innovations of the 21st century will be those that help address human needs over those that simply create the most profit. The majority believe innovation will improve health quality, energy security and education quality. Executives who were most optimistic that innovation could improve the lives of citizen’s were from the countries of Saudi Arabia, UAE, Brazil and India.