Monday, September 20, 2010

Innovation and commercialization, 2010: McKinsey Global Survey results

This is an important article to read to bench mark your company to their findings. Most of the major barriers to growth are internal and under management control. Excerpts are:

"As companies begin to refocus on growth, innovation has once again become a priority: in a recent McKinsey Global Survey,1 84 percent of executives say innovation is extremely or very important to their companies’ growth strategy

Growth and innovation
Almost all companies are actively seeking growth again. For the largest group of respondents, 41 percent, the focus is on their existing core businesses (Exhibit 1). Only respondents in the high-tech industry differ. In addition, more executives say their companies are seeking organic growth through new products or services or new customers in existing markets (68 percent and 63 percent, respectively) than are pursuing growth through new markets or M&A

Managing innovation
Just over half of all respondents, 55 percent, say their companies are better than their peers at innovation, a figure that hasn’t budged since 2008…..Fundamentally, the biggest challenge is organization
(internal issues)

Going to market
Only 39 percent of respondents say their companies are good at commercializing new products or services….A big part of the problem may be the absence of a formal decision-making process"
(internal issues)

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