U.S. Companies Falling Behind on Innovation

By Dennis McCafferty  |  Posted 11-12-2013 Email

When it comes to innovation, U.S.-based companies have some catching up to do: More than eight of 10 of the "most aggressive" global organizations are based outside of the U.S., according to a recent survey from PwC. The topic remains critical for domestic, competitive interests, as top innovator companies expect to grow by more than 60 percent over the next five years, creating more than $250 billion in new revenue. This means that CIOs and other company leaders can't afford to view innovation as something that "simply happens when it happens." Instead, they must establish a formal system and culture of collaboration and creativity to ensure that innovation is a product of determined efforts—and even accountability. "A transformation is under way," says Rob Shelton, advisory managing director and global innovation strategy leader for PwC. "Designing an innovation-operating model involves getting leadership involvement, finding the right talent, working with your ecosystem of collaborators and putting the metrics and motivators in place to drive the right actions." More than 1,750 global C-Suite and executive-level respondents participated in the overall research, and the U.S.-specific results involved more than 325 such executives. For more about the survey, click here.

Dennis McCafferty is a freelance writer for Baseline Magazine.


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