GE has released the results of the second annual “Global Innovation Barometre” that confirms business’ belief in innovation as the main driver of prosperity, competitiveness and job creation. The global study surveyed 2800 senior business executives in 22 countries. This year, Canada was included for the first time in the study.
The Barometer was commissioned by GE and conducted by independent research and consulting firm StrategyOne to identify drivers and deterrents of innovation and to analyze perceptions around innovation opportunities and challenges.
The study compares Canada’s perception of innovation — as it relates to satisfaction and optimism within the country — to 21 other markets from around the world, including the US, China, Brazil and Germany. This builds on the first report that included 11 countries and was released at Davos in January 2011. Overall, Canadian respondents show above average satisfaction with the way the country’s innovation framework has evolved over the last five years and are optimistic about the value innovation brings to society as a whole. However, dissatisfaction was expressed with the speed at which innovative products are coming to market, the availability of private investment, and the efficiency of government in its approach to organizing, coordinating and allocating resources to support innovation.
When referring to innovation in the 21st century, Canadian respondents had an above average association with high level scientific research compared to people’s creativity. However Canadian respondents identified creative and out of the box thinking as the most important factor to drive innovation in their businesses.
“Increased creativity particularly in the areas of business processes and commercialization is important to our future success,” says Elyse Allan, President and CEO, GE Canada.
The study notes that Canada lacks an international reputation in the area of innovation. Only 3 percent of global respondents report Canada as a Top 3 Innovation Champion, while 91 percent of Canadian respondents report that Canada has a good reputation for Innovation.
“Canadians share a global conviction that innovation is a key driver of economic transformation, however we need to increase the speed at which innovative products are coming to market, improve the efficiency of public/private support, and tell a stronger story globally, if we want to improve productivity and drive next generation innovation,” notes Allan. “The Barometer’s findings reinforce GE’s perspective on Canadian innovation, and recent decisions to invest in several new centres of excellence and innovation.”
The 2012 Global Innovation Barometer validates the importance of investing in innovation as a critical piece of global competitiveness. This investment comes in many forms – from traditional R&D to new products, markets and business models. Governments and business both have an important role in ensuring the right conditions for meaningful innovation are supported in order for countries to deliver value and meaningful solutions that promote competitiveness and prosperity.