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Innovation

While innovation is highly valued and a central aspect of most organizations as indicated in the speeches of their top administrators and the aggressive expenditures on it, few organizations are satisfied with the return on their spending, as was discussed in Chapter 2. According to a survey on corporate innovation by the Boston Consulting Group, which drew responses from about 3,000 global executives, innovation is at or near the top of the company’s agenda with 43 percent of the respondents considering it one of their three most important strategic priorities and 23 percent considering it their top priority.

Yet in spite of its priority, satisfaction with the return on innovation spending decreased from 52 percent in 2006 to 46 percent in 2007 to 43 percent in 2008. This dissatisfaction with the return on the spending has also caused a decrease in the amount of spending on innovation from 72 percent (2006) to 67 percent (2007) to 63 percent (2008).


  

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