GE Report: Politics, Economy Hindering Innovation
Jan 18, 2012
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GE said results from its second annual Global Innovation Barometer, released today, point to innovation as the main driver of prosperity, competitiveness, and job creation, and reveals how uncertain economies and politics might hinder the ability of companies to deliver real innovation.
Results included in the report, released Jan. 18, 2011, show the continued uncertainty of the global economy had impacted companies’ ability to innovate, with nine out of 10 executives reporting more difficulty getting external funding or "a conservative shift in appetite for risk." The report said:
• 88% of respondents saw increased challenges accessing venture capital, private investment, and government funding
• 77% reported a reduction or reevaluation of the company’s willingness to take risks
“This year’s study confirms a lot of what we’ve been seeing in the global marketplace, that the uncertainties inherent in today’s economic environment are challenging business’ ability to innovate,” said Beth Comstock, senior vice president and chief marketing officer of GE. “We see these results, in some ways, as a rallying cry for business leaders to understand where and how their innovation strategies are being challenged and to drive to new models. Innovation is a powerful lever to address the challenges of a growing world. It allows us to use resources more efficiently, produce more with less and deliver better technologies to help markets drive economic growth and better quality of life.”
GE expanded its global study for 2012, surveying nearly 3,000 senior business executives in 22 countries, all with direct involvement in their companies’ innovation strategy and decision making. 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.
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