Nearly 44 percent are investing less than two percent of their annual budgets in innovation
Boston, September 29, 2015—Most companies believe innovation should be a top priority, but they are not actually investing enough in it to overcome its biggest challenges. In fact, according to the 2015 State of Global Innovation report from Imaginatik plc (AIM: IMTK.L), while 95 percent of respondents say that innovation is important enough to be a consistent priority for their company’s leadership, nearly 44 percent are investing less than two percent of their annual budgets in innovation.
Imaginatik found that the desire to keep up with changing customer needs is driving innovation for most companies. However, 63 percent do not have a formal management structure for innovation—gathering ideas and bringing new products and services to market.
“Our culture today demands the latest and greatest technologies, apps and products, and companies need to innovate to keep up with that or they’ll be unseated by the next disruptor,” said Ralph Welborn, CEO of Imaginatik. “We’ve found that when companies invest in innovation or implement a formal process, it yields great results.”
The survey also revealed that companies are facing major barriers when it comes to changing culture to support innovation. Fifty-five percent of respondents reported that the biggest challenge they face is changing the mindset of their corporate culture to support innovation, while 50 percent reported that their greatest hurdle is turning ideas into tangible outcomes that often grow businesses and set companies apart from competitors.
Imaginatik surveyed 200 professionals for its 2015 State of Global Innovation Report. Thirty-five percent of respondents held senior management, C-suite or board member positions in their organizations, and 76 percent of organizations surveyed had 1,000 or more employees. To view the full survey results, visit this page.
Imaginatik® is the world’s first full-service innovation provider. We have 18 years of experience building innovation into a sustainable competence at some of the world’s largest and most respected companies. Through a mix of consulting and advisory, hands-on innovation projects and program management, and our award-winning enterprise software platform, we help clients develop innovation capability into a permanent competitive advantage. Imaginatik is the trusted partner of leading organizations including ECCO, Exelon, ExxonMobil, Cargill, The World Bank, Mayo Clinic, The Chubb Group of Insurance Companies, Dow Chemical, and Goodyear.
Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE: IMTK.L) and is a World Economic Forum Technology Pioneer with offices in Boston, MA, and Fareham, UK. For more information, visit www.imaginatik.com.
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