Innovation - a powerful driver for growthFollow @PwC_LLP
Author: David Percival, Global Client Innovation Lead
It's great to hear that the WEF's Annual Meeting of the New Champions in China is focusing on 'Meeting the Innovation Imperative', further confirming the importance of innovation on the CEO agenda. PwC will be taking an active role in this year's event, launching the results of our forthcoming global innovation survey of over 1,750 C-level participants.
This survey and other research we’ve carried out confirms that innovation is the most powerful driver of growth in today's market. It’s my firm belief that you’ll grow faster if you’re better at innovation – and the data certainly supports this. Given the rapid pace of change in today’s markets, simply doing what you’re doing a little better will not be enough to sustain your growth aspirations, and there’s also the fear of being marginalised by competitors who are better at it than you are.
It's wrong to think that innovation is like alchemy – the reserve of the few. It's actually more like cookery. Anyone can do it – it’s just about having the right approach to identify the opportunities, select the right portfolio, and quickly set up the required capabilities to monetise and scale. I would challenge any company with ambitious growth aspirations to look at the potential gains that innovation could offer them.
I recently contacted the CEO of a major equipment organisation and offered to help him find his next $1bn in revenue through innovation. He took me up on this and by leading the company through a structured opportunity identification and selection process, and building out the required operating model, we managed to help him create an additional $750m in revenues for his company. Not quite the target amount, but nevertheless he was a happy customer!
Look out for the results of our forthcoming Global Innovation Survey which will be released in mid-September. In the meantime, you can read more in our recent pulse survey, Unleashing the power of innovation.