Are you ready to innovate in 2015? A recent Harris poll finds budgets for strategic innovation are increasing across top companies. Open Innovation is one strategy for beating the competition next year.
The recent national Harris poll sponsored by NineSigma shows companies are forging ahead to develop groundbreaking products, accelerate business, and to drive growth through innovation. A key strategy involves tapping into resources and solutions outside their own walls through “open innovation.”
The survey was conducted by Harris Poll on behalf of global innovation leader NineSigma, and tapped over 300 executives at organizations with $1 billion or more in revenue. Findings underscore the power of open innovation and its rising adoption:
- 80% corporate executives expect their company to increase its budget for innovation programs in 2015.
- 79% percent say their company effectively leverages innovations from other industries.
- 71% percent expect their company’s investment in projects with outside innovation firms to rise in 2015.
- 68% percent of corporate executives say their company is using prize-based competitions to innovate their products and services.
- 87% percent of corporate executives say their company has the resources and capabilities to leverage innovation from external partners.
Andy Zynga, CEO of NineSigma stated, “These results show open innovation has taken flight. Fearless innovation is now mission-critical. Companies are strategically putting their challenges on the table for the world to solve, and shifting to a more open culture. Those successful with this strategy know the process requires training and long-term vision and is well worth it in terms of ongoing ROI.”
Open innovation is one approach to creating a culture of innovation. Companies that want to create truly robust cultures that promote continuous improvement and business growth should also look at factors like leadership, structure, metrics, processes, and people capabilities. The world is changing, and internal organizational cultures must reflect the dynamic and fluid trends happening outside.
So, are you ready to innovate in 2015?