BCG (Boston Consulting Group) just published its latest innovation report.
According to BCG innovation is the ability to create value from new ideas, whether those ideas are new to the world or new to a particular company.
As summarized by Rob Preston the report indicates 67% of the executives the consulting firm surveyed last year ranked innovation as a top three strategic priority, the highest level in the survey’s eight-year history, and 24% ranked it as number one priority.
The executives are putting their money with their mouths are: 69% say their companies will increase their spending on innovation this year, the highest percentage in six years and up from 61% in 2010, the last time BCG conducted its survey.
Companies in emerging markets put even more emphasis on innovation than those in developed markets: 90% of Indian executives and 89% of South American executives, for example, rank innovation as a top three priority, compared with 66% of U.S. executives. Within Europe, executives in Germany are the most bullish on innovation; execs in Italy and Spain the least.