Over the past 10 years, innovation has become a buzzword.
The use of the word has doubled during the earnings calls of S&P 500 firms and, according to the World Economic Forum, the top global corporate R&D spenders increased their investments in innovation by 10 percent in 2020. Yet, despite this frenetic activity, only 20 percent of CEOs believe their innovation investments generate value, according to research conducted by the London School of Economics.
So why does corporate innovation fall short of its promise? Our view is that most organizations are engaging in innovation theater. The actors (business leaders), the scripts (for example, agile processes), the financing (capital budgets) are in place. However, the real-world benefits, such as competitive advantage and top- and bottom-line growth, are still unpredictable and elusive.
To boost corporate innovation outcomes, we have synthesized our learnings into the Kearney Innovation Optimization Wheel. This provides a framework for assessing problem areas and suggestions for improving existing innovation approaches. In this report, we’ll explore five innovation levers that help identify gaps and opportunities including growth spaces, commitment to scale, solution design, execution, and enablement.
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