The year is still young, and the flow of economic news keeps providing new challenges every day. Innovation is the elixir that will keep the pulse of business strong. But how will that innovation manifest itself? This was the topic of our most recent Innovating To Win poll, and here are the results.
Caution seems to be the order of the day. Only 14.3% of you indicated that your corporate strategy includes a radical departure from your current core business strategy. While product line extension is something that is in the plans of organizations by a three to one margin.
Hopefully, these organizations realize that good, sustainable innovation practice is doubly important in these scenarios. When you are reliant on fishing close to shore for growth and not looking for any blue ocean opportunities, it is vital to ensure that these efforts produce true and sustainable differentiation. This is exactly what adherence to innovation best practices will deliver.
If our previous poll on innovation investment plans is a barometer, there is some reason for optimism. In that poll, almost half (47.4%) of you indicated that your companies are increasing investment in innovation and 21.1% stated their companies are maintaining their current levels of innovation investment. This suggests that innovation will be alive and well in this difficult climate.
Once again, your participation in the innovation poll has provided an interesting picture of the state of innovation. Please remember to vote in the latest poll on Obama’s innovation agenda.