Increased Innovation Spending - Boston Consulting Group Study This press release from the Boston Consulting Group discloses the result of yet another study that supports the trend towards a greater concentration on Corporate Innovation activities worldwide.
According to the study, more than 60% of global companies will increase spending on innovation activities in 2004. Other interesting statistics included that almost 69% of executives ranked innovation as a top-three business priority and 57% of them say they are unhappy with the return on innovation investments made to date.
This discrepency would presumably suggest that a lot of spending so far has been misdirected in the wrong places, and BCG follows it up with the statement that "Ultimately, in order to turn ideas into economic returns, organizations and their executives need to shift their perception of
innovation from one driven largely by creativity to goal oriented, coordinated projects directed toward developing new ideas that boost the bottom line."
The study surveyed 236 senior executives in 30 countries across all industries.