With nine out of ten executives reporting that it is near impossible to innovate in today’s economic climate, it is clear that a new model needs to be put in place to drive economic growth and improve quality of life. Around the world, companies are adopting new approaches to innovation. General Electric (GE) reveals three key findings from their “Global Innovation Barometer”, a study of almost 3,000 senior executives from at least 22 different countries that specialize in innovative strategy and/or decision-making. The results of this 2012 study are designed to help entrepreneurs and business leaders optimize their use of resources, deliver improved technologies and produce more with less.
Government support sparks innovation
Barometer results suggest that companies’ R&D budgets are at a higher risk when businesses sense a negative shift of government policies that support innovation. Beth Cornstock, senior vice president and chief marketing officer of GE believes that “investing in innovation is a critical piece of global competitiveness (and) governments and businesses both need to do their part to shore up the fragile innovation ecosystem.”
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