There’s more to innovation than R&D. Every contemporary CEO knows that innovation is important to the success of their company, writes Gina O’Connor for Harvard Business Review.
In 2008, a McKinsey survey showed that 84% of executives believed innovation was critical to the growth of their business.
Yet there aren’t many CEOs who are pleased with their company’s innovation performance. The McKinsey survey put the figure at just 6%. More recently, a KPMG-Innovation Leader survey asked executives to rate how advanced their company’s innovation efforts were on a scale of one to five. Nearly 60% rated their company either one or two, with just 2% rating their company a five.